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olivLaw · US equity research

Nauticus Robotics, Inc. KITT

General Industrial Machinery & Equipment, NEC · SIC 3569 · Vertical: General Industrial Machinery & Equipment, NEC (SIC 3569)

1.43USD−4.03% · 1 dayClose 30 Oct 2026

Nauticus Robotics develops autonomous subsea vehicles, fully electric robotic manipulators and control software for the offshore energy and defense industries. The company is still at an early stage, with net losses and negative operating cash flow, so its evolution depends heavily on financing and on government and offshore customers, while the global offshore AUV and ROV market could grow from to billion USD by 2030.

At the close of 30 Oct 2026, Nauticus Robotics, Inc. (KITT) stock was 1.43 USD (−4.03% on the day), with market capitalisation 10.7 m USD, beta 2.71, 52-week range 1.25–79.20 USD. Latest reported quarter (Q2 2026): revenue of 885.9 k USD (−57.3% YoY), net income of -11.1 m USD, diluted EPS -2.11 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
10.7 m USD
shares as of 12 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -8.33 · TTM to 30 Jun 2026
E/P (TTM)
-582.41%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.71
Volatility (1y) 149%
52-week range
1.2579.20

Price history

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Technical reading

RSI (14)
32.3
weak (30–45)
Bollinger (20, 2)
1.18 – 1.58
in the upper half of the band · %B 0.62 · band width 28.9%
SMA 50 / 200
2.78 / 16.55
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.37 / -0.50
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−25.1%−0.9%−24.2 pp—
3 months−72.7%+1.2%−73.9 pp—
6 months−89.9%+4.8%−94.7 pp—
Year to date−96.1%+10.7%−106.9 pp—
1 year−98.2%+11.1%−109.3 pp−25.2%
3 years−100.0%+80.7%−180.7 pp+32.8%
5 years−100.0%+64.6%−164.6 pp—
Max drawdown (1y)
−98.4%
31 Oct 2025 → 16 Oct 2026
Max drawdown (5y)
−100.0%
02 Sept 2022 → 16 Oct 2026
Compound annual growth (5y)
−90.2%
S&P 500 +10.5%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
885.9 k USD
−57.3% YoY
Net income
-11.1 m USD
unavailable YoY
Diluted EPS
-2.11
unavailable YoY
net / operating
-1,254.7% / -678.2%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue370.2 k471.2 k165.3 k2.1 m2.0 m1.1 m159.6 k885.9 k
Cost of revenue2.6 m2.1 m1.2 m3.5 m4.3 m3.3 m2.0 m2.9 m
Research & development019.3 k0000——
Operating income-5.6 m-6.2 m-5.9 m-6.4 m-5.9 m-5.6 m-5.7 m-6.0 m
Depreciation & amortisation446.1 k453.0 k480.4 k574.6 k590.8 k699.1 k624.8 k702.4 k
Interest expense1.2 m1.3 m1.1 m1.2 m1.2 m5.2 m953.1 k827.0 k
Income tax00000000
Net income17.9 m-84.5 m-7.6 m-7.5 m-6.6 m-19.2 m-9.3 m-11.1 m
Diluted EPS-3.23-85.28 ≈-19.85-18.50-2.60-1.16 ≈-2.46-2.11
Operating cash flow-5.1 m ≈-4.2 m-6.6 m-7.4 m ≈-4.9 m ≈-4.1 m-7.0 m-7.1 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20212022202320242025
Revenue8.6 m11.4 m6.6 m1.8 m5.3 m
Revenue YoYunavailable+33.1%−42.2%−72.6%+191.8%
Net income-15.1 m-28.3 m-50.7 m-134.9 m-40.8 m
Net income YoYunavailableunavailableunavailableunavailableunavailable
Diluted EPS-1.57-1.75-44.57-330.55-10.45
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable
net %-176.1%-247.1%-767.2%-7,463.8%-774.0%
Free cash flowunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
7.0 m USD
Financial debt
21.8 m USD
Net debt
14.8 m USD
Equity
7.0 m USD
Total assets
42.6 m USD
Debt / equity
3.11x
Current ratio
0.26x
ROE
unavailable
ROA
-125.1%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
6.6 m
2024
1.8 m
2025
5.3 m

