Kraken Robotics Swings to Q2 Profit from Year-Ago Loss, Revenue $14.3 Million Vs $1.9 Million; Reiterates 2022 Guidance
By MT Newswires
— 6:42 AM ET 08/30/22
06:42 AM EDT, 08/30/2022 (MT Newswires) -- Kraken Robotics Inc. (KRKNF.NaE) on Tuesday reported Q2 net profit of $0.5 million, or $0.00 per share, compared with a net loss of $0.9 million, or $0.01 per share, a year earlier as gross margin improved.
Revenue for the quarter ended June 30 jumped to $14.3 million from $1.9 million a year earlier, the marine technology company said. Gross margin in the quarter widened to 44.8% from 39.0% in the prior year.
Kraken said revenue was driven higher by the continued delivery to the Royal Danish Navy of multiple mine-hunting systems, the addition of PanGeo Subea services, and the delivery of its SeaPower battery products to a USA defense contractor.
The company also said that it was keeping its financial guidance for 2022 unchanged. In 2022, it expects revenue to be in the $36 - $42 million range, and adjusted EBITDA in the $5 - $7 million range.
"We expect continued momentum with our Products business benefitting from increased demand in the defense world driven by upgrade cycles and geopolitical events," said CEO Karl Kenny.
"Our Service business is benefitting from our acquisition of PanGeo in 2021 and 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," Kenny said.
