Core Insights - Kraken Robotics Inc. has announced the appointment of Kim Butler to its Board of Directors and the hiring of Bernard Mills as Executive Vice President, Defence, indicating a strategic enhancement of its leadership team [1][6]. Leadership Appointments - Kim Butler has over 35 years of executive experience in financial, operational, and governance roles across various sectors, including technology and defence. She has held significant positions such as Chair of Audit and Special Committees and has expertise in corporate governance, strategic planning, and mergers and acquisitions [2][5]. - Bernard Mills will assume the role of Executive Vice President, Defence, effective January 12, 2026. He has extensive experience in the defence and aerospace sectors, having served as CEO and Managing Director at Stelia North America and President of Ultra Sonar Systems [6][7]. Strategic Importance - Kim Butler expressed her enthusiasm for joining Kraken Robotics, emphasizing her commitment to contributing to the company's growth in advanced 3D underwater imaging and subsea battery technologies [4]. - Bernard Mills highlighted the increasing global demand for underwater robotics and maritime systems, indicating that Kraken is well-positioned for significant expansion due to its strong portfolio and relationships with key customers [9]. Company Overview - Kraken Robotics is focused on transforming subsea intelligence through innovative technologies, including 3D imaging sensors and robotic systems, aimed at addressing challenges in ocean safety and infrastructure [12][13]. - The company operates globally, with a presence in North America, South America, and Europe, supporting clients in over 30 countries [15].

Core Insights - Kraken Robotics Inc. has announced the appointment of Kim Butler to its Board of Directors and the hiring of Bernard Mills as Executive Vice President, Defence, indicating a strategic enhancement of its leadership team [1][6]. Leadership Appointments - Kim Butler has over 35 years of executive experience in financial, operational, and governance roles across various sectors, including technology and defence [2][3]. - Butler has held significant positions such as Head of Business Operations and Integration at Ericsson and SVP Finance and CFO at Bridgewater Systems, showcasing her expertise in corporate governance and strategic planning [3][5]. - Bernard Mills will assume the role of Executive Vice President, Defence, effective January 12, 2026, after resigning from the Board of Directors [6][8]. - Mills has extensive experience in the defence and aerospace sectors, having served as CEO at Stelia North America and President of Ultra Sonar Systems, which positions him well to lead Kraken's defence initiatives [7][8]. Strategic Importance - The addition of Butler and Mills is expected to enhance Kraken's capabilities in navigating complex growth and transformation, particularly in the marine technology sector [5][9]. - Mills' background in strategic growth and operational leadership is anticipated to be a significant asset as Kraken expands its maritime defence business [8][9]. - Both leaders express enthusiasm about Kraken's potential for significant expansion in the underwater robotics and maritime systems market [4][9].

Core Insights - Kraken Robotics Inc. has received purchase orders totaling approximately $12 million for its synthetic aperture sonar (SAS) and battery products from various organizations, including NATO member navies and companies like Teledyne Marine and Terradepth [1][2] Group 1: Orders and Clients - The orders include Kraken SAS, KATFISH™ towed SAS spares, and SeaPower™ batteries, indicating strong demand from both defense and commercial sectors [1][2] - New customers for SeaPower batteries have been identified, showcasing the company's expanding client base [2] Group 2: Product Integration and Applications - Kraken SAS will be integrated into Terradepth's Absolute Ocean operating system, enhancing autonomous survey capabilities for U.S. military and commercial operators [3] - Teledyne Marine will utilize Kraken SAS and SeaPower batteries in their Gavia and SeaRaptor autonomous underwater vehicles (AUVs) [2] Group 3: Technology and Market Reach - Kraken's products are designed to be platform agnostic, allowing integration on various AUVs, from small systems to larger unmanned underwater vehicles (XLUUVs) [4] - The company supports clients in over 30 countries, focusing on applications in defense, offshore energy, and marine research [4][9] Group 4: Product Features - Kraken's synthetic aperture sonar and other imaging systems provide high-resolution insights into ocean safety, infrastructure, and geology [8] - The company's pressure-tolerant batteries offer high energy density for underwater vehicles and subsea energy storage [8]

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]

Core Insights - 3D At Depth, a subsidiary of Kraken Robotics, has successfully completed its 1,000th subsea metrology project, highlighting its commitment to innovation and excellence in underwater technology [1][4][5] Company Overview - Established in 2011, 3D At Depth specializes in high-quality subsea measurement services, utilizing proprietary technology and skilled personnel to deliver accurate results [4][8] - The company focuses on enhancing operational efficiency in challenging underwater environments through advanced measurement solutions [4][8] Recent Project Highlights - The 1,000th project involved a LiDAR spool metrology for TotalEnergies at the Girassol oil field in Angola, performed at a water depth of 1,350 meters [2] - The project utilized a remotely operated vehicle (ROV) equipped with 3D At Depth's Subsea LiDAR, with a total operational time of four hours and deliverables provided within 24 hours [2] Technological Advancements - The use of advanced technologies and touchless solutions allows clients like TotalEnergies to de-risk inspection, maintenance, and repair processes while reducing environmental impact [3] - 3D At Depth's commitment to technology innovation ensures high standards of quality and reliability for clients worldwide [5]