2023 Q4 Form 10-Q Financial Statement

#000121390023087010 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $1.064M $1.594M $3.230M
YoY Change -67.07% -46.54%
Cost Of Revenue $4.445M $2.651M $3.640M
YoY Change 22.11% -29.88%
Gross Profit -$3.381M -$1.058M -$420.0K
YoY Change 705.02% 32.25%
Gross Profit Margin -317.89% -66.35% -13.0%
Selling, General & Admin $3.337M $6.705M $6.280M
YoY Change -46.87% 37.96% 8482.75%
% of Gross Profit
Research & Development $414.7K $275.2K $280.0K
YoY Change 48.1% 13.23%
% of Gross Profit
Depreciation & Amortization $242.4K $157.0K $150.0K
YoY Change 61.57% -57.55%
% of Gross Profit
Operating Expenses $3.994M $275.2K $6.710M
YoY Change -40.48% 13.23% 682.31%
Operating Profit -$7.375M -$8.198M -$7.130M
YoY Change 3.43% 35.6%
Interest Expense -$1.399M -$957.4K -$660.0K
YoY Change 111.95% -168.29% -114.04%
% of Operating Profit
Other Income/Expense, Net -$3.934M -$9.480M -$440.0K
YoY Change 794.01% 24954.1%
Pretax Income -$39.54M -$17.68M -$8.220M
YoY Change 381.05% 34.13% -313.88%
Income Tax
% Of Pretax Income
Net Earnings -$39.54M -$17.68M -$8.223M
YoY Change 380.87% 190.59% -313.96%
Net Earnings / Revenue -3717.81% -1109.18% -254.59%
Basic Earnings Per Share -$0.43
Diluted Earnings Per Share -$0.93 -$0.43 -$0.21
COMMON SHARES
Basic Shares Outstanding 50.04M shares 49.82M shares 47.25M shares
Diluted Shares Outstanding 41.16M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $753.4K $6.772M $22.70M
YoY Change -96.68% -81.14% -87.01%
Cash & Equivalents $753.4K $6.772M $17.79M
Short-Term Investments $0.00 $0.00 $5.000M
Other Short-Term Assets $6.057M $584.5K $2.710M
YoY Change 123.48% -76.58% 3568.65%
Inventory $2.199M $13.96M $6.667M
Prepaid Expenses $1.889M $5.126M $2.393M
Receivables $212.4K $997.4K $1.622M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.221M $27.87M $36.96M
YoY Change -75.05% -41.89% 6135.65%
LONG-TERM ASSETS
Property, Plant & Equipment $16.74M $26.28M $15.17M
YoY Change 10.37% 172.4% 955.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $187.5K $104.9K $155.5K
YoY Change 20.61% 34.62% -99.91%
Total Long-Term Assets $16.93M $28.47M $15.64M
YoY Change 8.23% 182.12% -91.02%
TOTAL ASSETS
Total Short-Term Assets $9.221M $27.87M $36.96M
Total Long-Term Assets $16.93M $28.47M $15.64M
Total Assets $26.15M $56.34M $52.60M
YoY Change -50.29% -2.94% -69.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.035M $5.713M $324.5K
YoY Change 2068.2% 105.02% 111.25%
Accrued Expenses $7.584M $6.475M $3.143M
YoY Change 141.3% 452.65% 10554.16%
Deferred Revenue $2.768M $152.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.39M $12.96M $3.878M
YoY Change 348.4% 197.29% 1062.24%
LONG-TERM LIABILITIES
Long-Term Debt $31.60M $29.93M $15.92M
YoY Change 98.45% 46.49%
Other Long-Term Liabilities $18.95M $14.50M
YoY Change -55.24%
Total Long-Term Liabilities $50.55M $44.43M $15.92M
YoY Change 217.47% 117.49% 99.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.39M $12.96M $3.878M
Total Long-Term Liabilities $50.55M $44.43M $15.92M
Total Liabilities $67.94M $59.01M $52.58M
YoY Change 29.22% 102.7% 532.91%
SHAREHOLDERS EQUITY
Retained Earnings -$118.8M -$79.25M -$68.11M
YoY Change 74.42% 50.12% 783.44%
Common Stock $5.004K $4.986K $454.4K
YoY Change -98.9% 5.52% 105317.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$41.79M -$2.676M $27.82K
YoY Change
Total Liabilities & Shareholders Equity $26.15M $56.34M $52.60M
YoY Change -50.29% -2.94% -69.91%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$39.54M -$17.68M -$8.223M
YoY Change 380.87% 190.59% -313.96%
Depreciation, Depletion And Amortization $242.4K $157.0K $150.0K
YoY Change 61.57% -57.55%
Cash From Operating Activities -$5.252M -$3.466M -$5.740M
YoY Change -8.5% -88.74% 2025.14%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$808.6K -$4.646M -$12.40M
YoY Change -93.48% -31.78%
Cash From Investing Activities -$808.6K -$4.646M -$12.40M
YoY Change -93.48% -31.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 42.50K 10.53M 0.000
YoY Change -80.11%
NET CHANGE
Cash From Operating Activities -5.252M -3.466M -5.740M
Cash From Investing Activities -808.6K -4.646M -12.40M
Cash From Financing Activities 42.50K 10.53M 0.000
Net Change In Cash -6.018M 2.414M -18.14M
YoY Change -66.82% -84.25% 6616.03%
FREE CASH FLOW
