Nauticus Robotics Reports Strong Start to 2025
- Strategic acquisition of SeaTrepid for $14.4M enhances operational capabilities
- Successful fundraising of $19.4M through ATM offerings
- Cash position improved to $10.1M from $1.2M in December 2024
- Strong customer demand and positive market response to expanded services
- Operating expenses decreased by $0.4M compared to Q4 2024
- Q1 revenue declined to $0.2M from $0.5M in Q1 2024
- Net loss of $7.6M in Q1 2025
- G&A costs increased by $0.9M compared to Q1 2024
- Significant share dilution through issuance of 7.5M new shares
Insights
Nauticus acquired SeaTrepid for $14.4M, significantly boosting revenue expectations despite Q1 revenue drop to $0.2M from $0.5M year-over-year.
Nauticus Robotics' Q1 2025 results present a mixed financial picture with concerning short-term metrics but promising strategic developments. Revenue declined to
The
The company significantly strengthened its balance sheet, increasing cash position from
Looking at debt structure, Nauticus carries
The offshore operational momentum described in the release will be critical to watch, as the company must translate these developments into substantial revenue growth to justify current investments and move toward profitability.
Nauticus' acquisition of SeaTrepid creates a powerful subsea robotics combination, accelerating deployment of autonomous technology across existing ROV fleets.
Nauticus Robotics is executing a technologically sophisticated integration strategy with its SeaTrepid acquisition that merges complementary subsea robotics capabilities. The strategic value lies in how Nauticus can deploy its ToolKITT autonomy software across SeaTrepid's established ROV (Remotely Operated Vehicle) fleet. This represents a practical approach to market adoption - rather than waiting for completely new autonomous systems to gain acceptance, Nauticus is retrofitting existing platforms with advanced capabilities.
The operational update reveals concrete progress with their technology ecosystem. One Aquanaut® vehicle has completed readiness testing and is deployment-ready, while a second is in final validation. This demonstrates meaningful advancement in their autonomous underwater vehicle program. The company's ROVs are already securing commercial contracts, with one deployed on a drill ship and another conducting subsea inspections in the Gulf Coast after completing a Northeast project.
Particularly noteworthy is the development of electric manipulators designed for both Aquanaut vehicles and traditional ROVs. This cross-platform compatibility is technically challenging but strategically valuable, as it enables gradual technology transition rather than requiring complete system replacement. Their emphasis on electric rather than hydraulic manipulation systems represents a significant technical advancement that offers improved precision and environmental benefits.
The company's explicit mention of "underwater collaboration between ROVs and Aquanaut vehicles" signals a multi-vehicle operational approach that could revolutionize underwater operations by allowing different robotics systems to work in coordinated fashion. This inter-vehicle communication capability at depth is extraordinarily complex from a technical perspective but could dramatically improve operational efficiency by allowing specialized robots to handle different aspects of underwater tasks simultaneously.
Market reception appears positive, with Nauticus noting increased customer openness to autonomous solutions. This suggests the industry may be approaching an inflection point in accepting these advanced technologies, with Nauticus well-positioned at this crucial adoption phase.
Revenue Momentum Builds; Strategic Acquisition Positions Company for Accelerated Growth
President and CEO John Gibson commented, "Our offshore season launched in Q1 with solid momentum and continues to gain strength into the second quarter. With the successful integration of SeaTrepid, the combined business is on pace to exceed Nauticus's full-year 2024 revenue during the first half of 2025."
Strategic Acquisition Fuels Innovation and Scale
On March 20, 2025, Nauticus completed the strategic acquisition of SeaTrepid International LLC ("SeaTrepid"), a seasoned provider of subsea robotic services. This milestone transaction enhances the Company's operational capabilities and accelerates the deployment of Nauticus's autonomy software, ToolKITT, across SeaTrepid's active ROV fleet.
