Kraken Robotics Reports Record Q3 2025 Financial Results

Executive Summary

• Kraken Robotics reported record Q3 2025 results, with consolidated revenue up 60% year‑over‑year to C$31.3 M and Adjusted EBITDA up 92% to C$8.0 M.
• Gross profit margin improved to 59%, driven by higher‑margin product shipments (subsea batteries, synthetic aperture sonar) and the acquisition of 3D at Depth Inc.
• Cash balances surged to C$126.6 M and total assets rose to C$330.7 M following a July 2025 bought‑deal offering that raised C$115.0 M.

Key Details

• Revenue: C$31.3 M (↑60% YoY); product revenue C$18.3 M (↑46%); service revenue C$13.0 M (↑85%).
• Gross Profit: C$18.6 M (↑81% YoY); margin 59% vs. 52% prior year.
• Adjusted EBITDA: C$8.0 M (↑92% YoY); margin 25.5% vs. 21.2% prior year.
• Net Income: C$3.3 M (vs. C$1.6 M YoY). EPS (basic & diluted): $0.01, unchanged from prior year.
• Capital Expenditures/Intangibles: C$6.3 M vs. C$0.7 M YoY – includes new battery facility and marine asset investments.
• Balance Sheet: Total assets C$330.7 M (↑226% YoY); cash C$126.6 M (↑749% YoY); working capital C$193.9 M (↑350% YoY).
• Financing Activity: July 7, 2025 – bought‑deal short‑form prospectus offering 43.2 M common shares at $2.66 per share; gross proceeds C$115.0 M.
• Guidance Update: 2025 revenue guidance unchanged at $120–$135 M; Adjusted EBITDA guidance unchanged at $26–$34 M. Capital‑expenditure guidance raised to $20–$21 M (up from $13–$17 M).
• CEO Comment: “Record Q3 financial results highlight continued momentum… with additional capacity coming online in 2026 and a strengthened balance sheet we are well positioned to meet customer requirements.”

Notable Quotes

• Greg Reid, President & CEO: “Record sales of subsea batteries and synthetic aperture sonar are from the growing adoption of uncrewed underwater vehicles (UUVs) by navies… With additional capacity coming online in 2026 and a strengthened balance sheet we are well positioned to meet customer requirements.”