Cash From Operating Activities -$5.252M -$3.466M -$5.740M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. Description of the Business</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Nauticus Robotics, Inc. (“Nauticus,” the “Company,” “our,” “us,” or “we”) is a developer of ocean robots, software, and services delivered in a modern business model to the ocean industry. We were initially incorporated as CleanTech Acquisition Corp. (“CLAQ”) under the laws of the State of Delaware on June 18, 2020. The Company’s principal corporate offices are located in Webster, Texas. Our robotics products and services are delivered to commercial and government-facing customers through a Robotics as a Service (“RaaS”) business model and direct product sales for both hardware platforms and software licenses. Besides a standalone service offering and forward-facing products, our approach to ocean robotics has also resulted in the development of a range of technology products for retrofitting/upgrading legacy systems and other 3<sup>rd</sup> party vehicle platforms. Our 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, and to improve offshore health, safety, and environmental exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business Combination</i></b><i> – </i>On September 9, 2022 (the “Closing Date”), the Company (prior to the Closing Date, CLAQ) consummated its initial business combination (the “Closing”) pursuant to that certain Agreement and Plan of Merger, dated as of December 16, 2021 (as amended, the “Merger Agreement,” and together with any other agreements and transactions contemplated by the Merger Agreement, the “Business Combination”), with CleanTech Merger Sub, Inc., a Texas corporation and wholly owned subsidiary of CLAQ (“Merger Sub”), and Nauticus Robotics Holdings, Inc. (prior to the Closing Date, “Nauticus Robotics, Inc.”), a Texas corporation (“Nauticus Robotics Holdings”). Pursuant to the terms of the Merger Agreement, a business combination between CLAQ and Nauticus Robotics Holdings was affected through the merger of Merger Sub with and into Nauticus Robotics Holdings, with Nauticus Robotics Holdings surviving the merger as a wholly owned subsidiary of CLAQ. On the Closing Date, CLAQ was renamed “Nauticus Robotics, Inc.” and the previous Nauticus Robotics, Inc. was renamed “Nauticus Robotics Holdings, Inc.”</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">At the Closing, among other things, (a) each share of Nauticus Preferred Stock, par value $0.01 per share, that was issued and outstanding immediately prior to the Closing converted into shares of Nauticus Common stock, par value $0.01 per share, (“Nauticus Preferred Stock Conversion”); (b) each of Nauticus Robotic Holdings, Inc.’s unsecured convertible note obligations outstanding was converted into shares of Nauticus Common Stock in accordance with the terms of each such Nauticus Convertible Note (“Nauticus Convertible Notes Conversion”); and (c) each share of Nauticus Common Stock (including shares of Nauticus Common Stock outstanding as a result of the Nauticus Preferred Stock Conversion and Nauticus Convertible Notes Conversion) was converted into the right to receive (i) the per share merger consideration and (ii) Earnout Shares (defined below).</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">Shares issued at Closing are summarized as 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.</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">Former holders of Nauticus Robotics Holdings, Inc. Common Stock are entitled to receive their pro rata share of up to 7,499,993 additional Earnout Shares of Common Stock that were issued and are held in escrow. The Earnout Shares will be released from escrow upon occurrence of the following (each, a “Triggering Event”):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table><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">We received proceeds from a private investment in a public entity (“PIPE Investment”), consisting of:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">immediately prior to the Closing, the issuance to certain investors of 3,100,000 shares of Common Stock, for a purchase price of $10.00 per share, and an aggregate purchase price of $31 million (the “Equity Financing”); and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">substantially concurrent with the closing of the Business Combination, the issuance to certain investors (the “SPA Parties”) pursuant to that certain securities purchase agreement, dated as of December 16, 2021, as amended on January 31, 2022, and as further amended and restated on September 9, 2022 (the “Securities Purchase Agreement”), of secured debentures (the “Debentures”) in an aggregate principal amount