08:07 AM EDT, 05/29/2024 (MT Newswires) -- Kraken Robotics ( KRKNF ) said on Wednesday that it swung to a net profit in the first quarter on the back of record revenue.

Kraken posted a net income of $2.2 million, improving from a loss of $1.3 million, after revenue surged 175% to a record $20.9 million from $7.6 million.

Adjusted EBITDA soared 354% to $4.1 million from $903,000.

Kraken reiterated its 2024 financial guidance including projected revenue of $90-$100 million and adjusted EBITDA of $18-$24 million.

"With our recently closed $20 million equity financing and $45 million of new committed credit facilities, our balance sheet has been strengthened as we pursue and execute on multiple sizeable subsea defense and commercial programs," President and CEO Greg Reid said. "Our participation at various trade shows, customer demonstrations, and UUV user groups continues to re-affirm the strong demand signals we see in the market and our solid competitive position."