Kraken Robotics Earnings Recap - Boom!

Kraken reported record 2025 revenue of C$102.2 million and Adjusted EBITDA of C$25.0 million, while guiding to 2026 revenue of C$165–175 million and Adjusted EBITDA of C$40–50 million. The company also said it had announced C$87 million of product orders year-to-date in 2026 and expects the Covelya acquisition to close in Q2 2026, pending customary conditions and regulatory approvals.

Financial highlights:

• Revenue: C$102.2M in 2025 vs. C$91.3M in 2024.

• Gross profit: C$63.4M vs. C$44.7M.

• Gross margin: 62.1%, up from 49.0%.

• Adjusted EBITDA: C$25.0M vs. C$20.7M.

• Adjusted EBITDA margin: 24.4%, up from 22.7%.

• Cash: C$120.5M at year-end, up from C$58.5M.

• Working capital: C$171.6M, up from C$94.4M

• Net Income: C$2.9M (2025) vs. C$20.1M (2024)

The story underneath the numbers is simple: demand is building for subsea intelligence.

Kraken makes high-resolution subsea sensors, synthetic aperture sonar, subsea batteries, and robotic systems used across defense, offshore energy, and marine infrastructure. The company said 2025 growth was driven by stronger demand for SeaPower batteries, SAS products, and a growing services business helped by its acquisition of 3D at Depth.

The forward outlook is where the story gets more interesting. Kraken guided to 2026 revenue of C$165–175 million and Adjusted EBITDA of C$40–50 million, implying a meaningful step-up from 2025 levels. The company also said it has already announced C$87 million of product orders so far in 2026.

And the order momentum is real. On the same day as earnings, Kraken announced about C$28 million in new orders for SeaPower batteries and SAS products, including orders from international defense customers and a commercial uncrewed underwater vehicle manufacturer.

This is a margin story, not just a growth story

• Revenue +12%

• EBITDA +21%

• Gross margin +1300 bps

The business model is shifting

• Product down (slightly)

• Services up 62%