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  5. PNG: Your thoughts on Kraken following their recent earnings release? [Kraken Robotics Inc.]
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Q: Your thoughts on Kraken following their recent earnings release?

Thanks

Phil
Asked by philip on August 23, 2024
5i Research Answer:

Net income rose 31% year-over-year to $2.6M. Revenue rose 67%(!) year-over-year to $22.8M. Product revenue increased 83% year-over-year driven by increased sales across key products. Adjusted EBITDA increased 79% in the quarter to $5.4M. PNG maintained its outlook for the full year 2024 expecting revenue between $90M to $100M and Adjusted EBITDA in the $18.0M to $24.0M range. This outlook is, ""driven by contracts in hand and reflects strength across both our Product and Service groups addressing defense and offshore energy customers." Another very strong quarter for PNG continuing its run and the stock has hit another high today. 

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