Company: KITTW
Filing Date: 2025-04-30
Form Type: ARS
Source: 0001849820-25-000123
Chunk: 108

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-30
Form: ARS
Chunk 108
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 and Concentration of Credit Risk – We have a limited number of customers. During the year ended December 31, 2024, sales to three customers accounted for 82% of total revenue. Sales to Customer A accounted for 39% of total revenue; sales to Customer B accounted for 27% of total revenue; and sales to Customer C accounted for 16% of total revenue. Total accounts receivable for the year ended December 31, 2024 was made up by three customers. During the year ended December 31, 2023, sales to two customers accounted for almost 100% of total revenue. Sales to Customer D accounted for 61% of total revenue; and sales to Customer C accounted for 39% of total revenue. The total balance due from these customers as of December 31, 2023 comprised 68% of accounts receivable with the remaining due from one other customer. No other customer represented more than 10% of our revenue. Loss of these customers could have a material adverse impact on the Company. Reclassifications – Financial statements presented for prior periods include reclassifications that were made to conform to the current year presentation. There was no material impact to the consolidated financial statements for these changes. Accounting Standards Issued but not adopted as of December 31, 2024 – In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, an update that improves income statement expense disclosure requirements. Under ASU 2024-03 issuers will be required to incorporate new tabular disclosures disaggregating prescribed expense categories within relevant income statement captions in the notes to their financial statements. These categories include purchases of inventory, employee compensation, depreciation and intangible asset amortization. The amendments are effective for fiscal years beginning after December 15, 2026 and Table of Contents NAUTICUS ROBOTICS, INC. NOTES TO