2023 Q2 Form 10-Q Financial Statement

#000121390023039981 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.128M $2.821M $0.00
YoY Change
Cost Of Revenue $1.901M $2.932M $1.899M
YoY Change -25.17% 54.4%
Gross Profit -$772.5K -$111.5K -$1.899M
YoY Change -69.59% -94.13%
Gross Profit Margin -68.48% -3.95%
Selling, General & Admin $5.560M $5.210M $20.73K
YoY Change 7212.9% 25032.66%
% of Gross Profit
Research & Development $482.8K $227.0K $1.267M
YoY Change -17.32% -82.09%
% of Gross Profit
Depreciation & Amortization $60.00K $273.1K $111.3K
YoY Change 145.33%
% of Gross Profit
Operating Expenses $482.8K $227.0K $479.4K
YoY Change -68.29% -52.65%
Operating Profit -$6.869M -$5.824M -$2.688M
YoY Change 351.17% 116.68%
Interest Expense -$1.540M -$4.930M $2.431M
YoY Change -308.38% -302.79%
% of Operating Profit
Other Income/Expense, Net $27.54M -$4.356M -$816.0K
YoY Change -3401.03% 433.78%
Pretax Income $20.67M -$14.14M $1.952M
YoY Change -2738.26% -824.51%
Income Tax $0.00
% Of Pretax Income
Net Earnings $20.67M -$10.18M $1.952M
YoY Change -2697.72% -621.61%
Net Earnings / Revenue 1832.56% -360.89%
Basic Earnings Per Share $0.52 -$0.26 -$0.36
Diluted Earnings Per Share $0.49 -$0.26 $90.51K
COMMON SHARES
Basic Shares Outstanding 47.51M shares 47.28M shares 9.669M shares
Diluted Shares Outstanding 44.35M shares 39.77M shares 9.669M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.400M $12.50M $296.4K
YoY Change -97.48% 4117.56% 1085.52%
Cash & Equivalents $4.353M $12.48M $15.08M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $53.61K $54.38K $44.99K
YoY Change 77.74% 20.88%
Inventory $12.54M $11.01M
Prepaid Expenses $6.121M $5.393M
Receivables $1.302M $2.635M
Other Receivables $0.00 $0.00
Total Short-Term Assets $25.23M $32.15M $341.4K
YoY Change 12331.1% 9317.31% 1265.48%
LONG-TERM ASSETS
Property, Plant & Equipment $21.78M $16.95M
YoY Change 249.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $129.4K $140.2K $174.2M
YoY Change -99.93% -99.92% 135850.67%
Total Long-Term Assets $23.30M $17.35M $174.2M
YoY Change -86.65% -90.04% 135850.67%
TOTAL ASSETS
Total Short-Term Assets $25.23M $32.15M $341.4K
Total Long-Term Assets $23.30M $17.35M $174.2M
Total Assets $48.53M $49.49M $174.6M
YoY Change -72.22% -71.65% 113884.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.732M $2.607M $178.3K
YoY Change 1661.52% 1362.33%
Accrued Expenses $7.310M $3.656M $92.33K
YoY Change 617.39% 3860.0% -28.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $267.0K
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.57M $6.611M $561.6K
YoY Change 592.84% 1077.18% 334.78%
LONG-TERM LIABILITIES
Long-Term Debt $17.80M $16.83M $0.00
YoY Change
Other Long-Term Liabilities $5.847M $34.93M $5.560M
YoY Change 15.65% 528.18%
Total Long-Term Liabilities $23.65M $51.76M $5.560M
YoY Change 367.71% 830.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.57M $6.611M $561.6K
Total Long-Term Liabilities $23.65M $51.76M $5.560M
Total Liabilities $38.21M $58.37M $6.121M
YoY Change 444.71% 853.59% 4639.0%
SHAREHOLDERS EQUITY
Retained Earnings -$61.57M -$78.29M
YoY Change 819.08%
Common Stock $4.789K $4.728K
YoY Change 1011.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.32M -$8.878M -$5.757M
YoY Change
Total Liabilities & Shareholders Equity $48.53M $49.49M $174.6M
YoY Change -72.22% -71.65% 113884.04%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $20.67M -$10.18M $1.952M
YoY Change -2697.72% -621.61%
Depreciation, Depletion And Amortization $60.00K $273.1K $111.3K
YoY Change 145.33%
Cash From Operating Activities -$4.140M -$8.833M -$489.5K
YoY Change 1511.33% 1704.46%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$4.610M $3.470M
YoY Change
Cash From Investing Activities -$4.610M $3.465M -$1.675M
YoY Change -306.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 620.0K $59.19K 267.0K
YoY Change 365.01% -77.83%
NET CHANGE
Cash From Operating Activities -4.140M -$8.833M -489.5K
Cash From Investing Activities -4.610M $3.465M -$1.675M
Cash From Financing Activities 620.0K $59.19K 267.0K
Net Change In Cash -8.130M -$5.309M -222.5K
YoY Change 6477.67% 2285.73%
FREE CASH FLOW
Cash From Operating Activities -$4.140M -$8.833M -$489.5K
Capital Expenditures
Free Cash Flow
YoY Change

