HOUSTON, April 15, 2025 /PRNewswire/ -- Nauticus Robotics, Inc. ("Nauticus" or "Company) (NASDAQ: KITT), a leading innovator in subsea robotics and software, today announced its financial results for the year-end December 31, 2024.
John Gibson, Nauticus Robotics President and CEO, stated, "I am proud to be part of this amazing team giving their all to make Nauticus a premier offshore technology provider. I thank the employees, investors, shareholders, and all those following our journey for your unwavering support."
Company Highlights
Nauticus experienced a transformational year in 2024. The company's shift from a research and development company into a commercial, revenue generating company is well underway. The company continues to deliver high-value solutions to customers by pushing technological boundaries.
2025 will continue to be a year of change as Nauticus works to transition offshore inspection operations from fully tethered execution to autonomous, untethered execution. The company's combined offering of an Aquanaut vehicle and a remotely operated vehicle (ROV) on a single vessel is already sparking customer discussions on better ways of working. They are showing eagerness to fit this operational model into their current plans and are already thinking of how their execution models will change.
Operational Highlights
The Aquanaut vehicle completed its first deepwater testing in 2024 that resulted in immediate commercial work by the end of the season. Due to this success, Nauticus is executing contracts with current customers to perform their 2025 Gulf Coast scope. Discussions with new customers are ongoing and expected to further increase the offshore pipeline. Two Aquanaut vehicles are now built and undergoing their final checks before the start of the season.
The ToolKITT software team confirmed operations on an existing ROV in the fourth quarter of 2024. The initial tests reinforced the idea that augmenting an ROV's existing software will enable customers to reduce their overall subsea operational cost. The team continues to build out the software and is targeting its first commercial ToolKITT ROV product release in 2025.
In 2024, the Olympic Arm team completed its initial design of the fit-for-purpose electric manipulator for installation on Aquanaut vehicles and existing ROVs. The team expects these first units to be complete and tested in 2025 for installation on an Aquanaut vehicle by the end of the year. This will make Aquanaut the first autonomous underwater vehicle with autonomous manipulators.
The Government team worked with its largest customer throughout 2024 to establish a formal alliance to address emerging challenges. Governmental contracting has longer lead time, larger upside, and greater stability than seasonal commercial contracts. The team is eager to pursue these opportunities.
In 2024, Nauticus began acquisition discussions with SeaTrepid International as a complementary business strategy. The company was pleased to announce the completion of the acquisition in Q1 of 2025. SeaTrepid brings a wealth of offshore operational experience and customer relationships. Existing SeaTrepid customers and contract relationships provide easy access to a broader group of early adopters. SeaTrepid and Nauticus legacy customers are welcoming this combined offering of a vessel with both an Aquanaut vehicle and an ROV onboard. By installing ToolKITT on both vehicles, the first subsea robotic collaboration solution will be realized, and customers should see the immediate value. SeaTrepid's location in Robert, Louisiana provides a testing facility with closer proximity to the launching location for offshore Gulf Coast operations, improving logistics and reducing costs.
Nauticus looks forward to an exciting 2025. The company believes it is well positioned to have substantial revenue growth and margin improvement year over year.
Financial Highlights
Revenue: Nauticus reported fourth-quarter revenue of $0.5 million, compared to $1.1 million for the prior-year period and $0.4 million for the prior quarter. Full year revenue for 2024 was $1.8 million compared to $6.6 million for full year 2023.
Operating Expenses: Total expenses during the fourth quarter were $6.5 million, a $28.8 million decrease from the prior-year period and a $0.6 million increase from Q3 2024. Total expenses for full year 2024 were $24.9 million, a decrease of $36.8 million from the prior year. Prior year fourth quarter included impairment of property and equipment costs of $25.4 million.
Adjusted Net Loss: Nauticus reported adjusted net loss of $6.9 million for the fourth quarter, compared to an adjusted net loss of $8.8 million for the same period in 2023. The adjusted net loss for full year 2024 was $26.1 million, compared to an adjusted net loss of $34.3 million for the prior year. Adjusted net loss is a non-GAAP measure which excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.
Net Loss: For the fourth quarter, Nauticus recorded a net loss of $84.5 million, or basic loss per share of $21.59. This compares with a net loss of $39.5 million from the same period in 2023, and a net income of $17.9 million in the prior quarter. A net loss of $134.9 million, or basic loss per share of $36.73 was reported for full year 2024 compared to a net loss of $50.7 million for the prior year.
This net loss includes a non-cash impact for debt and warrant accounting of $77.2 million in the fourth quarter and $106.4 million for the full year.
2024 G&A Cost: Nauticus reported G&A fourth-quarter costs of $3.9 million, which is an increase of $2.7million compared to the same period in 2023 and a $1.1 million increase from the third quarter. G&A costs for full year 2024 were $13.4 million, a decrease of $4.9 million from the prior year. The fourth quarter of 2024 includes bonus costs of $0.9 million.
