Kraken Robotics Inc - KRKNF stock

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OTC Market: KRKNF | Related ticker symbols: TSXV:PNG • Industry: Technology

KRKNF Company Profile

Kraken Robotics Inc. (TSXV: PNG, OTC: KRKNF) is a company that specializes in marine technology. They are involved in the creation, production, and sale of various equipment used in unmanned underwater vehicles for military and commercial purposes. The company operates through two divisions, namely Sensors and Platforms, and Power.

Their product offerings include AquaPix Miniature interferometric synthetic aperture sonar (MINSAS), which is a customizable MINSAS, and SeaVision, an imaging system that uses lasers to capture underwater images. They also provide the Kraken Active Towed Fish (KATFISH), a towed underwater vehicle used for detailed seabed mapping at high speeds and resolutions. Additionally, they offer ThunderFish, an autonomous underwater vehicle, and ALARS, an autonomous launch and recovery system that facilitates the safe retrieval of an unmanned vehicle and its payloads onto a host ship.

Kraken Robotics Inc. also designs and manufactures pressure-resistant thrusters, drives, batteries, battery management systems, and electronics. They also provide robotics as a service. The company operates in Canada, the United States, Europe, and other international locations. It was previously known as Kraken Sonar Inc. but changed its name to Kraken Robotics Inc. in September 2017. The company's headquarters are located in Mount Pearl, Canada.

Kraken Robotics seeks to boost innovation and modernization across the ocean sectors; science, fisheries, defense, offshore energy, etcetera. The company plans to achieve its objectives by deploying innovative technology platforms across the sector, strengthening the connection between technology providers and the ocean value chains, filling the gaps in the innovation ecosystem, and expanding global research and market opportunities.

Contracts and Agreements

Naval Contract in Asia-Pacific

Kraken Robotics Inc. secured a contract worth $9.5 million in May, 2023 to supply advanced sonar equipment for high-resolution seabed mapping to a navy in the Asia-Pacific region. The specific customer's identity is currently confidential. As part of the agreement, Kraken will provide its KATFISH™ high-speed minehunting solution, along with support and maintenance services such as training, spare parts, and operational assistance.

The contract involves delivering the KATFISH towed Synthetic Aperture Sonar, Tentacle® Winch, and Autonomous Launch and Recovery System (ALARS) to the customer in the second quarter of 2023. The equipment will be integrated onto a vessel selected by the customer. This marks Kraken's first sale of the KATFISH system in the Asia-Pacific region, following successful deployments with various NATO navies.

The contract follows a successful demonstration of the KATFISH system earlier in the year, where Kraken's team collaborated with a local survey company to conduct a 200 km seabed survey. The survey provided real-time, highly detailed imagery and bathymetry of the coastal waters' seafloor.

U.S Navy R&D Agreement

In June 2021 Kraken entered a Cooperative Research and Development Agreement (CRADA) with Naval Surface Warfare Center (NSWC), Carderock, to fuel the adoption of Kraken’s pressure tolerant batteries into US Navy programs of record and sales with US Navy defense contractors. Kraken Robotics has created a pressure-tolerant lithium-ion battery that incorporates passive propagation resistance to prevent thermal runaway incidents. The U.S. Navy's Naval Surface Warfare Center Carderock Division (NSWCCD), leveraging their expertise in safety regulations, will conduct safety evaluations on the latest version of Kraken Robotics' pressure-tolerant lithium-ion battery design. The outcomes of these tests will aid in refining the battery's design and generating interest among U.S. Navy program offices that could benefit from utilizing this battery technology in present and future underwater systems.

SH Defense Agreement

Kraken entered into a cooperative agreement with SH Defense (SHD) from Denmark in June, 2021. This collaboration focuses on jointly designing and offering containerized solutions for mine countermeasure and other subsea surveillance sensor and robotic applications. SH Defense (SHD) is a global company specializing in the development, production, and maintenance of hydraulic, electric, and mechanical system solutions. They are renowned for their containerized multi-mission module systems for the naval industry. In particular, SHD manufactures The Cube™, an advanced version of the StanFlex containers, catering to various missions and operational needs.

Subsea Battery Order

In May, 2023, Kraken Robotics announced the receipt of a purchase order worth $16 million for subsea batteries. The deliveries are scheduled for 2023 and 2024, and the order includes a substantial upfront payment. This purchase order brings the total value of Kraken's SeaPower® subsea battery orders to over $30 million within the last six months. The company's contract announcements since the beginning of 2022 now exceed $120 million, demonstrating a strong growth trajectory.

Subsea Inspection Contract

In November, 2021, Kraken Robotics Inc. secured subsea inspection contracts valued at $7.1 million. The contracts involve providing underwater inspection services using Kraken's SeaVision® 3D laser imaging system and support from their AquaPix® synthetic aperture sonar. The inspections will be conducted for various clients in the offshore energy industry. The SeaVision® system captures high-resolution 3D images underwater, while the AquaPix® sonar provides detailed acoustic imaging. These contracts contribute to Kraken's revenue growth and highlight their expertise in advanced subsea inspection technologies.

Financials

Financial performance for Kraken Robotics {| class="wikitable" |+ !Year Ending !Revenue !Net Income !Cash |- |12/31/2022 |$30,192,000 |($3,131,000) |$6,100,000 |- |12/31/2021 |$20,290,000 |($2,800,000) |$5,347,000 |- |12/31/2020 |$9,634,000 |($4,091,000) |$10,144,000 |- |12/31/2019 |$11,679,000 |($2,316,000) |$1,617,000 |}