Finance News

Kraken Robotics Reports Q1 2023 Financial Results with 38% Year-over-Year Revenue Growth

Kraken Robotics Inc. has filed financial results for the quarter ended March 31, 2023 (“Q1 2023”). "With more than $120 million of large contract wins since the beginning of 2022, we are seeing an acceleration in end market demand driven mainly by a heightened geopolitical focus on maritime security and growth in offshore renewable energy," said President and CEO Greg Reid.

“We have started 2023 on solid footing. Q1 is seasonally our slowest quarter, and we expect to see accelerating results throughout the year driven by defense contracts in hand and normal ramping of activity in our services business focused on offshore wind.”

Outlook for 2023

Kraken Robotics reiterates its financial guidance provided on May 1, 2023. For fiscal 2023, revenue is expected to be in the $66 - $78 million range and adjusted EBITDA in the $12 - $17 million range. The mid-point of the guidance range ($72 million in revenue and $14.5 million in EBITDA) implies revenue growth of 76% over 2022 and adjusted EBITDA growth of 275%. Capex in 2023 is expected to be $5-$6 million.

Non-GAAP Measures

Non-GAAP measures, including non-GAAP financial measures and non-GAAP ratios not recognized under IFRS are provided where management believes they assist the reader in understanding Kraken's results. The Company utilizes the following terms for measurement within the MD&A that do not have a standardized meaning or definition as prescribed by IFRS and therefore may not be comparable with the calculation of similar measures by other entities and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

Adjusted EBITDA and Adjusted EBITDA Margin

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, Adjusted EBITDA is useful to securities analysts, investors and other interested parties in evaluating operating performance by presenting the results of the Company on a basis which excludes the impact of certain non-operational items which enables the primary readers of the MD&A to evaluate the results of the Company such that it was operating without certain non-cash and non-recurring items. Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation expense and non-recurring impact transactions, if any. Adjusted EBITDA Margin is defined at Adjusted EBITDA divided by Total Revenue.

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