Kraken Robotics Inc (KRKNF)

[joelawyer]

Haha, I’m here. Enjoying the run up today. But wondering why. Can’t be just the news the other day of the 3.5 million contract.

[grimbo2010]

Is there anybody... out there?

[spec machine]

Closed near HOD up 18%

Kraken is released!

spec

[spec machine]

BOOM! Someone finally lit the fuse on Kraken!

KRKNF up 15% on big volume

spec

[spec machine]

Release the Kraken!

.45 usd - multiple from here in 2021

spec

[spec machine]

Fat finger trade at .78 really messes up the charts

no doubt it got corrected but sheesh, it makes a mess

spec

[spec machine]

No reason for the pullback, IMO

Kraken should run on earnings and operational updates with contracts and partnerships

spec

[Porterhouse10]

Now .45c yikes

[TrendTrade2016]

Glad I sold half in the 80s. But I would think this offering will
Work out at 67c. Let's see what he does with the cash.

[spec machine]

Took a beating on sp today after the announcement of 10M CAD cash raise at .67 CAD (.5035 USD)

spec

[TrendTrade2016]

PNG...get ready to rumble....break .88c then we head to dolla land!!

[TrendTrade2016]

PNG.V headed to 88c...stock is not overbought at this point, MAKERS want you to believe so!!

[spec machine]

.55 and ready to push higher

spec

[spec machine]

There are no convertible debts currently, nor are any likely

They have a $1.5M revolver and small amounts of long term tease liabilities

Anyone can read the filings on SEDAR and see the cash flow and contract awards are more than sufficient to fuel the growth for the near term

The current challenge is only their ability to scale up and deliver on the contracts in hand

There are analyst reports as well

Looks very promising to me and I have a significant position that I acquired far below current SP

spec

[Chenteddybear]

This is a dilutive play. Look at their debt! Huge debt conversion coming. I would avoid

[spec machine]

The market is finally waking up to this little gem

spec

[TrendTrade2016]

PNG.V here we go....my hometown gem is about to shock and destroy!!

[whytestocks]

NEWS: $KRKNF Government of Canada Expresses Support for Kraken's Defence Export Sales

ST. JOHN'S, Newfoundland, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is very pleased to acknowledge the support and recognition of the Government of Canada regarding its recent mine countermeasures system contract booki...

Find out more KRKNF - Government of Canada Expresses Support for Kraken's Defence Export Sales

[TrendTrade2016]

PNG.V getting ready to blow up. It so deserves a big run!

[TrendTrade2016]

PNG.V the time has come for this to retest the the previous high and beyond to 98c!!

[whytestocks]

News; $KRKNF Kraken to Supply Minehunting Systems to Polish Navy

ST. JOHN’S, Newfoundland, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that on September 1st, it signed a contract to supply minehunting systems to the Polish Navy. As part of this contract, ...

Got this from KRKNF - Kraken to Supply Minehunting Systems to Polish Navy

[spec machine]

Up +20% on 5X normal volume with 30 min till closing bell

Still at only ~$60M market cap and with the recent growth trajectory and multiple long-term military contracts, I expect it to trade over $1 before EOY

spec

[spec machine]

Kraken to supply mine hunting systems to Polish Navy

https://krakenrobotics.com/2060-2/

ST. JOHN’S, NEWFOUNDLAND, September 8, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that on September 1st, it signed a contract to supply minehunting systems to the Polish Navy. As part of this contract, Kraken will deliver its KATFISH™ towed Synthetic Aperture Sonar, Tentacle® Winch and Autonomous Launch and Recovery System (ALARS) in the second half of 2021. Kraken’s equipment will be integrated onboard the Polish Navy’s new KORMORAN II Mine CounterMeasure (MCMV) vessels in Gdansk, Poland.



Kraken CEO Comments

Karl Kenny, Kraken President and CEO noted: “We are very pleased to sign this contract to supply our KATFISH™ and ALARS systems for the Polish Navy’s new minehunting vessels. Kraken is honoured to be working with such a strong NATO ally. Due to confidentiality reasons, Kraken cannot disclose specifics about the contract – other than to say that it is significant and that we expect it to be a strong enabler within other NATO nations. Should the Polish Navy be successful in exporting its new KORMORAN II MCMVs to other countries, we could see additional KATFISH™ and ALARS sales opportunities in these international markets.”

Figure 1: KATFISH™and ALARS – Storage Position




Polish Navy Comments

Captain Piotr Sikora, Chief, Naval Warfare Systems Branch, Armament Division, Polish Navy Inspectorate noted: “The building of new capabilities and acquiring the most advanced equipment is necessary to counter the naval mine threat in the difficult Shallow Water and Very Shallow Water zones. This was our goal during long and complex trials of our first ship, ORP KORMORAN. Kraken’s KATFISH™ has met all our requirements, as evidenced by our tests at sea. The unique capabilities of this system will provide us with much greater efficiency and will allow us to build strength for the 21st century. We are convinced that with such an advanced Synthetic Aperture Sonar onboard, our new MCM Vessels under the Polish and NATO flag will make a huge contribution to build both national and international security at sea as we face the naval mine challenges of the 21st century.”





