Company: KITTW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001849820-25-000278
Chunk: 54

Company: Nauticus Robotics, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 54
---
 billed to the customer. Contract assets are recorded at the net amount expected to be billed and collected. Contract assets were $0 at September 30, 2025 and December 31, 2024 respectively.Contract liabilities include billings in excess of revenue recognized and accruals for certain contract obligations. The Company had contract liabilities at September 30, 2025 and December 31, 2024 of  $343,493 and $346,279, respectively. Unfulfilled Performance Obligations – As of September 30, 2025, we expect to recognize approximately $180,000 of revenue in future periods from unfulfilled performance obligations from existing contracts with customers.If any of our contracts were to be modified or terminated, the expected value of the unfulfilled performance obligations of such contracts would be reduced.

4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:September 30,2025December 31,2024Prepaid material purchases$945,724 $394,950 Prepaid insurance538,895 817,717 Other prepayments181,843 176,767 Total prepaid expenses$1,666,462 $1,389,434 Other current assets81,706 573,275 Total other current assets$81,706 $573,275 

15

Table of ContentsNAUTICUS ROBOTICS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

5. Property and Equipment

Property and equipment consisted of the following:Useful Life (years)September 30,2025December 31,2024Land$444,435 $- Leasehold improvements51,804,884 833,920 Property & equipment3-5 years11,864,673 7,528,597 Technology hardware equipment3-5 years1,969,841 1,966,841 Total16,083,833 10,329,358 Less accumulated depreciation(5,602,183)(3,958,780)Construction in progress11,167,017 10,744,668 Total property and equipment, net$21,648,667 $17,115,246 

6. Accrued Liabilities

Accrued liabilities consisted of the following:September 30,2025December 31,2024Accrued compensation$355,051