Company: KITTW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001849820-25-000128
Chunk: 57

Company: Nauticus Robotics, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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IAL STATEMENTS(UNAUDITED)

Cash consideration$8,000,000 Earnout shares (fair value)6,864,729 Purchase price adjustment(500,804)Total purchase price$14,363,925 Purchase Price AllocationMarch 20, 2025Cash$78,008 Accounts receivable, net138,354 Inventory75,300 Other current assets62,515 Property and equipment6,169,303 Goodwill10,652,388 Accounts payable(276,531)Accrued liabilities(97,668)Notes payable - current(2,437,744)Total purchase price$14,363,925 The allocation of the purchase price is preliminary and subject to adjustment during the measurement period, not to exceed one year from the acquisition date, as the Company finalizes valuations for tangible and intangible assets and earnout shares.For additional details on the fair value measurement of the acquired assets and liabilities, including the valuation techniques used, please refer to the Fair Value Measurements footnote.The results of SeaTrepid's operations have been included in the Company’s consolidated financial statements since the acquisition date. For the three months ended March 31, 2025, SeaTrepid contributed approximately $165,256 in revenue and $54,800 in net income.The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2024.Three months ended March 31,20252024Revenue$662,481 $3,519,208 Net loss(8,215,794)(72,039,161)These pro forma amounts reflect the historical operating results of the Company and SeaTrepid, adjusted for the effects of the acquisition, including the additional depreciation that would have been charged assuming the fair value adjustments to acquired property and equipment had been applied from January 1, 2024. For the three months ended March 31, 2025, the Company incurred $0.04 million of acquisition-related costs. These expenses are included in general and administration expense on the condensed consolidated statement of operations for the three months ended March 31, 2025. The supplemental pro forma net loss for the three months ended March 31, 2025 was adjusted to exclude the acquisition-related costs, and instead, these costs are reflected in pro forma net loss for the three months ended March 31, 2024.

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Table of ContentsNAUTICUS ROBOTICS,