ST. JOHN’S, NEWFOUNDLAND, August 25, 2020 /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 June 30, 2020. Additional information concerning the Company, including its consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended June 30, 2020, can be found at Unless otherwise stated, all dollar amounts are Canadian dollar denominated.

Q2 2020 Financial Highlights

  • Revenue for the quarter was $2.3 million compared to $1.3 million in the year ago quarter. Q2 revenue was driven by the sale of subsea batteries to a military customer, the delivery of MINSAS 60 LW sensors for man-portable vehicles to the U.S. Navy under its Foreign Comparative Test Program, the sale of a SeaVision® 3D underwater laser system to a defense contractor as well as Robotics- as-a- Service (RaaS)  and Data Analytics for an offshore energy customer.   Revenue for the 1H, 2020 was $8.7 million, compared to $2.7 million in the prior year, an increase of 220%.
  • Adjusted EBITDA* in the quarter was positive at $0.4 million, a 15.6% Adjusted EBITDA margin* compared to an Adjusted EBITDA* loss of $1.4 million in the year ago quarter. Adjusted EBITDA* for the first half of the year was $1.6 million, a 19.0% Adjusted EBITDA margin*, compared to an Adjusted EBITDA loss of $1.6 million in 1H, 2019.
  • Net loss in the quarter was $0.1 million compared to a net loss of $1.8 million in the year ago quarter. Share-based compensation expense in the quarter of $0.2 million compared to $0.1 million in the prior year.
  • Net working capital at the end of Q2, 2020 was $8.8 million, up $1.5 million from year end 2019.
  • Kraken exited the quarter with a cash balance of $3.4 million, compared to $2.1 million on year-end 2019.
  • Including federal funding to be received for our OceanVision™ project, at quarter end Kraken had $4.9 million in previously awarded funding to draw upon from government This amount is not recorded in our financial statements until the cash is received.
  • Subsequent to the quarter, notification was received that the complaint process regarding the Royal Danish Navy’s mine hunting upgrade program had been finalized, ruling in the Navy’s position on all points. The total contract value to Kraken is expected to be between C$35-$40 million, with the majority of that received over a 2-year equipment acquisition phase. The contract is expected to be finalized and start during Q3,2020.
  • Also subsequent to the quarter, NSP Maritime Link Inc. (NSPML) joined Kraken’s OceanVision™ project. NSPML is an indirect wholly owned subsidiary of Emera Inc., a multi-national energy company. OceanVision™ is a cross-sectoral pilot project designed to advance subsea technology and RaaS capability. Along with providing expertise and knowledge of critical subsea infrastructure, NSPML will contribute over $0.5 million during the term of the project.
  • Kraken has been named by Marine Technology Reporter to the MTR100 2020 – a list of the 100 most influential companies in the international marine technology marketplace. This is the eighth year in a row that Kraken has been selected. In addition to being named to the MTR 100, Kraken was listed 4th as one of the top 7 “Ocean Influencers” in the marine technology industry.


CEO Comments

  • “We are looking forward to commencing the Royal Danish Navy contract, which is a major competitive win for Kraken. We anticipate additional significant military orders over the balance of the year and further notable developments within our Robotics-as-a Service and Data Analytics business in the offshore energy sector. We have added significant depth to our team over the last year as we focus on continued innovation in the marine technology sector and now start to ramp on larger contracts and programs,” said Karl Kenny, Kraken’s President and CEO.


*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. 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 St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. In 2020, Kraken was ranked as the 4th top 100 companies in the marine technology industry.  by Marine Technology Reporter. For more information, please visit,, Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.

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


Shauna Cotie, Marketing Manager
(709) 757-5757 x 241