Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000099
Chunk: 58

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 58
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 testing of the vehicle, Aquanaut. For the six months ended June 30, 2024, cost of revenue decreased $136,480 or 3%, as compared to the six months ended June 30, 2023 driven by the decrease in revenue offset by costs relating to commercialization of the vehicle .

Depreciation . For the three and six months ended June 30, 2024, depreciation increased $358,377 and $511,463, or 674% and 157%, respectively, as compared to the three and six months ended June 30, 2023, due to the increase in property and equipment.

Research and development . For the three and six months ended June 30, 2024, research and development costs decreased $482,761 and $646,194, or 100% and 91%, respectively, compared to the three and six months ended June 30, 2023,

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primarily due to the Company achieving technological feasibility in both hardware and software development and focusing on bringing its products to market.

General and administrative. For the three and six months ended June 30, 2024, general and administrative costs decreased $2,333,277 and $4,115,911, or 42% and 38%, respectively, compared to the three and six months ended June 30, 2023, driven by headcount reductions and a concerted effort to reduce costs.

Other (income) expense, net . For the three months ended June 30, 2024, other expense related mainly to franchise tax expense and taxes incurred from activity in Brazil. For the six months ended June 30, 2024, other expense related to franchise tax expense and taxes incurred from activity in Brazil partially offset by proceeds received from the sale of expensed equipment. For the six months ended June 30, 2023, other expense related primarily to a state sales tax assessment of $1.2 million from the Texas Comptroller of Public Accounts for which the audit is currently ongoing.

Gain on lease termination. For the three months ended June 30, 2024, a gain on lease termination of $8,532 was reported relating to a second agreement to reduce leased office space in Norway. For the six months ended June 30, 2024, a gain on lease termination of $23,897 was reported, primarily due to the reduction in leased office space in Norway.

Loss on extinguishment of debt