Kraken Robotics (PNG.V) on Thursday announced $28 million in new orders from five clients that includes two new customers for its SeaPower batteries and Synthetic Aperture Sonar (SAS).
The company, which provides subsea intelligence products involving 3D imaging sensors, power solutions, and robotic systems, said the new orders include battery contracts from three large international defence companies and a SAS order from a new commercial uncrewed underwater vehicle (UUV) manufacturer.
According to chief executive Greg Reid, Kraken Robotics' products are now "integrated or being integrated into more than 30 different UUV platform types worldwide."
Kraken separately announced its fourth-quarter results for the quarter ended Dec. 31, 2025, and said consolidated revenue for the quarter was flat at $28.4 million, compared with $28.1 million for the prior year period. Growth in SeaPower subsea batteries, SAS, and subsea services were offset by lower revenue associated with the remote mine hunting and disposal system (RMDS) project.
It reported net income of $54,000, way down from C$13.7 million a year earlier when it benefited from a large income tax benefit.
On its outlook, Kraken confirmed its March 3 fiscal 2026 revenue guidance of $165 million and $175 million and adjusted EBITDA of $40 million to $50 million, excluding any contribution from the Covelya acquisition.
The company's 2026 outlook is driven by both existing and expected purchase orders. It is also supported by expected growth in the commercial services business, including a full year contribution from LiDAR services, formerly 3D at Depth. Revenue in 2026 is expected to be weighted toward the second half of the year.
Kraken shares closed down $0.05, to $8.45 on Wednesday on the TSX Venture Exchange.