Kraken Robotics Reports Q2 Revenue Growth Amid $355M in Orders
Kraken Robotics reported a 4% year-over-year increase in second-quarter revenue to C$27.3 million, with Adjusted EBITDA rising by 7% to C$5.0 million. The company maintained its full-year guidance for revenue between C$290 million and C$320 million and Adjusted EBITDA of C$65 million to C$75 million. A one-time reversal of C$1.5 million in product revenue reduced growth figures, but excluding this adjustment, revenue would have grown by 9%. Kraken announced a combined order book with newly acquired Covelya Group totaling approximately C$355 million for the year, including over C$27 million in new orders since July 2. The acquisition is expected to significantly impact Q3 results as it was not reflected in second-quarter financials. Kraken also signed a long-term supply agreement for subsea batteries with an international conglomerate developing large unmanned underwater vehicles. The company reported a net loss of C$7.5 million, primarily due to provisions related to an arbitration proceeding involving a 2017 supplier contract. However, adjusted net income was positive at C$0.8 million.
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