Kraken Robotics - President and CEO, Karl Kenny
President and CEO, Karl Kenny
Source: Kraken Robotic Systems Inc.
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  • Kraken Robotics (PNG) has filed its financial results for the quarter ended June 30, 2022
  • Revenue for Q2, 2022 was $14.3 million compared to $1.9 million in the prior year
  • Gross margin in the quarter was 44.8% compared to 39.0% in the prior year
  • Net profit in the quarter totalled $0.5 million compared to a net loss of $0.9 million in the comparable quarter
  • Kraken Robotics is a marine technology company offering software-centric sensors, subsea batteries and thrusters, and underwater robotic systems
  • Kraken Robotics Inc. (PNG) opened trading at C$0.345

Kraken Robotics (PNG) has filed its financial results for the quarter ended June 30, 2022.

Q2 2022 financial highlights:

  • Revenue for Q2, 2022 was $14.3 million compared to $1.9 million in the prior year and driven by the continued delivery to the Royal Danish Navy on multiple minehunting systems, the addition of PanGeo services, and the delivery of our SeaPower battery products to a USA defense contractor
  • Gross margin in the quarter was 44.8% compared to 39.0% in the prior year.
  • Adjusted EBITDA for the quarter was $3.0 million compared to an Adjusted EBITDA loss of $0.2 million in the comparable quarter
  • Net profit in the quarter totalled $0.5 million compared to a net loss of $0.9 million in the comparable quarter due to the increased gross margin on a year-over-year basis
  • At June 30, 2022, Kraken had $11.1 million in previously awarded non-repayable funding to draw upon from government agencies and project partners for research and development, of which cash amounting to $4.4 million has been received for contracts to be completed in 2022.

CEO, Karl Kenny commented on the results.

“We reported strong financial results in Q2 with solid contributions across our Products and Service business. We expect continued momentum with our Products business benefitting from increased demand in the defense world driven by upgrade cycles and geopolitical events. Our Service business is benefitting from our acquisition of PanGeo in 2021 and strong demand in both the offshore renewable and offshore oil and gas industries. Our contract pursuits pipeline is solid and we anticipate closing on significant opportunities in the coming months. As noted below, we re-iterate our continued delivery execution and solid financial guidance for 2022.”

Headquartered in Newfoundland, Kraken Robotics is a marine technology company offering software-centric sensors, subsea batteries and thrusters, and underwater robotic systems.

Kraken Robotics Inc. (PNG) opened trading at C$0.345.


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