Nauticus Robotics Announces Results for the Second Quarter of 2025

Revenue Momentum Endures; Market Diversification Continues , /PRNewswire/ -- Nauticus Robotics, Inc. ("Nauticus" or "Company") (NASDAQ: KITT), a leading innovator in subsea robotics and software, today announced its financial results for the quarter ended June 30, 2025. John Gibson, Nauticus Robotics President and CEO, stated, "The first half of 2025 has shown we are maintaining the momentum started last year. We grew revenue significantly, completed a strategic acquisition, and repositioned the company to drive long-term, profitable growth. We are now entering the second half of the year with this continued momentum by growing the offshore pipeline and bringing a differentiated service offering in a market hungry for innovation." Strategic Acquisition Producing Results The SeaTrepid acquisition completed in the first quarter made an immediate impact. Revenue generated throughout the second quarter is attributed to the hard work and dedication of the sales and offshore ROV teams. Discussions with customers continue to produce new ways of thinking through execution models by incorporating advanced technologies into existing assets. The assets in the SeaTrepid fleet continue to be fully utilized and are expected to remain so throughout the third quarter. Operational Milestones and Project Success Nauticus experienced increased customer demand as the North American offshore season ramped up. The ROV assigned to the drill ship completed its project and moved back up to the U.S. Northeast Coast to perform offshore windfarm inspections at the beginning of August. The second ROV completed projects for nine different customers off the U.S. Gulf Coast. Aquanaut® Vehicle 2 completed all operational readiness requirements and is now alongside the second ROV on the Gulf Coast vessel ready to perform work throughout the second half of the year. Customer Demand and Outlook Market response to Nauticus's expanded service offerings continues to be overwhelmingly positive. Oil & gas and environmental government customers are waiting in line for operational windows in the Gulf Coast offshore schedule. Wind energy customers working off the Northeast Coast have resumed activity on existing assets after a slow start to 2025. Nauticus expects to benefit from a contraction of service providers focused on wind energy. Discussions are ongoing with a customer to sign a multi-quarter contract for Nauticus services beginning in Q4. This opportunity could enable asset utilization during the Gulf Coast off-season. Financial Highlights Revenue: Nauticus reported second quarter revenue of $2.1 million, compared to $0.5 million for the prior-year period and $0.2 million for the prior quarter. Operating Expenses: Total expenses during the second quarter were $8.4 million, a $1.9 million increase from the prior-year period and a $2.4 million increase from Q1 2025. Adjusted Net Loss: Nauticus reported adjusted net loss of $7.4 million for the second quarter, compared to an adjusted net loss of $6.5 million for the same period in 2024 and an adjusted net loss of $6.6 million for the prior quarter. 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 second quarter, Nauticus recorded a net loss of $7.5 million, or basic loss per share of $0.26. This compares with a net income of $4.5 million from the same period in 2024, and a net loss of $7.6 million in the prior quarter. G&A Cost: Nauticus reported G&A second-quarter costs of $4.4 million, which is an increase of $1.1 million compared to the same period in 2024 and flat from the previous quarter. Balance Sheet and Liquidity As of June 30, 2025, the Company had cash and cash equivalents of $2.7 million, compared to $10.1 million as of March 31, 2025. Conference Call Details Nauticus will host a conference call on August 12, 2025 at 9:00 a.m. Central Time to discuss its results for the quarter ended June 30, 2025. To participate in the earnings conference call, participants should dial toll free at +1-800-549-8228, conference ID: 95163, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/410459620. A link to the webcast will also be available on the Company's website (https://ir.nauticusrobotics.com/). 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. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2025 December 31, 2024 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 2,663,404 $ 1,186,047 Restricted certificate of deposit 53,023 52,151 Accounts receivable, net 2,283,131 238,531 Inventories 913,341 880,594 Prepaid expenses 1,446,376 1,389,434 Other current assets 607,491 573,275 Assets held for sale - 750 Total Current Assets 7,966,766 4,320,782 Property and equipment, net 22,238,369 17,115,246 Operating lease right-of-use assets 900,292 1,094,743 Other assets 123,465 154,316 Goodwill 10,652,389 - Total Assets $ 41,881,281 $ 22,685,087 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable $ 5,715,381 $ 5,916,693 Accrued liabilities 9,389,088 5,602,721 Contract liability 343,493 346,279 Operating lease liabilities - current 459,249 435,307 Notes payable - current 2,403,163 - Total Current Liabilities 18,310,374 12,301,000 Warrant liabilities 139,782 181,913 Operating lease liabilities - long-term 533,981 768,939 Notes payable - long-term, fair value option (related party) 3,119,892 2,583,832 Notes payable - long-term, net of discount (related party) 11,126,061 13,820,366 Notes payable - long-term, net of discount 13,431,413 12,531,332 Other liabilities 895,118 895,118 Total Liabilities $ 47,556,621 $ 43,082,500 Stockholders' Deficit Series A Convertible Preferred Stock par value; shares authorized, shares issued at March 31, 2025 and December 31, 2024 and outstanding at March 31, 2025 and December 31, 2024, respectively. $ 2 $ 4 Common stock, par value; shares authorized, and shares issued, respectively, and shares