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Kraken Provides 2021 Guidance of 100%+ Revenue Growth and Preliminary Q1 Financial Results

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ST. JOHN’S, Newfoundland, Could 11, 2021 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Firm, is offering the next preliminary steering on estimated monetary outcomes for the three months ended March 31, 2021, in addition to our monetary steering for the 12 months ending December 31, 2021. Our unaudited monetary outcomes for the three months ending March 31, 2021, haven’t but been finalized and are topic to alter.

2021 Monetary Steering

  • Income for the 12 months ended December 31, 2021 is anticipated to be $24.0 million to $28.0 million versus $12.3 million in 2020. The better than 100% anticipated development is because of current contract wins for KATFISH™ 180 towed sonars and ALARS for the Danish and Polish Navies, and varied orders and anticipated orders for AquaPix® MINSAS and SeaPower™ batteries. Now we have sturdy visibility into 2021, with contracts already signed accounting for greater than 80% of the $26 million midpoint of our 2021 income forecast vary.
  • Our income steering excludes any contribution from the proposed acquisition of PanGeo which we introduced on April 9, 2021. Upon completion of this proposed acquisition, we’ll replace our steering to account for anticipated PanGeo outcomes.
  • Gross margins for 2021 are anticipated to be within the 47%-50% vary versus 47% in 2020.
  • Adjusted EBITDA for 2021 is anticipated to be within the vary of $2.0 million to $4.5 million in comparison with an Adjusted EBITDA lack of $2.7 million in 2020. The 12 months over 12 months enchancment is anticipated on account of increased income offset by elevated bills on headcount and infrastructure associated spending, and general prices as a result of development of the enterprise.
  • Web revenue for 2021 is anticipated to vary from a web lack of $1.5 million to web revenue of $1.5 million. This compares to a web lack of $5.5 million in 2020.

Q1/2021 Preliminary Steering

  • Income for the three months ended March 31, 2021 is anticipated to be roughly $3.6 million versus $6.4 million within the prior 12 months’s quarter. Key income elements within the quarter had been preliminary work on the Danish and Polish Navy KATFISH™ 180 towed sonar contracts and the cargo of SeaPower™ batteries to a Navy buyer. Prior 12 months income was pushed by the sale of a KATFISH™ 180 system and subsea batteries to a navy buyer.
  • Gross margins for Q1, 2021 are anticipated to be 60% in comparison with 46% in Q1, 2020.
  • Adjusted EBITDA for the quarter is anticipated to be within the vary of $0.1 million to $0.6 million, in comparison with Adjusted EBITDA * of $1.3 million within the prior 12 months. The 12 months over 12 months change was as a consequence of decrease income mixed with a rise in bills as we ramped headcount, infrastructure associated spending, and general prices to have the ability to shorten buyer lead instances and ship on bigger program wins such because the Danish Navy order.
  • Web loss for the quarter is anticipated to be $0.1 million to $0.6 million in comparison with a web revenue of $0.7 million within the prior 12 months quarter.
  • Kraken expects to report last Q1, 2021, outcomes on or about Could twenty seventh.

CEO Feedback
“Our product gross sales pipeline could be very strong and we anticipate greater than 100% prime line development in 2021,” stated CEO Karl Kenny. “This, mixed with the maturing of Kraken’s service capabilities and the proposed acquisition of PanGeo Subsea, supplies a robust platform for development in 2021 and past. As our prime line development continues and we close to completion of main R&D applications in 2022 (multispectral SAS and ThunderFish® XL), we anticipate to see an acceleration in working leverage with focused EBITDA margins within the 30%-35% vary from a stability of product gross sales and recurring providers income.”   

*Adjusted EBITDA and Adjusted EBITDA margin shouldn’t have standardized that means beneath IFRS and will not be akin to related measures utilized by different issuers. We outline Adjusted EBITDA as income much less prices of gross sales, administrative bills, analysis and improvement prices plus funding tax credit. We outline Adjusted EBITDA margin as Adjusted EBITDA divided by revenues.





Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine know-how firm devoted to the manufacturing and sale of software-centric sensors, subsea batteries and thrusters, and underwater robotic techniques. The corporate is headquartered in Newfoundland with places of work in Canada, U.S., Germany, Denmark, and Brazil. Kraken is ranked as a High 100 marine know-how firm by Marine Know-how Reporter.

Sure data on this information launch constitutes forward-looking statements. When used on this information launch, the phrases “could”, “would”, “might”, “will”, “intend”, “plan”, “anticipate”, “imagine”, “search”, “suggest”, “estimate”, “anticipate”, and related expressions, as they relate to the Firm, are supposed to establish forward-looking statements. Particularly, this information launch comprises forward-looking statements with respect to, amongst different issues, enterprise goals, anticipated development, outcomes of operations, efficiency, enterprise tasks and alternatives and monetary outcomes. These statements contain identified and unknown dangers, uncertainties and different elements which will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. Such statements replicate the Firm’s present views with respect to future occasions primarily based on sure materials elements and assumptions and are topic to sure dangers and uncertainties, together with with out limitation, modifications in market, competitors, governmental or regulatory developments, common financial circumstances and different elements set out within the Firm’s public disclosure paperwork. Many elements might trigger the Firm’s precise outcomes, efficiency or achievements to range from these described on this information launch, together with with out limitation these listed above. These elements shouldn’t be construed as exhaustive. Ought to a number of of those dangers or uncertainties materialize, or ought to assumptions underlying forward-looking statements show incorrect, precise outcomes could range materially from these described on this information launch and such forward-looking statements included in, or integrated by reference on this information launch, shouldn’t be unduly relied upon. Such statements communicate solely as of the date of this information launch. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements. The forward-looking statements contained on this information launch are expressly certified by this cautionary assertion.

Neither the TSX Enterprise Change Inc. nor its Regulation Providers Present (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch, and the OTCQB has neither accepted nor disapproved the contents of this press launch.

For additional data, please contact:

Joe MacKay, Chief Monetary Officer
(416) 303-0605

Greg Reid, Chief Working Officer
(416) 818-9822

Sean Peasgood, Investor Relations
(647) 955-1274

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