Figure 2: KATFISH™and ALARS – Deployed Position





Figure 3: Polish Navy KORMORAN II MCMV



ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) 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 St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.


spec

[spec machine]

The Royal Danish Navy contract was announced previously but this is the PR on the signing and finalization of the deal.

The contract with the Polish Navy is brand new today

spec

[whytestocks]

News; $KRKNF Kraken Signs $36 Million Danish Navy Contract

ST. JOHN'S, Newfoundland, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is very pleased to announce that today it has signed a contract with Danish Ministry of Defence, Acquisition and Logistics Organization (DALO) to supp...

In case you are interested KRKNF - Kraken Signs $36 Million Danish Navy Contract

[spec machine]

Kraken Announces $3 Million of Government of Canada Funding for ThunderFish® XL Development

ST. JOHN’S, Newfoundland, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that it will receive a $2,909,891 non-refundable financial contribution from the National Research Council of Canada’s Industrial Research Assistance Program (NRC-IRAP). The funding will be received over a 26-month project period and will be used to support the development of Kraken’s seabed resident ThunderFish® XL Autonomous Underwater Vehicle (TFXL AUV).

Building from the previous development efforts of the ThunderFish® Alpha AUV, the ThunderFish® XL AUV will be larger and with an increased depth rating, have a larger payload capacity and have longer mission endurance. Most importantly, the ThunderFish® XL will have key capabilities that are lacking with similar underwater vehicles in the industry today. These include: 1) the ability to transition from high-speed survey mode to “zero” speed hovering mode in-mission; 2) through-the sensor acoustic, laser and optical target detection, image recognition and inspection; and, 3) using onboard sensors to improve vehicle navigational accuracy.

ThunderFish® XL will be depth rated to 6,000 metres and carry an array of sensors and custom payload modules, including Kraken’s AquaPix® Synthetic Aperture Sonar, SeaVision® 3D laser profiler, SeaThrust® rim-driven thrusters and SeaPower® pressure tolerant batteries. All of these will be integrated with advanced artificial intelligence algorithms onboard the vehicle. In addition, the modular design will allow for rapid sensor reconfiguration and battery replacement. Finally, Kraken will develop a conceptual design for a robust and autonomous multi-modal docking solution allowing TFXL to function as a seabed resident AUV that can run a wide variety of missions from its underwater docking station.

It should be noted that the ThunderFish® XL is significantly different from the more common “long endurance” AUVs that are prevalent today. Notable differences include:

A much longer period of time in water;
Period of deployment involves multiple missions;
Vehicle may be completely shut down between missions;
Typically utilizes a subsea docking structure for safety; and
Typically involves charging and/or data download/communications while at dock.
Kraken CEO Comments
Karl Kenny, Kraken’s President and CEO said, “The National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) has been an invaluable partner to Kraken for many years. We sincerely appreciate their commitment to help us further develop our ThunderFish® XL AUV. AUVs have evolved from an emerging, niche technology to a viable solution and an established part of underwater operations in both military and commercial applications. By combining our advanced sensor technologies with cutting edge artificial intelligence algorithms, it is our objective to deliver a cost-effective AUV solution that is truly autonomous as opposed to being simply automated. TFXL is a rectangle shaped, hovering AUV being developed for subsea resident applications. In the AUV space, Kraken is focused on using our in-house developed AUVs and procured AUVs to build a fleet of vehicles capable of providing Robotics as a Service rather than having a primary focus on selling AUVs. We expect that this will provide Kraken with a unique and valuable market position.”


https://www.globenewswire.com/news-release/2020/08/31/2085956/0/en/Kraken-Announces-3-Million-of-Government-of-Canada-Funding-for-ThunderFish-XL-Development.html

[The_Gman]

Including federal funding to be received for our OceanVision™ project, at quarter end Kraken had $4.9 million in previously awarded funding to draw upon from government This amount is not recorded in our financial statements until the cash is received.

I think it all looks good with big things on the horizon, wish it would have popped more today.

[joelawyer]

A little lighter on the revenue second quarter than I had hoped. But it would appear that third-quarter is going to be significant, as well as the entire second half of the year.

[The_Gman]

https://krakenrobotics.com/kraken-reports-q2-2020/


Q2 2020 Financial Highlights

Revenue for the quarter was $2.3 million compared to $1.3 million in the year ago quarter. Q2 revenue was driven by the sale of subsea batteries to a military customer, the delivery of MINSAS 60 LW sensors for man-portable vehicles to the U.S. Navy under its Foreign Comparative Test Program, the sale of a SeaVision® 3D underwater laser system to a defense contractor as well as Robotics- as-a- Service (RaaS) and Data Analytics for an offshore energy customer. Revenue for the 1H, 2020 was $8.7 million, compared to $2.7 million in the prior year, an increase of 220%.

