- Kraken Robotics (TSXV:PNG) has strengthened its stock with a C$3 million subsea boulder detection contract, adding to its almost 10x revenue growth since 2018
- The subsea survey will take place in Q4 2023 to aid in the installation of two large offshore substations for a European wind farm project
- Kraken Robotics is a marine technology company providing complex subsea sensors, batteries and robotic systems
- Kraken Robotics (TSXV:PNG) has added almost 30 per cent YoY and more than 400 per cent since inception in 2011
Kraken Robotics (TSXV:PNG) has strengthened its stock with a C$3 million subsea boulder detection contract, adding to its almost 10x revenue growth since 2018.
The client, an offshore wind farm project in Europe, enlisted the company to help with foundation location selection and foundation engineering design to install two large offshore substations.
Kraken will mobilize a survey vessel and deploy its Acoustic Corer technology in Q4 2023. The company’s Acoustic Corer technology provides high-resolution 3D imaging and has the ability to identify boulders of 0.3 metres and larger within the seabed’s subsurface.
The contract substantiates Kraken President and CEO Greg Reid’s positive outlook for the company and its industry at large. “Our outlook, driven by industry trends in subsea security and offshore renewables, is strong,” he said in a statement about the company’s Q2 2023 earnings release. “We believe our value in the market is not reflective of our significant investment to date, our unique competitive position and strong pipeline. We will continue our focus on execution as we believe we are in the early days of creating significant shareholder value.”
Kraken has grown revenue from C$6.71 million in 2018 to C$40.91 million in 2022, with a further C$21.24 million so far in 2023 and C$66-78 million expected for the year. The company returned to profitability in Q2 2023 with C$2 million in net income.
Kraken Robotics is a marine technology company providing complex subsea sensors, batteries and robotic systems.
Kraken Robotics (TSXV:PNG) is up by 1.79 per cent trading at $0.57 per share as of 10:05 am ET. The stock has added almost 30 per cent YoY and more than 400 per cent since inception in 2011.
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