Nauticus Robotics, Inc. (NASDAQ:KITT) shares are trading higher in premarket on Thursday.
The company has reached a definitive agreement to purchase SeaTrepid International, LLC, a prominent provider of subsea robotics services.
Financial terms of the deal were not disclosed. This acquisition supports Nauticus’ strategic goals to improve its technology offerings and drive revenue growth.
By combining Nauticus’ advanced AI-powered autonomy software with SeaTrepid's vast ROV fleet, the partnership aims to boost operational efficiency and power performance in underwater solutions.
Nauticus Robotics seeks to transform subsea robotics by integrating its AI-based autonomy software, ToolKITT, with SeaTrepid’s operational fleet.
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The merged company is projected to see substantial revenue growth, with estimates indicating that it will generate about nine times the revenue of Nauticus’ standalone 2024 performance.
The acquisition will integrate SeaTrepid’s fleet of remotely operated vehicles (ROVs) with Nauticus Robotics’ autonomous software.
Following the acquisition, John Gibson will continue as CEO and President of the unified company, while SeaTrepid’s CEO, Bob Christ, will transition to the role of President of SeaTrepid Operations.
Both companies will maintain their current locations and teams. The transaction is expected to be closed in May 2025, contingent on standard closing conditions.
Nauticus held $2.9 million in cash and equivalents as of September 30, 2024.
“Minimal ROV investment occurred in the last fifteen years industry-wide, which has caused some stagnation. We look forward to combining with Nauticus to extend ROV capabilities and enhance execution on a global scale,” said SeaTrepid’s CEO, Bob Christ.
Price Action: KITT shares are trading higher by 25.5% at $1.215 in premarket at last check Thursday.
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