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  • Kraken Robotics (PNG) has announced a financial update for the year ended December 31, 2022
  • Non-audited preliminary results show that Kraken has met the mid-point of its $38 million to $42 million revenue guidance for 2022
  • The company also expects to be within the range of EBITDA guidance, previously announced at $5 to $7 million
  • Kraken paid the first earnout amount of $4,500,000 to the sellers of PanGeo Subsea on January 11
  • Kraken Robotics is a marine technology company
  • Kraken Robotics Inc. (PNG) opened trading at C$0.59

Kraken Robotics (PNG) has announced a financial update for the year ended December 31, 2022.

Non-audited preliminary results show that Kraken has met the mid-point of its $38 million to $42 million revenue guidance for 2022, representing more than 50 per cent top-line growth year over year. The company also expects to be within the range of EBITDA guidance, previously announced at $5 to $7 million.

Kraken paid the first earnout amount of $4,500,000 to the sellers of PanGeo Subsea on January 11, 2023. The company elected to satisfy 50 per cent of the first earnout amount by issuing 4,500,000 common shares and the remaining 50 per cent in cash. 

Kraken President and CEO Greg Reid commented on the company’s success in 2022.

“2022 was a strong year for Kraken. Against the headwinds of continued supply chain tightness, inflationary pressures, and a tight labour market, we still delivered record financial results. In addition, we recently announced our largest award ever, a $50 million contract for the Canadian Navy’s Remote Minehunting and Disposal System. We also landed several other significant contracts, including a $14 million subsea battery contract and a $9 million KATFISH contract with a NATO navy customer. Based on our contract wins to date and our visibility into our sales pipeline, we expect continued strong growth in 2023 and beyond. In the defense market, the macro environment is robust as countries adapt to the new geopolitical norm to monitor and protect seabed assets. We are winning new customers and selling more products and services to existing customers. In the commercial market, we expect continued growth driven by offering services to companies focused on offshore wind and offshore energy.”

Joe MacKay, Kraken’s Chief Financial Officer, added,

“We ended 2022 with a cash balance of $8.2 million, up from $5.7 million at the end of September and accounts receivable/contract assets of $13.0 million. Combined with an expectation of solid EBITDA margins again in 2023 and advances from customer contracts, as well as a potential $6.0 million from warrants exercises, we feel confident that our balance sheet has sufficient flexibility to allow us to execute our financial plan this year and beyond. Financial guidance for 2023 will be provided in conjunction with our audited year-end results in April 2023, consistent with past practice.”

Kraken Robotics is a marine technology company focused on the production of software-centric sensors, subsea batteries, and underwater robotic systems.

Kraken Robotics Inc. (PNG) opened trading at C$0.59.


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