Adjusted EBITDA* in the quarter was positive at $0.4 million, a 15.6% Adjusted EBITDA margin* compared to an Adjusted EBITDA* loss of $1.4 million in the year ago quarter. Adjusted EBITDA* for the first half of the year was $1.6 million, a 19.0% Adjusted EBITDA margin*, compared to an Adjusted EBITDA loss of $1.6 million in 1H, 2019.

Net loss in the quarter was $0.1 million compared to a net loss of $1.8 million in the year ago quarter. Share-based compensation expense in the quarter of $0.2 million compared to $0.1 million in the prior year.
Net working capital at the end of Q2, 2020 was $8.8 million, up $1.5 million from year end 2019.

Kraken exited the quarter with a cash balance of $3.4 million, compared to $2.1 million on year-end 2019.

Including federal funding to be received for our OceanVision™ project, at quarter end Kraken had $4.9 million in previously awarded funding to draw upon from government This amount is not recorded in our financial statements until the cash is received.

Subsequent to the quarter, notification was received that the complaint process regarding the Royal Danish Navy’s mine hunting upgrade program had been finalized, ruling in the Navy’s position on all points. The total contract value to Kraken is expected to be between C$35-$40 million, with the majority of that received over a 2-year equipment acquisition phase. The contract is expected to be finalized and start during Q3,2020.

Also subsequent to the quarter, NSP Maritime Link Inc. (NSPML) joined Kraken’s OceanVision™ project. NSPML is an indirect wholly owned subsidiary of Emera Inc., a multi-national energy company. OceanVision™ is a cross-sectoral pilot project designed to advance subsea technology and RaaS capability. Along with providing expertise and knowledge of critical subsea infrastructure, NSPML will contribute over $0.5 million during the term of the project.

Kraken has been named by Marine Technology Reporter to the MTR100 2020 – a list of the 100 most influential companies in the international marine technology marketplace. This is the eighth year in a row that Kraken has been selected. In addition to being named to the MTR 100, Kraken was listed 4th as one of the top 7 “Ocean Influencers” in the marine technology industry.


CEO Comments

“We are looking forward to commencing the Royal Danish Navy contract, which is a major competitive win for Kraken. We anticipate additional significant military orders over the balance of the year and further notable developments within our Robotics-as-a Service and Data Analytics business in the offshore energy sector. We have added significant depth to our team over the last year as we focus on continued innovation in the marine technology sector and now start to ramp on larger contracts and programs,” said Karl Kenny, Kraken’s President and CEO.

[spec machine]

https://healthwriteups.com/2020/08/06/a-step-forward-atlantic-project-aims-to-trace-marine-movements-with-ocean-aware-project/

Atlantic Project Aims To Trace Marine Movements With Ocean Aware Project
August 6, 2020


The new Canadian Atlantic Project is trying to create techniques for tracking fish that could affect researchers and businesses around the globe. Hence, they introduced the new Ocean Aware Project.

The Ocean Aware Project
Recently, with the involvement of other partners, Canada’s Ocean Supercluster introduced the Ocean Aware project. The Ocean Aware project will create and popularize world-class answers for tracking the health of fishes, their movements, the environment, and supporting both beneficial and economical ways in the ocean. The Ocean Aware project is worth 29 million dollars.

Innovasea is conducting this project, alongside Dartmouth Ocean Technologies, Ocean Choice International, Xeos Technologies, Irving Shipbuilding, and Emera. Innovasea designs the most developed and up-to-date aquatic solutions to track fish and fish farming.

Mark Joliemore explains that this is a huge chance with broad authenticity to identify the health of marine creatures. He is the current president of Innovasea.

Ocean Aware looks to grow new advancements to screen fish health and development, strengthen stock assessments, and accurate fishing. Subsequently, it means to more readily screen marine life around fixed structures that are present underwater.

Analysis
This is the second project supported under the SuperCluster Technology Leadership Stream. The first was $20 million for a progressed undersea planning project headed by St. John’s-based Kraken Robotics. As per Jollymore, Innovasea and other companies assemble the new innovation and later chip away at the tools to put up them for sale to the public.

He additionally plans to prepare existing staff over the span of the project and include new openings in different territories to develop the local marine innovation sector.

In the wild fishery, Jollymore said improved techniques will prompt better information for working with different universities and the Canadian Fisheries and Marine Association to assemble stock evaluations.

Zingao, a researcher at the Fisheries and Oceans Research Institute at the Newfoundland Memorial University, said he was thrilled for the Ocean Aware program in light of the fact that the information produced by the new tools is “exceptionally important” for assessment of resources.

Jin Gao is a scientist at the Fisheries and Oceans Research Institute at Memorial University. She said she needs to bring issues to light about what’s going on in the different environments. This is going to help them spot, when, and how much fish is present in the sea.

