Company: KITTW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001849820-25-000211
Chunk: 86

Company: Nauticus Robotics, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 86
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,914,729 was reported respectively.

Change in fair value of November 2024 Debentures. For the three months ended June 30, 2025 a gain on the fair value of the new convertible debentures of ($187,866); for the six months ended June 30, 2025 a loss on the fair value of the new convertible debentures of $536,060 was reported. 

Interest expense, net. For the three months ended June 30, 2025, interest expense, net increased $43,892, or 4%, driven by interest on the convertible senior secured term loans. For the six months ended June 30, 2025, interest expense, net decreased, $316,989 or 12% driven by interest on the convertible senior secured term loans.

Liquidity and Capital Resources

The Company continues to develop its principal products and conduct research and development activities. Currently, the Company does not generate sufficient revenue to cover operating expenses, working capital and capital expenditures. The Company has embarked on cost-cutting measures to continue to preserve cash. The Company may require additional liquidity to continue its operations over the next twelve months which a current investor has committed to provide. The Company believes with this investor support that there will be sufficient resources to continue as a going concern for at least one year from the date that the condensed consolidated financial statements contained in this Form 10-Q are issued.

As of June 30, 2025, the Company had $2,663,404 of cash and cash equivalents. 

Significant sources and uses of cash during the six months ended June 30, 2025.

Sources of cash:

•The Company received net proceeds of $19,403,540 from equity financing attributable to the ATM share offering.

Uses of cash:

•Cash used in operating activities was $14,006,452, of which $2,067,289 was used to increase working capital. 

•Cash used in investing activities related to the acquisition of SeaTrepid of $3,871,992 and capital expenditures of $47,239. 

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Indebtedness. The Company’s indebtedness as of June 30, 2025, is presented in Item 1, “Financial Statements – Note 7 – Notes Payable” and our lease obligations are presented in Item 1, “Financial Statements – Note 8 – Leases.”

Critical Accounting Policies and Estimates

Certain of our accounting estimates are important to the portrayal of our financial condition