Nauticus shares edged up modestly by 1.2% following a Q1 report that reflected expected seasonal softness and tight liquidity management, but without a meaningful shift in outlook or acceleration in key metrics.

• Revenue was $200K in Q1, down $900K sequentially and flat year-over-year, consistent with normal seasonal offshore softness.
• Operating expenses improved slightly to $5.8M, down $200K year-over-year and $800K sequentially, with G&A costs at $3.2M up sequentially due to a nonrecurring legal fee credit impact in the prior quarter.
• Net loss narrowed sequentially by $9.9M to $9.3M, driven mostly by changes in debt instrument fair value; adjusted net loss improved to $6.4M from $10.4M in Q4 2025.
• Cash declined to $5.9M, reflecting ongoing operating cash outflows and underscoring continued liquidity pressures.
• Progress was made on international expansion in the UAE and GCC region despite travel constraints, focusing on foundational market presence and marketing initiatives rather than near-term revenue impact.