Kraken Robotics Announces Closing of Strategic Acquisition of Covelya Group Limited, Updated 2026 Guidance and Appointments to Executive Team

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Kraken Robotics Announces Closing of Strategic Acquisition of Covelya Group Limited, Updated 2026 Guidance and Appointments to Executive TeamAccretive Acquisition Accelerates Growth Potential and Positions Kraken as a Global Provider of Mission-Critical Subsea Intelligence Solutions for Maritime Security and Offshore Energy TORONTO, July 02, 2026 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF), today announced the closing of its previously announced acquisition of Covelya Group Limited (“Covelya Group”), for approximately $615 million, subject to closing adjustments (the “Acquisition”). Unless otherwise specified, all dollar amounts in this release are denominated in Canadian dollars. MANAGEMENT COMMENTS “This acquisition positions Kraken as a global provider of mission-critical, dual-use subsea intelligence solutions,” said Greg Reid, CEO of Kraken Robotics. “Since announcing the transaction, we have received positive feedback from customers who are looking forward to working with our combined engineering teams on integrated subsea technology solutions. We welcome the new employees to the team and look forward to the many benefits this combination can provide. Together, Kraken and Covelya Group bring complementary products, technological capabilities, and customer relationships that we expect will strengthen Kraken’s growth potential and long-term outlook. This positive long-term outlook is further supported by the expected increase in defence budgets globally, including growing investment in autonomous underwater systems.” STRATEGIC RATIONALE The Acquisition aligns with Kraken’s strategy to deliver value to customers through a portfolio of dual-use technologies and a culture of innovation. As previously announced, the strategic benefits to Kraken from the Acquisition include the following: Allows for deeper customer relationships in the fast-growing defence and maritime surveillance market.Expands product offering and Kraken’s total addressable market in subsea technology.Adds strategic locations for geographic expansion and improves business diversification.Bolsters technical capabilities with an experienced engineering team and highly advanced facilities.Financial accretion across key metrics, includi...

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