MeritValue

Nauticus Robotics, Inc.

KITTdata completeness 100%5 fiscal years on file
The thesis, from the filings

Nauticus Robotics, Inc. earns about -51084% on equity, and has bought back 31% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$8.59M1$11.4M2$6.61M3$1.81M4$5.27M4
Net income−$15.1M5−$28.3M6−$50.7M7−$134.9M8−$40.8M8
Operating cash flow−$7.5M9−$37.3M10−$21.7M11−$24.4M12−$23M12
Capital expenditure$922,48713$14.2M14$11.6M15$501,60016$961,81416
Free cash flow (derived)−$8.42M9−$51.5M10−$33.3M11−$24.9M12−$24M12
Total debt$28M17$15.9M18$63.2M18$28.9M19$21.5M19
Cash & equivalents$21M20$17.8M21$753,39822$1.19M23$7.02M23
Diluted shares9.6M19.0M1.1M408,1336.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$10.51
your share of equity
Profit it earned you last year
−$61.1
Free cash flow it threw off
−$35.87
Debt you’d be carrying
$32.2

10 shares is a claim on $10.51 of net worth that earned you −$61.1 and generated −$35.87 of cash last year, against $32.2 of debt.

iii. Is this a good business?
Moat signal · return on equity
-51084% avg · 5y
FY21 —FY22 -101587%FY23 —FY24 —FY25 -582%

It earned an average -51084% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−31% shares · 5y

Share count is down 31% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 23% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-023683 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001849820-24-000029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001849820-25-000108 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001849820-26-000051 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-023683 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001849820-24-000029 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001849820-25-000108 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001849820-26-000051 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-023683 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001849820-24-000029 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001849820-25-000108 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001849820-26-000051 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-023683 (PaymentsForCapitalImprovements)
  14. 10-K · period ending 2022-12-31 · accession 0001849820-24-000029 (PaymentsForCapitalImprovements)
  15. 10-K · period ending 2023-12-31 · accession 0001849820-25-000108 (PaymentsForCapitalImprovements)
  16. 10-K · period ending 2024-12-31 · accession 0001849820-26-000051 (PaymentsForCapitalImprovements)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-23-023683 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001849820-24-000029 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001849820-26-000051 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001849820-24-000029 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2022-12-31 · accession 0001849820-25-000108 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2023-12-31 · accession 0001849820-25-000108 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001849820-26-000051 (CashAndCashEquivalentsAtCarryingValue)