Nauticus Robotics Announces Results for Year-End 2024
Nauticus Robotics (NASDAQ: KITT) reported its financial results for year-end 2024, marking a transformational year as it shifts from R&D to commercial operations. The company completed its first deepwater Aquanaut testing, leading to immediate commercial work and 2025 Gulf Coast contracts.
Key financial metrics for 2024:
- Revenue: $1.8M (down from $6.6M in 2023)
- Q4 revenue: $0.5M (down from $1.1M year-over-year)
- Full-year net loss: $134.9M
- Cash position: $1.2M as of December 31, 2024
Notable developments include the acquisition of SeaTrepid International in Q1 2025, successful ToolKITT software testing on existing ROVs, and Olympic Arm team's completion of initial electric manipulator design. The company raised $19.4M through ATM offerings in Q1 2025, issuing approximately 7.5M shares.
Nauticus Robotics (NASDAQ: KITT) ha comunicato i risultati finanziari per l'anno fiscale 2024, segnando un anno di trasformazione con il passaggio dalla ricerca e sviluppo alle operazioni commerciali. L'azienda ha completato il primo test in acque profonde del robot Aquanaut, che ha portato a lavori commerciali immediati e contratti per il 2025 nella Costa del Golfo.
Principali indicatori finanziari del 2024:
- Ricavi: 1,8 milioni di dollari (in calo rispetto ai 6,6 milioni del 2023)
- Ricavi del quarto trimestre: 0,5 milioni di dollari (in calo rispetto a 1,1 milioni anno su anno)
- Perdita netta annuale: 134,9 milioni di dollari
- Posizione di cassa: 1,2 milioni di dollari al 31 dicembre 2024
Tra gli sviluppi più rilevanti si segnalano l’acquisizione di SeaTrepid International nel primo trimestre 2025, il successo nei test del software ToolKITT su ROV esistenti e il completamento da parte del team Olympic Arm del design iniziale del manipolatore elettrico. L’azienda ha raccolto 19,4 milioni di dollari tramite offerte ATM nel primo trimestre 2025, emettendo circa 7,5 milioni di azioni.
Nauticus Robotics (NASDAQ: KITT) informó sus resultados financieros para el cierre del año 2024, marcando un año de transformación al pasar de I+D a operaciones comerciales. La compañía completó la primera prueba en aguas profundas del Aquanaut, lo que llevó a trabajos comerciales inmediatos y contratos para 2025 en la Costa del Golfo.
Métricas financieras clave para 2024:
- Ingresos: 1,8 millones de dólares (menos que 6,6 millones en 2023)
- Ingresos del cuarto trimestre: 0,5 millones de dólares (menos que 1,1 millones interanual)
- Pérdida neta anual: 134,9 millones de dólares
- Posición de efectivo: 1,2 millones de dólares al 31 de diciembre de 2024
Entre los desarrollos destacados se incluyen la adquisición de SeaTrepid International en el primer trimestre de 2025, las pruebas exitosas del software ToolKITT en ROV existentes y la finalización por parte del equipo Olympic Arm del diseño inicial del manipulador eléctrico. La empresa recaudó 19,4 millones de dólares mediante ofertas ATM en el primer trimestre de 2025, emitiendo aproximadamente 7,5 millones de acciones.
Nauticus Robotics (NASDAQ: KITT)는 2024년 연말 재무 실적을 발표하며 연구개발(R&D)에서 상업 운영으로 전환하는 변혁의 해를 맞이했습니다. 회사는 첫 심해 Aquanaut 테스트를 완료했으며, 이는 즉각적인 상업 작업과 2025년 걸프 코스트 계약으로 이어졌습니다.
2024년 주요 재무 지표:
- 매출: 180만 달러 (2023년 660만 달러에서 감소)
- 4분기 매출: 50만 달러 (전년 동기 110만 달러에서 감소)
- 연간 순손실: 1억 3,490만 달러
- 현금 보유액: 2024년 12월 31일 기준 120만 달러
주요 발전 사항으로는 2025년 1분기 SeaTrepid International 인수, 기존 ROV에 대한 ToolKITT 소프트웨어 테스트 성공, Olympic Arm 팀의 초기 전기 조작기 설계 완료가 있습니다. 회사는 2025년 1분기 ATM 공모를 통해 약 750만 주를 발행하며 1,940만 달러를 조달했습니다.