This powerful integration brings together cutting-edge robotics with intelligent automation, enabling seamless underwater collaboration between ROVs and Aquanaut vehicles. This breakthrough positions Nauticus to deliver industry-first efficiencies and unlock new commercial opportunities in the offshore services market.
The
Operational Milestones and Project Success
Nauticus launched the 2025 Gulf Coast offshore season with significant activity:
- One ROV began a contract with a drill ship, expected to remain active through the summer.
- A second ROV successfully completed a project in the Northeast and is now operational off the Gulf Coast, conducting detailed subsea inspections.
- Two Aquanaut® vehicles progressed through rigorous readiness testing; one is fully prepared for deployment, while the other is undergoing final validation.
Advancing Next-Generation Technology
Nauticus's Software team achieved notable progress this quarter, developing and finalizing new capabilities for Aquanaut and preparing a commercial-ready release of software for work-class ROVs.
Simultaneously, the Electric Manipulator team continued advancing purpose-built electric manipulators designed for seamless integration with both Aquanaut vehicles and ROVs – ushering in a new era of versatile, high-performance subsea tools.
Customer Demand and Outlook
Market response to Nauticus's expanded service offerings has been overwhelmingly positive. Long-standing customers are engaging with the Company's new operational model, exploring innovative ways to partner and deploy the latest robotic technologies. The sales team is seeing a meaningful shift in customer mindset, signaling increased openness to autonomous solutions.
With strong demand, innovative products, and a growing platform, Nauticus is well-positioned for a standout 2025. "We are committed to improving our value," Gibson said. "The foundation we've laid is strong, and the opportunities ahead are truly exciting."
Financial Highlights
Revenue: Nauticus reported first-quarter revenue of
Operating Expenses: Total expenses during the first quarter were
Adjusted Net Loss: Nauticus reported adjusted net loss of
Net Loss: For the first quarter, Nauticus recorded a net loss of
G&A Cost: Nauticus reported G&A first-quarter costs of
Balance Sheet and Liquidity
As of March 31, 2025, the Company had cash and cash equivalents of
In Q1 2025, the Company conducted At The Market offerings, in which it issued and sold almost 7.5 million shares for net proceeds of
Conference Call Details
Nauticus will host a conference call on May 15, 2025 at 10:00 a.m. Central Time to discuss its results for the quarter ended March 31, 2025. To participate in the earnings conference call, participants should dial toll free at +1-800-549-8228, conference ID: 78839, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/167622035. 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.
Nauticus Robotics, Inc. is a developer of ocean robots, cloud software and services delivered to the ocean industry. Our portfolio includes fully autonomous underwater vehicles ("AUVs"), robotic manipulators, an open robotic operating system, and related consulting and prototype services with a strong alignment to offshore energy and national security interests. Our technology solutions enable autonomous operations for both the commercial and defense sectors. To effectively enter markets dominated by legacy solutions, we have developed innovative and value-driven technologies. Our flagship autonomous fully electric vehicle, Aquanaut, provides advantages over conventionally tethered Remotely Operated Vehicles (ROVs) and untethered AUVs. Aquanaut represents the next generation of subsea robotics integrating eight independent thrusters to precisely propel and position a hull design to maximize efficiency and speed high-resolution data collection, and autonomous fully electric manipulation comparable to traditional ROV operations. ToolKITT is a sophisticated software platform that governs our suite of robotic products. It enables robots to perceive their environment, navigate in three dimensions, make autonomous decisions, and execute tasks with minimal human intervention. ToolKITT has been deployed on third party commercial ROVs and competing robotic platforms, enhancing our ability to offer advanced inspection and intervention services. This software also plays a critical role in next-generation inspection services, a key industry need for ensuring the integrity of subsea pipelines and offshore infrastructure. The Olympic Arm is a fully electric subsea manipulator designed for complex intervention tasks on both work-class ROVs and Aquanaut. Its patented electric actuators replace traditional hydraulic systems. The strategic acquisition of SeaTrepid International LLC intends to integrate Nauticus AI-driven autonomy software, ToolKITT, into SeaTrepid's existing remotely operated vehicle (ROV) fleet. The combination will showcase unprecedented advancements in power efficiency and operational performance across the industry. The ability of ROVs and Aquanaut to seamlessly communicate at depth unlocks new service opportunities, enabling two autonomous systems to collaborate in delivering cutting-edge underwater solutions.