SEC (XBRL)· 15 Apr 2026verified

Cost of revenue
2023
—
2024
9.7 m
2025
12.3 m

SEC (XBRL)· 15 Apr 2026verified

Gross profit
2023
—
2024
-7.9 m ≈
2025
-7.1 m ≈

SEC (XBRL)· 15 Apr 2026derived

Research & development
2023
1.4 m
2024
82.9 k
2025
0

SEC (XBRL)· 15 Apr 2026verified

Operating income
2023
-55.1 m
2024
-23.3 m
2025
-23.7 m

SEC (XBRL)· 15 Apr 2026verified

Depreciation & amortisation
2023
729.4 k
2024
1.7 m
2025
2.3 m

SEC (XBRL)· 15 Apr 2026verified

EBITDA
2023
-54.4 m ≈
2024
-21.6 m ≈
2025
-21.4 m ≈

SEC (XBRL)· 15 Apr 2026derived

Interest expense
2023
8.8 m
2024
5.1 m
2025
8.7 m

SEC (XBRL)· 15 Apr 2026verified

Pre-tax income
2023
—
2024
-134.9 m
2025
-40.8 m

SEC (XBRL)· 15 Apr 2026verified

Income tax
2023
0
2024
0
2025
0

SEC (XBRL)· 15 Apr 2026verified

Net income
2023
-50.7 m
2024
-134.9 m
2025
-40.8 m

SEC (XBRL)· 15 Apr 2026verified

Diluted EPS
2023
-44.57
2024
-330.55
2025
-10.45

SEC (XBRL)· 15 Apr 2026verified

Weighted average diluted shares
2023
1.1 m
2024
408.1 k
2025
6.7 m

SEC (XBRL)· 15 Apr 2026verified

Balance sheet · USD

Cash
2023
753.4 k
2024
1.2 m
2025
7.0 m

SEC (XBRL)· 15 Apr 2026verified

Receivables
2023
212.4 k
2024
238.5 k
2025
378.7 k

SEC (XBRL)· 15 Apr 2026verified

Inventories
2023
2.2 m
2024
880.6 k
2025
0

SEC (XBRL)· 15 Apr 2026verified

Current assets
2023
9.2 m
2024
4.3 m
2025
9.3 m

SEC (XBRL)· 15 Apr 2026verified

Property, plant & equipment, net
2023
15.9 m
2024
17.1 m
2025
21.8 m

SEC (XBRL)· 15 Apr 2026verified

Goodwill
2023
—
2024
0
2025
9.6 m

SEC (XBRL)· 15 Apr 2026verified

Intangibles (excl. goodwill)
2023
—
2024
0
2025
1.3 m

SEC (XBRL)· 15 Apr 2026verified

Total assets
2023
26.1 m
2024
22.7 m
2025
42.6 m

SEC (XBRL)· 15 Apr 2026verified

Accounts payable
2023
7.0 m
2024
5.9 m
2025
3.1 m

SEC (XBRL)· 15 Apr 2026verified

Short-term debt
2023
—
2024
0
2025
—

SEC (XBRL)· 14 May 2025verified

Long-term debt
2023
31.6 m
2024
28.9 m
2025
21.8 m

SEC (XBRL)· 14 May 2026verified

Current liabilities
2023
17.4 m
2024
12.3 m
2025
35.4 m

SEC (XBRL)· 15 Apr 2026verified

Total liabilities
2023
67.9 m
2024
43.1 m
2025
35.6 m

SEC (XBRL)· 15 Apr 2026verified

Equity
2023
-41.8 m †
2024
-20.4 m †
2025
7.0 m †

SEC (XBRL)· 15 Apr 2026verified

Cash flow · USD

Operating cash flow
2023
-21.7 m
2024
-24.4 m
2025
-23.0 m

SEC (XBRL)· 15 Apr 2026verified

Investing cash flow
2023
-6.6 m
2024
180.3 k
2025
-5.3 m

SEC (XBRL)· 15 Apr 2026verified

Financing cash flow
2023
11.2 m
2024
24.5 m
2025
34.7 m

SEC (XBRL)· 15 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
191.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
-22.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
-205.3%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-504.1%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-568.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
-1,132.2%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-118.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-82.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-425.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
20.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
4.2x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-2.8x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-23.1 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
140 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
111 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
10.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
31.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-582.4%
computed by olivLawTTM to 30 Jun 2026
P/B
2.1x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
2.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
7.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
-16.11
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 35.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.43 USD

30 Oct 2026Source: olivLaw, closing series

Market cap: 10.7 m USD

Key indicators

Market capitalisation
10.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
2.1x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-1,132.2%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
191.8%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 12 Aug 2026
Source: SEC (XBRL)published 12 Aug 2026
verified 718derived 52

Score by group

35% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: General Industrial Machinery & Equipment, NEC (SIC 3569)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-82.1%10 (vs peers)29%
Net margin · Quality-1,132.2%7 (vs peers)18%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-22.7%0 (on a fixed band)24%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-2.8x0 (on a fixed band)18%
Current ratio · Balance sheet0.1x0 (on a fixed band)12%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet0/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality9/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

