Nauticus Robotics, the Webster-based subsea robotics company staffed largely by ex-NASA engineers, saw its quarterly revenue fall 57% year-over-year even as it pushed a new software product to market and chased contracts in offshore wind and defense.
The company (Nasdaq: KITT) reported $0.9 million in revenue for the quarter ending June 30, down from $2.1 million in the same period last year, according to its Aug. 12 earnings release. Net loss widened to $11.1 million, or $2.30 per share.
Cash on hand shrank to $2.0 million from $7.6 million at year-end 2025. The company's 10-Q filing with the SEC on Aug. 12 disclosed substantial doubt about its ability to continue as a going concern after burning $14.1 million in operating cash during the first half of 2026.
"There's no question that 2026 has been a challenging year," CEO John Gibson said on the Aug. 13 earnings call, per an Investing.com transcript. "The offshore markets developed more slowly than we anticipated, customer projects have shifted to the right, and our financial results reflect that reality."
Shares fell 15% on Aug. 13.
Nauticus, headquartered at 17146 Feathercraft Lane near NASA Parkway, employs between 51 and 200 people and maintains additional offices in Stavanger, Norway, and Aberdeen, Scotland.
ToolKITT launch and new markets
Despite the financial pressure, the company commercially released its Nauticus ToolKITT software during the quarter. The platform retrofits existing remotely operated vehicles with autonomous capabilities, and Gibson told analysts the integrated system demonstrated reduced pilot workload in customer operations using the company's Comanche ROV.
The company also expanded into offshore wind on the U.S. East Coast, completed work for an unnamed global subsea cable-laying firm and finished an initial scope of work for a multiphase defense contract that could generate revenue in 2026 and 2027.
Revenue lead Brian Allen, appointed in July, told analysts the company is restructuring how it bids contracts, moving from subcontractor roles toward primary contractor positions to capture more revenue per project.
What's next
Nauticus raised $4.1 million through an at-the-market stock offering in the first half of 2026 and received $4.5 million from November 2024 debentures. Two reverse stock splits in the past year, a 1-for-9 in September 2025 and a 1-for-8 in April, reflect ongoing efforts to maintain its Nasdaq listing.
The company said it plans to issue an interim update before its next quarterly earnings announcement, though no date has been set.
