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Globe and Mail
29-05-2025
- Business
- Globe and Mail
Kraken Robotics Reports Q1 2025 Financial Results and Reiterates 2025 Guidance
ST. JOHN'S, Newfoundland and Labrador, May 29, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) ("Kraken" or the "Company"), announced it has filed its financial results for the quarter ended March 31, 2025 ('Q1 2025'). Please refer to the unaudited Consolidated Financial Statements and Management's Discussion and Analysis (' MD&A ') for quarter ended March 31, 2025, filed on for more information. Unless otherwise specified, all dollar amounts are denominated in Canadian dollars. Q1 2025 Financial Highlights Consolidated revenue in Q1 2025 decreased 23% to $16.1 million, compared to $20.9 in the prior year. The decrease was driven by a year-over-year decline in Product revenue. Product revenue in the quarter decreased 42% to $9.2 million, compared to $15.8 million in the prior year. While the quarter saw significant growth in our SeaPower™ subsea battery business, our sonar related revenue declined as the acquisition part of the Canadian Navy system integration project nears completion. As in the past, quarterly revenue can fluctuate significantly due to the timing of product orders and shipments. Service revenue in the quarter increased 38% to $7.0 million compared to the prior year due to the continued demand for Sub-Bottom Imager™ and Acoustic Corer™ services. Just after the quarter ended, we completed the acquisition of subsea LiDAR services company, 3D at Depth. Combined with the recent introduction of our KATFISH subsea survey platform into the commercial offshore service market, we have a growing complement of solutions to offer our expanding Services customer base. Gross profit in the quarter increased 8% to $10.1 million, compared to $9.3 million in the prior year, implying a gross margin of 62.7% compared to 44.8%. Gross margin percentage was impacted by several one time items in the quarter. Future quarters are expected to be reflective of our historic gross profit margins. Adjusted EBITDA 1 for the quarter decreased 32% to $2.8 million, compared to Adjusted EBITDA 1 of $4.1 million in the comparable quarter, implying an adjusted EBITDA 1 margin of 17.3% compared to 19.6% in the comparable year. Total assets were $178.8 million on March 31, 2025, compared to $73.5 million on March 31, 2024. Cash at the end of the quarter totaled $58.3 million, compared to $1.5 million in the prior year, while working capital totaled $94.6 million, compared to $6.5 million in the prior year. Capital expenditures/intangible assets purchased were $2.7 million in the quarter, compared to $0.8 million in the comparable quarter. The increase is related to our new battery facility in Canada as well as growth in internal assets to drive service revenue growth. Net income for the quarter was $0.2 million compared to a profit of $2.2 million in the comparable quarter. Basic and diluted earnings per share were $0.00 compared to $0.01 in the prior year. Management Comments 'Similar to previous years, we expect financial results to improve throughout the year and expect strong top and bottom-line growth in 2025, as indicated by our 2025 financial guidance given a month ago. Our largest market of naval defense has strong macro fundamentals with growth being seen across the globe as navies modernize for the future and increasingly adopt uncrewed platforms. In providing sensor and power solutions to the major suppliers of UUVs, we benefit from this growing adoption. For our towed synthetic aperture sonar sensor platform, KATFISH, we have a busy year of customer demonstrations in North America, Europe, the Middle East, and Asia Pacific. Historically, successful demonstrations have driven future contract wins. The level of defense RFP activity expected from 2025 to 2027 is at levels the industry has not seen in many decades and is driving our optimism on this segment of our business. With new manufacturing capacity in Canada coming online at the end of this year and a growing presence in the US both organically and through our acquisition of 3D at Depth, we are well positioned to meet customer needs in the offshore energy and naval defense markets,' said Kraken President and CEO Greg Reid. Since the end of Q4, Kraken Robotics announced: Several meaningful new orders, including almost $45 million in subsea battery orders and $3 million in orders for Kraken SAS. Plans to open a new battery production facility in Nova Scotia to meet increasing defense market demand. The acquisition of subsea LiDAR company 3D at Depth with offices in Texas, Colorado, and the UK. The introduction of KATFISH synthetic aperture sonar service for the global offshore energy market. 2025 Financial Guidance Annual financial guidance remains unchanged from the guidance provided on April 28, 2025. In 2025, we expect revenue between $120 million and $135 million and Adjusted EBITDA 1 margin in the $26 million to $34 million range. The midpoint of guidance represents 40% revenue growth and 45% Adjusted EBITDA growth. Capital expenditures in 2025 are expected to range from $13 million to $17 million with approximately $10 million of this spending related to a new subsea power manufacturing facility that is expected to be operational in Nova Scotia near the end of 2025. Consistent with prior years, revenue is expected to be more weighted toward the second half of calendar year 2025. NON-IFRS MEASURES The Company has included certain non-IFRS financial measures and non-IFRS ratios in this press release, including adjusted EBITDA, adjusted EBITDA margin, gross profit, gross profit margin, and working capital. Management believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS financial measures and non-IFRS ratios do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted EBITDA and Adjusted EBITDA Margin The Company believes that, in addition to conventional measures prepared in accordance with IFRS, adjusted EBITDA is useful to securities analysts, investors and