At the point when Innovasea builds up their innovation, Gao said a group of three researchers will label distinctive fish species to gather new information. A superior comprehension of where various species show up can help organizations get fish and other marine life and diminish fuel costs as they can target their objectives in a more efficient manner.

What the other companies have to say
Atlantic salmon were found during the 2018 fish health assessment of the Department of Fisheries and Oceans in BC. As indicated by Sullivan, this is to make wild fisheries available to people in the future.

As per Jollymore, the health checking highlight permits marine organizations to know the status of their assets. This means it helps them to know where Atlantic salmon are passing in the sea.

However, for marine sustainable power sources, for example, flowing turbines, new tools help shield structures from obstructing with wild fish.

Additionally, it diminishes the function of machines as dangerous species travel through the region. Fish and marine life need to securely go around the hydropower plants. Moreover, they can concentrate on the objective and different machines.

Ocean Aware costs about $13.71 million from Supercluster. This is worth $15.7 million from industry associates. They have around 20 other projects under the agreement. However, it will take a couple of long breaks before the final announcement.

[The_Gman]

Kraken Announces Addition of Cathy Bennett to Board of Directors
6:00 AM ET 8/4/20 | Dow Jones


Kraken Announces Addition of Cathy Bennett to Board of Directors

ST. JOHN'S, Newfoundland and Labrador, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada's Ocean Company, is pleased to announce that Cathy Bennett, has joined the Company's Board of Directors.

Ms. Bennett brings more than 25 years of experience as an entrepreneur, business executive, and corporate director across private, public and non-profit entities. Her experience crosses multiple sectors including the government, energy, manufacturing, mining, restaurants, telecom, and technology sectors. Ms. Bennett was a Member of the House of Assembly of Newfoundland and Labrador from 2014 to 2018 as well as Minister of Finance and the Status of Women. A seasoned corporate director, Ms. Bennett holds an ICD.D designation from the Institute of Corporate Directors and currently sits on the Boards of Business Development Canada (BDC) and SheEO, a non-profit supporting and financing female innovators. Her previous public company Directorships include Bell Alliant and New Millenium Iron Corp.

"We welcome Cathy to our Board as a new independent director and look forward to the leadership she will bring," said Karl Kenny, Kraken President and CEO. "We were looking to add expertise to the Board and Cathy brings extensive operational and strategic leadership across a breadth of sectors. We are thrilled to be welcoming her perspective during our period of rapid growth."

"I am excited to join Kraken as the market for marine robotics is on a strong growth curve," said Ms. Bennett. "The Kraken team has put together an impressive array of industry leading products and formed significant partnerships to propel the company forward. I look forward to contributing to the ongoing development and execution of the Company's strategy."

The Board of Directors has approved the issuance of 300,000 options to Ms. Bennett. These options have an exercise price of $0.51 and have a three-year term.

At the Company's annual general and special meeting of shareholders held on June 26, 2020, an amended and restated stock option plan (the "2020 Plan") was approved by 99.54% of votes cast by shareholders. The 2020 Plan contains the following amended provisions: (i) an amendment to permit a ten (10) business day extension of the expiry date for an incentive stock option (an "Option") where the expiry date would otherwise fall during a Blackout Period (as defined in the 2020 Plan); (ii) amendments allowing for the immediate vesting of previously issued Options upon the occurrence of certain events constituting a Change of Control (as defined in the 2020 Plan) and certain other events; and (iii) certain clerical amendments to align provisions of the Company's previous stock option plan with current policies of the TSX Venture Exchange (the "TSXV") and the terms of the 2020 Plan. The 2020 Plan remains subject to final approval by the TSXV.

The full text of the 2020 Plan is filed on www.sedar.com as a schedule to the Company's management information circular dated May 19, 2020.

[spec machine]

https://www.cantechletter.com/2020/06/kraken-robotics-is-a-buy-says-beacon-securities/amp/

Kraken Robotics is a buy, says Beacon Securities

Picture of author,
By Nick Waddell
2 months ago
June 6, 2020
Home All posts

Kraken Robotics
It’s been a strong, profitable start to 2020 for Kraken Robotics (Kraken Robotics Stock Quote, Chart, News TSXV:PNG), says Beacon Securities analyst Gabriel Leung, who reviewed Kraken’s first quarter results in an update to clients on Monday. Leung said the company’s pipeline of opportunities should make PNG an attractive name to own over the next year.

St. John’s, Newfoundland’s Kraken is a marine technology company supplying sensors and underwater robotic systems for military and commercial uses. As detailed in its quarterly report on Monday, Kraken hit $6.4 million in revenue for its first quarter ended March 31, 2020, up from $1.4 million a year earlier, and adjusted EBITDA of $1.3 million compared to a loss of $0.3 million a year earlier.

CEO Karl Kenny called the quarter well-balanced, with input from the delivery of the company’s second Katfish sonar system to US defence company ThayerMahan, delivery of subsea batteries to a military customer as well as services to military and offshore energy companies.