Balance Sheet and Liquidity
As of December 31, 2024, the Company had cash and cash equivalents of $1.2 million, compared to $0.8 million as of December 31, 2023.
In Q1 2025 the Company conducted At The Market offerings, in which it issued and sold almost 7.5 million shares for net proceeds of $19.4 million.
Restated Financials
Restated financials were also filed on April 15, 2025 for the quarters ended March 31, June 30 and September 30 2024 due to a correction of accounting treatment for a Q1 2024 debt transaction.
Conference Call Details
Nauticus will host a conference call on April 16, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern) to discuss its results for the fourth quarter and full year ending December 31, 2024. To participate in the earnings conference call, participants should dial toll free at +1-800-549-8228, conference ID: 38945, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/490899486. A link to the webcast will also be available on the Company's website . Following the conclusion of the call, a recording will be available on the Company's website.
About Nauticus Robotics
Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company's business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus' approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus' services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act"), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus' products; estimated operating results and use of cash; and Nauticus' use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "intends," or "continue" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus' management's current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any
obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the "SEC") for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in documents filed from time to time with the SEC, including Nauticus' Annual Report on Form 10-K filed with the SEC on April 15, 2025. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC's website at www.sec.gov.
NAUTICUS ROBOTICS, INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2024 December 31, 2023
ASSETS
Current Assets:
Cash and cash
equivalents $ 1,186,047 $ 753,398
Restricted
certificate of
deposit 52,151 201,822
Accounts
receivable, net 238,531 212,428
Inventories 880,594 2,198,797
Prepaid expenses 1,389,434 1,889,218
Other current
assets 573,275 1,025,214
Assets held for
sale 750 2,940,254
------------------------------------ -------------------------------------
Total Current Assets 4,320,782 9,221,131
Property and
equipment, net 17,115,246 15,904,845
Operating lease
right-of-use
assets 1,094,743 834,972
Other assets 154,316 187,527
------------------------------------ -------------------------------------
Total Assets $ 22,685,087 $ 26,148,475
==================================== =====================================
LIABILITIES AND
STOCKHOLDERS'
DEFICIT
Current Liabilities:
Accounts payable $ 5,916,693 $ 7,035,450
Accrued
liabilities 5,602,721 7,339,099
Contract
liability 346,279 2,767,913
Operating lease
liabilities -
current 435,307 244,774
------------------------------------ -------------------------------------
Total Current
Liabilities 12,301,000 17,387,236
Warrant
liabilities 181,913 18,376,180
Operating lease
liabilities -
long-term 768,939 574,260
Notes payable -
long-term, fair
value option
(related party) 2,583,832 -
Notes payable -
long-term, net
of discount
(related party) 13,820,366 23,833,848
Notes payable -
long-term, net
of discount 12,531,332 -
Other liabilities 895,118 -
------------------------------------ -------------------------------------
Total Liabilities $ 43,082,500 $ 67,935,325
------------------------------------ -------------------------------------
Stockholders'
Deficit
Series A
Convertible
Preferred Stock
$0.0001 par
value; 40,000
shares
authorized,
35,434 shares
issued and 35,034
outstanding. $ 4 $ -
Common stock,
$0.0001 par
value;
625,000,000
shares
authorized,
9,761,895 and
1,389,884 shares
issued,
respectively,
and 9,761,895
and
1,389,884 shares
outstanding,
respectively.
(As adjusted) 976 139
Additional
paid-in capital
(As adjusted) 233,342,188 77,004,714
Accumulated other
comprehensive
loss (42,229) -
Accumulated
deficit (253,698,352) (118,791,703)
------------------------------------ -------------------------------------
Total Stockholders'
Deficit (20,397,413) (41,786,850)
------------------------------------ -------------------------------------
Total Liabilities
and Stockholders'
Deficit $ 22,685,087 $ 26,148,475
==================================== =====================================
NAUTICUS ROBOTICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Twelve Months Ended
---------------------------------------------------------------
12/31/2024 12/31/2023 9/30/2024 12/31/2024 12/31/2023
-------------------- ------------------- -------------------- -------------------- --------------------
Revenue:
Service $ 471,223 $ 1,063,603 $ 370,187 $ 1,807,472 $ 6,605,852
Service -
related party - - - - 500
-------------------- ------------------- -------------------- -------------------- --------------------
Total revenue 471,223 1,063,603 370,187 1,807,472 6,606,352
Costs and
expenses:
Cost of revenue
(exclusive of
items shown
separately
below) 2,114,837 4,444,682 2,648,019 9,732,205 11,928,931
