Kraken Robotics Reports Q1 2026 Revenue Growth of 35% and Confirms Guidance
Kraken Robotics reported a 35% year-over-year revenue increase for Q1 2026, reaching $21.7 million, and reiterated its full-year financial guidance. The company also saw strong order intake and expects its acquisition to close soon.
Kraken Robotics Inc. announced its first-quarter 2026 financial results, posting a 35% year-over-year revenue increase to C$21.7 million. The company reaffirmed its 2026 financial guidance, projecting revenues between C$165 million and C$175 million. Adjusted EBITDA for the quarter was C$3.0 million.
Revenue growth was driven primarily by demand for Kraken's subsea batteries and Synthetic Aperture Sonar (SAS) products, which saw product revenue increase by 50%. The company also secured an agreement with SEFINE SISAM to integrate its KATFISH technology into their autonomous systems. Kraken's product orders received in 2026 to date total C$97 million.
The company is on track to close its acquisition of Covelya Group, a provider of underwater technology solutions, for C$615 million by the end of the second quarter. Covelya's product orders year-to-date total C$165 million, further strengthening Kraken's position in the subsea intelligence market.
President and CEO Greg Reid stated that the first-quarter results were in line with expectations and that financial performance is expected to improve throughout 2026, driven by strong demand in the defense and offshore energy sectors. He anticipates the Covelya acquisition will accelerate growth and establish Kraken as a major supplier of mission-critical subsea intelligence solutions.