Naval Undersea Warfare Center AUV with Kraken’s AquaPix®
At the same time, management noted that while currently not experiencing major impacts from the COVID-19 crisis, there could be impacts on Kraken’s supply chain, customers and operations which may affect contracts going forward.

“I am very proud of our team which has been executing extremely well in a challenging operating environment,” said Kenny, in a press release. “We have many high value projects we are pursuing which will continue to drive growth and value for shareholders.”

Looking at the quarter’s results, Leung said the $6.4-million top line was equal to his $6.3-million forecast while the $1.3-million in EBITDA was better than his $772,000 estimate. The analyst noted that gross margins were up to 45.7 per cent versus 43 per cent a year earlier but down from 51.4 per cent for the previous quarter.

Leung noted Kraken’s end-of-quarter cash of $2.1 million against debt of $419,000 and remarked that while management declined to give guidance, the upcoming Q2 is likely to be supported by previously announced contracts, with Leung forecasting revenue around $4.5 million.

“As we look into H2 2020, we believe there remains a large pipeline of opportunities, which could drive significant growth in Q4 2020 and 2021 including: additional navy wins (we understand Kraken is in the midst of finalizing another mid-sized contract); additional battery orders from Ocean Infinity, along with Katfish orders for its new Armada initiative; additional Katfish orders from maritime technology company ThayerMahan (recall the CEO of ThayerMahan Vice Admiral Michael J. Connor is also on the Board of Kraken); and the finalization of previously announced contracts,” Leung wrote.


Kraken

With the update, Leung has reiterated his “Buy” rating and $1.35 per share target, which at press time represented a projected 12-month return of 125 per cent.

Looking ahead, Leung thinks Kraken will generate fiscal 2020 revenue and EBITDA of $20.9 million and
$2.6 million, respectively, and fiscal 2021 revenue and EBITDA of $40.0 million and $8.4 million, respectively.

Kraken’s share price rose by over seven per cent in trading on Monday, with the stock now sitting at even year-to-date.

—————

spec

[spec machine]

Kraken Robotics on twitter

Looking forward to tomorrow's announcement!

Through the @CanadaOSC Technology Leadership Program, Kraken has been able to accelerate the timeline for #OceanVision™ and there’s no doubt this project would still be in its infancy stage without the support of the OSC.

Looking forward to tomorrow's announcement!

Through the @CanadaOSC Technology Leadership Program, Kraken has been able to accelerate the timeline for #OceanVision™ and there’s no doubt this project would still be in its infancy stage without the support of the OSC. https://t.co/GM37xmylxE

— Kraken Robotics (@KrakenRobotics) July 27, 2020

spec

[spec machine]

Have you been to the fabrication and assembly facility on this one?

just wondering if there is a noticeable surge in activity with the newly announced contracts

spec

[spec machine]

ST. JOHN’S, NEWFOUNDLAND, July 13, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce the development of an innovative gap filler solution for unmanned underwater vehicles based on the company’s AquaPix® Synthetic Aperture Sonar (SAS) and SeaVision® 3D laser scanner. This solution fills the nadir gap with ultra-high definition data. The gap filler will be available for customer implementation in Q4 2020.

Leveraging our background in SAS and underwater laser imaging systems, Kraken has developed two integrated nadir gap-filling technologies:

An acoustic gap reducer, based on Kraken’s AquaPix® system, which drastically reduces the size of the nadir gap while maintaining full SAS resolution.
An optical laser/camera gap filler, based on Kraken’s SeaVision® system, which fills the remainder of the nadir gap with ultra-high-resolution optical imagery and laser bathymetry.
These gap filling technologies maximize the area coverage rate for high speed towed systems, such as Kraken’s KATFISH, as well as autonomous underwater vehicles.

In mine warfare, it is well known that the probability of detecting and classifying a target increases with improving image resolution. NATO criteria show that the probability of correct classification is directly proportional to the number of pixels displayed per target. Any resolution coarser than 5 cm produces an unacceptably high rate of false alarms. Furthermore, high resolution must be achieved across the entire swath and in both the along track and across track directions simultaneously because a mine may be placed in any position or orientation relative to the sonar. SAS and optical sensors are the only technologies that can meet these requirements for high resolution survey applications while maintaining high area coverage rates. Kraken’s SeaVision® system collects 3D laser profiles and camera imagery simultaneously. The optical gap fill data can also be used for simultaneous in-stride target identification once a mine-like object has been detected and classified.

Karl Kenny, Kraken President and CEO said, “I’m very proud of our science and engineering teams who have developed an ultra high-definition gap filler for seabed survey. This is world-class technology. Gap filling has been a major concern of Kraken’s customers conducting mine countermeasure operations for many years. Gap-filling has been previously attempted using forward looking sonars and multibeam echosounders, and more recently new technologies have been released based on using forward steered real-aperture sidescan sonars. However, for mine countermeasures, the pixel resolution and area coverage rates are insufficient.”

