Revenue Growth, Expanded Customer Engagement, and Nauticus ToolKITT™ Deployment Drive Momentum into 2026
HOUSTON, April 16, 2026 /PRNewswire/ -- Nauticus Robotics, Inc. ("Nauticus" or "Company") (NASDAQ: KITT), a leading innovator in subsea robotics and software, yesterday announced its financial results for the year ended December 31, 2025.
John Gibson, Nauticus Robotics™ President and CEO, stated, "2025 was a foundational year for Nauticus. We strengthened our balance sheet, successfully integrated SeaTrepid into our operations, and advanced our autonomy platform through real-world deployments. The successful installation of Nauticus ToolKITT™ on both our systems and third-party ROVs marks a significant step toward scalable, software-driven growth. At the same time, we expanded our operational capabilities, diversified our customer base, and demonstrated our technology in commercial environments. As we enter 2026, we are focused on execution - converting these technical and operational gains into repeatable revenue and long-term customer relationships."
STRATEGIC AND OPERATIONAL HIGHLIGHTS
Strategic Execution and Integration Progress
During 2025, Nauticus completed the acquisition and integration of SeaTrepid, significantly expanding its operational footprint and enabling immediate participation in commercial ROV services. This integration provided a platform to deploy Nauticus ToolKITT across active offshore projects, accelerating the transition from development to commercialization. The Company also strengthened its balance sheet and improved liquidity, positioning Nauticus for more consistent execution moving forward.
Expansion into International Markets
Nauticus advanced its international growth strategy through a newly established relationship with Master Investment Group in the UAE. This collaboration includes an initial $3 million investment, with the potential to scale to $50 million, supporting the Company's expansion across the Gulf Cooperation Council (GCC) region. Nauticus is establishing a regional hub in Ras Al Khaimah and building the infrastructure required to support long-term commercial deployment, manufacturing, and distribution in the region.
Advancement of Autonomy and Software Platform
Nauticus ToolKITT continued to demonstrate its value as a modular autonomy platform capable of deployment across multiple vehicle types. In 2025, the Company achieved successful in-field deployment of Nauticus ToolKITT on work-class ROV systems, enabling enhanced navigation, station-keeping, and operational efficiency. These deployments validated the platform's ability to reduce operator workload and improve inspection quality, while also opening opportunities to expand into third-party vehicle ecosystems.
Operational Milestones and Technology Progress
The Company achieved several key technical milestones during the year. The Aquanaut® vehicle successfully operated at depths of 2,300 meters, demonstrating readiness for deepwater applications. In parallel, Nauticus significantly expanded its testing capabilities through a dedicated facility in Florida, increasing in-water testing to approximately 40 hours per week and enabling more rapid development and validation of autonomous workflows. These efforts supported funded projects, including autonomous inspection and leak detection, and advanced the Company's transition toward commercial deployment.
In addition, Nauticus continued advancing its subsea electric manipulation capabilities. The Company progressed its collaboration with Forum Energy Technologies (FET) on the Olympic Arm™, while also completing the design of a next-generation three-joint manipulator for integration with Aquanaut. Component procurement for this system is underway, with delivery expected in early 2026 and a prototype targeted for deployment thereafter. These developments are expected to enhance Aquanaut's ability to perform complex intervention tasks and expand its applicability across a broader range of subsea operations.
Market Demand and Commercial Momentum
Nauticus delivered strong revenue growth in 2025, supported by both new customer acquisition and deeper engagement with existing clients. The Company's customer base now spans major offshore operators, renewable energy providers, and government-related opportunities, reflecting the versatility of its solutions. Demand for autonomous capabilities continues to increase as operators seek to reduce costs, improve safety, and enhance data quality. Nauticus is focused on converting this growing interest into long-term contracts and repeatable revenue streams in 2026.
Government and Emerging Market Opportunities
The Company is actively pursuing opportunities in government and defense markets, particularly in subsea infrastructure monitoring and maritime security applications. Regulatory momentum around subsea mineral extraction is expected to drive new offshore activity beginning in 2026, while increased geopolitical focus on critical maritime infrastructure is creating additional demand for Nauticus' capabilities. The Company believes its autonomous solutions are well aligned with these emerging market needs.
CUSTOMER DEMAND AND OUTLOOK
As Nauticus enters 2026, the Company is focused on disciplined execution and commercialization. Key priorities include expanding deployments of Nauticus ToolKITT across both Company-owned and third-party systems, scaling operations in international markets, and converting customer engagement into long-term revenue-generating contracts.
With a strengthened balance sheet, improved operational infrastructure, and increasing market demand for autonomous solutions, Nauticus believes it is well positioned to deliver continued progress and build long-term shareholder value.
FINANCIAL HIGHLIGHTS
Revenue: Nauticus reported fourth-quarter revenue of $1.1 million, compared to $0.5 million for the prior-year period and $2.0 million for the prior quarter. Full year revenue for 2025 was $5.3 million compared to $1.8 million for full year 2024.
