Kraken Robotics has filed its financial results for the fourth quarter and year ended December 31, 2023, highlighting that consolidated revenue for Q4 2023 was $28.0 million compared to $8.8 million, an increase of 218% over the comparable quarter and marked the company’s strongest quarter to date for both the product and service businesses.
Revenue mix was 70% Product / 30% Service. Product revenue in the quarter was $19.6 million, an increase of 287% over the comparable quarter.
The increase was the result of continued delivery of subsea batteries, work with the Canadian Navy on its Remote Minehunting and Disposal Systems program, the production of the company’s KATFISH product as well as the sale of Synthetic Aperture Sonar systems.
Kraken is reiterating its 2024 financial guidance. For 2024, Kraken expects revenue between $90.0 million to $100.0 million and Adjusted EBITDA in the $18.0 million to $24.0 million range. Capital expenditures …