TORONTO, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce continued strength in new order activity with $102 million of new orders since its last update on August 27, 2026. Announced orders in 2026 for Kraken and its recently acquired Covelya Group Limited (“Covelya Group”) now total approximately $457 million. Over 60% of these combined orders in 2026 have come from defence industry customers.
“These orders demonstrate the breadth of demand across the combined company, with contributions from defence and offshore energy customers, new and returning customers, and multiple product families,” said Greg Reid, CEO of Kraken Robotics. “The acquisition of Covelya has materially expanded the technologies and solutions we can offer our customers, while integration activities continue to progress as planned. With the vast majority of these recent product orders expected to convert to revenue within the next 12 months, this activity provides meaningful visibility as we enter 2027.”
The recent $102 million in product orders are grouped as follows:
Over $55 million across Covelya businesses, with strength in offshore oil and gas and defence;
$25 million for Kraken’s subsea batteries for UUV customers in the defence sector; and
$22 million for Kraken’s synthetic aperture sonar (SAS) systems, including the largest single SAS order in the Company’s history from an undisclosed navy customer. These advanced SAS systems will be integrated on man-portable UUVs as part of a major naval program. The program may generate additional orders over its multi-year duration.
Q3 2026 Results Conference Call and Webcast
Kraken will release its third quarter 2026 financial results prior to the opening of markets on Tuesday, November 24, 2026. Kraken’s management will hold a conference call at 8:30 a.m. ET the same day to discuss the Company’s results and outlook.
Participants can listen to this event at the webcast details below, or by dialing 1-833-752-3301 (North America) or +1-647-846-2734 (International) and asking to be connected to the Kraken Robotics call. A recording will also be available following the call.
Figure 1: A REMUS 300 UUV equipped with Kraken SAS
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics is a global marine technology company transforming subsea intelligence through advanced sensors, software, and integrated systems. Serving defence, offshore energy, and ocean science markets, the company delivers actionable insights in challenging underwater environments. Kraken’s integrated subsea solutions span sonar, navigation, positioning, imaging, power, communications, monitoring, and data analytics.
On July 2, 2026, Kraken Robotics acquired the Covelya Group, bringing together Sonardyne, EIVA, Forcys, Voyis, and Chelsea Technologies. Together, the companies combine highly skilled global teams with a shared commitment to solving complex underwater challenges through world-class, dual-use technologies.
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.
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