Kraken Robotics Reports 31% Revenue Growth for 2024
Kraken Robotics Inc. announced a 31% increase in revenue to $91.3 million and a 47% rise in adjusted EBITDA to $20.7 million for the 2024 fiscal year. The company's sales pipeline more than doubled.
Kraken Robotics Inc. reported its full-year financial results for 2024, highlighting a significant increase in revenue and profitability. The company's consolidated revenue for the year ended December 31, 2024, rose by 31% to $91.3 million, up from $69.6 million in 2023.
The growth was primarily driven by its SeaPower™ subsea battery business, which saw product revenue increase by 26% to $66.3 million. Service revenue also experienced substantial growth, climbing 47% to $25.0 million, attributed to an increase in Sub-Bottom Imager™ and Acoustic Corer™ projects.
Adjusted EBITDA saw a 47% increase, reaching $20.7 million compared to $14.1 million in the previous year. The company's balance sheet also strengthened considerably, with total assets growing to $162.6 million from $76.4 million. Cash reserves surged from $5.2 million to $58.5 million.
President and CEO Greg Reid noted that 2024 was a record year, spurred by demand in defense and offshore energy sectors. Kraken Robotics plans to expand its subsea battery manufacturing capacity with a new facility in Nova Scotia to meet increasing market needs.