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 | |||
March 31, 2025 | December 31, 2024 | ||
(Unaudited) | |||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | |||
Restricted certificate of deposit | 52,640 | 52,151 | |
Accounts receivable, net | 326,830 | 238,531 | |
Accounts receivable unbilled | 165,256 | - | |
Inventories | 955,894 | 880,594 | |
Prepaid expenses | 1,695,991 | 1,389,434 | |
Other current assets | 607,391 | 573,275 | |
Assets held for sale | 750 | 750 | |
Total Current Assets | 13,859,056 | 4,320,782 | |
Property and equipment, net | 22,812,432 | 17,115,246 | |
Operating lease right-of-use assets | 999,496 | 1,094,743 | |
Other assets | 157,701 | 154,316 | |
Goodwill | 10,652,388 | - | |
Total Assets | |||
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||
Current Liabilities: | |||
Accounts payable | |||
Accrued liabilities | 9,674,282 | 5,602,721 | |
Contract liability | 346,279 | 346,279 | |
Operating lease liabilities - current | 447,292 | 435,307 | |
Notes payable - current | 2,437,744 | - | |
Total Current Liabilities | 17,798,050 | 12,301,000 | |
Warrant liabilities | 131,025 | 181,913 | |
Operating lease liabilities - long-term | 653,402 | 768,939 | |
Notes payable - long-term, fair value option (related party) | 3,307,758 | 2,583,832 | |
Notes payable - long-term, net of discount (related party) | 10,955,052 | 13,820,366 | |
Notes payable - long-term, net of discount | 13,219,166 | 12,531,332 | |
Other liabilities | 895,118 | 895,118 | |
Total Liabilities | |||
Stockholders' Deficit | |||
Series A Convertible Preferred Stock | |||
Common stock, | 3,515 | 976 | |
Additional paid-in capital | 262,825,753 | 233,342,188 | |
Accumulated other comprehensive loss | (42,229) | (42,229) | |
Accumulated deficit | (261,265,539) | (253,698,352) | |
Total Stockholders' Deficit | 1,521,502 | (20,397,413) | |
Total Liabilities and Stockholders' Deficit | |||
NAUTICUS ROBOTICS, INC. | |||||
Unaudited Condensed Consolidated Statements of Operations | |||||
Three Months Ended | |||||
3/31/2025 | 12/31/2024 | 3/31/2024 | |||
Revenue: | |||||
Service | |||||
Total revenue | 165,256 | 471,223 | 464,354 | ||
Costs and expenses: | |||||
Cost of revenue (exclusive of items | 1,238,957 | 2,114,837 | 2,093,955 | ||
Depreciation | 480,376 | 452,970 | 426,185 | ||
Research and development | - | 19,316 | 63,534 | ||
General and administrative | 4,309,686 | 3,867,232 | 3,430,010 | ||
Total costs and expenses | 6,029,019 | 6,454,355 | 6,013,684 | ||
Operating loss | (5,863,763) | (5,983,132) | (5,549,330) | ||
Other (income) expense: | |||||
Other income, net | (87,397) | (55,012) | (96,473) | ||
(Gain) loss on lease termination | - | 42,618 | (15,365) | ||
Foreign currency transaction loss | 3,267 | 40,320 | 5,147 | ||
Loss on extinguishment of debt | - | 48,870,991 | 78,734,949 | ||
Change in fair value of warrant liabilities | (50,888) | (211,181) | (8,309,623) | ||
Change in fair value of New Convertible | - | 28,123,852 | (4,504,426) | ||
Change in fair value of November 2024 | 723,926 | 435,864 | - | ||
Interest expense, net | 1,114,516 | 1,309,931 | 1,475,397 | ||
Total other expense, net | 1,703,424 | 78,557,383 | 67,289,606 | ||
Net loss | |||||
Basic and diluted loss per share | |||||
Basic and diluted weighted average | 27,447,425 | 3,915,684 | 1,239,881 | ||
NAUTICUS ROBOTICS, INC. | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Three months ended March 31, | |||
2025 | 2024 | ||
