An announcement from Kraken Robotics Systems Inc ( (TSE:PNG) ) is now available.
Kraken Robotics has secured $11 million in new orders for its SeaPower pressure tolerant batteries, bringing the total orders for the year to $45 million, primarily driven by demand from the defense industry for uncrewed underwater vehicles (UUVs). These batteries are notable for their ability to withstand deep ocean pressures without needing a pressure housing, supporting longer and more complex UUV missions. To accommodate growing demand, Kraken plans to open a new battery facility in Nova Scotia, which will significantly increase production capacity. This expansion positions Kraken for continued growth in the subsea power sector and enhances its industry standing, with new battery designs for smaller UUVs expected by late 2025.
Spark’s Take on TSE:PNG Stock
According to Spark, TipRanks’ AI Analyst, TSE:PNG is a Neutral.
Kraken Robotics Systems Inc scores well in financial performance with strong revenue growth and profitability. Technical analysis shows bullish momentum, but the high P/E ratio indicates potential overvaluation. Negative operational cash flow is a risk that could impact future stability.
To see Spark’s full report on TSE:PNG stock, click here.
More about Kraken Robotics Systems Inc
Kraken Robotics Inc. is a company that specializes in transforming subsea intelligence through advanced 3D imaging sensors, power solutions, and robotic systems. Their products and services are designed to help clients address oceanic challenges safely, efficiently, and sustainably. The company is known for its synthetic aperture sonar, sub-bottom imaging, and LiDAR systems, which offer high-resolution insights into ocean safety, infrastructure, and geology. Kraken’s innovative pressure tolerant batteries provide high energy density power for uncrewed underwater vehicles (UUVs) and subsea energy storage. Headquartered in Canada, Kraken Robotics has a global presence with offices in North America, South America, and Europe, serving clients in over 30 countries.
YTD Price Performance: -10.73%
Average Trading Volume: 920,170
Technical Sentiment Signal: Strong Sell
Current Market Cap: C$612.3M
For an in-depth examination of PNG stock, go to TipRanks’ Stock Analysis page.