Kraken Robotics Inc. Reports Growth in Q3 Sales

Third Quarter Profit: Kraken Robotics Inc. reported a profit of C$3.3 million for the third quarter, an increase from C$1.6 million in the same period last year, with earnings per share remaining at C$0.01.

Revenue Growth: The company's revenue surged by 59.7% to C$31.3 million, driven by record shipments of subsea batteries and sonar systems, along with growth in sub-bottom imaging services and the acquisition of 3D at Depth Inc.

Annual Outlook: Kraken Robotics has reaffirmed its annual outlook, expecting adjusted EBITDA between C$26 million to C$34 million and revenue of C$120 million to C$135 million for the full year.

Increased Capital Expenditure: The company has raised its annual capital expenditure guidance to C$20 million to C$21 million, up from the previous estimate of C$13 million to C$17 million, to support investments in subsea power manufacturing and marine assets.