(RTTNews) - Kraken Robotics Inc. (KRKNF) revealed a profit for third quarter of C$3.3 million
The company's bottom line came in at C$3.3 million, or C$0.01 per share. This compares with C$1.6 million, or C$0.01 per share, last year.
The company's revenue for the period rose 59.7% to C$31.3 million from C$19.6 million last year.
Kraken Robotics Inc. earnings at a glance (GAAP) :
-Earnings: C$3.3 Mln. vs. C$1.6 Mln. last year. -EPS: C$0.01 vs. C$0.01 last year. -Revenue: C$31.3 Mln vs. C$19.6 Mln last year.
This rise in third-quarter revenue reflects record shipments of subsea batteries and synthetic aperture sonar to defense industry customers, solid organic growth in sub-bottom imaging services, and the acquisition of 3D at Depth Inc., which provides subsea LiDAR services predominantly to offshore energy customers.
Looking ahead, the company has reaffirmed its annual outlook.
For the full year, Kraken Robotics still anticipates adjusted EBITDA of C$26 million to C$34 million, on revenue of C$120 million to C$135 million.
The company, however, now projects annual capital expenditure of C$20 million to C$21 million against its earlier guidance of C$13 million to C$17 million. “The capex guidance is increasing with additional investment in our current and new subsea power manufacturing facilities as well as internal marine assets to drive service revenue growth,” the company said.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