of $36,530,320 and associated warrants (the “Original SPA Warrants”), for gross proceeds of $35,800,000. The fair value of the Original SPA Warrants was estimated to be $20,949,110 using a Monte Carlo valuation model incorporating future projections of the various potential outcomes and any exercise price adjustments based on future financing events. The Debentures, which were issued with a 2% original issue discount, are convertible into 2,922,425 shares of Common Stock and the Original SPA Warrants, upon issuance, were exercisable for an additional 2,922,425 shares of Common Stock, with an exercise price equal to $20.00 per share, subject to adjustment. As discussed in further detail below, pursuant to the Letter Agreements (defined below), the exercise price of the Original SPA Warrants was lowered to a weighted average of $3.28 per share, with multiple tranches priced between $2.04 and $4.64 per share (such Original SPA Warrants, upon and following the entry to the Letter Agreements, the “Amended SPA Warrants”). In connection with the exercise of 165,713 Amended SPA Warrants by ATW Special Situations I LLC (“ATW”) in June 2023, 165,713 New SPA Warrants (defined below) were issued to ATW pursuant to its Letter Agreement with the Company. As used in this Form 10-Q, unless context otherwise requires, the term “SPA Warrants” means (i) before the entry into the Letter Agreements, the Original SPA Warrants, and (ii) upon and following the entry into the Letter Agreements, (a) the Amended SPA Warrants, and (b) the warrants that have been issued or are issuable pursuant to the Letter Agreements (the “New SPA Warrants”). See Note 12 for additional information regarding the SPA Warrants.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Business Combination was accounted for as a reverse recapitalization under generally accepted accounting principles in the United States (“GAAP”). Nauticus Robotics Holdings, Inc. was determined to be the accounting acquirer and CLAQ was treated as the acquired company for financial reporting purposes. Accordingly, the financial statements of the combined company represent a continuation of the financial statements of Nauticus Robotics Holdings, Inc.</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">On September 9, 2022, the Company received from the Business Combination with CLAQ net cash of $14,947,875. The Company also assumed $30,157 in prepaids, $14,796,942 in accounts payable and accrued liabilities, $850,333 in notes payable and net equity of $(669,243).</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">CLAQ’s net cash at the Closing Date totaled $14,947,875. This amount, together with proceeds of the PIPE Investment, were available to repay certain indebtedness, transaction costs and for general corporate purposes.</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">The Company incurred $12,582,000 in direct and incremental costs associated with the Business Combination and Equity Financing, which primarily consisted of investment banking, legal, accounting, and other professional fees.</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; background-color: white"><b><i>Impact of COVID-19 Pandemic on Business </i></b><i>– </i>The global spread of COVID-19 and its variants (e.g., the omicron variant) created significant market volatility, economic uncertainty, and disruption during 2021 and 2022 and continuing into 2023. The Company was adversely affected by the deterioration and increased uncertainty in the macroeconomic outlook as a result of the impact of COVID-19. We have experienced and may continue to experience disruptions in our supply chain, due in part to the global impact of the COVID-19 pandemic. Depending upon the duration, including the extent of any residual or further effects, of COVID-19 pandemic-related business interruptions, our customers, suppliers, manufacturers, and partners may suspend or delay their engagements with us, which could result in a material adverse effect on our financial condition and ability to meet current timelines. In addition, the COVID-19 pandemic has affected and may continue to affect our ability to recruit skilled employees to join our team. The conditions caused by the COVID-19 pandemic have adversely affected and may continue to adversely affect, among other things, demand for our products and the ability to test and assess our robotic systems with potential customers, any of which, in turn, could adversely affect our business, results of operations and financial condition. Any further or future impacts of COVID-19 or of another pandemic, epidemic or outbreak of an infectious disease cannot be accurately predicted at this time, and the ultimate direct and indirect impacts on our business, results of operations, and financial condition will depend on future developments that are highly uncertain.