Cash flows from operating activities: | |||
Net loss | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Depreciation | 480,376 | 426,185 | |
Amortization of debt discount | 9,895 | 381,592 | |
Amortization of debt issuance cost | 173,447 | 142,821 | |
Capitalized paid-in-kind (PIK) interest | 166,882 | - | |
Accretion of RCB Equities #1, LLC exit fee | 24,152 | 24,212 | |
Stock-based compensation | 312,679 | 530,655 | |
Change in fair value of warrant liabilities | (50,888) | (8,309,623) | |
Change in fair value of New Convertible Debentures | - | (4,504,426) | |
Change in fair value of November 2024 Debentures | 723,926 | - | |
Loss on extinguishment of debt | - | 78,734,949 | |
Non-cash lease expense | 95,247 | 115,778 | |
Gain on disposal of assets | - | (4,231) | |
Gain on lease termination | - | (15,365) | |
Changes in current assets and liabilities: | |||
Accounts receivable | (115,200) | 55,101 | |
Inventories | - | (15,930) | |
Other assets | (282,031) | 1,196,413 | |
Accounts payable and accrued liabilities | (517,629) | (222,104) | |
Contract liabilities | - | (2,289,834) | |
Operating lease liabilities | (103,552) | (67,539) | |
Net cash used in operating activities | (6,649,883) | (6,660,282) | |
Cash flows used in/from investing activities: | |||
Capital expenditures | (47,989) | (324,147) | |
Acquisition of business, net of cash acquired | (3,871,992) | - | |
Proceeds from sale of property and equipment | - | 384,708 | |
Proceeds from sale of short-term investments | - | 7,921 | |
Net cash from investing activities | (3,919,981) | 68,482 | |
Cash flows from financing activities: | |||
Proceeds from notes payable | - | 13,305,000 | |
Payment of debt issuance costs on notes payable | - | (1,279,291) | |
Proceeds from ATM offering | 20,141,905 | - | |
Payment of ATM commissions and fees | (703,784) | - | |
Net cash from financing activities | 19,438,121 | 12,025,709 | |
Net change in cash and cash equivalents | 8,868,257 | 5,433,909 | |
Cash and cash equivalents, beginning of year | 1,186,047 | 753,398 | |
Cash and cash equivalents, end of year | |||
NAUTICUS ROBOTICS, INC.
Unaudited Reconciliation of Net Loss Attributable to Common Stockholders (GAAP) to Adjusted Net Loss Attributable to Common Stockholders (NON-GAAP)
Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net loss attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.
Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company's fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.
Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net loss attributable to common stockholders or any other measure of a company's financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net loss attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net loss attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.
Three Months Ended | |||||
3/31/2025 | 12/31/2024 | 3/31/2024 | |||
Net loss attributable to common | |||||
Loss on extinguishment of debt | - | 48,870,991 | 78,734,949 | ||
Change in fair value of warrant liabilities | (50,888) | (211,181) | (8,309,623) | ||
Change in fair value of New Convertible | - | 28,123,852 | (4,504,426) | ||
Change in fair value of November 2024 | 723,926 | 435,864 | - | ||
Stock compensation expense | 312,679 | 430,550 | 530,655 | ||
Adjusted net loss attributable to common | |||||
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SOURCE Nauticus Robotics, Inc.
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