Kraken Robotics reported first-quarter 2026 revenue of $21.7 million. This figure represents a 35% increase compared to the same period last year. Product revenue grew 50% following high demand for SeaPower batteries and Synthetic Aperture Sonar. The company recorded a net loss of C$3.33 million for the quarter. This result compares to a small profit reported in the first quarter of 2025.
Management reaffirmed 2026 revenue guidance between $165 million and $175 million. Adjusted EBITDA for the year is projected at $40 million to $50 million. The acquisition of Covelya Group Limited remains on track to close in late Q2 2026. Year-to-date product orders for Kraken reached $97 million. Covelya reported year-to-date product orders totaling $165 million.