TSXV:PNG - Post Discussion
Post by
retiredcf on Jan 12, 2024 12:20pm
Ink Research
Morning Report: Insiders buy as Kraken Robotics resurfaces
January 12, 2024
Today we revisit marine technology firm Kraken Robotics (PNG), last featured here about a year ago on January 18th, 2023.
The stock went underwater after we reported on it, but it has since resurfaced as naval conflict has grown in prominence with conflicts in the Red Sea and the Black Sea. Kraken stock is now up 10.9% since we last reported on it, setting a 52-week high of $0.76 intraday on Thursday.
When it reported Q3 results on November 27th, revenue came in at $20.3 million, up from $12.3 million in Q3 2022 and Kraken's strongest revenue quarter on record. The revenue mix was 85% coming from products with the remainder being from services. Net income came in at $2.3 million, up from a loss of $0.9 million in the comparable period. Kraken highlighted gross margin as a percentage of revenue which grew to 49% in Q3, from 36% in Q3 2022, which it attributes to increased sales volumes of higher margin products versus the comparable period.
CEO Greg Reid remarked that, "Many countries and Navies around the world are in various stages of upgrading their subsea surveillance equipment." Kraken sells both sonar and batteries for autonomous underwater vehicles and provides minehunting solutions to navies via its towed synthetic aperture sonar system. Meanwhile, insiders have been buying again in January.
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