“Even though other sonar technologies can acoustically fill the nadir gap, there is still a notable quality gap due to range dependent resolution. Kraken’s customers and partners in the MCM industry spoke, and we listened: the imagery is simply not good enough. This drove our team to develop our new Ultra High Definition gap filling innovations. Furthermore, most gap filling technologies also claim that they improve survey time by approximately 40%. This claimed improvement is relative to dated side-scan sonar, which has extremely poor performance compared to more advanced technologies. We believe the unique combination of Kraken’s AquaPix® Synthetic Aperture Sonar and SeaVision® 3D underwater laser imaging system vastly outperform traditional sonar technologies, enabling ultra high definition imagery without compromising speed or coverage rates.”

Kraken also announces that its Board of Directors has approved the issuance of 1,500,000 options to certain Directors. These options have an exercise price of $0.57 and have a three-year term.

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) 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 St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.

—————————-

spec

[spec machine]

https://krakenrobotics.com/kraken-announces-1-million-of-defense-contracts/


Kraken Announces $1 Million of Defense Contracts
July 8, 2020
ST. JOHN’S, NEWFOUNDLAND, July 8, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that it has recently received three defense customer orders totaling approximately $1 million:

A follow-on order for MINSAS 60 LW sensors for man-portable vehicles. This solution was developed with the support of funding from the U.S Navy and Foreign Comparative Test Program. Delivery of this order is scheduled for Q4, 2020. The initial order shipped at the end of Q2.
Sale of a SeaVision™ laser scanner to a large US defense contractor. Delivery occurred in Q2.
A first purchase order issued to our Acoustic Signal Processing Group (APSG) under an 8-year framework agreement announced in Q1 with a leading international defense contractor. Kraken will provide development, maintenance and training to the customer to enhance and modernize their sonar product.


Karl Kenny, Kraken President and CEO said, “We continue to make inroads with US and international navies and defense contractors. We are especially excited to deliver our first MINSAS 60 LW sensor as a reasonably priced, high performance sonar upgrade path for existing man-portable AUVs as well as new builds.”

———————————

spec

[whytestocks]

News: $KRKNF Kraken Announces Emera Joins OceanVision(TM) Project

ST. JOHN’S, Newfoundland, July 07, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that NSP Maritime Link Inc. (NSPML), has joined Kraken’s OceanVision™ project. NSPML is an indirect wholly ...

In case you are interested KRKNF - Kraken Announces Emera Joins OceanVision(TM) Project

[whytestocks]

News: $KRKNF REISSUE - Kraken Provides Positive Update on $40 Million Royal Danish Navy Mine Hunting Upgrade Program

ST. JOHN’S, Newfoundland, July 06, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is very pleased to announce that  its wholly owned subsidiary, Kraken Robotic Systems Inc., has received notification that the complaint pr...

Read the whole news KRKNF - REISSUE - Kraken Provides Positive Update on $40 Million Royal Danish Navy Mine Hunting Upgrade Program

[joelawyer]

Yes, great things coming!

[spec machine]

Great news! Those other bidders were big, top tier international businesses

A real David vs Goliath contest that Kraken took on

Fantastic to see their winning bid package triumph after it was contested by Klein

spec

[joelawyer]

Kraken jumped 20% Friday on Canadian market on this news. Kraken should jump nicely on Monday on U.S. market.

[joelawyer]

ST. JOHN’S, Newfoundland, July 03, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is very pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has received notification that the complaint process regarding the Royal Danish Navy’s mine hunting upgrade program has been finalized. The Board of Complaints which oversaw the complaint process has ruled in favor of the Royal Danish Navy’s position on all points. The decision is publicly available at https://klfu.naevneneshus.dk/media/documents/Klein_Marine_Systems_Inc._mod_Forsvarsministeriets_Materiel-_og_Indkøbsstyrelse.pdf.

Kraken originally announced in October 2019, that it was chosen as the successful bidder on a program for the acquisition of new sonar systems for an unnamed international navy. The delay since then was the result of the complaint process initiated by a losing bidder combined with a slowing of government activity during the COVID period in Europe.

This was a competitive bid process for upgrades of the Royal Danish Navy’s mine-hunting sonar equipment. As outlined in the decision, Kraken was one of four companies (including Northrop Grumman International Trading Inc., Thales DMS France, and Klein Marine Systems Inc.) whose offers were received and evaluated. Under the program, Kraken will deliver the KATFISH™ towed synthetic aperture sonar, the Tentacle® winch and Autonomous Launch and Recovery System (ALARS) to the Royal Danish Navy. The total contract value is expected to be between C$35-$40 million, with the majority of that received over a 2 year equipment acquisition phase. Kraken expects product margins on this contract to be in line with its historical averages. We expect to finalize matters with the Royal Danish Navy during Q3,2020

[spec machine]

KRKNF @ .38 today, still a buy and hold, my target is >$1 within 12 months

Early stage subsea tech manufacturing sonar systems and software for international defense contracts and offshore oil and gas majors

spec

[spec machine]

Another outstanding quarterly by Kraken as they ramp up military and defense contractor order delivery

Very promising future and solid performance as they turn profitable

spec

[The_Gman]

Kraken Reports Strong Q1 2020 Results - 367% Growth!!

