Nauticus Robotics(US:KITT)2025-11-13 23:41Financial Performance - Total revenue for the three months ended September 30, 2025, was $1,976,795, a significant increase from $370,187 in the same period of 2024, representing a growth of 434%[18] - The company reported a net loss of $(6,639,948) for the three months ended September 30, 2025, compared to a net income of $17,931,827 in the same period of 2024[18] - For the nine months ended September 30, 2025, the net loss was $21,661,311 compared to a net loss of $50,366,134 for the same period in 2024, indicating a significant reduction in losses[23] - For the nine months ended September 30, 2025, the Company reported a revenue of $4,714,842, compared to $9,178,003 for the same period in 2024, indicating a decline[148] Operating Loss and Expenses - The company reported an operating loss of $5,877,920 for the three months ended September 30, 2025, compared to a loss of $5,569,875 for the same period in 2024, indicating a slight increase in losses[18] - The company incurred total costs and expenses of $7,854,715 for the three months ended September 30, 2025, compared to $5,940,062 for the same period in 2024, representing an increase of 32%[18] - Cash used in operating activities for the nine months ended September 30, 2025, was $18,943,935, slightly lower than $20,128,427 for the same period in 2024[23] Assets and Liabilities - Cash and cash equivalents increased to $5,492,350 as of September 30, 2025, up from $1,186,047 at December 31, 2024, reflecting a growth of 364%[15] - Total assets rose to $42,813,211 as of September 30, 2025, compared to $22,685,087 at December 31, 2024, marking an increase of 88%[15] - Total current liabilities surged to $46,490,584 as of September 30, 2025, compared to $12,301,000 at December 31, 2024, reflecting an increase of 278%[15] - The accumulated deficit increased to $(278,787,369) as of September 30, 2025, from $(253,698,352) at December 31, 2024, indicating a deterioration of 10%[16] Stockholder Information - The total stockholders' deficit improved to $(4,122,986) as of September 30, 2025, from $(20,397,413) at December 31, 2024, indicating a reduction in deficit of 80%[16] - The Company had 6,427,297 shares of Common Stock outstanding as of September 30, 2025[187] - The Company’s stockholders approved the reverse stock split to meet NASDAQ Capital Market bid price requirements[182] Acquisition and Strategic Moves - The strategic acquisition of SeaTrepid International LLC was finalized on March 20, 2025, aiming to enhance operational performance and efficiency in the ROV fleet[30] - The Company completed the acquisition of SeaTrepid International LLC for total consideration of $14,352,692 on March 20, 2025[87] - SeaTrepid contributed approximately $4,181,918 in revenue and $1,666,453 in net income for the nine months ended September 30, 2025[147] Financing and Debt - The company is currently evaluating financing alternatives to maintain adequate liquidity, as all outstanding notes payable were reclassified from long-term to short-term due to maturity[32] - The Company entered into a senior secured term loan agreement providing an aggregate of $9,551,856 in secured term loans, with an additional $6 million available within 180 days[117] - The Company reduced the conversion price of the loans under the 2024 Term Loan Agreement to $14.31 on a post reverse split basis[121] Stock and Warrants - The Company conducted an At-The-Market (ATM) offering, issuing 1,106,261 shares for gross proceeds of $5,160,244 and net proceeds of $4,938,966 during the three months ended September 30, 2025[188] - The Public Warrants were valued at $1,569 as of September 30, 2025, reflecting a gain in value of $30,209 for the nine months ended September 30, 2025[199] - The Company reported a loss of $7,511 in the value of the Public Warrants for the nine months ended September 30, 2025, compared to a gain of $323,438 for the same period in 2024[202] Operational Insights - The company has implemented cost-cutting measures to preserve cash as it does not generate sufficient revenue to cover operating expenses[31] - The company believes it has sufficient resources to continue as a going concern for at least one year, supported by a current investor[31] - The company had no product sales for the three and nine months ended September 30, 2025, and 2024, respectively, indicating a focus on service contracts[47]