June 3, 2020

“ST. JOHN’S, N.L. — Kraken Robotics, Inc., is liking what’s reflected in the rear-view mirror.

The publicly-traded Mount Pearl-based marine technology company released financial results for the first three months of this year and they show a healthy increase in revenue that helped Kraken record its first-ever profit.

Overall revenue for the quarter was $6.4 million compared to $1.4 million in the same period in 2019,. Earnings before interest, taxes, depreciation and amortization was $1.3 million, compared to a loss of $300,000 in the same quarter a year ago.

That led to $700,000 in net income for the quarter. A year ago, there had been a loss of $900,000 over the same period.”

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