Newfoundland-based marine technology company Kraken Robotics said it has generated revenues for the three months ended September 30, 2017 of $1.6 million, compared to $0.9 million same time last year.
Revenues during the quarter related to delivery of the company’s AquaPix MINSAS sensor product to two European defense customers, first revenues from its Robotics-as-a-Service offering with OEX Recovery Group, first revenue from a sea trial with a defense contractor, and Kraken Robotik GmbH’s first revenues (for a 6,000-metre rated 3D laser/optical imaging system).
Kraken reported net income for the quarter of $0.1 million, versus net income of approximately $0 in the year-ago quarter.
The company said it expects strong growth in Q4 and 2018 based on recently announced contracts, including a $3-million sensor contract with Ocean Infinity and $2-million contract with an unnamed customer for an underwater robotic solution
In addition, Kraken has made R&D investments for new product development, marketing, and business development and said it expect this to continue in 2018.
“The third quarter was a solid quarter for Kraken,” said Karl Kenny, president and CEO of Kraken. “Year-to-date, we have received contracts totaling more than $7 million, which is more than triple our 2016 revenue. The new product introductions and business development efforts made over the last 18 months are starting to pay off with further customer engagements, new strategic alliances and additional market access. We expect this positive momentum to continue through the end of 2017 and into 2018 as we are actively bidding on significant new business across all of our market segments.”