ST. JOHN'S, Newfoundland and Labrador – Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) has released its financial results for the first quarter ended March 31, 2026. The company reported revenue of $21.7 million, a 35% increase compared to the same period in 2025, and Adjusted EBITDA of $3.0 million. All figures are in Canadian dollars unless otherwise noted.
Key Financial Highlights
Product revenue surged 50%, driven by strong demand for subsea batteries and Synthetic Aperture Sonar (SAS) systems. Year-to-date product orders for Kraken reached $97 million, while order intake for Covelya Group products totaled $165 million. The company reiterated its stand-alone 2026 outlook, projecting revenue between $165 million and $175 million and Adjusted EBITDA between $40 million and $50 million. At the midpoint, this represents annual revenue growth exceeding 65% and EBITDA growth of 80%.
Strategic Developments
Kraken continues to advance its acquisition of Covelya Group Limited, a leading provider of mission-critical underwater technology solutions, for total consideration of $615 million. The transaction is expected to close near the end of the second quarter of 2026. Additionally, the company signed an agreement with SEFINE SISAM to integrate its KATFISH system into mission planning software, offering a fully integrated autonomous solution for seabed warfare and mine countermeasures.
Management Commentary
“Our first quarter results were in line with expectations, with financial performance expected to improve throughout 2026, consistent with prior years due to the seasonal nature of our business,” said Greg Reid, President and CEO of Kraken Robotics. “We continue to secure new product orders, including growing traction with defence customers, and have expanded battery manufacturing capacity to support anticipated growth. Industry fundamentals remain strong, driven by demand for autonomous underwater vehicles in defence and offshore energy. The upcoming closing of the Covelya acquisition is expected to accelerate growth and position Kraken as a major supplier of subsea intelligence solutions.”
Financial Details
The unaudited consolidated financial statements and management’s discussion and analysis for Q1 2026 are available on SEDAR+ at www.sedarplus.ca. The company’s shares trade on the TSX Venture Exchange under the symbol PNG and on the OTCQB under KRKNF.