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follows (i) an aggregate of 36,650,778 shares of Common Stock, par value $0.0001 (the “Common Stock” of CLAQ prior to the Closing, and the Common Stock of Nauticus following the Closing) shares were issued to holders of Nauticus Common Stock in the Business Combination (ii) the right to receive 7,499,993 additional shares of Common Stock held in escrow pursuant to the terms of the Merger Agreement and as further described below (such additional escrowed shares, the “Earnout Shares”) and (iii) the issuance of 3,100,000 shares of Common Stock for the Equity Financing (as described below). An aggregate of 47,250,771 shares of Common Stock (inclusive of the Earnout Shares) was issued after the Business Combination.
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i.one-half of the Earnout Shares will be released if, within a 5-year period from Closing Date, the volume-weighted average price of our Common Stock equals or exceeds $15.00 per share over any 20 trading days within a 30-day trading period; ii.one-quarter of the Earnout Shares will be released if, within a 5-year period from Closing Date, the volume-weighted average price of our Common Stock equals or exceeds $17.50 per share over any 20 trading days within a 30-day trading period; and  iii.one-quarter of the Earnout Shares will be released if, on or after December 31, 2022, within a 5-year period from Closing Date, the volume-weighted average price of our Common Stock equals or exceeds $20.00 per share over any 20 trading days within a 30-day trading period. 
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CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process
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CY2022Q1 us-gaap Revenue Remaining Performance Obligation Percentage
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CY2023Q1 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Recent Accounting Pronouncements – </i>In September 2022, the FASB issued ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-60): Disclosure of Supplier Finance Program Obligations, which requires companies to disclose the use and impact of such programs on a company’s working capital, liquidity, and cash flow.  We adopted this standard on January 1, 2023.  We do not utilize Supplier Finance Programs and therefore no further disclosure is required. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the FASB issued ASU No. 2016-13, an amendment to ASC 326, <i>Financial Instruments - Credit Losses</i>, which changes the impairment model for certain financial assets that have a contractual right to receive cash, including trade and loan receivables. The new model requires recognition based upon an estimation of expected credit losses rather than recognition of losses when it is probable that they have been incurred. An entity will apply the amendment through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company has adopted this standard as of January 1, 2023 and there was no impact on its financial position, results of operations and cash flows upon adoption.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2022, the FASB issued ASU No. 2022-02, an amendment to ASC 326, <i>Financial Instruments-Credit Losses</i>, which eliminates the accounting guidance for creditors in troubled debt restructuring. It also aligns conflicting disclosure requirement guidance in ASC 326 by requiring disclosure of current-period gross write-offs by year of origination. The amendment also adds new disclosures for creditors with loan refinancing and restructuring for borrowers experiencing financial difficulty. The Company has adopted this standard as of January 1, 2023 and there was no impact on its financial position, results of operations and cash flows upon adoption.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are no other new accounting pronouncements that are expected to have a material impact on our condensed consolidated financial statements.</p>
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CY2023Q1 kitt Convertible Secured Debentures
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CY2023Q1 kitt Inclusive Proceeds
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CY2023Q1 kitt Fair Value Debenture Warrants
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CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
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CY2023Q1 kitt The Debentures Converted Description
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The Debentures may be converted at each holder’s option at 120% of the principal amount at a conversion price of $15.00 or 2,922,425 shares of Common Stock. The conversion price may be adjusted downward for certain events including the issuance by the Company of dilutive instruments below the current conversion price. Interest accrues on the outstanding principal amount of the Debentures at 5% per annum, payable quarterly.
