KITTWMEDIUM SIGNALFINANCIAL10-K

KITTW's balance sheet strengthened significantly with total assets nearly doubling while debt declined by a quarter, though the company remains unprofitable.

The substantial asset growth combined with meaningful debt reduction suggests improved financial positioning, potentially through equity financing or asset acquisitions. However, the company continues to generate significant losses despite modest revenue growth, indicating ongoing operational challenges that warrant investor attention.

Comparing 2026-04-15 vs 2025-04-15View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows a mixed but generally improving trajectory, with total assets growing substantially to $42.6M while total debt declined meaningfully to $21.5M, suggesting enhanced financial flexibility. Revenue grew modestly to $11.4M, and while the company remains deeply unprofitable, net losses were meaningfully reduced compared to the prior period. Overall, the balance sheet improvements outweigh the persistent profitability challenges, signaling potential stabilization.

FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
+87.8%
$22.7M→$42.6M

Asset base grew 87.8% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
+69.7%
-$134.9M→-$40.8M

Net income grew 69.7% — bottom-line growth signals improving overall business health.

Accounts Receivable
Balance Sheet
+58.8%
$239K→$379K

Receivables surged 58.8% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Revenue
P&L
+33.1%
$8.6M→$11.4M

Strong top-line growth of 33.1% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
-25.7%
$28.9M→$21.5M

Debt reduced 25.7% — deleveraging strengthens balance sheet and reduces financial risk.

Total Liabilities
Balance Sheet
-17.4%
$43.1M→$35.6M

Liabilities reduced 17.4% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-04-15
PRIOR — 2025-04-15
ADDED
A s of April 14, 2026, there were 34,877,145 shares of Com mon Stock outstanding.
Nauticus Robotics Holdings are to Nauticus Robotics Holdings, Inc., a Texas corporation, formerly known as Houston Mechatronics, Inc.
"RRA" are to Registration Rights Agreement dated as of September 9, 2022.
Units are to the units of CLAQ, each consisting of one share of Common Stock, one right and one-half of one redeemable warrant.
Changes i n and Disagreements with Accountants on Accounting and Financial Disclosure 56 Item 9A.
The Company's portfolio includes autonomous, untethered underwater vehicles (AUVs), tethered robotic remotely operated vehicles (ROVs), electric robotic manipulators, a platform-agnostic robotic operating system, and related consulting and prototype services with a strong alignment to offshore energy and national security interests.
Currently, its primary focus is on oil and gas operations and defense applications.
The Company was formed in September 2022 as the result of a business combination between Nauticus Robotics, Inc.
The Company completed its first successful survey utilizing its autonomous subsea vehicle, Aquanaut , in the fourth quarter of 2024.
Nauticus maintains a website on the Internet with the address of https://ir.nauticusrobotics.com.
REMOVED
As of April 14, 2025, there were 35,154,439 shares of Com mon Stock outstanding.
Chardan are to Chardan Capital Markets, LLC, as representative of the underwriters in CLAQ s initial public offering.
Exchange Ratio are to the ratio determined by dividing (a) the Per Share Merger Consideration Value, by (b) the Closing Share Price.
Founder Shares are to an aggregate of 4,312,500 shares of Common Stock held by the Sponsors, directors and officers, consisting of (i) 2,595,000 shares of Common Stock held by CleanTech Investments; (ii) 1,437,500 shares of Common Stock held by CleanTech Sponsor; and (iii) an aggregate of 280,000 shares of Common Stock held by CLAQ officers, directors and certain advisors.
Old Nauticus Common Stock are to shares of Nauticus Robotics Holdings Common Stock; par value $0.01 per share.
Sponsor are to, individually, CleanTech Sponsor or CleanTech Investments and, collectively, both of the foregoing.
Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 60 Item 9A.
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.
Currently, our primary focus is on oil and gas operations and defense applications.
We were formed in September 2022 as the result of a business combination between Nauticus Robotics, Inc.
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