Kraken Robotics reports strong Q2 2024 financial results with significant revenue and profit growth

From GlobeNewswire: 2024-08-22 06:30:00

Kraken Robotics Inc. announced strong financial results for Q2 2024, with a 67% increase in consolidated revenue to $22.8 million. Product revenue grew by 83% to $19.2 million, driven by sales of key products like subsea batteries and synthetic aperture sonar systems. Gross profit increased by 50%, and adjusted EBITDA rose by 79%.

The company reported a net income of $2.6 million for Q2 2024, a 31% increase from the previous year. Total assets were $96.1 million on June 30, 2024, compared to $70.5 million on June 30, 2023. Year-to-date revenue increased by 105% to $43.6 million, with product revenue up by 122% to $35.3 million.

Kraken’s financial guidance for 2024 remains unchanged, with revenue expected to range between $90.0 million to $100.0 million and adjusted EBITDA projected to be between $18.0 million to $24.0 million. The company expects continued growth across its product and service groups, addressing defense and offshore energy markets.

Kraken Robotics has seen significant new orders totaling over $19 million during Q2 2024, including projects related to subsea batteries and acoustic corers. The company is also observing strong industry demand for surveillance and security of underwater infrastructure, driving growth in unmanned systems and mine warfare technology. Naval defense upgrades are expected to drive future sales for Kraken.



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