Kraken Robotics (Kraken Robotics Stock Quote, Chart TSXV:PNG) was a top performer on the Venture exchange last year, but can they keep the party going? You bet, says CFO Greg Reid, who sees more revenue growth for the company up ahead.
Reid spoke to Cantech at this year’s Cantech Investment Conference where Kraken was a presenter. The Newfoundland-based company is a high resolution sensor and underwater robotics maker, who last year announced a major investment from ocean survey and exploration firm Ocean Infinity, who became 9.99 per cent owners through the deal.
“2019 is really a story of two fronts,” says Reid. “One is execution on our existing backlog of orders with a large part of it being the batteries for Ocean Infinity. That’s a key driver that we think will have very strong revenue growth again this year.”
“The second part of the story is the number of multi-year contracts that we’re bidding for —we’re talking north of $125 million in business to Kraken. You never know until you win it but we think we’re in a really good position for some of them,” he said.
Kraken, which saw its stock rise 114 per cent over 2018, is on a tear at the moment, with the stock up a further 81 per cent since the start of January. Early last month the company announced a majority acquisition of Germany’s Kraken Power GmbH.