</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"><b><i>Liquidity</i></b> – Total cash and cash equivalents on hand as of September 30, 2023, was $6.8 million. The Company has incurred recurring losses each year since its inception. The Company may seek funding through additional debt or equity financing arrangements, implement incremental expense reduction measures, or a combination thereof to continue financing its operations. The Company implemented a workforce reduction of 22% on September 29, 2023, which increased costs by $.4 million in the current quarter, which is attributable to severance paid to employees. The cost savings that will be realized over the next twelve months is expected to be $2.7 million. During the third quarter of 2023, the Company received net proceeds of $10.4 million from the issuance of debt. Utilizing cost control measures, cash on hand, revenue from operations, and potential future equity and debt funding, the Company anticipates having sufficient funds to meet its obligations for at least one year from the issuance date of this Form 10-Q. See “Financial Statements – Note 7 – Notes Payable” for additional information on debt capital.</p>
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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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Recent Accounting Pronouncements</i></b><i> – </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">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">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">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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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, subject to certain adjustments including full ratchet anti-dilution price protections. Interest accrues on the outstanding principal amount of the Debentures at 5% per annum, payable quarterly.
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CY2023Q3 kitt Discount Interest Rate
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CY2023Q3 kitt Convertible Loan Agreement Price Per Share
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us-gaap Share Based Goods And Nonemployee Services Transaction Tax Benefit
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ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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us-gaap Allocated Share Based Compensation Expense
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kitt Employees Gross Salaries Percentage
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kitt Investment And Securities Description
InvestmentAndSecuritiesDescription
(i) $2,500,000 from related party Material Impact Fund II, L.P. (“Material Impact”) 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, (iv) $5,000,000 from related party RCB Equities #4, LLC, as their contribution to the PIPE Investment and (v) $1,836,720 from related party SLS Family Irrevocable Trust, $29,591,600 from related party ATW and $5,102,000 from related party Material Impact pursuant to the Securities Purchase Agreement.
us-gaap Interest Expense Subordinated Notes And Debentures
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0.05 pure
us-gaap Interest Expense Junior Subordinated Debentures
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kitt Rra Amendment Description
RRAAmendmentDescription
the Company and the SPA Parties entered into the RRA Amendment, pursuant to which, among other things, the Company agreed to issue 1,531,059, 263,976 and 95,031 RRA Amendment Shares to ATW , Material Impact and SLS Family Irrevocable Trust, respectively, in exchange for their waiver and release of any and all claims, remedies, causes of action and any other Initial Effectiveness Date Claims (as defined in the RRA Amendment) under any of the Transaction Documents (as defined in the RRA), including all past and future claims for liquidated damages under the RRA with respect to, and any other amounts that may be payable by reason of or otherwise relating to, the Effectiveness Date (as defined in the RRA) of the Initial Registration Statement. See Note 12 for more information.
