Company: KITTW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001849820-25-000128
Chunk: 1

Company: Nauticus Robotics, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 1
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 solutions. 

33

Table of Contents

Results of Operations

Three months ended March 31, 2025, compared to three ended March 31, 2024

The following table sets forth summarized condensed consolidated financial information:

Three months ended March 31,Change 20252024$ % RevenueService$165,256 $464,354 $(299,098)-64 %Total revenue165,256 464,354 (299,098)-64 %   Costs and Expenses  Cost of revenue1,238,957 2,093,955 (854,998)-41 %Depreciation480,376 426,185 54,191 13 %Research and development- 63,534 (63,534)-100 %General and administrative4,309,686 3,430,010 879,676 26 %Total costs and expenses6,029,019 6,013,684 15,335 - %   Operating loss(5,863,763)(5,549,330)314,433 6 %   Other (income) expense:  Other (income) expense, net(87,397)(96,473)9,076 -9 %Gain on lease termination- (15,365)15,365 -100 %Foreign currency transaction loss3,267 5,147 (1,880)-37 %Loss on extinguishment of debt- 78,734,949 (78,734,949)100 %Change in fair value of warrant liabilities(50,888)(8,309,623)(8,258,735)-99 %Change in fair value of New Convertible Debentures- (4,504,426)(4,504,426)-100 %Change in fair value of November 2024 Debentures723,926 - 723,926 -100 %Interest expense, net1,114,516 1,475,397 (360,881)-24 %  Net income (loss)$(7,567,187)$(72,838,936)$(65,271,749)-90 %

Revenue. For the three months ended March 31, 2025, revenue decreased $299,098, 64%, respectively, as compared to the three months ended March 31, 2024, primarily driven