other interested parties in evaluating operating performance by presenting the results of the Company on a basis which excludes the impact of certain non-operational items which enables the primary readers of the press release to evaluate the results of the Company such that it was operating without certain non-cash and non-recurring items. Adjusted EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization, stock-based compensation expense and non-recurring impact transactions, if any. ($ 000s) Unaudited Q1 2025 Q1 2024 Net Income 215 2,175 Income Tax 304 56 Financing costs 701 388 Interest income (311) - Foreign exchange gain (433) (69) Share-based compensation 404 57 Depreciation and amortization 1,579 1,425 EBITDA - excluding restructuring and acquisition costs 2,459 4,032 Restructuring and acquisition costs 335 69 Adjusted EBITDA 2,794 4,101 Adjusted EBITDA Margin 17 % 20 % Gross profit is defined as revenue less cost of total sales. Gross margin is defined as gross margin dividend by total sales. Gross Profit ($ 000s) Unaudited Q1 2025 Q1 2024 Revenue 16,128 20,875 Cost of sales 6,010 11,529 Gross profit 10,118 9,346 Gross profit margin (%) 63 % 45 % Figure 1: Kraken's Sub-Bottom Imager (SBI) delivers 3D data, enabling a clear understanding of subsea stratigraphy, underwater infrastructure, and hazards. ABOUT KRAKEN ROBOTICS INC. Kraken Robotics Inc. (TSX.V: PNG) (OTCQB: KRKNF) is transforming subsea intelligence through 3D imaging sensors, power solutions, and robotic systems. Our products and services enable clients to overcome the challenges in our oceans – safely, efficiently, and sustainably. Kraken's synthetic aperture sonar, sub-bottom imaging, and LiDAR systems offer best-in-class resolution, providing critical insights into ocean safety, infrastructure, and geology. Our revolutionary pressure tolerant batteries deliver high energy density power for UUVs and subsea energy storage. Kraken Robotics is headquartered in Canada with offices in North America, South America, and Europe, supporting clients in more than 30 countries worldwide. LINKS: SOCIAL MEDIA: The Company and its management believe that the statements regarding 2025 revenue and adjusted EBITDA contained in this press release are reasonable as of the date hereof, are based on management's current views, strategies, expectations, assumptions and forecasts, and have been calculated using accounting policies that are generally consistent with the Company's current accounting policies. These statements are considered future-oriented financial outlooks and financial information (collectively, "FOFI") under applicable securities laws. These statements and any other FOFI included herein have been approved by management of the Company as of the date hereof. Such FOFI are provided for the purposes of presenting information about management's current expectations and goals relating to the Company's expected growth in its Products and Services groups. However, because this information is highly subjective and subject to numerous risks, including the risks discussed in the disclaimer for forward looking statements below, it should not be relied on as necessarily indicative of future results. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the FOFI prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although management of the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any FOFI, whether as a result of new information, future events or otherwise, except as required by securities laws. Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release. For further information: Erica Hasenfus, Director of Marketing Joe MacKay, Chief Financial Officer (416) 303-0605 jmackay@ Greg Reid, President & CEO (416) 818-9822 greid@ Sean Peasgood, Investor Relations (647) 955-1274 sean@ 1 Adjusted EBITDA is a non-IFRS financial measure and gross margin, and adjusted EBITDA margin are non-IFRS ratios, in each case with no standard meaning under IFRS, and may not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-IFRS Measures" section of this press release. A photo accompanying this announcement is available at
BBC News
26-04-2025
- BBC News
Inside the 'smallest church in Sussex' in the South Downs
Nestled in the South Downs and Cuckmere Valley, it would be easy to miss what is one of the smallest churches in the about 16ft by 16ft (4.8m by 4.8m), Lullington Good Shepherd Church can host about 20 people at a time, whether they are members of the community, returning visitors or hikers who have stumbled across the accessible by foot, the church sits just off a section of the South Downs Way which winds its way through Alfriston and towards the Long Man of Reverend Stephen Stuckes, rector of the Cuckmere Churches, said: "It creates its own special spirituality." He added: "The knowledge and love of this place extends far and wide beyond the immediate community to the many people who find it by reputation or by accident."There's something about the scale which makes it extra special. You can only gather here with a limited number of people. "Somehow that makes it distinctive amongst churches that are often so much larger." Thought to date back to the 13th Century, it now stands as Sussex's smallest is thought to be the chancel of a much larger space believed to have been burned down by a fire in the mid-17th Century Cromwellian the church hangs a bell, believed to date back to the 19th century, and an organ which featured on the 2003 song The Smallest Church in Sussex, by Sea Power. But, in a countryside church which is more often sound tracked by birdsong and the whistle of the wind, what stands out, according to Rev Stuckes, is the added: "One of my favourite times to come here is when nobody else is around, such as early morning on a spring or summer day."You can walk up here and find that you have the place to yourself and sit here in the pure silence of this special place."It gives you a sense of your connectedness with this ancient place and a moment to find yourself amongst the singing of the birds and the gentleness of the breeze."
