07:35 AM EDT, 08/21/2025 (MT Newswires) -- Kraken Robotics ( KRKNF ) said Thursday that it swung to a net loss in the second quarter despite higher revenue that exceeded analysts' expectations.

The company posted a net loss of $699,000, or a loss of $0.00 per share, reversing the year-ago net income of $2.6 million, or $0.01 per share.

Revenue increased 16% to $26.4 million, above the analyst consensus revenue forecast of $24.8 million compiled by FactSet. Kraken attributed the increase to strong growth in its subsea battery and service businesses, as well as the acquisition of 3D at Depth.

Adjusted EBITDA fell to $4.7 million from $5.4 million.

Kraken maintained its 2025 financial guidance, including a revenue forecast of $120 million to $135 million and adjusted EBITDA target of $26 million to $34 million.

Kraken's share price fell 2.9% on Wednesday to $3.39 on the TSXV.