Nauticus Robotics (NASDAQ : KITT) a publié ses résultats financiers pour l'exercice 2024, marquant une année de transformation avec le passage de la R&D aux opérations commerciales. La société a achevé son premier test en eaux profondes de l'Aquanaut, conduisant à des travaux commerciaux immédiats et à des contrats pour 2025 sur la côte du Golfe.
Principaux indicateurs financiers pour 2024 :
- Chiffre d'affaires : 1,8 million de dollars (en baisse par rapport à 6,6 millions en 2023)
- Chiffre d'affaires du quatrième trimestre : 0,5 million de dollars (en baisse par rapport à 1,1 million d'une année sur l'autre)
- Perte nette annuelle : 134,9 millions de dollars
- Position de trésorerie : 1,2 million de dollars au 31 décembre 2024
Parmi les développements notables figurent l'acquisition de SeaTrepid International au premier trimestre 2025, les tests réussis du logiciel ToolKITT sur des ROV existants, ainsi que l'achèvement par l'équipe Olympic Arm de la conception initiale du manipulateur électrique. La société a levé 19,4 millions de dollars via des offres ATM au premier trimestre 2025, émettant environ 7,5 millions d'actions.
Nauticus Robotics (NASDAQ: KITT) meldete seine Finanzergebnisse für das Geschäftsjahr 2024 und markierte damit ein Transformationsjahr, in dem das Unternehmen vom F&E-Bereich in den kommerziellen Betrieb übergeht. Das Unternehmen absolvierte erfolgreich die ersten Tiefsee-Tests mit dem Aquanaut, was zu sofortigen kommerziellen Aufträgen und Verträgen an der Golfküste für 2025 führte.
Wichtige Finanzkennzahlen für 2024:
- Umsatz: 1,8 Mio. USD (Rückgang von 6,6 Mio. USD im Jahr 2023)
- Umsatz im 4. Quartal: 0,5 Mio. USD (Rückgang von 1,1 Mio. USD im Jahresvergleich)
- Nettojahresverlust: 134,9 Mio. USD
- Barmittelbestand: 1,2 Mio. USD zum 31. Dezember 2024
Bemerkenswerte Entwicklungen umfassen die Übernahme von SeaTrepid International im ersten Quartal 2025, erfolgreiche Tests der ToolKITT-Software auf bestehenden ROVs und den Abschluss des ersten elektrischen Greiferdesigns durch das Olympic Arm-Team. Das Unternehmen sammelte im ersten Quartal 2025 durch ATM-Angebote 19,4 Mio. USD ein und gab etwa 7,5 Millionen Aktien aus.
- Successful completion of first deepwater Aquanaut testing leading to commercial contracts
- Strategic acquisition of SeaTrepid International expanding operational capabilities
- Successful ToolKITT software testing on existing ROVs
- Raised $19.4M through ATM offerings in Q1 2025
- Revenue declined 73% to $1.8M in 2024 from $6.6M in 2023
- Net loss increased to $134.9M in 2024 from $50.7M in 2023
- Low cash position of $1.2M at year-end 2024
- Significant shareholder dilution through 7.5M share issuance in Q1 2025
Insights
Nauticus Robotics' 2024 results reflect the significant challenges facing the company during its transition from R&D to commercial operations. The
The balance sheet reveals critical liquidity concerns, with just
The SeaTrepid acquisition represents a strategic attempt to accelerate commercialization through established industry relationships, but introduces integration risks amid financial constraints. While technological progress with Aquanaut vehicles, ToolKITT software, and Olympic Arm manipulators shows promise, the revenue trajectory doesn't yet demonstrate commercial traction despite management's optimistic outlook for 2025.
Investors should note the substantial non-cash impact of
John Gibson, Nauticus Robotics President and CEO, stated, "I am proud to be part of this amazing team giving their all to make Nauticus a premier offshore technology provider. I thank the employees, investors, shareholders, and all those following our journey for your unwavering support."
Company Highlights
Nauticus experienced a transformational year in 2024. The company's shift from a research and development company into a commercial, revenue generating company is well underway. The company continues to deliver high-value solutions to customers by pushing technological boundaries.
2025 will continue to be a year of change as Nauticus works to transition offshore inspection operations from fully tethered execution to autonomous, untethered execution. The company's combined offering of an Aquanaut vehicle and a remotely operated vehicle (ROV) on a single vessel is already sparking customer discussions on better ways of working. They are showing eagerness to fit this operational model into their current plans and are already thinking of how their execution models will change.
