Kraken Robotics Systems Inc (TSE:PNG)
:PNG
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Kraken Robotics Systems Inc
(PNG)
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Rating:57Neutral
Price Target:
C$7.50
▼(-14.77% Downside)
Action:ReiteratedDate:04/18/26
The score is primarily driven by strong growth and an improving profitability profile, but it is held back by weak/volatile cash flow (including deeply negative 2025 free cash flow) and an expensive valuation (very high P/E). Technicals are supportive on trend but mixed on momentum.
Positive Factors
Sustained Revenue Growth
Kraken shows multi-year top-line expansion, including a 28% increase in 2025. Durable revenue growth supports scale economics, broader customer adoption of its SAS sensors and robotics, and provides a foundation for reinvesting in R&D and expanding addressable markets over the next 2–6 months and beyond.
Negative Factors
Deeply Negative Free Cash Flow
Deep negative FCF in 2025 reflects heavy investment and/or working-capital strain, creating ongoing funding needs. Persistent negative FCF erodes liquidity, can force external financing or dilution, and limits the company’s ability to self-fund expansion or reliably convert accounting profits into cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Kraken shows multi-year top-line expansion, including a 28% increase in 2025. Durable revenue growth supports scale economics, broader customer adoption of its SAS sensors and robotics, and provides a foundation for reinvesting in R&D and expanding addressable markets over the next 2–6 months and beyond.
Read all positive factors
Kraken Robotics Systems Inc (PNG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.28B
Dividend YieldN/A
Average Volume (3M)1.65M
Price to Earnings (P/E)635.4
Beta (1Y)1.36
Revenue Growth11.96%
EPS Growth-88.74%
CountryCA
Employees283
SectorGeneral
Sector StrengthN/A
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)N/A
Shares Outstanding306,517,550
10 Day Avg. Volume2,786,085
30 Day Avg. Volume1,653,137
Financial Highlights & Ratios
PEG Ratio-7.16
Price to Book (P/B)7.59
Price to Sales (P/S)17.78
P/FCF Ratio-63.09
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$9.50Price Target Upside7.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.1
Revenue Forecast (FY)C$167.90M
Kraken Robotics Systems Inc Business Overview & Revenue Model
Company Description
Kraken Robotics Inc., a marine technology company, engages in the design, manufacture, and sale of software-centric sensors, batteries, and underwater robotic systems for unmanned underwater vehicles used in military and commercial applications. I...
How the Company Makes Money
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Kraken Robotics Systems Inc Earnings Call Summary
Earnings Call Date:Apr 28, 2025
(Q4-2024)
| % Change Since: |
Next Earnings Date:Jun 03, 2026
Earnings Call Sentiment Positive
Kraken Robotics demonstrated significant growth and achieved record financial performance in 2024, with strong contributions from both products and services segments. The company also improved its financial position through successful financing activities. However, there were challenges such as flat revenue in Q4 and a decline in specific product areas, as well as softness in the U.S. offshore wind market. Despite these challenges, the positive aspects significantly outweigh the negatives.Positive Updates
Record Revenue and Growth
Total revenue for fiscal 2024 grew 31% year-over-year to $91.3 million. Adjusted EBITDA increased 47% to $20.7 million, and the adjusted EBITDA margin was 22.7% for the year.
Negative Updates
Flat Quarterly Revenue
Consolidated revenue for Q4 was flat at $28.1 million over the prior year, despite growth in subsea batteries and sonar revenue.
Read all updates
Q4-2024 Updates
Positive
Negative
Record Revenue and Growth
Total revenue for fiscal 2024 grew 31% year-over-year to $91.3 million. Adjusted EBITDA increased 47% to $20.7 million, and the adjusted EBITDA margin was 22.7% for the year.
Read all positive updates
Company Guidance
During the Kraken Robotics 2024 financial results conference call, the company provided guidance for fiscal 2025, highlighting expectations of substantial growth. The company projects revenues to range between $120 million and $135 million, indicating a midpoint growth of 40% compared to 2024. Adjusted EBITDA is anticipated to be between $26 million and $34 million, with a midpoint growth of 45% over the previous year. Capital expenditures are estimated to be between $13 million and $17 million. Kraken reported record financial results for 2024, with total revenue of $91.3 million, a 31% year-over-year increase, and adjusted EBITDA of $20.7 million, up 47% from 2023, resulting in an adjusted EBITDA margin of 22.7%. The company's sales pipeline has grown significantly to over $2 billion, driven by defense and offshore energy markets, supporting the optimistic outlook for 2025 and beyond.Kraken Robotics Systems Inc Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
84
Very Positive
Cash Flow
34
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 102.21M | 91.29M | 69.58M | 40.91M | 25.63M |
| Gross Profit | 63.45M | 44.69M | 33.96M | 17.04M | 11.32M |
| EBITDA | 15.93M | 18.12M | 11.72M | 825.00K | -176.00K |
| Net Income | 2.86M | 20.09M | 5.55M | -4.24M | -3.54M |
Balance Sheet | |||||
| Total Assets | 313.68M | 164.20M | 76.42M | 71.36M | 65.47M |
| Cash, Cash Equivalents and Short-Term Investments | 120.51M | 58.52M | 5.17M | 8.27M | 6.75M |
| Total Debt | 38.14M | 19.34M | 16.20M | 16.27M | 15.26M |
| Total Liabilities | 74.34M | 42.46M | 44.36M | 47.71M | 37.86M |
| Stockholders Equity | 239.34M | 121.73M | 32.06M | 23.66M | 27.60M |
Cash Flow | |||||
| Free Cash Flow | -28.80M | -16.06M | 870.00K | 93.00K | -16.54M |
| Operating Cash Flow | 1.49M | -12.46M | 8.43M | 5.24M | -11.01M |
| Investing Cash Flow | -54.05M | -5.15M | -9.81M | -3.37M | -7.24M |
| Financing Cash Flow | 114.86M | 69.88M | -2.15M | -41.00K | 11.92M |
Kraken Robotics Systems Inc Technical Analysis
Positive
8.80
Price Trends
8.63
Positive
7.79
Positive
6.14
Positive
Market Momentum
-0.04
Negative
52.45
Neutral
59.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PNG, the sentiment is Positive. The current price of 8.8 is above the 20-day moving average (MA) of 8.52, above the 50-day MA of 8.63, and above the 200-day MA of 6.14, indicating a bullish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 52.45 is Neutral, neither overbought nor oversold. The STOCH value of 59.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PNG.
