Nauticus Robotics (KITT) Registration Filing summary

Company overview and business model

• Develops autonomous robots for ocean industries, leveraging sensors, AI, and advanced algorithms for adaptive operations.

• Business model includes service provision, vehicle/component sales, and software licensing to commercial and defense sectors.

• Commercializing new vehicles aimed at reducing operational costs and supporting subsea infrastructure maintenance.

• Offers technology for retrofitting/upgrading traditional ROV operations and third-party platforms.

• Services focus on data collection, analytics, and subsea manipulation to reduce operational footprint and emissions.

Financial performance and metrics

• As of September 30, 2024, net tangible book value was $(36.5) million, or $(6.48) per share.

• Pro forma net tangible book value after recent conversions and offerings would be $30.6 million, or $1.02 per share.

• After the offering, as adjusted net tangible book value would be $59.7 million, or $1.50 per share, with immediate dilution of $1.60 per share to new investors.

• Company has yet to achieve positive operating cash flow and expects continued significant R&D expenses.

Use of proceeds and capital allocation

• Net proceeds will be used for general corporate purposes, including acquisitions, debt repayment, investments, working capital, and capital expenditures.

• Management retains broad discretion over allocation and timing of expenditures.

• Proceeds may be temporarily invested in investment-grade, interest-bearing securities.