We recently put together a list of the 10 most popular AI penny stocks under $1. Today, we’re going to focus on Nauticus Robotics, Inc. (NASDAQ:KITT) and see how it compares to other popular AI penny stocks.
The stock market has been quick to catch on to the artificial intelligence trend in the past year or two. Many companies are integrating AI technologies into their operations to cut costs, enhance performance, and thrive in both existing and emerging markets. The global AI industry was valued at $196.63 billion in 2023 and is expected to grow at a CAGR of 36.6% between 2024 and 2030, according to Grand View Research.
One notable player in this market is OpenAI, a private AI startup that has seen its valuation soar to nearly $80 billion within a short span of time. OpenAI is known for its cutting-edge AI models like ChatGPT, DALL-E, and Whisper AI. The company recently unveiled GPT-4o, a new AI model that integrates text, graphics, and realistic voice conversations.
When it comes to Nauticus Robotics, Inc. (NASDAQ:KITT), the company specializes in marine robotic systems and develops ocean robots controlled by an AI-powered cloud software platform. In Q1 2024, Nauticus reported a revenue of $0.5 million, down from $2.8 million in the same period last year. The company’s price per share is currently $0.16.
Despite a revenue decline, Nauticus showed improvement in its financial performance, with a net income of $0.4 million in the first quarter. The company’s CEO, John W. Gibson, Jr., expressed optimism about future prospects, citing successful deployments and revenue generation plans for the Aquanaut Mark 2 vehicle.
Out of 920 hedge funds surveyed by Insider Monkey, only one held a stake in Nauticus Robotics, Inc. (NASDAQ:KITT). Overall, KITT ranks 10th on the list of popular AI penny stocks under $1. While Nauticus shows promise as an investment, AI stocks as a whole may offer greater potential for higher returns in a shorter timeframe.
If you’re interested in exploring other AI stocks that may be more promising than KITT, be sure to check out our report on the cheapest AI stock. And for more insights on the market, stay tuned for updates on NVIDIA and Jim Cramer’s stock recommendations in June.
Disclosure: None. This article was originally published at Insider Monkey.