08:08 AM EDT, 08/22/2024 (MT Newswires) -- Kraken Robotics ( KRKNF ) , trading shy of 52 week highs, on Thursday reported a higher profit for its second quarter as revenue rose.

The marine technology company said net income rose 31% to above $2.6 million, from just under $2 million.

Consolidated revenue jumped 67% to $22.8 million. Of this figure, product revenue increased 83% to $19.2 million from $10.5 million in the prior year. Product revenue growth was the result of continued sales across key products including subsea batteries, synthetic aperture sonar (SAS) systems, remote mine hunting and disposal system, and KATFISH, the company said.

Adjusted EBITDA increased 79% in the quarter to $5.4 million compared to $3.0 million in the prior year due to increased revenue. Adjusted EBITDA margin in the quarter improved to 24% compared to 22% in the comparable quarter.

Kraken maintained its 2024 financial outlook, and expects revenue of between $90 million to $100 million and Adjusted EBITDA in the $18.0 million to $24.0 million range. Capital and intangible asset expenditures in 2024 are expected to range from $6.0 million to $7.0 million. Its 2024 outlook is "driven by contracts in hand and reflects strength across both our Product and Service groups addressing defense and offshore energy customers."