Workflow
Subsea Intelligence
icon
Search documents
Kraken Robotics Reports Q1 2025 Financial Results and Reiterates 2025 Guidance
Globenewswire· 2025-05-29 10:30
Financial Performance - Consolidated revenue in Q1 2025 decreased 23% to $16.1 million compared to $20.9 million in the prior year, driven by a 42% decline in product revenue to $9.2 million [6] - Service revenue increased 38% to $7.0 million due to demand for Sub-Bottom Imager™ and Acoustic Corer™ services [6] - Gross profit increased 8% to $10.1 million, resulting in a gross margin of 62.7% compared to 44.8% in the prior year [6][15] - Adjusted EBITDA decreased 32% to $2.8 million, with an adjusted EBITDA margin of 17.3% compared to 19.6% in the prior year [6][12] Market Outlook - The company expects strong top and bottom-line growth in 2025, supported by robust macro fundamentals in the naval defense market as navies modernize and adopt uncrewed platforms [3] - Anticipated defense RFP activity from 2025 to 2027 is at unprecedented levels, contributing to optimism in the naval defense segment [3] Recent Developments - The company secured nearly $45 million in subsea battery orders and $3 million in orders for Kraken SAS since the end of Q4 [5] - A new manufacturing capacity in Canada is expected to come online by the end of 2025, enhancing the company's ability to meet customer needs in offshore energy and naval defense markets [4] Financial Guidance - The company maintains its 2025 revenue guidance of $120 million to $135 million, representing a 40% growth, and an adjusted EBITDA margin of $26 million to $34 million [7] - Capital expenditures for 2025 are projected to range from $13 million to $17 million, with approximately $10 million allocated for a new subsea power manufacturing facility [8]
Kraken Robotics Reports 2024 Financial Results
Globenewswire· 2025-04-28 10:30
Revenue increased 31% to $91 million, adjusted EBITDA increased 47% to $21 million, and sales pipeline more than doubles to $2 billionST. JOHN'S, Newfoundland and Labrador, April 28, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) (“Kraken” or the “Company”), announced it has filed its financial results for the fourth quarter and year ended December 31, 2024 (“Q4 2024”). Please refer to the Audited Consolidated Financial Statements, Management’s Discussion and Analysis (“MD&A”) and ...