CY2023Q1 kitt Exercisable Initially Par Share
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CY2022Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Variable Lease Cost
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CY2023Q1 us-gaap Operating Lease Expense
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CY2023Q1 us-gaap Treasury Stock Common Shares
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CY2023Q1 kitt Private Warrants Shares
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CY2023Q1 us-gaap Warrant Exercise Price Decrease
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CY2023Q1 us-gaap Other Liabilities
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CY2023Q1 kitt Private Warrants Description
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The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model using the following assumptions: stock price of $2.98, no assumed dividends, a risk-free rate of 3.66% and implied volatility of 44.6%. The change in value of the Private Warrants during the three months ended March 31, 2023 totaled $(281,362) and was reported with other (income) expense in our condensed consolidated statements of operations.
CY2023Q1 us-gaap Other Noncash Income Expense
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2022Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Tax Benefit
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
4.73
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48274 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
3.48
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13682 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
4.73
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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3169269 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
4.71
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
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0.03 pure
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117342 usd
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78190 usd
CY2023Q1 kitt Debentures Shares
DebenturesShares
2922425 shares
CY2023Q1 kitt Total Shares
TotalShares
35786241 shares
CY2022Q1 kitt Total Shares
TotalShares
9305263 shares
CY2023Q1 kitt Investment And Securities Description
InvestmentAndSecuritiesDescription
(i) $2,500,000 from related party Material Impact Fund II, L.P. as their contribution to the PIPE Investment, (ii) $7,500,000 from related party Schlumberger Technology Corporation as their contribution to the PIPE Investment, (iii) $7,500,000 from related party Transocean Ltd. as their contribution to the PIPE Investment, and (iv) $5,102,000 from related party Material Impact Fund II, L.P. pursuant to the Securities Purchase Agreement. Material Impact Fund II, L.P. currently holds $5,102,000 of the outstanding Debentures bearing 5% interest, payable quarterly, maturing September 9, 2026, as well as holding outstanding Common Stock of the Company.
CY2023Q1 us-gaap Professional And Contract Services Expense
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CY2023Q1 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 kitt Stock Options
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CY2022Q1 kitt Stock Options
StockOptions
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CY2023Q1 kitt Restricted And Performance Stock Units
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CY2023Q1 kitt Warrants
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CY2023Q1 dei Entity Registrant Name
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Nauticus Robotics, Inc.
CY2023Q1 dei Entity Address State Or Province
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TX
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-0.36
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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39765361 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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9669217 shares
CY2022Q1 us-gaap Increase Decrease In Derivative Liabilities
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CY2023Q1 us-gaap Inventory Finished Goods
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CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9669217 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
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EarningsPerShareDiluted
-0.36
CY2022Q1 kitt Restricted And Performance Stock Units
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CY2022Q1 kitt Warrants
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CY2022Q1 kitt Earnout Sharesin Shares
EarnoutSharesinShares
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CY2022Q1 kitt Debentures Shares
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CY2023Q1 dei Amendment Flag
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CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
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CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001849820

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