Depreciation 452,970 242,360 446,087 1,736,828 729,412
Research and
development 19,316 414,678 - 82,850 1,399,560
General and
administrative 3,867,232 1,194,961 2,845,956 13,370,486 18,271,832
Severance - 1,075,408 - - 1,476,636
Impairment of
property and
equipment - 25,354,791 - - 25,354,791
Loss on
contract - 2,542,913 - - 2,542,913
-------------------- ------------------- -------------------- -------------------- --------------------
Total costs and
expenses 6,454,355 35,269,793 5,940,062 24,922,369 61,704,075
Operating loss (5,983,132) (34,206,190) (5,569,875) (23,114,897) (55,097,723)
Other (income)
expense:
Other expense
(income), net (55,012) (388,328) 143,573 110,361 627,580
Loss on lease
termination 42,618 453,162 - 18,721 453,162
Foreign
currency
transaction
loss (gain) 40,320 (12,041) 11,833 61,597 44,020
Loss on
extinguishment
of debt 48,870,991 - - 127,605,940 -
Loss on
exchange of
warrants - - - - 590,266
Change in fair
value of
warrant
liabilities (211,181) 3,872,731 (615,505) (13,559,010) (14,902,427)
Change in fair
value of New
Convertible
Debentures 28,123,852 - (24,199,071) (7,989,948) -
Change in fair
value of
November 2024
Debentures 435,864 - - 435,864 -
Interest
expense, net 1,309,931 1,410,875 1,157,468 5,108,227 8,776,277
-------------------- ------------------- -------------------- -------------------- --------------------
Total other
(income)
expense, net 78,557,383 5,336,399 (23,501,702) 111,791,752 (4,411,122)
Net income
(loss)
attributable to
common
stockholders (84,540,515) (39,542,589) 17,931,827 (134,906,649) (50,686,601)
==================== =================== ==================== ==================== ====================
Basic earnings
(loss) per
share $ (21.59) $ (34.56) $ 6.70 $ (36.73) $ (44.57)
Diluted loss per
share $ (21.59) $ (34.56) $ (0.36) $ (36.73) $ (44.57)
Basic weighted
average shares
outstanding 3,915,684 1,144,217 2,676,003 3,673,197 1,137,318
Diluted weighted
average shares
outstanding 3,915,684 1,144,217 15,289,163 3,673,197 1,137,318
NAUTICUS ROBOTICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31,
2024 2023
------------------------------------------------ --------------------------------------------------
Cash flows used in
operating activities:
Net loss $ (134,906,649) $ (50,686,601)
Adjustments to
reconcile net
loss to net cash
used in operating
activities:
Depreciation 1,736,828 729,412
Accretion of debt
discount 411,705 4,033,330
Loss on
extinguishment
cost 127,605,940 -
Amortization of
debt issuance
cost 664,690 52,092
Capitalized
paid-in-kind
$(PIK)$ interest 900,383 -
Accretion of RCB
Equities #1, LLC
exit fee 97,694 27,608
Stock-based
compensation 2,303,054 4,427,073
Loss on exchange
of warrants - 590,266
Change in fair
value of warrant
liabilities (13,559,010) (14,902,427)
Change in fair
value of New
Convertible
Debentures (7,989,948)
Change in fair
value of
November 2024
Debentures 435,864 -
Non-cash lease
expense 504,097 346,714
Interest expense
assumed into
Convertible
Senior Secured
Term Loan - 378,118
Impairment of
property and
equipment - 25,354,791
Settlement of
liquidated
damages with
Common Stock - 3,685,629
Loss on disposal
of assets 19,202 82,604
Loss on lease
termination 18,721 453,162
Gain on
short-term
investments - (40,737)
Other notes
payable
adjustments 115,394 -
Changes in
operating assets
and liabilities:
Accounts
receivable (26,103) 1,410,006
Inventories (58,683) (11,581,138)
Contract
assets - 573,895
Prepaid
expenses
and other
assets 1,145,670 2,707,815
Accounts
payable and
accrued
liabilities (1,696,525) 8,241,528
Contract
liabilities (2,421,634) 2,767,913
Operating
lease
liabilities (397,375) (338,979)
Other liabilities 895,118 -
------------------------------------------------ --------------------------------------------------
Net cash used in
operating
activities (24,201,567) (21,687,926)
------------------------------------------------ --------------------------------------------------
Cash flows from (used
in) investing
activities:
Capital
expenditures (501,600) (11,633,153)
Proceeds from sale
of assets held for
sale 676,177 -
Proceeds from sale
of property and
equipment 5,705 38,704
Proceeds from sale
of short-term
investments - 5,000,000
------------------------------------------------ --------------------------------------------------
Net cash from (used
in) investing
activities 180,282 (6,594,449)
------------------------------------------------ --------------------------------------------------
Cash flows from
financing activities:
Proceeds from
notes payable 14,305,000 11,096,884
Payment of debt
issuance costs
on notes
payable (1,316,791) (607,500)
Proceeds from
November 2024
Convertible
Debentures 2,150,000 -
Proceeds from At
the Market $(ATM.UK)$
offering 9,857,857 -
Payment of ATM
commissions and
fees (499,903) -
Proceeds from
exercise of
warrants - 338,055
Proceeds from
exercise of
stock options - 421,175
------------------------------------------------ --------------------------------------------------
Net cash from
financing activities 24,496,163 11,248,614
------------------------------------------------ --------------------------------------------------
Effect of changes in
exchange rates on
cash and cash
equivalents (42,229) -
Net change in cash and
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