KITTW

EX-99.1

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PRESS RELEASE DATED NOVEMBER 14, 2022

Exhibit 99.1

Nauticus Robotics Reports Third Quarter 2022 Results and Provides Business Update

Houston, TX – November 14, 2022 – Nauticus Robotics, Inc. (“Nauticus” or the “Company”) (NASDAQ: KITT), a developer of ocean robots, autonomy software, and services to the marine industries, today announced results for its third quarter ended September 30, 2022 and provided a business update.

Recent Operational and Financial Highlights

●Completed a business combination with CleanTech Acquisition Corp. (“CLAQ”) on September 9, 2022, generating net proceeds of $58.7 million to fund the operations and the initial buildout of Nauticus’ fleet of tandem ocean robots

●Entered into an agreement with Shell to deploy a Nauticus Aquanaut and its autonomous behaviors using remote operations and supervised autonomy

●Announced a multi-million-dollar contract with the U.S. Defense Innovation Unit (“DIU”) for the development of an unmanned amphibious system

●Disclosed a Department of Defense-related development partnership with Leidos

●Grew revenues by 51% vs. the third quarter of 2021

●As of September 30, 2022, Nauticus held cash and equivalents of $35.9 million and maintained a net working capital surplus of $43.6 million

“The third quarter of 2022 was filled with many important milestones for the Company, including an agreement with Shell for a field trial, a multi-million-dollar project with DIU and the completion of our business combination with CLAQ to take Nauticus public,” said Nic Radford, founder and CEO. “With a strong shareholder base that includes world-class investors like Schlumberger and Transocean, combined with an extensive list of blue-chip customers evaluating and qualifying our technology, we remain confident in our ability to make a real impact on the ocean economy through the deployment of autonomous systems.”

“Our commercial pipeline continues to expand and we are now in active discussions with potential customers on five different continents. While supply chain issues have impacted the pace of Aquanauts and Hydronaut deployments, the demand for our service remains robust. Our team is working diligently to mitigate these impacts, and we expect to have our initial second-generation commercial Aquanaut delivered in January 2023, with two additional units following by mid-year. We are eager to deploy more Aquanauts into the water for commissioning to fully demonstrate what we believe is the most advanced and capable ocean robotics system in the world. Our mission and market opportunity are clear, and we look forward to providing future updates as we continue converting our commercial pipeline into firm orders.”

Market Opportunity

Nauticus operates in the $2.5 trillion marine economy, targeting the emerging ocean robotics, services, and data markets that are an estimated $30 billion total addressable market. The Company’s autonomous platforms, acoustic communications networks, electric manipulators, and perception and control software collectively provide Nauticus a differentiated ability to substantially improve the efficiency, safety, carbon footprint, and cost profile of the offshore services market. Nauticus’ near-term focus is on the oil & gas, offshore wind, and government & defense markets, with tangible traction being gained in each market.

The market opportunity is attractive and growing with significant offshore wind deployments, and thousands of offshore oil and gas trees with tens of thousands of flowlines and pipes around the world, all needing recurring inspection, repairs, and maintenance (“IRM”). For example, each gigawatt (“GW”) of offshore wind capacity requires an estimated $22 million of annual IRM. The United Kingdom alone has 12.7 GW of installed offshore wind capacity that is growing by approximately 2.5 GW per year. This translates to an annual $280 million market for Nauticus in just the U.K.’s offshore wind market, equating to potential demand for approximately 35 Aquanauts. By the end of the decade, demand for Aquanauts from just the U.K.’s offshore wind market could be double that.

Financial Results

Nauticus reported third quarter revenue of $3.0 million, an increase of 51% compared to the prior-year period. The increase in revenue is primarily attributable to the addition of new defense contracts, including the continued lease of an Aquanaut vehicle.

Total operating expenses during the third quarter were $9.0 million, a $6.0 increase from the prior-year period. Third quarter of 2022 operating expenses includes $3.5 million of expenses related to the Company’s business combination with CLAQ. Other drivers of the year-over-year increase are primarily related to higher costs of revenue and increased general and administrative (“G&A”) costs. Included in the increased G&A costs are employee salaries, sales and marketing, and professional fees in order to scale the business further and manag