Canada’s Ocean Company Reports Record Profitability Revenue growth of 367% and Adjusted EBITDA Margin of 20%

https://krakenrobotics.com/kraken-reports-strong-q1-2020-results/

Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, announced it has filed its financial results for the quarter ended March 31, 2020. Additional information concerning the Company, including its consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended March 31, 2020, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated.

Q1 2020 Financial Highlights

Revenue for the quarter was $6.4 million compared to $1.4 million in the year ago quarter. Revenue in the quarter was driven by the delivery of a KATFISH™ 180 system, additional subsea batteries to a military customer, acoustic signal processing software for a defense contractor as well as Robotics as a Service and data analytics for offshore energy customers.
Adjusted EBITDA* in the quarter was positive at $1.3 million, a 20.2% Adjusted EBITDA margin* compared to an Adjusted EBITDA* loss of $0.3 million in the year ago quarter.
Net Income in the quarter was $0.7 million compared to a net loss of $0.9 million in the year ago quarter. Share-based compensation expense in the quarter of $0.2 million compared to $0.1 million in the prior year.
Net working capital at the end of Q1, 2020 was $8.2 million, up $1.0 million sequentially from year end 2019.
Kraken exited the quarter with a cash balance of $2.1 million, flat as compared to December 31, 2019. Due to increased sales during the quarter, accounts receivable increased to $5.7 million, compared to $5.1 million at December 31, 2019. Subsequent to the quarter, Kraken’s credit line was increased to $1.5 million from $1.0 million and remains undrawn.
Including federal funding we will receive for our OceanVision project, Kraken had $6.2 million in previously awarded funding to draw upon from government This amount is not recorded in our financial statements until the cash is received.

CEO Comments

“Q1 2020 was an extremely well-balanced quarter for Kraken. We delivered our second KATFISH™ system to ThayerMahan, delivered on a second order of subsea batteries to a military customer and provided services to both military and offshore energy customers. These combined deliveries not only led to 367% year-over-year revenue growth, it led to a third quarter in a row with positive Adjusted EBITDA at $1.3 million, a 20% Adjusted EBITDA margin, and our first positive net income quarter at $0.7 million. I am very proud of our team which has been executing extremely well in a challenging operating environment.” said Karl Kenny, Kraken’s President and CEO. “We have many high value projects we are pursuing which will continue to drive growth and value for shareholders.”

COVID-19

While we are not currently experiencing major impacts from the Coronavirus pandemic, we are aware that this could affect our supply chain, customers, employees, and operations. This could impact the number of contracts we close, sales cycle lengths, and our ability to deliver product and services in a timely manner. We will continue to prudently monitor the situation and manage our business accordingly.

*Adjusted EBITDA and Adjusted EBITDA margin do not have standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. We define Adjusted EBITDA as revenue less costs of sales, administrative expenses, research and development costs plus investment tax credits. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenues.

[TrendTrade2016]

PNG.V is back and the rally will commence to ,63c Canadian
It’s been s while. We loaded the bottom of my hometown gem.

[joelawyer]

Yes, that’s what I’m expecting and hoping for!

[spec machine]

The Q will be out Monday and there are good indications in previous announcements that the numbers will be good

spec

[joelawyer]

What’s Up? Anyone have any idea why the volume and price jump today?

[The_Gman]

Kraken Reports Strong Growth in 2019 Results
Canada’s Ocean Company Reports Record Annual Revenue of $15 Million – an increase of 126%

https://krakenrobotics.com/kraken-reports-strong-growth-in-2019-results/

ST. JOHN’S, NEWFOUNDLAND, April 30, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, announced it has filed its financial results for year-ended December 31, 2019. Additional information concerning the Company, including its audited consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the year-ended December 31, 2019, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated.



Q4 2019 Financial Highlights



Revenue for the quarter was $4.6 million compared to $1.4 million in the year ago quarter. Revenue in the quarter was driven by the final delivery of SeaPower™ batteries to Ocean Infinity and the delivery of sensors and associated equipment to multiple customers.
Adjusted EBITDA* in the quarter was positive at $0.5 million, an 11.7% Adjusted EBITDA margin* compared to an Adjusted EBITDA* loss of $0.9 million in the year ago quarter.
During the quarter Kraken acquired the remaining 25% of Kraken Power GmbH not previously owned for €0.3 million. The acquisition triggered a change of control payment to an arm’s length third-party lender in an amount equal to €0.1 million payable in 2020, which has been recognized in the income statement during the quarter.
Net loss in the quarter was $0.2 million compared to a net loss of $0.7 million in the year ago quarter. In addition to the change of control payment, discussed above, Q4 was impacted by share-based compensation expense of $0.3 million compared to $0.1 million in the prior year due to the grant of stock options to employees, officers and directors during the year.
Kraken exited the quarter with a cash balance of $2.1 million, as compared to a cash balance of $4.9 million at December 31, 2018 which reflected the bought deal financing that closed in December 2018. Due to increased sales during the year, accounts receivable increased to $5.0 million at year end, compared to $1.7 million at December 31, 2018. Most of these receivables were collected in Q1 and early Q2.
Kraken had $2.3 million in previously awarded funding to draw upon from government This amount is not recorded in our financial statements until the cash is received.