Operational Highlights
The Aquanaut vehicle completed its first deepwater testing in 2024 that resulted in immediate commercial work by the end of the season. Due to this success, Nauticus is executing contracts with current customers to perform their 2025 Gulf Coast scope. Discussions with new customers are ongoing and expected to further increase the offshore pipeline. Two Aquanaut vehicles are now built and undergoing their final checks before the start of the season.
The ToolKITT software team confirmed operations on an existing ROV in the fourth quarter of 2024. The initial tests reinforced the idea that augmenting an ROV's existing software will enable customers to reduce their overall subsea operational cost. The team continues to build out the software and is targeting its first commercial ToolKITT ROV product release in 2025.
In 2024, the Olympic Arm team completed its initial design of the fit-for-purpose electric manipulator for installation on Aquanaut vehicles and existing ROVs. The team expects these first units to be complete and tested in 2025 for installation on an Aquanaut vehicle by the end of the year. This will make Aquanaut the first autonomous underwater vehicle with autonomous manipulators.
The Government team worked with its largest customer throughout 2024 to establish a formal alliance to address emerging challenges. Governmental contracting has longer lead time, larger upside, and greater stability than seasonal commercial contracts. The team is eager to pursue these opportunities.
In 2024, Nauticus began acquisition discussions with SeaTrepid International as a complementary business strategy. The company was pleased to announce the completion of the acquisition in Q1 of 2025. SeaTrepid brings a wealth of offshore operational experience and customer relationships. Existing SeaTrepid customers and contract relationships provide easy access to a broader group of early adopters. SeaTrepid and Nauticus legacy customers are welcoming this combined offering of a vessel with both an Aquanaut vehicle and an ROV onboard. By installing ToolKITT on both vehicles, the first subsea robotic collaboration solution will be realized, and customers should see the immediate value. SeaTrepid's location in
Nauticus looks forward to an exciting 2025. The company believes it is well positioned to have substantial revenue growth and margin improvement year over year.
Financial Highlights
Revenue: Nauticus reported fourth-quarter revenue of
Operating Expenses: Total expenses during the fourth quarter were
Adjusted Net Loss: Nauticus reported adjusted net loss of
Net Loss: For the fourth quarter, Nauticus recorded a net loss of
This net loss includes a non-cash impact for debt and warrant accounting of
2024 G&A Cost: Nauticus reported G&A fourth-quarter costs of
Balance Sheet and Liquidity
As of December 31, 2024, 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
Restated Financials
Restated financials were also filed on April 15, 2025 for the quarters ended March 31, June 30 and September 30 2024 due to a correction of accounting treatment for a Q1 2024 debt transaction.
Conference Call Details
Nauticus will host a conference call on April 16, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern) to discuss its results for the fourth quarter and full year ending December 31, 2024. To participate in the earnings conference call, participants should dial toll free at +1-800-549-8228, conference ID: 38945, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/490899486. 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. 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. CONSOLIDATED BALANCE SHEETS
| |||
December 31, 2024 | December 31, 2023 | ||
ASSETS | |||
Current Assets: | |||
Cash and cash equivalents | $ 1,186,047 | $ 753,398 | |
Restricted certificate of deposit | 52,151 | 201,822 | |
Accounts receivable, net | 238,531 | 212,428 | |
Inventories | 880,594 | 2,198,797 | |
Prepaid expenses | 1,389,434 | 1,889,218 | |
Other current assets | 573,275 | 1,025,214 | |
Assets held for sale | 750 | 2,940,254 | |
Total Current Assets | 4,320,782 | 9,221,131 | |
Property and equipment, net | 17,115,246 | 15,904,845 | |
