Kraken Robotics Systems Inc (TSE:PNG) has released an update.
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Kraken Robotics Systems Inc. announces a soaring start to 2024, with a 175% revenue increase to $21 million and a 354% rise in Adjusted EBITDA to $4 million in Q1. This financial surge is attributed to robust product sales, including subsea batteries and KATFISH™ systems, and a growth in service revenue through advanced naval technologies and significant contracts. Despite fluctuations in gross margin due to project mixes, the company’s net income also shifted from a loss to a $2.2 million profit, indicating strong operational performance.
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