CY2023Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023Q3 kitt Convertible Loan Agreement Price Per Share
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CY2022Q3 us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
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us-gaap Net Income Loss From Discontinued Operations Available To Common Shareholders Basic
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us-gaap Preferred Stock Dividends Income Statement Impact
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16535661 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40453015 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11983183 shares
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EarningsPerShareBasic
-0.43
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.1
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.09
CY2023Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Stock Options
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CY2022Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Stock Options
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3934165 shares
kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Stock Options
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3084601 shares
kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Stock Options
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareStockOptions
3934165 shares
CY2023Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Restricted And Performance Stock Units
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareRestrictedAndPerformanceStockUnits
2411602 shares
kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Restricted And Performance Stock Units
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareRestrictedAndPerformanceStockUnits
2411602 shares
CY2023Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share
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CY2022Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share
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kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share
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kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShare
18722425 usd
CY2023Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Earnout Shares
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareEarnoutShares
7499993 shares
CY2022Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Earnout Shares
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareEarnoutShares
7499993 shares
kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Earnout Shares
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareEarnoutShares
7499993 shares
kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Earnout Shares
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareEarnoutShares
7499993 shares
CY2023Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Convertible Debt
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareConvertibleDebt
4855758 usd
CY2022Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Convertible Debt
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareConvertibleDebt
2922425 usd
kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Convertible Debt
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareConvertibleDebt
4855758 usd
kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Convertible Debt
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareConvertibleDebt
2922425 usd
CY2023Q3 kitt Antidilutive Securities Excluded From Computation Of Earning Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningPerShareAmount
36961044 usd
CY2022Q3 kitt Antidilutive Securities Excluded From Computation Of Earning Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningPerShareAmount
33079008 usd
kitt Antidilutive Securities Excluded From Computation Of Earning Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningPerShareAmount
36961044 usd
kitt Antidilutive Securities Excluded From Computation Of Earning Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningPerShareAmount
33079008 usd
CY2023Q3 us-gaap Equity Fair Value Disclosure
EquityFairValueDisclosure
34 usd
CY2023Q3 us-gaap Percentage Of Debt Hedged By Interest Rate Derivatives
PercentageOfDebtHedgedByInterestRateDerivatives
0.0204 pure
CY2023Q3 us-gaap Short Term Investments
ShortTermInvestments
usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q3 kitt Service Related Party
ServiceRelatedParty
usd
CY2022Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
usd
CY2023Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
CY2022Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.09
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11983183 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16535661 shares
CY2022Q3 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
usd
CY2022Q3 kitt Conversion Of Series B Preferred Stock In Connection With Reverse Recapitalization
ConversionOfSeriesBPreferredStockInConnectionWithReverseRecapitalization
usd
CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
CY2023Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
usd
CY2023Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
usd
us-gaap Extinguishment Of Debt Gain Loss Income Tax
ExtinguishmentOfDebtGainLossIncomeTax
usd
kitt Interest And Legal Expenses Assumed Into Bridge Note
InterestAndLegalExpensesAssumedIntoBridgeNote
usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
usd
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
kitt Operating Leases At Inception
OperatingLeasesAtInception
usd
us-gaap Stock Issued1
StockIssued1
usd
kitt Conversion Of Convertible Debt And Interest Expense To Common Stock
ConversionOfConvertibleDebtAndInterestExpenseToCommonStock
usd
kitt Conversion Of Series A Preferred Stock In Connections With Reverse Recapitalization
ConversionOfSeriesAPreferredStockInConnectionsWithReverseRecapitalization
usd
kitt Conversion Of Series B Preferred Stock In Connection With Reverse Recapitalization
ConversionOfSeriesBPreferredStockInConnectionWithReverseRecapitalization
usd
kitt Private And Public Warrant Liabilities Assumed In Reverse Recapitalization
PrivateAndPublicWarrantLiabilitiesAssumedInReverseRecapitalization
usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
usd
CY2022Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
usd
CY2022 kitt Convertible Senior Secured Term Loan
ConvertibleSeniorSecuredTermLoan
usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
usd
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.09
CY2022Q3 kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Restricted And Performance Stock Units
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareRestrictedAndPerformanceStockUnits
shares
kitt Antidilutive Securities Excluded From Computation Of Earnings Per Share Restricted And Performance Stock Units
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareRestrictedAndPerformanceStockUnits
shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001849820

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