Nauticus Robotics Announces Results for the Second Quarter of 2025
Revenue Momentum Endures; Market Diversification Continues
HOUSTON, Aug. 11, 2025 /PRNewswire/ -- Nauticus Robotics, Inc. ("Nauticus" or "Company") (NASDAQ:KITT), a leading innovator in subsea robotics and software, today announced its financial results for the quarter ended June 30, 2025.
John Gibson, Nauticus Robotics President and CEO, stated, "The first half of 2025 has shown we are maintaining the momentum started last year. We grew revenue significantly, completed a strategic acquisition, and repositioned the company to drive long-term, profitable growth. We are now entering the second half of the year with this continued momentum by growing the offshore pipeline and bringing a differentiated service offering in a market hungry for innovation."
Strategic Acquisition Producing Results
The SeaTrepid acquisition completed in the first quarter made an immediate impact. Revenue generated throughout the second quarter is attributed to the hard work and dedication of the sales and offshore ROV teams. Discussions with customers continue to produce new ways of thinking through execution models by incorporating advanced technologies into existing assets. The assets in the SeaTrepid fleet continue to be fully utilized and are expected to remain so throughout the third quarter.
Operational Milestones and Project Success
Nauticus experienced increased customer demand as the North American offshore season ramped up.
The ROV assigned to the drill ship completed its project and moved back up to the U.S. Northeast Coast to perform offshore windfarm inspections at the beginning of August.
The second ROV completed projects for nine different customers off the U.S. Gulf Coast.
Aquanaut® Vehicle 2 completed all operational readiness requirements and is now alongside the second ROV on the Gulf Coast vessel ready to perform work throughout the second half of the year.
Customer Demand and Outlook
Market response to Nauticus's expanded service offerings continues to be overwhelmingly positive. Oil & gas and environmental government customers are waiting in line for operational windows in the Gulf Coast offshore schedule. Wind energy customers working off the Northeast Coast have resumed activity on existing assets after a slow start to 2025. Nauticus expects to benefit from a contraction of service providers focused on wind energy.
Discussions are ongoing with a customer to sign a multi-quarter contract for Nauticus services beginning in Q4. This opportunity could enable asset utilization during the Gulf Coast off-season.
Financial Highlights
Revenue: Nauticus reported second quarter revenue of $2.1 million, compared to $0.5 million for the prior-year period and $0.2 million for the prior quarter.
Operating Expenses: Total expenses during the second quarter were $8.4 million, a $1.9 million increase from the prior-year period and a $2.4 million increase from Q1 2025.
Adjusted Net Loss: Nauticus reported adjusted net loss of $7.4 million for the second quarter, compared to an adjusted net loss of $6.5 million for the same period in 2024 and an adjusted net loss of $6.6 million for the prior quarter. Adjusted net loss is a non-GAAP measure which excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.
Net Loss: For the second quarter, Nauticus recorded a net loss of $7.5 million, or basic loss per share of $0.26. This compares with a net income of $4.5 million from the same period in 2024, and a net loss of $7.6 million in the prior quarter.
G&A Cost: Nauticus reported G&A second-quarter costs of $4.4 million, which is an increase of $1.1 million compared to the same period in 2024 and flat from the previous quarter.
Balance Sheet and Liquidity
As of June 30, 2025, the Company had cash and cash equivalents of $2.7 million, compared to $10.1 million as of March 31, 2025.
Conference Call Details
Nauticus will host a conference call on August 12, 2025 at 9:00 a.m. Central Time to discuss its results for the quarter ended June 30, 2025. To participate in the earnings conference call, participants should dial toll free at +1-800-549-8228, conference ID: 95163, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/410459620. A link to the webcast will also be available on the Company's website (https://ir.nauticusrobotics.com/). Following the conclusion of the call, a recording will be available on the Company's website.
About Nauticus Robotics
Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company's business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus' approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus' services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act"), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus' products; estimated operating results and use of cash; and Nauticus' use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "intends," or "continue" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus' management's current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the "SEC") for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in documents filed from time to time with the SEC, including Nauticus' Annual Report on Form 10-K filed with the SEC on April 15, 2025. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC's website at www.sec.gov.
NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2025
December 31, 2024
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$ 2,663,404
$ 1,186,047
Restricted certificate of deposit
53,023
52,151
Accounts receivable, net
2,283,131
238,531
Inventories
913,341
880,594
Prepaid expenses
1,446,376
1,389,434
Other current assets
607,491
573,275
Assets held for sale
-
750
Total Current Assets
7,966,766
4,320,782
Property and equipment, net
22,238,369
17,115,246
Operating lease right-of-use assets
900,292
1,094,743
Other assets
123,465
154,316
Goodwill
10,652,389
-
Total Assets
$ 41,881,281
$ 22,685,087
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts payable
$ 5,715,381
$ 5,916,693
Accrued liabilities
9,389,088
5,602,721
Contract liability
343,493
346,279
Operating lease liabilities - current
459,249
435,307
Notes payable - current
2,403,163
-
Total Current Liabilities
18,310,374
12,301,000
Warrant liabilities
139,782
181,913
Operating lease liabilities - long-term
533,981
768,939
Notes payable - long-term, fair value option (related party)
3,119,892
2,583,832
Notes payable - long-term, net of discount (related party)
11,126,061
