Kraken Robotics - President and CEO, Karl Kenny
President and CEO, Karl Kenny
Source: Kraken Robotic Systems Inc.
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  • Revenue for Q1, 2022 was $5.5 million compared to $3.6 million in Q1, 2021
  • Net loss for the quarter was $2.6 million compared to a net loss of $0.6 million in Q1, 2021
  • Kraken has announced approximately $13 million in new contracts in 2022
  • Kraken Robotics is a Canada-based marine technology company
  • Kraken Robotics Inc. (PNG) opened trading at C$0.325

Kraken Robotics (PNG) has filed its financial results for the quarter ended March 31, 2022. 

Q1 2022 financial highlights:

  • Revenue for Q1, 2022 was $5.5 million compared to $3.6 million in Q1, 2021
  • Adjusted EBITDA for the quarter was a loss of $0.4 million compared to an Adjusted EBITDA of $0.1 million in the comparable quarter
  • Net loss for the quarter was $2.6 million compared to a net loss of $0.6 million in Q1, 2021
  • At March 31, 2022, Kraken had $13.8 million in previously awarded non-repayable funding. Cash payments totalling $3.6 million have been received for contracts to be completed in 2022.

CEO Karl Kenny commented on the results.

“Since the beginning of 2022, Kraken has announced approximately $13 million of new contracts across our Products and Services businesses. As the year progresses, our Services business, led by PanGeo, will see continued performance as the volume of activity increases in the offshore renewables sector. In our Products business, we expect to complete delivery of all systems to the Royal Danish Navy and execute on new contract awards. We have the right solutions at the right time and see strong demand opportunities in the defense and commercial markets. Market trends and our contract pursuits pipeline continue to grow in our favour. As noted below, we re-iterate our continued delivery execution and solid financial guidance for 2022.”

In 2022, Kraken expects revenue to be in the $36 – $42 million range, with adjusted EBITDA in the $5 – $7 million range. Operational results in 2022 will be driven by the continued delivery of systems to the Royal Danish Navy, a full year impact from the acquisition of PanGeo and continued deliveries of our AquaPix® synthetic aperture sonar and SeaPower™ battery products. During 2022, Kraken is also expected to receive progress payments on two large contracts amounting to $14.4 million.

Kraken Robotics is a Canada-based marine technology company focused on software-centric sensors, subsea batteries and thrusters, and underwater robotic systems.

Kraken Robotics Inc. (PNG) opened trading at C$0.325.

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