NAUTICUS ROBOTICS, INC. (KITT). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 5.3 m USD in 2025; YoY growth 191.8%; net margin -1,132.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: -82.1%
  • Net margin: -1,132.2%
  • Revenue CAGR 3Y: -22.7%
  • Interest coverage: -2.8x
  • Current ratio: 0.1x

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

General Industrial Machinery & Equipment, NEC (SIC 3569) · same industry (4-digit SIC) · compared with 14 companies

Multiples and returns vs the median

P/E
—
vertical median 32.4x
EV/EBITDA
—
vertical median 42.3x
P/S
2.6x
vertical median 6.0x
below median (−56.6%)
P/B
2.1x
vertical median 2.5x
below median (−16.1%)
ROE
—
vertical median 0.1%
Net margin
-1,132.2%
vertical median -0.4%
below median
EBIT margin
-568.3%
vertical median 0.2%
below median (−319,435.7%)
Revenue YoY
191.8%
vertical median 22.3%
above median (+759.5%)
Net debt/EBITDA
—
vertical median 0.5x
Dividend yield
—
vertical median 0.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SYMSymbotic Inc.22.9 bn789.31.8%0.3%+25.7%−53% / +11%
NDSNNordson Corporation18.0 bn32.617.8%18.6%+3.8%+39% / +52%
RRXRegal Rexnord Corp10.5 bn32.44.8%5.4%−1.6%+12% / +33%
ESABESAB Corporation4.3 bn25.07.5%5.7%+3.7%−40% / +10%
OUSTOuster, Inc.2.1 bn—-18.0%-26.0%+52.5%−11% / +679%
CHRNChronoscale Holdings Corporation2.1 bn—-42.0%-70.3%+459.4%+167% / −12%
HSAIHesai Group1.9 bn28.36.9%14.4%+52.1%−49% / +26%
HLPHongli Group Inc.298.2 m135.33.5%9.9%+39.0%+165% / +89%
AZA2z Cust2mate Solutions Corp.269.0 m—-82.1%-477.6%+47.0%−17% / +60%
SERVServe Robotics Inc.225.4 m—-64.6%-2,315.8%+46.2%−80% / unavailable
TAYDTaylor Devices, Inc.180.2 m26.49.9%17.5%−10.0%+22% / +153%
RRRichtech Robotics Inc.20.1 m—-16.2%-700.1%+19.0%−80% / unavailable
KITTNauticus Robotics, Inc.10.7 m——-1,132.2%+191.8%−98% / −100%
INLFInlif Limited1.2 m—-41.3%-29.6%+16.5%−100% / unavailable
ATSATS Corp——-1.7%-1.1%−16.5%−33% / −45%

1- and 3-year price returns: for KITT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Nauticus Robotics develops autonomous subsea vehicles, fully electric robotic manipulators and control software for the offshore energy and defense industries. The company is still at an early stage, with net losses and negative operating cash flow, so its evolution depends heavily on financing and on government and offshore customers, while the global offshore AUV and ROV market could grow from 1 to 2 billion USD by 2030.

    SWOT

    Strengths

    • The technology range includes fully electric autonomous vehicles, patented manipulators and platform-agnostic software already installed on third-party ROVs.
    • The SeaTrepid acquisition brought an operating ROV fleet and existing clients, which increased service revenue.
    • Partnerships with Leidos and Forum Energy Technologies extend access to defense markets and equipment distribution.

    Weaknesses

    • The company has recurring net losses and negative operating cash flow, which makes it dependent on external financing.
    • A material weakness in internal control over financial reporting was identified, and certain 2024 periods were restated.
    • Revenue is concentrated in a small number of customers, and a material part comes from government contracts that can be terminated.

    Opportunities

    • The global offshore AUV and ROV market could grow significantly by 2030 as the industry moves toward automation.
    • International expansion, including the UAE unit and projects in Brazil, could diversify revenue sources.
    • Distribution of the Olympic Arm through Forum Energy Technologies could extend product sales across the broader ROV market.

    Threats

    • Competitors with much greater resources could reduce the company's market share, especially in defense and inspection services.
    • Reliance on single or limited-source suppliers, such as the battery maker, could disrupt vehicle deliveries.
    • Delays in energy policy and offshore wind projects could slow demand in its target sectors.

    Risks

    • Going concernhigh

      The annual report includes a going concern assumption tied to available financing, which shows the business depends on capital over the next twelve months.

    • Shareholder dilutionhigh

      Future issuances of shares or convertible securities could reduce the participation of existing shareholders.

