Company: KITTW
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001849820-25-000128
Chunk: 40

Company: Nauticus Robotics, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 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 should be applied prospectively. The adoption of ASU 2024-03 will require us to provide additional disclosures related to certain income statement expenses, but otherwise will not materially impact our financial statements.All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our condensed consolidated financial statements.

3. Revenue

The following table presents the components of our revenue:Three months ended March 31,20252024Cost plus fixed fee$165,256 $214,414 Firm fixed-price- 249,940 Total$165,256 $464,354 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, 2025, totaled $326,830 due from customers for contract billings and is expected to be collected within the next three to six months. As of December 31, 2024 and 2023, accounts receivable, net totaled $238,531 and $212,428, respectively. As of March 31, 2025, and December 31, 2024, allowance for current expected credit losses included in accounts receivable totaled $0 and $0, respectively. Bad debt expense was $0 and $39 for the three months ended March 31, 2025 and 2024, respectively.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 

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Table of ContentsNAUTICUS ROBOTICS, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED)

recorded at the net amount expected to be billed and collected. Contract assets were $165,256 at March 31, 2025 and December 31, 2024.Contract liabilities include billings in excess of revenue recognized and accruals for certain contract obligations. The Company had contract liabilities