- Kraken Robotics (PNG) has posted a huge boost in revenue and is nearing net profit in its latest quarterly report
- Revenue from the company’s second quarter leapt from $1.3 million last year to $2.3 million this year
- Although the company still posted a net loss of $100,000, this was a significant improvement on $1.8 million in the prior corresponding period
- At the end of the quarter, Kraken has $3.4 million in cash and $4.9 million in awarded funding
- Kraken Robotics (PNG) is up 3.5 per cent and is trading at 58 cents per share
Kraken Robotics (PNG) has posted a huge boost in revenue and is nearing net profit in its latest quarterly report.
Revenue from the company’s second quarter leapt from $1.3 million last year to $2.3 million this year. Half-year revenue reached $8.7 million against the $2.7 million in last year’s corresponding period, a boost of 220 per cent.
The gains in revenue were attributed to the sale of subsea batteries to an unnamed military customer, alongside delivery of MINSAS sensors to the US Navy.
The company also sold its Sea Vision underwater laser system to a defence contractor, and booking work for its Robotics-as-a-Service and data analytics business for an offshore energy customer.
Although the company still posted a net loss of $100,000, this was a significant improvement on $1.8 million in the prior corresponding period.
Turning to liquidity, the company’s balance sheet still retains $4.9 million in previously awarded government funding for the OceanVision project, as well as $3.4 million in cash-on-hand.
Kraken’s CEO and President Karl Kenny he was looking forward to kicking off the upcoming contract with the Royal Danish Navy.
“We anticipate additional significant military orders over the balance of the year and further notable developments within our Robotics-as-a-Servce and Data Analytics business in the offshore energy sector.
“We have added significant depth to our team over the last year as we focus on continued innovation in the marine technology sector and now start to ramp on larger contracts and programs,” he said.
Kraken Robotics (PNG) is up 3.5 per cent and is trading at 58 cents per share at 1:30 pm EDT.