Kraken Robotics Inc V.PNG

Kraken Robotics Q3 profit hit by higher financing costs

[ITSUP2ME]

08:21 AM EST, 11/21/2024 (MT Newswires) -- Kraken Robotics (PNG.V) on Thursday said third-quarter profit plunged 29% on higher financing costs.

The marine technology company said profit fell to $1.6 million from $2.3 million the year before due to financing costs linked to the credit facility agreed to in April. Kraken did not provide any figures for per share amounts.

Consolidated revenue declined 4% to $19.5 million due to lower Katfish and remote mine disposal system revenue.

[GetKraken]

lumpy

[NLMoose]

In spite the lower sales, real reason why net income is down are due to lower cost of goods sold. In an Accounting context, most companies uses the "Absorption Method" where stocking inventory and lowering sales costs will result in lower Cost of Goods Sold, leading to higher net income or lower losses. That's exactly a problem with the "Absorption Method" as opposed to

[ITSUP2ME]

52M equity financing and a sp raise of $2.50 by Canacord....won't happen until after the "Cormark shorters" bring it down to $1.60  Hope it doesn't for the "longs" However we've all seen this scenario play out before with spec stocks and Kraken is no different from the rest...gltal

[Asdfghjk]

I would gladly watch it drop to 1.60 and nab a pile more and avoid driving my unit cost up. We all know this thing is taking off and has been ahead of analysts forecast mostly. I know I won't regret buying up more at such a price as it will easily double in short order. GLTA