Company: KITTW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001849820-25-000211
Chunk: 60

Company: Nauticus Robotics, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 will be settled in a fixed number of shares and does not meet the definition of a derivative or liability. As such, it will not be remeasured in future periods.As part of the acquisition agreement, the purchase price is subject to a post-closing working capital adjustment. Based on the closing balance sheet, a working capital shortfall of approximately $0.5 million was identified and reduced the total purchase consideration.The following table summarizes the consideration transferred to acquire SeaTrepid and preliminary allocation of the purchase price to the identifiable assets acquired and liabilities assumed, based on their estimated fair values as of the acquisition date:Cash consideration$8,000,000 Earnout shares (fair value)6,864,729 Purchase price adjustment(512,037)Total purchase price$14,352,692 Purchase Price AllocationMarch 20, 2025Cash$78,008 Accounts receivable, net138,354 Inventory75,300 Other current assets62,515 Property and equipment6,169,303 Goodwill10,652,389 Accounts payable(287,766)Accrued liabilities(97,668)Notes payable - current(2,437,743)Total purchase price$14,352,692 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, see Note 19 Fair Value Measurements.The results of SeaTrepid's operations have been included in the Company’s consolidated financial statements since the acquisition date. For the six months ended June 30, 2025, SeaTrepid contributed approximately $2,205,122 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.Six months ended June 30,20252024Revenue$2,738,047 $6,220,974 Net loss(15,669,970)(66,467,103)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. 

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