Operating lease right-of-use assets | 1,094,743 | 834,972 | |
Other assets | 154,316 | 187,527 | |
Total Assets | $ 22,685,087 | $ 26,148,475 | |
LIABILITIES AND STOCKHOLDERS' DEFICIT | |||
Current Liabilities: | |||
Accounts payable | $ 5,916,693 | $ 7,035,450 | |
Accrued liabilities | 5,602,721 | 7,339,099 | |
Contract liability | 346,279 | 2,767,913 | |
Operating lease liabilities - current | 435,307 | 244,774 | |
Total Current Liabilities | 12,301,000 | 17,387,236 | |
Warrant liabilities | 181,913 | 18,376,180 | |
Operating lease liabilities - long-term | 768,939 | 574,260 | |
Notes payable - long-term, fair value option (related party) | 2,583,832 | - | |
Notes payable - long-term, net of discount (related party) | 13,820,366 | 23,833,848 | |
Notes payable - long-term, net of discount | 12,531,332 | - | |
Other liabilities | 895,118 | - | |
Total Liabilities | $ 43,082,500 | $ 67,935,325 | |
Stockholders' Deficit | |||
Series A Convertible Preferred Stock 40,000 shares authorized, 35,434 shares issued and 35,034 outstanding. | $ 4 | $ - | |
Common stock, 9,761,895 and 1,389,884 shares issued, respectively, and 9,761,895 and 1,389,884 shares outstanding, respectively. (As adjusted) | 976 | 139 | |
Additional paid-in capital (As adjusted) | 233,342,188 | 77,004,714 | |
Accumulated other comprehensive loss | (42,229) | - | |
Accumulated deficit | (253,698,352) | (118,791,703) | |
Total Stockholders' Deficit | (20,397,413) | (41,786,850) | |
Total Liabilities and Stockholders' Deficit | $ 22,685,087 | $ 26,148,475 | |
NAUTICUS ROBOTICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
| |||||||||
Three Months Ended | Twelve Months Ended | ||||||||
12/31/2024 | 12/31/2023 | 9/30/2024 | 12/31/2024 | 12/31/2023 | |||||
Revenue: | |||||||||
Service | $ 471,223 | $ 1,063,603 | $ 370,187 | $ 1,807,472 | $ 6,605,852 | ||||
Service - related party | - | - | - | - | 500 | ||||
Total revenue | 471,223 | 1,063,603 | 370,187 | 1,807,472 | 6,606,352 | ||||
Costs and expenses: | |||||||||
Cost of revenue (exclusive of items shown separately below) | 2,114,837 | 4,444,682 | 2,648,019 | 9,732,205 | 11,928,931 | ||||
Depreciation | 452,970 | 242,360 | 446,087 | 1,736,828 | 729,412 | ||||
Research and development | 19,316 | 414,678 | - | 82,850 | 1,399,560 | ||||
General and administrative | 3,867,232 | 1,194,961 | 2,845,956 | 13,370,486 | 18,271,832 | ||||
Severance | - | 1,075,408 | - | - | 1,476,636 | ||||
Impairment of property and equipment | - | 25,354,791 | - | - | 25,354,791 | ||||
Loss on contract | - | 2,542,913 | - | - | 2,542,913 | ||||
Total costs and expenses | 6,454,355 | 35,269,793 | 5,940,062 | 24,922,369 | 61,704,075 | ||||
Operating loss | (5,983,132) | (34,206,190) | (5,569,875) | (23,114,897) | (55,097,723) | ||||
Other (income) expense: | |||||||||
Other expense (income), net | (55,012) | (388,328) | 143,573 | 110,361 | 627,580 | ||||
Loss on lease termination | 42,618 | 453,162 | - | 18,721 | 453,162 | ||||
Foreign currency transaction loss (gain) | 40,320 | (12,041) | 11,833 | 61,597 | 44,020 | ||||
Loss on extinguishment of debt | 48,870,991 | - | - | 127,605,940 | - | ||||
Loss on exchange of warrants | - | - | - | - | 590,266 | ||||
Change in fair value of warrant liabilities | (211,181) | 3,872,731 | (615,505) | (13,559,010) | (14,902,427) | ||||
Change in fair value of New Convertible Debentures | 28,123,852 | - | (24,199,071) | (7,989,948) | - | ||||
Change in fair value of November 2024 Debentures | 435,864 | - | - | 435,864 | - | ||||
Interest expense, net | 1,309,931 | 1,410,875 | 1,157,468 | 5,108,227 | 8,776,277 | ||||
Total other (income) expense, net | 78,557,383 | 5,336,399 | (23,501,702) | 111,791,752 | (4,411,122) | ||||
Net income (loss) attributable to common stockholders | (84,540,515) | (39,542,589) | 17,931,827 | (134,906,649) | (50,686,601) | ||||
Basic earnings (loss) per share | $ (21.59) | $ (34.56) | $ 6.70 | $ (36.73) | $ (44.57) | ||||
Diluted loss per share | $ (21.59) | $ (34.56) | $ (0.36) | $ (36.73) | $ (44.57) | ||||
Basic weighted average shares outstanding | 3,915,684 | 1,144,217 | 2,676,003 | 3,673,197 | 1,137,318 | ||||
Diluted weighted average shares outstanding | 3,915,684 | 1,144,217 | 15,289,163 | 3,673,197 | 1,137,318 | ||||
