Kraken Robotics Soars with Record Q1 2024 Results

Kraken Robotics Systems Inc (TSE:PNG) has released an update.

Kraken Robotics Systems Inc. announces a soaring start to 2024, with a 175% revenue increase to $21 million and a 354% rise in Adjusted EBITDA to $4 million in Q1. This financial surge is attributed to robust product sales, including subsea batteries and KATFISH™ systems, and a growth in service revenue through advanced naval technologies and significant contracts. Despite fluctuations in gross margin due to project mixes, the company’s net income also shifted from a loss to a $2.2 million profit, indicating strong operational performance.

For further insights into TSE:PNG stock, check out TipRanks’ Stock Analysis page.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.