Company: KITTW
Filing Date: 2025-04-15
Form Type: 10-Q/A
Source: 0001849820-25-000097
Chunk: 55

Company: Nauticus Robotics, Inc.
Filing Date: 2025-04-15
Form: 10-Q/A
Chunk 55
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Other expense, net . For the three months ended March 31, 2024, other income related mainly to proceeds received from the sale of expensed equipment. Other expense, net for the three months ended March 31, 2023 is related mainly to a state sales tax assessment of $1.2 million from the Texas Comptroller of Public Accounts for which the audit is currently ongoing.

Gain on lease termination. For the three months ended March 31, 2024, a gain on lease termination of $15,365 was reported primarily due to the reduction in office space leased in Norway.

Loss on extinguishment of debt. For the three months ended March 31, 2024, a loss on the extinguishment of debt of $78,734,949 was reported driven by the Amendment and Exchange Agreement. See Note 8 "Notes Payable".

Change in fair value of warrant liabilities. For the three months ended March 31, 2024, a gain in the fair value of warrant liabilities of $8,309,623 was reported as compared to a loss of $2,236,904 for the three months ended March 31, 2023.

Change in fair value of new convertible debentures. For the three months ended March 31, 2024, a gain on the fair value of the new convertible debentures of $4,504,426 was reported.

Interest expense, net . For the three months ended March 31, 2024, interest expense, net decreased $3,459,670, or 70%. Interest expense for the three months ended March 31, 2023 included $4 million associated with liquidated damages and interest arising out of the RRA. The decrease is partially offset by increased interest expense for the three months ended March 31, 2024 relating to the convertible senior secured term loans received in the second half of 2023 and the first quarter of 2024.

### Liquidity and Capital Resources
The Company continues to develop its principal products and conduct research and development activities. Currently, the Company does not generate sufficient revenue to cover operating expenses, working capital and capital expenditures. The Company has embarked on cost-cutting measures to continue to preserve cash. The Company may require additional liquidity to continue its operations over the next twelve months which a current investor has committed to provide. The Company believes with this investor support that there will be sufficient resources to