2019 Financial Highlights



Revenue for 2019 totaled $15.1 million as compared to $6.7 million in the same period of 2018, representing growth of 126%. Revenue in 2019 was highlighted by the delivery of a $9.0 million order for SeaPower™ batteries to Ocean Infinity in the second half of the year; the delivery of a KATFISH™ system in Q2 2019 as well as delivery of sensors to multiple customers.
Adjusted EBITDA* for the year was $0.4 million compared to an Adjusted EBITDA* loss of $3.3 million a year ago while adjusted EBITDA over the second half of 2019 was positive $2.1 million.
During Q3 2019 we delivered the ThunderFish® Alpha Autonomous Underwater Vehicle to our test partner, Defense Research and Development Canada. As a result of this contract, we recorded a gain on the disposal of assets of $0.6 million.
Net loss for the year was $3.0 million compared to a net loss of $2.9 million in the prior year. In addition to the change of control payment that occurred in Q4, we had a gain on the disposal of ThunderFish® Alpha in Q3 of $0.6 million. The year was also impacted by share-based compensation expense of $1.4 million compared to $0.3 million in the prior due to the grant of stock options to employees, officers and directors during the year.


CEO Comments



“2019 was an extremely busy year for Kraken, dominated by the delivery of batteries to Ocean Infinity as well as the delivery of a KATFISH™ system, contributing to the record $15.1 million in revenue. We are delighted to have generated positive Adjusted EBITDA in 2019 and continue to invest in our people and infrastructure to be able to scale our business and execute on some significant contract pursuits that are in our pipeline.” said Karl Kenny, Kraken’s President and CEO. “With the recent delivery of another KATFISH™ and batteries to customers in Q1, we are off to strong start in 2020. We have put in the hard yards on many projects and we are excited about the opportunities ahead of us as our products and services are adopted in the military and commercial markets.”


Subsequent Highlights Since December 31, 2019



Formally signed the Ocean Supercluster contract for the OceanVision™ This $18.8 million project will see the development of new sensor and underwater vehicle technologies as well as services such as Robotics as a Service and Data Analytics as a Service.
Announced that the Company is the first to achieve a practical resolution of 2 cm with a commercial Synthetic Aperture Sonar (SAS). Kraken’s Ultra High Definition (UHD) software improves the AquaPix® SAS image resolution from 3.0 x 3.3 cm (across along track) to an industry-leading 1.9 x 2.1 cm and maintains constant UHD resolution across the entire swath.
Announced an 8-year framework agreement with a leading international defense contractor for our Acoustic Signal Processing Group to provide development, maintenance, and training to enhance and modernize an anti-submarine warfare sonar product.
Announced that the Company has been awarded a $0.5 million contract with the Government of Canada for our SeaVision® 3D laser scanner platform to be working with Parks Canada’s Underwater Archeology Team as a continuation of the Franklin Expedition in the Canadian Arctic.
Announced $2.8 million in orders from four US companies and one Canadian company that will be fulfilled during the first half of 2020.
Announced a Partnership Agreement with Greensea Systems, Inc., creator of OPENSEA, an open architecture robotic platform. This partnership will expand upon the collaborative efforts already undertaken between the two companies to rapidly advance the capabilities of marine robotics.


Forward Looking Guidance

While we are not currently experiencing major impacts from the recent oil price collapse and Coronavirus pandemic, we are aware that this could affect our supply chain, customers, employees, and operations. This could impact the number of contracts we close, sales cycle lengths, and our ability to deliver product and services in a timely manner. We will continue to prudently monitor the situation and manage our business accordingly.
Based on deliveries already made, we are forecasting consolidated Q1 2020 revenue of $6.0 – $6.5 million compared to $1.4 million in Q1 2019. Gross margins in the quarter are expected to be in line with our consolidated gross margin for 2019.
–

Kraken Issues Options to an Employee



The Board of Directors has approved the issuance of 75,000 stock options to an employee. These options have a three-year term, with vesting in three equal instalments consisting of the date of grant and on the one and two-year anniversaries of the initial grant. The exercise price on the options will be based on the closing price on May 1, 2020.

*Adjusted EBITDA and Adjusted EBITDA margin do not have standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. We define Adjusted EBITDA as revenue less costs of sales, administrative expenses, research and development costs plus investment tax credits plus the gain on the sale of Thunderfish® Alpha. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenues.