Kraken Robotics Inc V.PNG

Alternate Symbol(s): KRKNF

Industrials Aerospace & Defense

Kraken Robotics Inc. is a Canada-based marine technology company providing complex subsea sensors, batteries, and robotic systems. The Company’s high-resolution three-dimensional (3D) acoustic imaging solutions and services enable clients to overcome the challenges in oceans. The Company operates through two segments: Products and Services. The Products segment is engaged in the design, manufacture and sale of equipment including underwater vehicle platforms, Synthetic Aperture Sonar and subsea power equipment. Its product business consists primarily of its AquaPix MINSAS sensors, KATFISH systems, SeaPower subsea battery systems and RMDS. The Services segment is involved in the provision of services for underwater sonar and laser scanner sensor equipment and underwater vehicle platforms. Its Services business consists of services provided by robotics as a service (RaaS) portfolio of equipment including its Sub-Bottom Imager, Acoustic Corer and KATFISH.

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Kraken Robotics Inc

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Post by retiredcfon Jan 12, 2024 12:20pm

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Post# 35823815

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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