Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001849820-25-000108
Chunk: 94

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 94
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18 - Subsequent Events). The Company may require additional liquidity to continue its operations over the next twelve months, which a current investor has committed to support. The Company believes that with this investor support there will be sufficient resources to continue as a going concern for at least one year from the date that the consolidated financial statements contained in this Form 10-K are issued.

See the sections entitled “Risks Related to Our Business and Industry — A significant amount of our revenues in 2024 and 2023 was derived from a limited number of customers. A substantial portion of our current revenue may be generated by sales to government entities, which are subject to a number of uncertainties, challenges, and risks,” “Risks Related to Our Business and Industry — Our business plans require a significant amount of capital. Our future capital needs may require us to sell additional equity or debt securities that may dilute our stockholders or introduce covenants that may restrict our operations or our ability to pay dividends,” “Risks Related to Our Business and Industry — With our service offering still being commercialized at a large scale, we have limited current customers, and there is no assurance that expected customer demand will result in binding orders or subscriptions,” “Risks Related to Our Business and Industry — If we are successful in commercializing our products and services, our revenue will be concentrated in a limited number of models for the foreseeable future,” “Risks Related to Our Business and Industry — We may be unable to adequately control the costs associated with our operations.”

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Table of Contents

Results of Operations

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

The following table sets forth summarized consolidated financial information:

For The Year EndedDecember 31, Change $ Change % 20242023Revenue:Service$1,807,472 $6,605,852 $(4,798,380)-73 %Service - related party- 500 (500)-100 %Total revenue1,807,472 6,606,352 (4,798,880)-73 %Costs and expenses:    Cost of revenue (exclusive of items shown separately below)9,732,205 11,928,931 (2,196,726)-18 %Depreciation1,736,828 729,412 1,007,416 138 %Research and development82,850 1,399,560 (1,316,710)-94