Kraken Robotics Inc. has announced its financial results for the second quarter of 2022, consisting of revenue of $14.3M and an adjusted EBITDA margin of 21%. In other words, revenue was $14.3 million compared to $1.9 million in the prior year.
According to the Canadian company, this is due to the continued delivery to the Royal Danish Navy on multiple minehunting systems, the addition of PanGeo services, and the delivery of its SeaPower™ battery products to a USA defense contractor.
In addition, the gross margin in the quarter was 44.8% compared to 39.0% in 2021. Besides, adjusted EBITDA was $3.0 million compared to an Adjusted EBITDA loss of $0.2 million in the comparable quarter. Finally, net profit in the quarter totaled $0.5 million compared to a net loss of $0.9 million compared in the previous one.
On the other hand, Kraken has reported that it had $11.1 million in previously awarded non-repayable funding. That amount is to draw upon by government agencies and project partners for research and development. A total of $4.4 million has been received for contracts to be completed in 2022.
Looking ahead, the CEO of the company, Karl Kenny, manifested: "We expect continued momentum with our products business. Benefiting from increased demand in the defense world driven by upgrade cycles and geopolitical events."
"Our service business is benefitting from our acquisition of PanGeo in 2021. Also, from strong demand in both the offshore renewable and offshore oil and gas industries. Our contract pursuits pipeline is solid and we anticipate closing on significant opportunities in the coming months," he added.
Kraken Robotics Inc. is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries and thrusters, and underwater robotic systems. The company is headquartered in Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. In July 2021, Kraken acquired PanGeo Subsea, a leading services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed. PanGeo with offices in Canada, the United States and the United Kingdom is now a wholly owned subsidiary of Kraken. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.