Yahoo
10-04-2025
- Business
- Yahoo
Kraken Robotics Receives $11 Million of SeaPower Battery Orders
ST. JOHN'S, Newfoundland and Labrador, April 10, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. ('Kraken' or the 'Company') (TSX-V: PNG, OTCQB: KRKNF) announces that it has received new orders totaling $11 million for SeaPower™ pressure tolerant batteries for uncrewed underwater vehicles (UUVs). This brings year-to-date new battery orders to $45 million, driven predominantly by UUVs for the defense industry. SeaPower batteries are unique in that they do not require a pressure housing or oil compensation to withstand deep ocean pressures. The modular batteries are encased in a proprietary silicon polymer matrix, which resists compression and tolerates pressures up to 660 Bar, the equivalent of 6000 meters ocean depth. SeaPower's high energy density provides safe, reliable power, enabling UUVs to complete longer, more complex missions. Kraken is well-positioned for continued strong growth in its subsea power business. The company recently announced plans to open a new battery facility in Nova Scotia, which will more than triple production to meet defense industry demand. Kraken is also developing new form factors to power small and medium class UUVs, due to be released in late 1: Kraken's SeaPower pressure tolerant subsea batteries can withstand pressures up to 6000 meters. ABOUT KRAKEN ROBOTICS Robotics Inc. (TSX.V: PNG) (OTCQB: KRKNF) is transforming subsea intelligence through 3D imaging sensors, power solutions, and robotic systems. Our products and services enable clients to overcome the challenges in our oceans – safely, efficiently, and sustainably. Kraken's synthetic aperture sonar, sub-bottom imaging, and LiDAR systems offer best-in-class resolution, providing critical insights into ocean safety, infrastructure, and geology. Our revolutionary pressure tolerant batteries deliver high energy density power for UUVs and subsea energy storage. Kraken Robotics is headquartered in Canada with offices in North America, South America, and Europe, supporting clients in more than 30 countries worldwide. LINKS: SOCIAL MEDIA:LinkedIn Twitter Facebook YouTube Instagram FORWARD-LOOKING STATEMENTSCertain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release. For further information: Erica Hasenfus, Director of Joe MacKay, Chief Financial Officer(416) 303-0605jmackay@ Greg Reid, President & CEO(416) 818-9822greid@ Sean Peasgood, Investor Relations(647) 955-1274sean@ A photo accompanying this announcement is available at in to access your portfolio
The Guardian
14-03-2025
- Entertainment
- The Guardian
‘The odd drunken detective has been sighted at gigs': how Sea Power won legions of gamer fans
When Jan Scott Wilkinson, frontman of the band formerly known as British Sea Power, was first asked to work on a video game soundtrack, he was sceptical. 'We didn't know much about the game, but our manager Dave seemed to think there was something interesting about this Robert guy who had been pleasantly hounding him,' he says. That was Estonian novelist Robert Kurvitz, part of a team who had just started work on an esoteric video game about an alcoholic cop trying to solve a murder in an impoverished region of a war-torn country. The game was Disco Elysium, now regarded as one of the all-time great cerebral role-playing games: released in 2019, it sat atop PC Gamer's top 100 list for four years in a row. Kurvitz is a Sea Power superfan. Pick a random scene from the game and there'll be something – a bit of dialogue, a location, a theme – that has some sort of Sea Power reference in it. Wilkinson tells me that Kurvitz was 'captivating and full of a bubbling passion' and that he knew an unsettling number of 'strange details about our music'. Kurvitz had already embedded some of those 'very obscure' Sea Power references in the world of Disco Elysium before they had even met. Whether the band liked it or not, they were already enmeshed in this eccentric Estonian's world. '[Disco Elysium] seemed both separate, and also sympathetic to, the band's identity,' Wilkinson reflects. 'It was a strange, fucked up, sci-fi existence parallel to the one we were inhabiting … Kurvitz seemed to mythologise the mundane.' The game is about the perennial pull between fascism and communism; police violence; the importance of community in the face of state oppression; alcoholism; homosexuality; the politics of poverty; and a tiny, pixel-sized hole in reality. It suited Sea Power down to the ground. The band, after all, had been writing music about the slow, perilous collapse of the planet as ice shelves slid into the ocean. There had been sombre, reflective, tracks about obscure bodies of water in Orkney. They'd waxed lyrical about the virtues of being an EU citizen (pre-Brexit, naturally). The band have always embraced the miserable alongside the beautiful. Wilkinson is particularly complimentary of the game's 'strange sense of humour', something he thinks resonated with the band – and their fans. The initial meeting between took place in Birmingham. 