NAUTICUS ROBOTICS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
| |||
Years ended December 31, | |||
2024 | 2023 | ||
Cash flows used in operating activities: | |||
Net loss | $ (134,906,649) | $ (50,686,601) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 1,736,828 | 729,412 | |
Accretion of debt discount | 411,705 | 4,033,330 | |
Loss on extinguishment cost | 127,605,940 | - | |
Amortization of debt issuance cost | 664,690 | 52,092 | |
Capitalized paid-in-kind (PIK) interest | 900,383 | - | |
Accretion of RCB Equities #1, LLC exit fee | 97,694 | 27,608 | |
Stock-based compensation | 2,303,054 | 4,427,073 | |
Loss on exchange of warrants | - | 590,266 | |
Change in fair value of warrant liabilities | (13,559,010) | (14,902,427) | |
Change in fair value of New Convertible Debentures | (7,989,948) | ||
Change in fair value of November 2024 Debentures | 435,864 | - | |
Non-cash lease expense | 504,097 | 346,714 | |
Interest expense assumed into Convertible Senior Secured Term Loan | - | 378,118 | |
Impairment of property and equipment | - | 25,354,791 | |
Settlement of liquidated damages with Common Stock | - | 3,685,629 | |
Loss on disposal of assets | 19,202 | 82,604 | |
Loss on lease termination | 18,721 | 453,162 | |
Gain on short-term investments | - | (40,737) | |
Other notes payable adjustments | 115,394 | - | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (26,103) | 1,410,006 | |
Inventories | (58,683) | (11,581,138) | |
Contract assets | - | 573,895 | |
Prepaid expenses and other assets | 1,145,670 | 2,707,815 | |
Accounts payable and accrued liabilities | (1,696,525) | 8,241,528 | |
Contract liabilities | (2,421,634) | 2,767,913 | |
Operating lease liabilities | (397,375) | (338,979) | |
Other liabilities | 895,118 | - | |
Net cash used in operating activities | (24,201,567) | (21,687,926) | |
Cash flows from (used in) investing activities: | |||
Capital expenditures | (501,600) | (11,633,153) | |
Proceeds from sale of assets held for sale | 676,177 | - | |
Proceeds from sale of property and equipment | 5,705 | 38,704 | |
Proceeds from sale of short-term investments | - | 5,000,000 | |
Net cash from (used in) investing activities | 180,282 | (6,594,449) | |
Cash flows from financing activities: | |||
Proceeds from notes payable | 14,305,000 | 11,096,884 | |
Payment of debt issuance costs on notes payable | (1,316,791) | (607,500) | |
Proceeds from November 2024 Convertible Debentures | 2,150,000 | - | |
Proceeds from At the Market (ATM) offering | 9,857,857 | - | |
Payment of ATM commissions and fees | (499,903) | - | |
Proceeds from exercise of warrants | - | 338,055 | |
Proceeds from exercise of stock options | - | 421,175 | |
Net cash from financing activities | 24,496,163 | 11,248,614 | |
Effect of changes in exchange rates on cash and cash equivalents | (42,229) | - | |
Net change in cash and cash equivalents | 432,649 | (17,033,761) | |
Cash and cash equivalents, beginning of year | 753,398 | 17,787,159 | |
Cash and cash equivalents, end of year | $ 1,186,047 | $ 753,398 | |
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 | ||||||||
12/31/2024 | 12/31/2023 | 9/30/2024 | 12/31/2024 | 12/31/2023 | |||||
Net income (loss) attributable to common stockholders (GAAP) | $ (84,540,515) | $ 17,931,827 | $ (134,906,649) | $ (50,686,601) | |||||
Loss on extinguishment of debt | 48,870,991 | - | - | 127,605,940 | - | ||||
Change in fair value of warrant liabilities | (211,181) | 3,872,731 | (615,505) | (13,559,010) | (14,902,427) | ||||
Change in fair value of New Convertible Debentures | 28,123,852 | - | (24,199,071) | (7,989,948) | - | ||||
Change in fair value of November 2024 Debentures | 435,864 | - | - | 435,864 | - | ||||
Impairment of property and equipment | - | 25,354,791 | - | - | 25,354,791 | ||||
Stock compensation expense | 430,550 | 432,053 | 532,539 | 2,303,054 | 4,427,073 | ||||
Severance | - | 1,075,408 | - | - | 1,476,636 | ||||
Adjusted net loss attributable to common stockholders (non-GAAP) | $ (6,890,439) | $ (8,807,606) | $ (6,350,210) | $ (26,110,749) | $ (34,330,528) | ||||
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SOURCE Nauticus Robotics, Inc.
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