ST. JOHN’S, Newfoundland, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, announced it has filed its financial results for the third quarter ended September 30, 2019. Additional information concerning the Company, including its unaudited condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended September 30, 2019, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated.
Q3 2019 Financial Highlights
Forward Looking Guidance
Kraken expects continued strong revenue growth into Q4 that will be led by the delivery of sensors, batteries and a number of robotics as a service projects. As a result, we expect to maintain our objective of generating 2019 revenues of approximately $15 million.
CEO Comments
“This was an extremely busy quarter for Kraken. Working with our strategic partners, we made significant deliveries of subsea batteries to Ocean Infinity and their initial endurance testing resulted in them conducting an unprecedented mission length of over 100 hours without recharging. Our batteries have considerable performance advantages compared to what many AUV operators are utilizing and we intend to leverage this in both the commercial and military markets,” said Karl Kenny, Kraken’s President and CEO.
“With ThayerMahan we were not only excited to have delivered a KATFISH during the quarter but also to have received a second order, which will be delivered in Q1, 2020. ThayerMahan will utilize the KATFISH as part of its SeaScout expeditionary system for seabed mapping and intelligence.”
“Over the coming months, we will continue to deliver batteries to Ocean Infinity and others, work to close a major international mine hunting sonar contract announced subsequent to the quarter, complete the contracting phase with the Ocean Supercluster and stakeholders, and prepare for an expected strong ramp of business activity in 2020 – including military and commercial contracts. It’s a great time to be part of Kraken’s growth,” said Karl Kenny, Kraken’s Founder, President and CEO.
Q3 2019 Notable Operational Highlights
Subsequent Highlights Since September 30 Quarter End
*EBITDA and EBITDA margin do not have standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. We define EBITDA as revenue less costs of sales, administrative expenses and research and development costs. We define EBITDA margin as EBITDA divided by revenues.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.
For further information, please contact:
Joe MacKay, Chief Financial Officer
(416) 303-0605
jmackay@krakenrobotics.com
Greg Reid, Chief Operating Officer
(416) 818-9822
greid@krakenrobotics.com
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
Shauna Cotie, Marketing Manager
(709) 757-5757 x 241
scotie@krakenrobotics.com