Consolidated sales increased by 31% to USD 91.3 million, compared to USD 69.6 million in 2023.
Product sales increased by 26% to USD 66.3 million compared to USD 52.6 million in the previous year and were driven by significant growth in our SeaPower subsea battery business, offset by lower sales in our sensor business.
Service revenue amounted to USD 25.0 million, an increase of 47 % compared to 2023 and was due to an increase in the number of sub-bottom imager and acoustic corer projects.
Gross profit for the year increased by 32% to USD 44.7 million, compared to USD 34.0 million in 2023, representing an unchanged gross profit margin of 49% compared to the previous year.
Adjusted EBITDA 1 for the year increased by 47% to USD 20.7 million compared to an Adjusted EBITDA 1 of USD 14.1 million in 2023. The Adjusted EBITDA 1 margin improved to 22.7% compared to 20.3% in the comparative year.
Current highlights of the company
Since the end of the third quarter, Kraken Robotics announced
Several significant new orders, including nearly $60 million worth of underwater battery orders.
Plans to open a new battery manufacturing facility in Nova Scotia to meet growing demand in the defense market.
The acquisition of underwater LiDAR company 3D at Depth.
The launch of the KATFISH synthetic aperture sonar service for the global offshore energy market.
