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ABOUT KRAKEN ROBOTICS INC.
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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.
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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.
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FORWARD LOOKING STATEMENTS
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This news release contains statements that constitute “forward-looking information” as defined under applicable Canadian securities laws (collectively, “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: the impacts of the Acquisition on the business and financial outlook of the Company; expected benefits and strategic rationale of the Acquisition; expected cost synergies of approximately $10 million within 24 months; expected low-to-mid double-digit EPS accretion in 2027; business objectives; expected growth of the Company; expected orders of products and services; maritime security matters and the expanding role of mine countermeasures; new product offerings; expectations regarding results of operations, performance, business projects and opportunities, and financial results; 2026 guidance (including consolidated revenue, Adjusted EBITDA, Adjusted EBITDA margin, and capital expenditures/intangible assets) and financial estimates; expected trading activity and timing related to Common Shares and Subscription Receipts; the integration of Covelya Group, including organizational restructuring; and listing of the Common Shares on the TSX. 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, the benefits of the Acquisition, the successful integration of Covelya Group, realization of expected synergies, macroeconomic uncertainties, the Company’s ability to satisfy TSX listing conditions; receipt of regulatory approvals; and other factors set out in the Company’s continuous disclosure materials filed from time to time with the Canadian Securities Administrators, including the Company’s most recent annual information form under the section entitled “Risk Factors”, quarterly and annual reports, and supplementary information, which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Additional risks and uncertainties not presently known to the Company or that the Company believes to be less significant may also adversely affect the Company. 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 accordingly, forward-looking statements should not be unduly relied upon.
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Guidance for 2026 is provided as of July 2, 2026 to assist analysts and shareholders in formalizing their respective views on the year ending December 31, 2026. The reader is cautioned that using this information for other purposes may be inappropriate. This information constitutes forward-looking statements, based on multiple estimates and assumptions about future events. Actual results may differ, and such differences may be material. Expectations are also subject to a number of risks and uncertainties as well as material assumptions contained in this press release and in Kraken’s management’s discussion and analysis (“MD&A”) for the three and twelve months ended December 31, 2025 as filed on SEDAR+ at www.sedarplus.ca. Guidance for 2026 is based on management’s current views, strategies, expectations, assumptions and forecasts, and has been calculated using accounting policies that are generally consistent with the Company’s current accounting policies. The Company cautions that the assumptions used to prepare the 2026 outlook could prove to be incorrect or inaccurate. Accordingly, the Company’s actual results could differ materially from the Company’s expectations as set out in this press release. The Company’s revenue for 2026 assumes the following: Product revenue guidance range is driven by growth in the combined company’s portfolio of power, sensors and integrated systems, along with organic growth in its service business. Product revenue is supported by existing orders and expected orders related to identified opportunities. Service revenue is based on stable to growing investment in offshore energy projects, both oil and gas and offshore renewables, and demand for critical underwater infrastructure inspection and repair. Revenue is expected to be weighted towards the second half of the year based on historical customer purchasing patterns. Adjusted EBITDA guidance assumes gross profit margins for its products and services consistent with prior year levels.
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