MEMBER NEWS: Kraken forecasts continued strong growth after record 2022 financial results

May 9, 2023
MEMBER NEWS: Kraken forecasts continued strong growth after record 2022 financial results

Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) (“Kraken” or the “Company”), announced it has filed its financial results for the quarter and year ended December 31, 2022. Additional information concerning the Company, including its consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the quarter and year ended December 31, 2022, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated.

CEO Comments:
“2022 was a strong year for Kraken and we expect it to continue in 2023,” said President and CEO Greg Reid. “Revenue growth of 60% and adjusted EBITDA margins of 13% reflect the right technical solutions, strong end markets, and improving execution. Investments we have made are positioning us well. The increasing demand for high resolution subsea data at the lowest possible costs combined with macro trends across our largest markets, defense and offshore energy, is showing up in our pipeline which is broader and deeper than ever before.”

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AREG is the original energy transition organisation, working on behalf of members to empower the energy supply chain and champion its expertise. Please get in touch if you have any questions or would like to find out more about membership.

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AREG has played an important role in the growth of Scotland’s renewable energy sector, engaging the supply chain and developing the European Offshore Wind Deployment Centre. However, we are only at the very beginning of the transition that AREG was established to both lead and support so there are still opportunities for companies to get into the constantly evolving renewables supply chain. We look forward to continuing our work together as renewables builds on its place as Scotland’s main source of power, and as we seek to deliver real change in the crucial areas of heat and transport.

Scottish Renewables
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Aberdeen & Grampian Chamber of Commerce has worked closely with AREG since its formation. The recent progress in the developments of offshore wind projects by Equinor and Vattenfall are as a result of the work of the group over many years. The north-east is known as the oil and gas capital of Europe. At the Chamber, we believe the region must evolve its position to being recognised as the energy capital. Whilst hydrocarbons will continue to be essential in driving our economy for years to come, the generation of renewable resources will play an increasingly important role in providing cost-effective power, innovative development and economic growth.

Aberdeen & Grampian Chamber of Commerce
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The enthusiasm and dedication of the early group that would become AREG was fundamental in us choosing to launch All-Energy in Aberdeen. The first tiny show was held in 2001, and AREG’s Chairman at the time, Jeremy Cresswell, played such an active role that I often describe him in terms such as All-Energy’s ‘midwife’. All-Energy is now the UK’s largest renewable and low carbon energy exhibition and conference in terms of number of attendees, space booked, and number of exhibiting companies. As AREG became firmly established, their presence and support for the event grew spectacularly over the years. We thank them most sincerely for their invaluable input.

All-Energy
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Vattenfall has forged a strong working relationship with AREG through the development of the European Offshore Wind Deployment Centre. AREG has worked tirelessly on behalf of the North East and it can take enormous credit for the growth of sustainable energy in the region and the path it has cleared for the region to capture further investment.

Vattenfall
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Aberdeen City and Shire is emerging as a key location for renewables by successfully transferring its world-class oil and gas expertise into the sector and AREG has done much to advance this through a broad range of initiatives. It has acted as a catalyst in driving further investment in the local economy by engaging with companies, Government, public bodies and existing projects and we have been pleased to support their efforts. Scottish Enterprise will continue to engage with AREG as we increase Scotland’s use of renewable energy.

Scottish Enterprise