Company: KITTW
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001849820-25-000211
Chunk: 43

Company: Nauticus Robotics, Inc.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 employee compensation, depreciation and intangible asset amortization. The amendments are effective for fiscal years beginning after December 15, 2026 and should be applied prospectively. The adoption of ASU 2024-03 will require us to provide additional disclosures related to certain income statement expenses, but otherwise will not materially impact our financial statements.All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our condensed consolidated financial statements.

3. Revenue

The following table presents the components of our revenue:Three months endedJune 30,Six months ended June 30,2025202420252024Cost plus fixed fee$2,075,566 $- $2,240,822 $214,414 Firm fixed-price- 501,708 - 751,648 Total$2,075,566 $501,708 $2,240,822 $966,062 Our performance obligations under cost plus fixed fee agreements are generally satisfied over time as services are performed. Revenue is recognized based on daily rates for ROV operations and personnel, along with reimbursement of allowable costs as incurred. As such, all revenue under these agreements has been recognized over time in line with the progress of service delivery.Contract Balances – Accounts receivable, net as of June 30, 2025 totaled $2,283,131 due from customers for contract billings and is expected to be collected within the next three to six months. As of December 31, 2024 and 2023, accounts receivable, net totaled $238,531 and $212,428, respectively. As of June 30, 2025, and December 31, 2024, allowance for current expected credit losses included in accounts receivable totaled $0 respectively. Bad debt expense was $0 for the 

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

three and six months ended June 30, 2025 respectively and $0 and $39  for the three and six months ended June 30, 2024, respectively.Contract assets include unbilled amounts typically resulting from sales under contracts when the cost-to-cost method of revenue recognition is utilized, and revenue recognized exceeds the amount billed to the customer. Contract assets are recorded at the net amount expected to be billed and collected. Contract