LATAM Airlines pilots in Chile to begin strike at midnight Wednesday
HOUSTON - Nauticus Robotics, Inc. (NASDAQ:KITT), currently valued at $8.77 million, announced Monday it has reached an agreement with existing debtholders to convert $3.7 million of debt into common equity, a move expected to substantially reduce the company’s leverage. According to InvestingPro data, the company has been operating under significant debt pressure, with total debt reaching $31.07 million as of the latest quarter.
The autonomous subsea robotics developer also disclosed that if necessary, existing debtholders have agreed to exchange outstanding debt into preferred equity to help address previously reported NASDAQ compliance issues. This development comes as the stock has experienced a challenging year, with InvestingPro showing a 79% decline year-to-date and currently trading near its 52-week low.
The debt conversion represents a significant financial restructuring for the company, which specializes in developing autonomous robots for ocean industries. Nauticus provides data collection, analytics, and subsea manipulation capabilities to customers in the maritime sector. Despite current challenges, analysts tracked by InvestingPro project revenue growth of 28.77% for FY2025, with the company expected to achieve profitability this year. Get access to 19 additional InvestingPro Tips and comprehensive analysis through the Pro Research Report.
The company’s business model includes robotic systems for service, vehicle and component sales, and software licensing across both commercial and defense sectors.
Nauticus Robotics filed its most recent Annual Report with the Securities and Exchange Commission on April 15, 2025, according to the company’s press release statement.
The announcement comes as Nauticus continues development and testing of new generation vehicles designed to reduce operational costs for subsea infrastructure maintenance.
In other recent news, Nauticus Robotics has been actively testing its Aquanaut robots at the Advanced Ocean Systems lake facility in Florida. The first Aquanaut has already been moved to the facility, with a second unit set to join after completing assessments in Louisiana. Additionally, Nauticus Robotics recently received a delisting notification from Nasdaq for not maintaining the minimum market value of listed securities at $35 million. The company plans to request a hearing before the Nasdaq Hearings Panel, which will delay any suspension or delisting until the hearing occurs. This isn’t the first time Nauticus has faced such a notice; they received a similar deficiency letter in February 2024 but managed to regain compliance by February 2025. Furthermore, Nauticus has successfully completed deepwater tests of its Aquanaut vehicle in the Gulf of Mexico, showcasing effective communication technology at depths of 2,300 meters. Lastly, Nauticus filed a legal opinion related to a prior at-the-market offering, including it as an exhibit in their latest SEC filing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.