Kraken Robotics Inc. Reports Strong Financial Results for Q1 2024 and Provides 2024 Financial Guidance
In a recent press release, Kraken Robotics Inc. announced its financial results for the quarter ended March 31, 2024. The company experienced significant growth in revenue, with a consolidated revenue of $20.9 million, representing a 175% increase over the comparable quarter. The revenue mix consisted of 76% product revenue and 24% service revenue. The strong performance was attributed to the continued delivery of subsea batteries, work with the Canadian Navy on its Remote Minehunting and Disposal Systems program, and the production of KATFISH™ systems.
The company also reported a gross margin of 45% for Q1 2024, with an adjusted EBITDA of $4.1 million and a net income of $2.2 million. Total assets increased to $73.5 million on March 31, 2024, compared to $65.2 million in the previous year. Kraken also secured new credit facilities and closed a bought deal financing for gross proceeds of $20.1 million, which will be used to support its long-term strategy and strengthen its balance sheet.
Looking ahead, Kraken reiterated its 2024 financial guidance, with revenue expected to range between $90.0 million to $100.0 million and adjusted EBITDA in the range of $18.0 million to $24.0 million. The company also expects capital and intangible expenditures to range from $6.0 million to $7.0 million in 2024.
Kraken Robotics President and CEO Greg Reid expressed optimism about the company’s strong start to 2024 and highlighted the importance of ongoing participation in trade shows, customer demonstrations, and UUV user groups. He emphasized the increasing focus on surveillance and security of critical underwater infrastructure, as well as the growing demand for unmanned systems in the subsea domain.
In conclusion, Kraken Robotics continues to demonstrate robust growth and a solid competitive position in the marine technology industry. With a strong financial performance in Q1 2024 and promising outlook for the year ahead, the company is well-positioned to capitalize on opportunities in both defense and commercial markets. For more information about Kraken Robotics Inc., visit their website and follow their social media channels for updates.