Bay Street News

Kraken Reports Q3 2018 Results and Provides Outlook

2019 Backlog is Currently ~ $13 Million and Growing

ST. JOHN’S, Newfoundland, Nov. 30, 2018 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) announced it has filed its financial results for the third quarter ended September 30, 2018. Additional information concerning the Company, including its unaudited condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended September 30, 2018, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated.  

Q3 2018 Financial Highlights

Q3 2018 Notable Operational Highlights

CEO Comments

“With a growing backlog, high quality customers, industry leading technology at the right price, and the support of our investor and strategic partner, Ocean Infinity, we are very pleased with our progress,” said Karl Kenny, Kraken’s President and CEO. “We see significant opportunities with our sensors and underwater robotic platforms in military and commercial markets. As such, we expect strong momentum to continue. We also expect additional opportunities to emerge for Kraken from the $300+ million funding available to the Ocean Supercluster. We will be submitting a multi-year, $30 million proposal called OceanVision™ to provide ultra-high definition seabed maps and subsea asset data to a wide range of Ocean Supercluster stakeholders including oil and gas, fisheries, science, transport, defence and others.”

Subsequent Highlights Since September 30 Quarter End

Q4 2018 Outlook and Beyond

We see significant opportunities with our sensors and underwater robotic platforms in military and commercial markets. We continue to believe that the significant investments we have made in new products and business development will open large new contracts to us over the coming year. In the meantime, we are working hard to execute efficiently on our existing backlog of approximately $13 million, most of which will be executed in 2019. This backlog excludes several contracts where we have been notified that we will be awarded and are working on the Statement of Work and/or Purchase Order terms. These total more than $4 million and are expected to get added to our backlog within the next 3 to 4 months. As such, we expect strong momentum to continue.

ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.

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 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, please contact:

Greg Reid, Chief Financial Officer
(416) 818-9822
greid@krakenrobotics.com

Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com

Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
gleyte@krakenrobotics.com