    • Internal controlmedium

      The identified weakness in internal control could affect the accuracy and timeliness of financial reporting.

    • Government customersmedium

      Government contracts may be partially funded, terminated early or subject to audit, which could affect revenue.

    • Product developmentmedium

      The ability to manufacture vehicles and manipulators of sufficient quality on schedule has not yet been proven at scale.

    Investment thesis

    What would need to be true (bull case)

    • If autonomous technology is adopted widely in the offshore industry, the company's early position could become an advantage.
    • Integrating the SeaTrepid fleet and raising utilization could support service revenue during periods of strong activity.
    • Partnerships with Forum Energy Technologies and Leidos could lower commercialization costs and open new contracts.

    What would break the thesis

    • Net losses and negative cash flow could continue, and equity financing could dilute shareholders further.
    • Revenue is concentrated in few customers and in contracts that can be terminated, which could make sales volatile.
    • If production and delivery of vehicles encounter delays, the commercialization timeline could slip.

    What to watch

    • Development of service revenue and fleet utilizationQ3 2026
    • Status of financing and the going concern assumptionnext 10-K
    • Delivery timeline of the next-generation manipulator2027
    • Development of the UAE unit and full funding2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Nauticus Robotics, Inc. is a technology company developing fully electric autonomous robotic solutions for subsea work in commercial and defense markets. Its portfolio includes autonomous underwater vehicles (AUVs), tethered remotely operated vehicles (ROVs), electric manipulators, the ToolKITT robotic operating system software and related engineering and prototype services. The company was formed in September 2022 through a business combination and completed its first successful survey with the Aquanaut vehicle in the fourth quarter of 2024. In March 2025 it acquired the assets of SeaTrepid, adding an ROV fleet and service revenue that drove fiscal 2025 total revenue of 3 million USD, up 192%.

    Segments

    Defense and partnerships

    Defense activity rests on government contracts and on the strategic alliance with Leidos focused on autonomous underwater systems. Government contracts can be terminated for convenience, which makes this segment less predictable.

    Market context

    Management indicates that adoption of autonomous subsea robotics is accelerating, while the offshore energy market has remained stable though below recent peaks, and North American offshore wind projects experienced temporary delays in capital spending.

    Trends

    • Automation of subsea operationstailwind

      Energy customers emphasize safety, efficiency and data quality, which could favor autonomous solutions such as Aquanaut over tethered ROVs.

    • Delays in offshore wind investmentmixed

      Policy shifts temporarily delayed capital spending by wind customers, and recent easing of restrictions could revive some projects.

    • Government and defense spendingmixed

      Interest from defense prime contractors has grown, but large awards tend to flow first to bigger companies, which limits near-term access for a small firm.

    • Financing pressure and dilutionheadwind

      Without positive operating cash flow, equity issuance remains an important funding source, which could dilute existing shareholders.

    Competitive position

    Competition includes large multinational and smaller local ROV manufacturers and service providers, along with makers of hydraulic and electric manipulators. For the ToolKITT software, rivals include ROV makers offering proprietary control systems, and in defense the company faces large and well-established contractors.

    As a new market entrant, Nauticus competes against established players with greater resources, so its success depends on the technical differentiation of the Aquanaut vehicle and on partnerships such as those with Forum Energy Technologies and Leidos.

    • Forum Energy TechnologiesFET

      Distribution and manufacturing partner for the Olympic Arm manipulator, and also an offshore equipment player.

    • LeidosLDOS

      Strategic partner in the autonomous underwater systems alliance and a large defense contractor.

    • Large multinational ROV manufacturers

      Large companies supplying ROVs and inspection services, and the main competition for Aquanaut-based services.

    • Local ROV service providers

      Smaller regional operators competing for inspection contracts in the Gulf of America.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report02 Oct 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report02 Oct 2026
      Material agreement · Financial statements and exhibits
    • Current report01 Oct 2026
      Material agreement · Financial statements and exhibits
    • Current report29 Sept 2026
      Material agreement · Financial statements and exhibits
    • Current report25 Sept 2026
      Other events · Financial statements and exhibits
    • Current report23 Sept 2026
      Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
    • Current report18 Sept 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Current report11 Sept 2026
      Other events · Financial statements and exhibits
    • Current report13 Aug 2026
      Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
    • Quarterly report12 Aug 2026

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Nauticus Robotics, Inc. · 15 Apr 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Nauticus Robotics, Inc. · 12 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Nauticus Robotics, Inc. · 15 May 2025

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

    Nauticus Robotics, Inc. (KITT): stock, results, valuation and forecast · olivLaw