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Kraken Robotics Reports Q2 2025 Financial Results and Reiterates Annual Financial Guidance
ST. JOHN'S, Newfoundland and Labrador, Aug. 21, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TS...
About this update from Kraken Robotics Inc
[{"type":"text","content":"Kraken Robotics Reports Q2 2025 Financial Results and Reiterates Annual Financial Guidance\n\n\n\n ST. JOHN'S, Newfoundland and Labrador, Aug. 21, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) (\"Kraken\" or the \"Company\"), announced it has filed its financial results for the quarter ended June 30, 2025 (“Q2 2025”). Please refer to the unaudited Condensed Consolidated Interim Financial Statements and Management’s Discussion and Analysis (“\n \n MD&A\n \n ”) for quarter ended June 30, 2025, filed on\n \n www.sedarplus.ca\n \n for more information. Unless otherwise specified, all dollar amounts are denominated in Canadian dollars.\n \n\n\n\n Q2 2025 Financial Highlights\n \n\n\n\n\n Consolidated revenue in Q2 2025 increased 16% to $26.4 million, compared to $22.8 million in the prior year. The increase was driven by strong growth in our subsea battery and service businesses and the acquisition of 3D at Depth Inc.\n \n (3D at Depth)\n \n offset by lower sonar revenue.\n \n\n\n\n Product revenue in the quarter decreased 14% to $16.5 million, compared to $19.2 million in the prior year. Our SeaPower™ subsea battery business grew significantly and had its highest quarterly revenue to date, however, this growth was offset by our sonar related revenue which declined as the acquisition component of the Canadian Navy RMDS system integration project nears completion. As in the past, quarterly revenue can fluctuate significantly due to the timing of product orders and shipments.\n \n\n\n\n Service revenue in the quarter increased 180% to $9.8 million compared to the prior year due to strong organic growth for sub bottom imaging services and from the acquisition of 3D at Depth with its subsea LiDAR services.\n \n\n\n\n Gross profit in the quarter increased 27% to $14.8 million, compared to $11.6 million in the prior year, implying a gross profit margin of 56% compared to 51% in the prior year. Gross profit margin percentage improved over the prior year due to revenue mix, with a higher percentage of revenues coming from higher margin products and services in the current year compared to the prior year.\n \n\n\n\n Adjusted EBITDA¹ for the quarter of $4.7 million, compared to Adjusted EBITDA¹ of $5.4 million in the comparable quarter, implying a...