outstanding, respectively 3,739 976 Additional paid-in capital 263,082,863 233,342,188 Accumulated other comprehensive loss (42,229) (42,229) Accumulated deficit (268,719,715) (253,698,352) Total Stockholders' Deficit (5,675,340) (20,397,413) Total Liabilities and Stockholders' Deficit $ 41,881,281 $ 22,685,087 NAUTICUS ROBOTICS, INC. Unaudited Condensed Consolidated Statements of Operations Three Months Ended Six Months Ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Revenue: Service $ 2,075,566 $ 165,256 $ 501,708 $ 2,240,822 $ 966,062 Total revenue 2,075,566 165,256 501,708 2,240,822 966,062 Costs and expenses: Cost of revenue (exclusive of items shown separately below) 3,504,043 1,238,957 2,875,394 4,743,000 4,969,349 Depreciation 574,563 480,376 411,586 1,054,939 837,771 Research and development - - - - 63,534 General and administrative 4,368,187 4,309,686 3,227,288 8,677,873 6,657,298 Total costs and expenses 8,446,793 6,029,019 6,514,268 14,475,812 12,527,952 Operating loss (6,371,227) (5,863,763) (6,012,560) (12,234,990) (11,561,890) Other (income) expense: Other income, net 52,461 (87,397) 118,274 (34,936) 21,801 (Gain) loss on lease termination - - (8,532) - (23,897) Foreign currency transaction loss 274 3,267 4,296 3,541 9,443 Loss on extinguishment of debt - - - - 78,734,949 Change in fair value of warrant liabilities 8,757 (50,888) (4,422,701) (42,131) (12,732,324) Change in fair value of New Convertible Debentures - - (7,410,303) - (11,914,729) Change in fair value of November 2024 Debentures (187,866) 723,926 - 536,060 - Interest expense, net 1,209,323 1,114,516 1,165,431 2,323,839 2,640,828 Total other expense, net 1,082,949 1,703,424 (10,553,535) 2,786,373 56,736,071 Net income (loss) $ (7,454,176) $ (7,567,187) $ 4,540,975 $ (15,021,363) $ (68,297,961) Basic and diluted loss per share $ (0.26) $ (0.28) $ 2.23 $ (0.53) $ (40.97) Diluted loss per share $ (0.26) $ (0.28) $ (1.12) $ (0.53) $ (40.97) Basic and diluted weighted average shares outstanding 29,007,029 27,447,425 1,950,563 28,231,536 1,667,187 Diluted weighted average shares outstanding 29,007,029 27,447,425 5,364,395 28,231,536 1,667,187 NAUTICUS ROBOTICS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Six Months ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ (15,021,363) $ (68,297,961) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation 1,054,939 837,771 Amortization of debt discount 19,920 392,611 Amortization of debt issuance cost 350,303 312,440 Capitalized paid-in-kind (PIK) interest 338,782 - Accretion of RCB Equities #1, LLC exit fee 48,624 48,475 Stock-based compensation 570,015 1,339,965 Change in fair value of warrant liabilities (42,131) (12,732,324) Change in fair value of New Convertible Debentures 536,060 (11,914,729) Change in fair value of November 2024 Debentures - - Loss on extinguishment of debt - 78,734,949 Non-cash lease expense 205,688 171,962 Gain on disposal of assets - (3,102) Write-off of property and equipment - 29,350 Gain on lease termination - (23,897) Changes in current assets and liabilities: Accounts receivable (1,906,246) 35,969 Contract Assets 42,553 (18,710) Inventories - (482,576) Other assets 1,335 1,232,368 Accounts payable and accrued liabilities 20,083 (2,347,781) Contract liabilities (2,786) (2,310,041) Operating lease liabilities (222,228) (55,937) Net cash used in operating activities (14,006,452) (15,051,198) Cash flows used in/from investing activities: Capital expenditures (47,239) (351,942) Acquisition of business, net of cash acquired (3,871,992) - Proceeds from sale of assets held for sale - 419,720 Proceeds from sale of property and equipment (500) 6,802 Net cash from investing activities (3,919,731) 74,580 Cash flows from financing activities: Proceeds from notes payable - 14,305,000 Payment of debt issuance costs on notes payable - (1,316,791) Proceeds from ATM offering 20,141,905 9,857,857 Payment of ATM commissions and fees (703,784) (499,903) Repayment on loan (34,581) — Net cash from financing activities 19,403,540 22,346,163 Net change in cash and cash equivalents 1,477,357 7,369,545 Cash and cash equivalents, beginning of year 1,186,047 753,398 Cash and cash equivalents, end of year $ 2,663,404 $ 8,122,943 NAUTICUS ROBOTICS, INC. Unaudited Reconciliation of Net Loss Attributable to Common Stockholders (GAAP) to Adjusted Net Loss Attributable to Common Stockholders (NON-GAAP) Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net loss attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring. Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company's fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus. Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net loss attributable to common stockholders or any other measure of a company's financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net loss attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net loss attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies. Three Months Ended Six Months Ended 6/30/2025 3/31/2025 6/30/2024 6/30/2025 6/30/2024 Net loss attributable to common stockholders (GAAP) $ (7,454,176) $ (7,567,187) $ 4,540,975 $ (15,021,363) $ (68,297,961) Loss on extinguishment of debt - - — - 78,734,949 Change in fair value of warrant liabilities 8,757 (50,888) (4,422,701) (42,131) (12,732,324) Change in fair value of New Convertible Debentures - - (7,410,303) - (11,914,729) Change in fair value of November 2024 Debentures (187,866) 723,926 - 536,060 — Stock compensation expense 257,336 312,679 809,310 570,015 1,339,965 Adjusted net loss attributable to common stockholders (non- GAAP) $ (7,375,949) $ (6,581,470) $ (6,482,719) $ (13,957,419) $ (12,870,100) SOURCE Nauticus Robotics, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Nauticus Robotics Announces Results for the Second Quarter of 2025

FAQ

Why Bullish?

How important is it?

Why Long Term?

Related Companies

Related News