Kraken Robotics Systems Inc Peers Comparison
UnderperformOutperform
Sector (55)
TSE:PNG
Kraken Robotics Systems Inc
7.45
5.07
213.03%
TSE:HEAT
Hillcrest Energy Technologies
0.18
0.08
80.00%
TSE:ZTE
ZTEST Electronics
0.34
0.12
54.55%
TSE:NSCI
Nanalysis Scientific
0.15
-0.12
-44.23%
Kraken Robotics Systems Inc Corporate Events
Business Operations and StrategyM&A TransactionsProduct-Related Announcements
Kraken Robotics Secures $28 Million in New Battery and Sonar Orders
Positive
Apr 16, 2026
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...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Kraken Robotics Posts Record 2025 Results and Positions for Growth With Covelya Deal
Positive
Apr 16, 2026
Kraken Robotics reported record 2025 results with revenue rising to $102.2 million and Adjusted EBITDA reaching $25.0 million, driven by strong demand for SeaPower subsea batteries, Synthetic Aperture Sonar products, and expanded subsea services f...
Business Operations and StrategyM&A Transactions
Kraken Robotics Secures $28 Million in New Subsea Battery and Sonar Orders
Positive
Apr 16, 2026
Kraken Robotics Inc., a Canadian-based subsea technology company, provides 3D imaging sensors, synthetic aperture sonar, sub-bottom imaging, LiDAR, and pressure-tolerant batteries for uncrewed underwater vehicles and subsea energy storage. It supp...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Kraken Robotics Posts Record 2025 Results and Bets on Covelya Deal to Scale Subsea Business
Positive
Apr 16, 2026
Kraken Robotics reported record 2025 results, with revenue rising to $102.2 million and Adjusted EBITDA reaching $25.0 million, driven by strong demand for subsea batteries, Synthetic Aperture Sonar products and subsea services, including the inte...
Business Operations and StrategyProduct-Related Announcements
Kraken Robotics Advances Naval Mine Countermeasures With Successful KATFISH USV Demo
Positive
Apr 7, 2026
Kraken Robotics has successfully integrated and demonstrated its KATFISH towed synthetic aperture sonar and autonomous launch and recovery system from SEFINE’s RD-22 unmanned surface vessel off the coast of Istanbul, Türkiye. The trial,...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Kraken Robotics Sets Q4 and Year-End 2025 Results Date as Major Underwater Tech Acquisition Nears
Positive
Apr 2, 2026
Kraken Robotics Inc. will release its fourth-quarter and full-year 2025 financial results before markets open on April 16, 2026, followed by a management webcast and conference call the same morning to review performance and outlook. The update co...
Business Operations and StrategyExecutive/Board Changes
Kraken Robotics Bolsters Leadership and Digital Backbone With New Board and CIO Appointments
Positive
Mar 30, 2026
Kraken Robotics has strengthened its leadership team with the appointment of veteran dealmaker Don Robertson to its board of directors and the promotion of technology executive John Salama to chief information officer. Robertson’s deep exper...
Business Operations and StrategyM&A Transactions
Kraken Robotics Nets $24 Million in Global Defence Orders as Battery Plant Ramps Up
Positive
Mar 17, 2026
Kraken Robotics Inc., a Canadian subsea technology specialist known for its synthetic aperture sonar and pressure-tolerant batteries, is expanding its global defence and maritime footprint through advanced imaging and power solutions. The company ...
M&A TransactionsPrivate Placements and Financing
Kraken Robotics Raises $402.5 Million to Help Fund Covelya Acquisition
Positive
Mar 12, 2026
Kraken Robotics Inc. has closed a $402.5 million public offering of 47,353,550 subscription receipts at $8.50 each, including full exercise of the underwriters’ over-allotment option. The subscription receipts will trade on the TSX Venture E...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Kraken Robotics Raises $402.5 Million to Fund Major Underwater Tech Acquisition
Positive
Mar 12, 2026
Kraken Robotics has closed a public offering of 47,353,550 subscription receipts at $8.50 each, raising gross proceeds of about $402.5 million. The subscription receipts will trade on the TSX Venture Exchange under the symbol PNG.R, with proceeds ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.