Why These Defense Stocks Are Declining This Week

3. Nauticus Robotics, Inc. (NASDAQ:KITT)

Weekly Decline: -25.35%

Nauticus Robotics, Inc. (NASDAQ:KITT) develops autonomous robots for the ocean industry. It is also a key player in the defense sector. In January this year, the company forged a strategic alliance with Leidos to advance subsea autonomy solutions.

The stock is down 92% over the past year and continued to fall throughout last week, with a decline of 25.35%. Nauticus Robotics, Inc. (NASDAQ:KITT) has been pressured by NASDAQ compliance requirements, with warnings of delisting.

Nauticus Robotics, Inc. (NASDAQ:KITT) is also facing significant financial challenges. During the third quarter of fiscal 2024, it reported a revenue of $0.4 million, down from $1.6 million for the prior year’s period. Net loss was recorded at $11.4 million, up by $6 million sequentially.