ST. JOHN’S, NEWFOUNDLAND, May 27, 2021 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, announced it has filed its financial results for the quarter ended March 31, 2021. Additional information concerning the Company, including its consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended March 31, 2021, can be found at Unless otherwise stated, all dollar amounts are Canadian dollar denominated.

Q1 2021 Financial Highlights


  • Revenue for the quarter was $3.6 million compared to $6.4 million in the year ago quarter. Revenue in the quarter was driven by continued progress of the Danish Navy order as well as our third delivery of subsea batteries to a military customer. Revenue in the prior year consisted of the delivery of a KATFISH™ 180 system, the sale of subsea batteries, acoustic signal processing software for a defense contractor as well as Robotics as a Service and data analytics for offshore energy customers.
  • Adjusted EBITDA* in the quarter was positive at $0.1 million, compared to Adjusted EBITDA* of $1.3 million in the year ago quarter.
  • Net loss in the quarter was $0.6 million compared to Net income of $0.7 million in the year ago quarter.
  • Net working capital at the end of Q1, 2021 was $10.5 million, compared to $10.9 million at the end of 2020. Kraken exited the quarter with a cash and restricted cash of $10.0 million, compared to $13.9 million at December 31, 2020.
  • Including federal funding we will receive for our OceanVision project, Kraken had $8.1 million in previously awarded funding to draw upon from government This amount is not recorded in our financial statements until the cash is received.


CEO Comments

Karl Kenny, Kraken’s President and CEO

“With a strong backlog driven by wins last year with the Danish and Polish Navy, we are on track to meet our 2021 financial guidance. This would represent more than 100% organic revenue growth. Due diligence and finalizing the share purchase agreement with PanGeo Subsea continues, and we are now targeting to close this acquisition in the first half of June. We are very excited about the revenue synergies we expect from this acquisition. Together with PanGeo, we expect strong growth in providing Robotics as a Service to the offshore services market with a focus on offshore renewable energy and offshore oil and gas customers,”


2021 Financial Guidance

  • Financial guidance for fiscal 2021 is unchanged from guidance provided on May 11, 2021. Revenue for the year ended December 31, 2021 is expected to be $24.0 million to $28.0 million. The greater than 100% expected growth is due to recent contract wins for KATFISH™ 180 towed sonars and ALARS for the Danish and Polish Navies, and various orders and expected orders for AquaPix® MINSAS and SeaPower™ batteries. We have  strong visibility into 2021, with contracts already signed accounting for more than 80% of the $26 million midpoint of our 2021 revenue forecast range.
  • Our revenue guidance excludes any contribution from the proposed acquisition of PanGeo which we announced on April 9, 2021. Upon completion of this proposed acquisition, we will update our guidance to account for expected PanGeo results.
  • Gross margins for 2021 are expected to be in the 47%-50% range versus 47% in 2020.
  • Adjusted EBITDA* for 2021 is expected to be in the range of $2.0 million to $4.5 million compared to an Adjusted EBITDA* loss of $2.7 million in 2020. The year over year improvement is expected as a result of higher revenue offset by increased expenses on headcount and infrastructure related spending, and overall costs due to the growth of the business.
  • Net income for 2021 is expected to range from a net loss of $1.5 million to net income of $1.5 million. This compares to a net loss of $5.5 million in 2020.


*Adjusted EBITDA and Adjusted EBITDA margin do not have standardized meaning under IFRS and may not be comparable to similar measures used by other issuers.   We define Adjusted EBITDA as revenue less costs of sales, administrative expenses, research and development costs plus investment tax credits and share based compensation. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenues.









Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries and thrusters, and underwater robotic systems. The company is headquartered in Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

 Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.


For further information, please contact:

Joe MacKay, Chief Financial Officer
(416) 303-0605

Greg Reid, Chief Operating Officer
(416) 818-9822

Sean Peasgood, Investor Relations
(647) 955-1274