'Birmingham is a strange place. Its own world. Very strong in character,' reflects Wilkinson. 'Maybe [Kurvitz] had been to Alan Moore for a magical blessing? [To meet us] in the spiritual home of heavy metal and Tolkien's inspiration for the Shire … it seems oddly fitting, I suppose, now that I look back. I had never thought about that until now.' Sea Power, new to the world of video games, took direction from Kurvitz, caught in the tidal pool of his vision for most of the project. Wilkinson tells me that Kurvitz had a plan, and 'a fastidious knowledge of our albums and rare EPs and B-sides'. As such, many of the songs in the game come from pre-existing Sea Power tracks, reworked, remixed, and re-recorded to coalesce with the watercolour weariness that defines Disco Elysium's fading world. 'Thinking about it, some of the tracks we used on the game continued their existence into our following album,' Wilkinson says. 'So working on the game not only drew from our past but influenced our future, too.' Disco Elysium's songs are stripped down, exposing the core melodies, and a little bit less dense than what you'd hear on a standard Sea Power album. There are fewer vocal melodies and longer, dreamier sequences. Any explicit narrative is stripped away, and you're left with a soundscape, a Turner painting as a song. 'Generally, songs needed distilling down to a fundamental mood fitting the scene, doing away with anything which was in competition with that mood and usually adding a little dreamy liminal menace,' Wilkinson says. 'There is so much dialogue, and the visuals do so much, so the music really just needed to reach into the subconscious and open the gates of the mind, allowing the brain to absorb the words and images and help them become totally immersive. And that was enjoyable, artistically, to do … I love creating atmospheres and sonic textures as much as writing choruses or words. Maybe more, sometimes.' Sea Power have also worked on film soundtracks, rescoring a 1934 Irish fictional documentary called Man of Aran – an experience that helped Wilkinson know what to expect from creating a game soundtrack, even if there were some key differences. 'Games are a little more easygoing with regards to timing,' he says. 'With film, it's often important to hit cues and you know exactly when different moods need to change direction. It can be more mathematical. The game needed more general mood textures to sit behind scenes, and blend into and enhance the feeling of various parts of the world. I would definitely work on more games. I love games like Disco Elysium, although they are a very rare thing.' This spring, Sea Power are embarking on a mini tour named Soundtracks Live. The set will feature various Disco Elysium songs, work from the Man of Aran soundtrack, and various tracks from another documentary feature film, From the Sea to the Land Beyond. Wilkinson is excited about the prospect of performing these tracks live – especially for an audience of Disco Elysium fans. 'We have had a noticeable growth in listeners since [the game was released],' he says. 'They seem like a cool and thoughtful bunch, these Disco Elysium players. They are appreciated. The odd drunken detective has been sighted along the crash barrier at gigs.' The relationship between Disco Elysium and Sea Power has been symbiotic; they have given new life to each other. Sea Power have seen a swell in listeners as a result of the game, and existing Sea Power fans discovered a new love for video games as a result of the collaboration. And the relationship is still evolving. 'On our first meeting, [Kurvitz] did tell me that he had worked very hard on re-ordering the track list to our album Valhalla Dancehall,' smiles Wilkinson. 'Hmm, Valhalla Dancehall, Disco Elysium … could there be a link of some kind?' The band are now considering this revised track list for the album's anniversary reissue. 'He is very talented and intelligent. So are all the game's core creators. I don't think many people notice all the little nods to the world of Sea Power through the game. It was strange when it became such a huge hit around the world, and we were proud to be a part of its story. 'And, of course,' he nods, 'we got a Bafta out of it, too, which would have been unlikely to happen to us otherwise.' Disco Elysium: The Final Cut is available now on PC, PlayStation, Xbox, and Nintendo Switch. Sea Power are touring Soundtracks Live this spring.
