Nauticus Robotics, Inc. ( KITT ) shares are down Wednesday after the company reported its second-quarter financial results. Here's a look at the details from the report. 

The Details:

Nauticus Robotics ( KITT ) reported quarterly losses per share of $2.75 on revenue of $501,710 for the quarter, representing a 55.53% decrease in sales from the same period last year.

The company said the deepwater electronics upgrades to Vehicle 1 are ongoing, and once the vehicle is fully assembled it will be shipped to FAU to continue development and testing. Vehicle 1 will become the test and qualification vehicle for these capabilities while Vehicle 2 will remain revenue generating. Once new capability qualifications are complete, they will be loaded onto Vehicle 2 to expand Nauticus’ revenue generating opportunities by having two working vehicles with additional capabilities.

Read Next: Ouster Shares Fall After Q2 Results: Here’s Why

“I would like to thank our existing lenders for their continued support. Their steady conversion of warrants and convertible debentures improve our market cap and reduce our interest burden and our leverage,” said John Gibson, Nauticus’ CEO. “We successfully completed Phase I of a program for the largest offshore producer in Brazil. This phase has been billed and collected. We expect to complete Phase II without additional deepwater tests and can execute a significant portion of Phase III while in the Gulf of Mexico this year. We are committed to delivering supervised autonomy to subsea assets during Q3.”

According to data from Benzinga Pro, Nauticus Robotics ( KITT ) shares are trading well-below the stock’s 50-day moving average of $4.46 and 8.68% of shares are being sold short. 

How To Buy KITT Stock:

By now you're likely curious about how to participate in the market for Nauticus Robotics ( KITT ) – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

KITT Price Action: According to Benzinga Pro, Nauticus Robotics ( KITT ) shares are down 15.9% at $2.12 at the time of publication Wednesday.

Read Also:

What’s Going On With Affirm Shares Today?

Image: Pete Linforth from Pixabay