Canadian marine technology company Kraken Robotics has filed financial results for the third quarter of 2024, marking a 52% increase in year-to-date revenue as the company remains on track for a record year.
Consolidated revenue year-to-date increased 52% to $63.2 million, compared to $41.6 million in the comparable nine-month period ending September 30, 2023, Kraken Robotics reported.
In the first nine months of 2024, Kraken Robotics’ product revenue increased 45% to $47.8 million, compared to $33.0 million for the same period a year earlier.
Gross profit year-to-date increased 40% to $31.2 million, implying a 49.0% gross profit margin percentage year-to-date against the year before, while the net income in the period increased 117% to $6.4 million, compared to net income of $3.0 million in the comparable nine-month period.
For the third quarter of 2024 alone, consolidated revenue for declined 4% to $19.5 million compared to $20.3 million for the quarter ending September 30, 2023.
The year-over-year decline occurred as a significant increase in SeaPower subsea batteries and Services revenue (Sub-Bottom Imager and Acoustic Corer) did not offset lower KATFISH and Remote Mine Disposal System (RMDS) revenue, according to the company.
“Fiscal 2024 is on track to be another record year for Kraken, driven by strength across defense and offshore energy end markets where there is increased focus on surveillance and security of critical underwater infrastructure.
“While the demand environment for our technology solutions across defense and offshore energy has never been better, we have also made operational improvements positioning us to better execute on these opportunities as they land. Having completed a $52 million equity financing in October, we have significantly strengthened our balance sheet this year with more than $115 million of new equity and committed credit facilities.
“This increases our ability to ramp production, continue to push our innovation agenda forward on new product design and new service offerings, and act on select niche accretive acquisition opportunities,” said Greg Reid, Kraken President and CEO.