- Kraken Robotics (TSXV:PNG) has posted its 2019 financial results
- The undersea robotics company increased revenue C$8.4 million year on year, an increase of 126 per cent
- This was achieved on the back of a big $9 million battery order from a seabed exploration company
- The company also completed orders for undersea mapping technologies, one of its pricier product lines
- Kraken Robotics (PNG) is up 1 per cent at $0.41 per share and has a market cap of $60 million
Kraken Robotics (TSXV:PNG) has announced their results for 2019, with the company pulling in C$8.4 million more this year than they did last year.
Kraken is a robotics company that designs and manufactures marine robotics products, including mapping systems, batteries, autonomous underwater vehicles and a host of other highly specialised products.
The biggest contract Kraken fulfilled was a $9 million order for the company’s SeaPower batteries to Ocean Infinity in the second half the year. Ocean Infinity is an underwater exploration company.
The company also delivered a Katfish system in the second half of 2019’s second quarter, along with a bevy of sensor products to multiple customers.
Katfish is an underwater mapping system, towed behind a marine vessel to photograph and map sea beds. The system acquires roughly 3 billion pixels an hour while submerged and is used by several countries in both military and domestic uses.
Kraken Robotics CEO, Karl Kenny, said 2019 was an “extremely busy” year for the company, leading to the companies biggest year by revenue on record.
“We are delighted to have generated positive adjusted EBITDA in 2019 and continue to invest in our people and infrastructure to be able to scale our business and execute on some significant contract pursuits that are in our pipeline.
“We have put in the hard yards on many projects and we are excited about the opportunities ahead of us as our products and services are adopted in the military and commercial markets,” he added.
Kraken Robotics (PNG) is up 1 per cent at $0.41 per share, as of 1:00am EDT.