Kraken Robotics Inc (KRKNF)

[The_Gman]

Kraken Robotics Inc. is pleased to announce that it anticipates record quarterly revenue from $7.6 to $7.8 million for the recently completed third quarter ended September 30, 2019. This would generate year-to-date revenue in the first three quarters of between $9.8 – $10 million. This is the Company’s largest quarterly reported revenue and exceeds the total revenue recognized in all of 2018 ($6.7 million). These results reflect the ramp of shipments of deep-sea batteries to a customer during the quarter along with the sale of a KATFISH and an increase in overall corporate activity of the company’s sensor and robotics products.

Based on year-to-date results and continued order and shipment activity, Kraken expects strong momentum to continue in Q4 and 2020. The Company maintains its guidance for 2019 revenue of $15 million and anticipates being profitable for the year. Some of the Company’s recent contract announcements such as the notification of successful bid on an international mine hunting upgrade program position Kraken for very significant growth ahead.

Kraken looks forward to providing a more detailed update when the Company reports Q3 2019 quarterly financial results in November 2019.