- Nauticus Robotics (KITT, Financial) reported a significant decline in revenue for 2024, with full-year revenue at $1.8 million, down from $6.6 million in 2023.
- The company raised $19.4 million through ATM offerings in Q1 2025, issuing approximately 7.5 million shares.
- Nauticus completed the acquisition of SeaTrepid International in Q1 2025 to enhance operational capabilities and customer relationships.
Nauticus Robotics, Inc. (KITT) has announced its financial results for the year ending December 31, 2024, marking a year of transformation as the company transitions from research and development to commercial operations. The company reported a noticeable decrease in revenue for the year, posting $1.8 million, a 73% drop from $6.6 million in 2023. The fourth quarter revenue also fell to $0.5 million from $1.1 million year-over-year.
The financial year ended with Nauticus reporting a net loss of $134.9 million, which includes a substantial non-cash impact of $106.4 million related to debt and warrant accounting. The company had cash and cash equivalents of $1.2 million as of December 31, 2024, underlining the liquidity challenges faced during the transition.
In a bid to bolster its commercial capabilities, Nauticus completed the acquisition of SeaTrepid International in Q1 2025. This strategic move is expected to leverage SeaTrepid's offshore operational experience and customer relationships to drive growth.
Moreover, Nauticus raised $19.4 million through ATM offerings in Q1 2025, issuing around 7.5 million shares. Despite the increase in capital, the company continues to navigate significant financial pressures, including outstanding notes payable totaling $30.8 million.
On the operational front, Nauticus achieved significant milestones with the completion of the first deepwater testing of the Aquanaut vehicle, leading to immediate commercial engagements and contracts for the 2025 Gulf Coast scope. The company is also advancing its ToolKITT software and Olympic Arm manipulator technologies, which are poised to support its goals of reducing subsea operational costs and enhancing operational models.
Looking ahead, Nauticus Robotics remains optimistic about its prospects in 2025, with expectations for substantial revenue growth and margin improvements. The company's leadership underlines its commitment to pushing technological boundaries and delivering high-value solutions to customers in the offshore industry.
