Kraken Robotics Secures $28 Million in New Battery and Sonar Orders

Kraken Robotics Systems Inc ( (TSE:PNG) ) just unveiled an announcement.

Kraken Robotics Inc., a Canadian subsea technology company specializing in high-resolution sonar, imaging and power solutions for uncrewed underwater vehicles, provides systems that enhance ocean safety, infrastructure monitoring and subsea energy operations. With a global footprint spanning offices across multiple continents and customers in more than 30 countries, it focuses on defence, energy and commercial marine applications.

The company announced about $28 million in new orders for its SeaPower batteries and synthetic aperture sonar from five clients, including three large international defence firms and a new commercial uncrewed underwater vehicle manufacturer. Management highlighted that Kraken’s products are now integrated or being integrated into more than 30 UUV platform types worldwide, and the fresh contract wins come as it moves toward closing the acquisition of Covelya Group, reinforcing its growth trajectory and competitive position in underwater technologies.

The most recent analyst rating on (TSE:PNG) stock is a Buy with a C$13.00 price target. To see the full list of analyst forecasts on Kraken Robotics Systems Inc stock, see the TSE:PNG Stock Forecast page.

Spark’s Take on PNG Stock

According to Spark, TipRanks’ AI Analyst, PNG is a Neutral.

The score is primarily supported by strong revenue growth, healthy profitability, and a conservatively leveraged balance sheet, but is held back by negative operating/free cash flow and a very high P/E valuation. Technically, the trend is bullish, yet overbought momentum signals increase near-term downside risk.

To see Spark’s full report on PNG stock, click here.

More about Kraken Robotics Systems Inc

Kraken Robotics Inc. is a Canada-headquartered provider of subsea intelligence solutions, specializing in 3D imaging sensors, synthetic aperture sonar, sub-bottom imaging, LiDAR systems, and pressure-tolerant batteries. Its technologies support uncrewed underwater vehicles and subsea energy storage, serving defence, energy and infrastructure clients in more than 30 countries across North America, South America and Europe.

The company recently expanded its capabilities and market reach by agreeing to acquire Covelya Group Limited, an international supplier of mission-critical underwater technology through subsidiaries including Sonardyne International, EIVA, Forcys, Wavefront Systems, Voyis Imaging and Chelsea Technologies. This acquisition is intended to deepen Kraken’s portfolio in underwater sensing and positioning and further consolidate its role in the global subsea technology market.

Average Trading Volume: 1,841,939

Technical Sentiment Signal: Buy

Current Market Cap: C$2.59B

For detailed information about PNG stock, go to TipRanks’ Stock Analysis page.