Yahoo
26-02-2025
- Business
- Yahoo
Kraken Robotics Receives $34 Million of SeaPower Battery Orders
Company to Open New Battery Production Facility to Meet Defense Market Demand ST. JOHN'S, Newfoundland and Labrador, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. ('Kraken' or the 'Company') (TSX-V: PNG, OTCQB: KRKNF) announces that it has received orders totaling $34 million for SeaPower™ pressure tolerant batteries from three clients. In addition, Kraken has signed a lease to open a new battery production facility in Nova Scotia to meet rising defense market demand for uncrewed underwater vehicles (UUVs). 'With the emergence of new larger classes of UUVs and greater adoption of these platforms in naval fleets, reliable subsea power requirements are increasing,' said Greg Reid, President and CEO of Kraken Robotics. 'These new orders illustrate the robust customer demand we have for Kraken's SeaPower batteries across the U.S., Europe, and Asia Pacific.' One order, totaling $31 million, represents Kraken's largest battery order to date. The client, who cannot be named at this time, provides UUVs to the defense industry. Two commercial clients with UUVs also placed orders totaling $3 million. 'We have new battery form factors that will be released in late 2025 that are generating strong interest across several vehicle manufacturers,' said Mr. Reid. 'This will allow us to address a segment of the market that we have not previously had solutions for – small and medium-sized UUVs. Once completed, our new facility will allow us to triple our current battery production capacity.' Kraken's new manufacturing facility will provide approximately 60,000 square feet of office and production space and is expected to be operational toward the end of 2025. With this new capacity, Kraken will be in an improved position to meet growing customer demand in the subsea power domain with manufacturing from both Canada and the original facility in Germany. Kraken's subsea lithium polymer batteries are delivering extended endurance and reduced costs to customers who are providing important national security and commercial subsea survey and inspection work. Key Highlights on New Manufacturing: Strategic Expansion: Kraken is investing $10 million in a new manufacturing facility to expand its subsea power leadership. The facility is located near many current customers in the U.S. northeast, providing shorter delivery times and enhanced customer support capabilities. This initial expansion provides a reduced risk path to technology transfer of skills and intellectual property from the German facility to the North American market. As Kraken expands its presence in the United States, this will allow for an easier transition for additional manufacturing south of the Canadian border. This new facility will include multiple 6,000-meter rated pressure testing tanks allowing Kraken to increase total subsea battery production to almost $200 million annually, once fully operational. Commitment to Innovation: Kraken's commitment to innovation is evident in the substantial investment in R&D and new product development, a key to continued growth. Building on the region's strengths in industrial infrastructure, Kraken plans to create at least 200 permanent new advanced manufacturing jobs over the next four years and 25 temporary construction jobs to retrofit the new facility. The expansion will provide meaningful, sustainable employment opportunities for years to come, with a focus on working with local stakeholders to develop programs aimed at skills diversification for local talent. The new facility will be situated in the largest industrial park east of Montreal and north of Boston and be able to access talent from the multiple technical schools and universities in the region. Kraken will continue with its presence at the Center for Ocean Ventures and Entrepreneurship (COVE) where they design autonomous launch and recovery systems for use on crewed and uncrewed naval vessels. ABOUT KRAKEN ROBOTICS Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans - safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. LINKS: SOCIAL MEDIA:LinkedIn Twitter Facebook YouTube Instagram FORWARD-LOOKING STATEMENTSCertain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release. For further information: Erica Hasenfus, Director of Joe MacKay, Chief Financial Officer(416) 303-0605jmackay@ Greg Reid, President & CEO(416) 818-9822greid@ Sean Peasgood, Investor Relations(647) 955-1274sean@ A photo accompanying this announcement is available at in to access your portfolio
