Nauticus Robotics, Inc. (NASDAQ: KITT) is engaged within the research, development and commercialization of autonomous ocean-based robots and related services. The company offers its Robotics-as-a-Service (RaaS) business model through direct sales to government agencies and commercial entities. Shares of the robotics company skyrocketed 96% during trading on Wednesday, October 5, 2022. Over the past three months, Nauticus Robotics has seen average daily volume of 216,420 shares. However, volume of 47.62 millions shares or dollar volume of around $300.96 million, exchanged hands during the trading day.
Shares of Nauticus Robotics soared after the company announced the U.S. Defense Innovation Unit (DIU) has awarded the company with a second multi-million dollar contract for the development of autonomous amphibious robot systems. The contract also includes the company’s ToolKITT platform, which features command and control software for the unmanned robot units. Nauticus Robotics was previously awarded a DIU contract in February 2022 to integrate its ToolKITT platform into the U.S. Navy’s Defender Mission Specialist remotely operated vehicle systems.
The ToolKITT platform is a proprietary technology that has been in development over the years, with the backing from government agencies and commercial entities. Using machine learning, the platform is able to identify, classify, and perform underwater activities to help neutralize hazards. Furthermore, ToolKITT was designed to enable autonomous activities across multiple robotics platforms and is also integrated into Nauticus’s flagship product, Aquanaut.
“We are thrilled with the additional work the DIU and the U.S. Marine Corps have awarded us to continue providing leading maritime robotics and autonomy solutions to assist the warfighter,” said Ed Tovar, Director of Business Development for Defense Systems at Nauticus. “We are humbled and honored to be doing our part to advance the usage of robotics and autonomous systems to remove servicemembers from harm’s way.”
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