๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: C$21.7M (+35% YoY)
โข Product Revenue: C$13.8M (+50% YoY)
โข Service Revenue: C$7.9M (+14% YoY)
โข Gross Profit: C$12.2M (+21% YoY)
โข Gross Margin: 56% (vs. 63%)
โข Adjusted EBITDA: C$3.0M (+7% YoY)
โข Net Loss: C$3.3M vs. C$0.2M profit YoY
โข Cash Position: C$108.7M
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข FY26 Revenue: C$165M-C$175M
โข FY26 Adjusted EBITDA: C$40M-C$50M
โข FY26 Capex: C$15M-C$18M
โข Covelya acquisition expected to close near end of Q2 2026
โ
๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Product demand accelerated with strong subsea battery and SAS growth
โข 2026 Kraken product orders increased to ~C$97M
โข Covelya 2026 order intake reached ~C$165M
โข Raised manufacturing capacity to support subsea battery demand
โข Completed C$402.5M financing tied to Covelya acquisition
โข Signed agreement with SEFINE SISAM for autonomous seabed warfare solution integration
โ
๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โWe continue to execute on securing new products orders, including growing traction with new defence customers, and recently expanded our battery manufacturing capacity to support anticipated growth.โ