04:31 PM EDT, 04/18/2024 (MT Newswires) -- Kraken Robotics ( KRKNF ) on Thursday said it it swung to a fourth-quarter profit on a big rise in sales.

The company said it earned C$2.6 million in the period, compared with a loss of C$1.3 million in the year-prior quarter.

Revenue more than tripled to C$28.01 million from C$8.81 million.

"n 2023, we made significant improvements in our business, including strengthening our technical and commercial depth, adding specific skillsets to our board of directors, and making significant investments in headcount and infrastructure. While not always apparent to external parties, these changes are positioning us to capture significant new business and improve our execution in the future" said Kraken chief executive Greg Reid, in a statement.

Kraken Robotics Inc. ( KRKNF ) is a marine technology company providing subsea sensors, batteries, and robotic systems.

The company's shares closed down C$0.01 to C$1.00 on the TSX Venture Exchange.