Operating Expenses: Total expenses during the fourth quarter were $6.7 million, a $0.2 million increase from the prior-year period and a $1.2 million decrease from Q3 2025. Total expenses for full year 2025 were $29.0 million, an increase of $3.9 million from the prior year.
Adjusted Net Loss: Nauticus reported adjusted net loss of $10.4 million for the fourth quarter, compared to an adjusted net loss of $7.1 million for the same period in 2024. The adjusted net loss for full year 2025 was $31.1 million, compared to an adjusted net loss of $26.1 million for the prior year. 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 fourth quarter, Nauticus recorded a net loss of $19.2 million, or basic loss per share of $3.69. This compares with a net loss of $84.7 million from the same period in 2024, and a net loss of $6.6 million in the prior quarter. A net loss of $40.8 million, or basic loss per share of $10.45 was reported for full year 2025 compared to a net loss of $134.9 million for the prior year.
2025 G&A Cost: Nauticus reported G&A fourth-quarter costs of $2.6 million, which is a decrease of $1.5million compared to the same period in 2024 and a $0.3 million decrease from the third quarter. G&A costs for full year 2025 were $14.3 million, an increase of $0.7 million from the prior year.
Balance Sheet and Liquidity
As of December 31, 2025, the Company had cash and cash equivalents of $7.6 million, compared to $1.2 million as of December 31, 2024.
CONFERENCE CALL DETAILS
Nauticus will host a conference call on April 24, 2026 at 9:00 a.m. Central Time to discuss its results for the year ended December 31, 2025. To participate in the earnings conference call, participants should dial toll free at +1-800-715-9871, conference ID: 9197689, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/633198435. A link to the webcast will also be available on the Company's IR website (https://ir.nauticusrobotics.com/). Following the conclusion of the call, a recording will be available on the Company's website.
About Nauticus Robotics, Inc.
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' most recent Annual Report on Form 10-K filed with the SEC and Quarterly Reports on Form 10-Q filed with the SEC from time to time. 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.
CONSOLIDATED BALANCE SHEETS
December 31, December 31,
2025 2024
ASSETS
Current Assets:
Cash and cash equivalents $7,016,610 $1,186,047
Restricted cash 600,342 52,151
Accounts receivable, net 378,683 238,531
Inventories - 880,594
Prepaid expenses 1,055,324 1,389,434
Other current assets 203,025 574,025
Total Current Assets 9,253,984 4,320,782
Property and equipment, net 21,827,769 17,115,246
Operating lease right-of-use assets, net 559,005 1,094,743
Goodwill 9,600,745
Intangible Assets, net 1,276,916
Other assets 91,276 154,316
Total Assets $42,609,695 $22,685,087
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities:
Accounts payable $3,128,459 $5,916,693
Accrued liabilities 10,139,275 5,602,721
Contract liability - 346,279
Operating lease liabilities - current 434,200 435,307
Notes payable - current 2,296,627
November 2024 Debentures - current, fair value option (related party) 163,672
Senior Secured Convertible Term Loan - current, net of discount (related party) 14,113,871
Senior Secured Convertible Term Loan - current, net of discount 4,939,247
Other creditors 160,110
Total Current Liabilities 35,375,461 12,301,000
Warrant liabilities 11,281 181,913
Operating lease liabilities - long-term 203,547 768,939
November 2024 Debentures - long-term, fair value option (related party) - 2,583,832
Senior Secured Convertible Term Loan - long-term, net of discount (related party) - 13,820,366
Senior Secured Convertible Term Loan - long-term, net of discount - 12,531,332
Other liabilities - 895,118
Total Liabilities $35,590,289 $43,082,500
Stockholders' Equity (Deficit):
Series A Convertible Preferred Stock $0.0001 par value; 40,000 shares authorized, 5,546 and 35,034 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively. 1 4
Series B Convertible Preferred Stock $0.0001 par value; 50,000 shares authorized, 2,813 and 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively. -
Series C Convertible Preferred Stock $0.0001 par value; 100,000 shares authorized,2,154 and 0 issued and outstanding at December 31, 2025 and December 31, 2024 respectively. -
Common Stock, $0.0001 par value; 625,000,000 shares authorized, 28,811,198 and 1,084,655 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively. 2,881 108
Additional paid-in capital 330,578,863 233,343,056
Accumulated other comprehensive loss (42,229) (42,229)
Accumulated deficit (323,520,110) (253,698,352)
Total Stockholders' Equity (Deficit) 7,019,406 (20,397,413)
Total Liabilities and Stockholders' Equity (Deficit) $42,609,695 $22,685,087
NAUTICUS ROBOTICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Year ended December 31,
