07:51 AM EDT, 05/29/2025 (MT Newswires) -- Kraken Robotics ( KRKNF ) on Thursday reported a fall in its first-quarter net income and consolidated revenue, and reiterated its guidance for 2025.

The company's net income fell by around 90% to $0.2 million in the first-quarter, from about $2.2 million in corresponding year-ago period. Consolidated revenue fell by about a quarter to $16.1 million compared with $20.9 million in the prior year.

Adjusted EBITDA dropped by about a third to $2.8 million from $4.1 million in the prior year quarter.

The company reiterated its previously announced financial guidance for 2025. It expects revenue between $120 million and $135 million and adjusted EBITDA in the $26 million to $34 million range. The midpoint of guidance represents 40% revenue growth and 45% adjusted EBITDA growth, stated the company. Capital expenditures are expected to range from $13 million to $17 million.

"Similar to previous years, we expect financial results to improve throughout the year and expect strong top and bottom-line growth in 2025, as indicated by our 2025 financial guidance given a month ago," said Kraken Robotics ( KRKNF ) President and Chief Executive Officer Greg Reid. "The level of defense RFP activity expected from 2025 to 2027 is at levels the industry has not seen in many decades and is driving our optimism on this segment of our business. With new manufacturing capacity in Canada coming online at the end of this year and a growing presence in the US both organically and through our acquisition of 3D at Depth, we are well positioned to meet customer needs in the offshore energy and naval defense markets."