Company: KITTW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001849820-25-000278
Chunk: 52

Company: Nauticus Robotics, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 interest costs incurred to work in progress during the related construction periods. Capitalized interest is charged to cost of revenue when the related completed project is delivered to the buyer. The Company did not capitalize interest during the nine months ended September 30, 2025 and 2024. Earnings (Loss) per Share – Basic earnings per share is computed by dividing income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner as basic earnings per share except that the denominator is increased to include the number of additional shares of common stock that could have been outstanding assuming the exercise of stock options and warrants (determined using the treasury stock method) and conversion of convertible debt. The Earnout Shares, which are subject to forfeiture if the achievement of certain stock price thresholds is not met, are not considered participating securities and are not included in the weighted-average shares outstanding for purposes of calculating earnings (loss) per share.Major Customer and Concentration of Credit Risk – We have a limited number of customers. During the nine months ended September 30, 2025, sales to four customers accounted for 64% of total revenue. Sales to Customer A accounted for 24% of total revenue, sales to Customer B accounted for 14% of total revenue, sales to Customer C accounted for 13% of total revenue and sales to Customer D accounted for 13% of the total revenue. The total balance due from these customers as of September 30, 2025, comprised 74% of accounts receivable, net. During the nine months ended September 30, 2024, sales to three customers accounted for 91% of total revenue. Sales to Customer E accounted for 36% of total revenue, sales to Customer F accounted for 33% of total revenue and sales to Customer G accounted for 22% of total revenue. The total balance due from these customers as of December 31, 2024 comprised 16% of accounts receivable, net. Loss of these customers could have a material adverse impact on the Company.Accounting Standards Issued but not adopted as of September 30, 2025 – In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, an update that improves income statement expense disclosure requirements. Under ASU 2024-03, issuers will be required to incorporate new tabular disclosures disaggregating prescribed expense categories within relevant income statement captions in