12/31/2025 12/31/2024 9/30/2025 2025 2024
Revenue:
Service $1,057,298 $471,223 $1,976,795 $5,274,915 $1,807,472
Total revenue 1,057,298 471,223 1,976,795 5,274,915 1,807,472
Costs and expenses:
Cost of revenue (exclusive of items shown separately below) 3,326,630 2,114,837 4,266,894 12,336,520 9,732,205
Depreciation and amortization 699,067 452,970 590,820 2,344,826 1,736,828
Research and development - 19,316 82,850
General and administrative 2,645,694 4,067,232 2,997,001 14,320,568 13,570,486
Total costs and expenses 6,671,391 6,654,355 7,854,715 29,001,914 25,122,369
Operating loss (5,614,093) (6,183,132) (5,877,920) (23,726,999) (23,314,897)
Other (income) expense:
Other income, net (102,271) (55,012) 2,883 (134,322) (70,918)
Foreign currency transaction loss 2,179 40,320 48,807 54,527 61,597
Loss on extinguishment of debt 6,371,971 48,870,991 6,371,971 127,605,940
Change in fair value of New Convertible Debentures (24,894) (211,181) (103,607) (170,632) (13,559,010)
Change in fair value of November 2024 Debentures - 28,123,852 (7,989,948)
Change in fair value of warrant liabilities 2,119,726 435,864 (407,938) 2,247,848 435,864
Interest expense, net 5,186,289 1,309,931 1,221,883 8,732,011 5,108,227
Total other expense, net 13,553,000 78,514,765 762,028 17,101,403 111,591,752
Net loss $(19,167,093) $(84,697,897) $(6,639,948) $(40,828,402) $(134,906,649)
Basic and diluted loss per share $(3.69) $(194.67) $(2.60) $(10.45) $(330.55)
Basic and diluted weighted average shares outstanding 12,130,838 435,076 3,878,466 6,681,851 408,133
NAUTICUS ROBOTICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31,
2025 2024
Cash flows used in operating activities:
Net loss $(40,828,402) $(134,906,649)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 2,344,826 1,736,828
Accretion of debt discount 40,253 411,705
Amortization of debt issuance cost 886,504 664,690
Capitalized paid-in-kind (PIK) interest 696,345 900,383
Accretion of exit fee (9,663) 97,694
Stock-based compensation 1,296,555 2,303,054
Change in fair value of warrant liabilities (170,632) (13,559,010)
Change in fair value of New Convertible Debentures - (7,989,948)
Change in fair value of November 2024 Convertible Debentures 2,247,848 435,864
Induced conversion expense 3,941,929
Loss on extinguishment of debt 6,371,971 127,605,940
Non-cash lease expense 535,738 504,097
Loss on disposal of assets 25,788 19,202
Loss on lease termination 2,639 18,721
Inventory write-off 500,332
Other notes payable adjustments - 115,394
Changes in operating assets and liabilities:
Accounts receivable (1,798) (26,103)
Inventories 41,146 (58,683)
Other assets 830,664 995,999
Accounts payable and accrued liabilities 54,009 (1,696,525)
Contract liabilities (346,279) (2,421,634)
Operating lease liabilities (569,139) (397,375)
Other liabilities (895,118) 895,118
Net cash used in operating activities (23,004,484) (24,351,238)
Cash flows from (used in) investing activities:
Capital expenditures (961,814) (501,600)
Acquisition of business, net of cash acquired (4,371,992)
Proceeds from sale of assets held for sale - 676,177
Proceeds from sale of property and equipment 150 5,705
Net cash from (used in) investing activities (5,333,656) 180,282
Cash flows from financing activities:
Proceeds from notes payable - 14,305,000
Payment of debt issuance costs on notes payable - (1,316,791)
Proceeds from November 2024 Debentures - 2,150,000
Proceeds from At the Market (ATM) offering, net 31,948,650 9,357,954
Issuance of Series B Preferred Stock 2,855,000
Repayment on Ameristate Loan (86,755)
Net cash from financing activities 34,716,895 24,496,163
Effect of changes in exchange rates on cash and cash equivalents - (42,229)
Net change in cash, cash equivalents and restricted cash 6,378,755 282,978
Cash, cash equivalents and restricted cash, beginning of year 1,238,198 955,220
Cash, cash equivalents and restricted cash, end of year $7,616,953 $1,238,198
NAUTICUS ROBOTICS, INC.
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 Twelve Months Ended
12/31/2025 12/31/2024 9/30/2025 12/31/2025 12/31/2024
Net loss attributable to common stockholders (GAAP) $(44,732,744) $(84,697,897) $(10,067,654) $(69,821,758) $(134,906,649)
Loss on extinguishment of debt 6,371,971 48,870,991 6,371,971 127,605,940
Change in fair value of warrant liabilities (24,894) (211,181) (103,607) (170,632) (13,559,010)
Change in fair value of New Convertible Debentures 28,123,852 (7,989,948)
Change in fair value of November 2024 Debentures 2,119,726 435,864 (407,938) 2,247,848 435,864
Preferred stock dividend 1,006,000 1,006,000
Deemed dividends for Series A and B Convertible Preferred Stock 24,559,650 3,427,706 27,987,356
Stock-based compensation 328,315 430,550 398,225 1,296,555 2,303,054
Adjusted net loss attributable to common stockholders (non-GAAP) $(10,371,976) $(7,047,821) $(6,753,268) $(31,082,660) $(26,110,749)
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SOURCE Nauticus Robotics, Inc.
