12:04 PM EDT, 08/21/2025 (MT Newswires) -- (Updates shares.)

Kraken Robotics ( KRKNF ) said Thursday it swung to a loss in the second quarter despite higher revenue that exceeded analysts' expectations.

The company posted a loss of $699,000, or nil per share, compared to a year-ago net income of $2.6 million, or $0.01 per share.

Revenue rose 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 shares were last seen up $0.16 to $3.55 on the TSX Venture Exchange.

Price: 3.52, Change: +0.13, Percent Change: +3.83