Kraken Robotics Raises Revenue Forecast Following Covelya Acquisition

The revised guidance marks a significant jump from previous estimates of C$165 million to C$175 million, signaling confidence in the expanded product lineup. Kraken also projects adjusted earnings before interest, taxes, depreciation, and amortization to hit between C$65 million and C$75 million, a substantial climb from the C$24.7 million reported last year. These figures reflect a strategic push to capture increased global investment in naval and subsea defense infrastructure.

Alongside the financial shift, the company is implementing a two-tier leadership structure to decouple corporate governance from daily operations. Bernard Mills, formerly the executive vice president of the defense segment, will step into the role of president. The transition also involves the integration of Covelya executives into the leadership team, while Chief Operating Officer Nat Spencer is scheduled to depart at the end of July.