Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000097
Chunk: 20

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 20
---
     |   |      2023 |
|:--------------------|:----|:-------------------|--------:|:----|:--|----------:|
| Cost plus fixed fee |     | $                  | 214,414 |     | $ | 1,949,509 |
| Firm fixed-price    |     |                    | 249,940 |     |   |   871,271 |
| Total               |     | $                  | 464,354 |     | $ | 2,820,780 |

Our performance obligations under service agreements are generally satisfied over time as the service is provided and, therefore, all revenue above has been recognized over time.

Contract Balances – Accounts receivable, net as of March 31, 2024, totaled $ 157,327due from customers for contract billings and is expected to be collected within the next three to six months. As of December 31, 2023, accounts receivable, net totaled $ 212,428. As of March 31, 2024, and December 31, 2023, allowances for doubtful accounts included in accounts receivable totaled $ 0. Bad debt expense was $ 39and $ 0for the three months ended March 31, 2024 and 2023.

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#### NAUTICUS ROBOTICS, INC.

### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
<div align='center'>(UNAUDITED)</div>

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 assets were $ 0at March 31, 2024 and December 31, 2023.

Contract liabilities include billings in excess of revenue recognized and accruals for certain contract obligations. The Company had contract liabilities at March 31, 2024 and December 31, 2023 of $ 478,079and $ 2,767,913, respectively, which includes costs accrued for an ongoing contract expected to be loss making. The loss on contract was reported on the condensed consolidated statement of operations in the fourth quarter of the year ended December 31, 2023. The decrease in contract liabilities at March 31, 2024 is primarily attributable to costs incurred on the loss making contract