Technology for: NATO Navies, Energy companies, pipeline inspections, undersea exploration
Recent Developments
1. Massive SeaPower™ Battery Orders & Nova Scotia Expansion
-
Kraken secured $34 million in SeaPower battery orders from three clients, including a $31 million order—its largest yet—from a UUV defense provider, plus $3 million from two commercial clients.finance.yahoo.com+15
-
The company signed a lease and committed $10 million to establish a 60,000 sq ft battery production facility in Nova Scotia by late 2025. Once operational, capacity could nearly triple—approaching $200 million in annual battery output—and create around 200 advanced manufacturing jobs.Kraken Robotics+2ept.ca+2
2. Q1 2025 Financial Results & Forward Guidance
-
Revenue dropped 23% YoY to C$16.1 million, driven by a 42% decline in product revenue offset by a 38% surge in service revenue thanks to strong demand for Sub-Bottom Imager™ and Acoustic Corer™ services.GlobeNewswire+5Kraken Robotics+5Ocean Science & Technology+5
-
Gross margin improved sharply—from 44.8% to 62.7%—though Adjusted EBITDA dipped 32% to C$2.8 million (17.3% margin).Kraken Robotics+1
-
Cash position soared to C$58.3 million, up from C$1.5 million a year earlier, with working capital rising to C$94.6 million—providing robust liquidity for growth.Ocean Science & Technology+3
-
Kraken reaffirmed its 2025 guidance: projecting C$120 million–C$135 million in revenue and C$26 million–C$34 million in Adjusted EBITDA, with most of the year's gains expected in H2.Kraken Robotics+1
-
Key achievements since year-end included ~$45 million in new subsea battery orders,
$3 million in SAS orders, launching its KATFISH SAS service for offshore energy markets, and completing its 3D at Depth acquisition
(Texas, Colorado, UK).GlobeNewswire+8Kraken Robotics+8
3. $115 Million Bought-Deal Equity Financing
-
On July 7, 2025, Kraken closed a C$115 million bought-deal public offering, issuing 43.24 million shares at C$2.66 each (including over-allotment).Kraken Robotics+4
-
The raised capital is earmarked for accelerating strategic growth—such as funding acquisitions (especially in the US and Europe), bolstering the balance sheet for larger government and commercial contracts, and general corporate usage.Kraken Robotics+2
4. Board Strengthening with Defense Expertise
-
On June 4, 2025, Kraken appointed Kristin Robertson—a veteran with experience at RTX, Boeing, and defense strategy—as a new member of its Board of Directors, enhancing its governance and defense-industry insight.Ocean Science & Technology+3
5. LiDAR Subsidiary Reaches Milestone
-
Kraken’s recently acquired U.S, LiDAR firm, 3D at Depth, completed its 1,000th subsea metrology project for TotalEnergies, reflecting operational scale and service credentials.Kraken Robotics Science & Technology+6
6. Strong SAS Demand Continues
-
The company also reported over C$3 million in new Synthetic Aperture Sonar (SAS) orders. These systems are being integrated across small and medium UUVs in the Asia-Pacific, Europe, and North America, including a project with the University of Southern Mississippi’s Roger F. Wicker Center.GlobeNewswire+7
Strategic Summary
| Focus Area | Key Insight |
|---|---|
| Financing & Liquidity | C$115M raised, C$58M in cash, healthy working capital |
| Manufacturing Expansion | Nova Scotia facility enhances battery output & logistics |
| Product & Service Growth | Strong SeaPower, SAS, LiDAR orders bolster pipeline |
| Corporate Strengthening | Added board expertise and LiDAR operational scale |
| Forward Pathway | Well-positioned for upcoming contract fulfillment in 2025+ |
Kraken Robotics continues to build strategic momentum—boosting its financial runway, expanding production, winning key orders, and deepening its defense-industry capabilities. It’s clearly accelerating toward becoming a global prime contractor in subsea defense and energy markets.
Ed Note: We added to our position in PNG Today, August 7th, 2025
