Nauticus Robotics Inc KITT has recently announced its acquisition of 3D at Depth, Inc., a leading provider of commercial subsea laser LiDAR inspection and data services. The deal, valued at approximately $34 million in stock, will further enhance Nauticus Robotics’ autonomous underwater maritime capabilities and expand its intellectual property portfolio.
Under the terms of the acquisition, shareholders of 3D at Depth will receive approximately 9.9326 shares of KITT’s common stock for every share of 3D at Depth stock they own. Additionally, Nauticus Robotics will assume around $4.1 million in debt held by 3D at Depth.
This strategic move enables Nauticus Robotics to leverage 3D at Depth’s 11 patents (along with 19 pending patents), strengthening their position in subsea robotics and autonomy. By integrating 3D at Depth’s capabilities, Nauticus Robotics aims to enhance its fleet services, capitalize on data acquisition and analytics for subsea operations, and take advantage of existing contracts to drive growth and cross-selling opportunities.
The acquisition is set to be completed in Q4 2023 and is expected to have a positive impact on KITT’s financials in 2024, including revenue per share, EPS, and cash flow per share. Meanwhile, 3D at Depth anticipates over 20% revenue growth in 2023.
According to Nicolaus Radford, Founder and CEO of Nauticus Robotics, “The future of subsea services lies in autonomy, data gathering, and analytics. LiDAR has long since been core to terrestrial autonomy, and by adding 3D’s capabilities to the Nauticus Fleet, we enhance autonomous vehicles in the offshore market.”
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As of Q2 FY23, Nauticus Robotics had $4.4 million in cash and equivalents.
Price Action: On the last check Tuesday, KITT shares were trading lower by 2.51% at $1.7450.