572 0 Kommentare Kraken Reports Q3 2020 Results

Revenue Year-to-Date of $10.2 million

ST. JOHN’S, Newfoundland and Labrador, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, announced it has filed its financial results for the quarter ended September 30, 2020. Additional information concerning the Company, including its consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended September 30, 2020, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated.

Q3 2020 Financial Highlights

Revenue for the quarter was $1.5 million compared to $7.8 million in the year ago quarter. The year-over-year decline was mainly due to the delivery of a large battery order in the previous year quarter which was not repeated this year. Revenue year-to-date totaled $10.2 million, compared to $10.5 million last year. Key revenue drivers year-to-date were the delivery of subsea batteries and a KATFISH 180 towed sonar.
Adjusted EBITDA loss* in the quarter was $1.7 million, compared to an Adjusted EBITDA* of $1.6 million in the year ago quarter. Adjusted EBITDA* in the year ago quarter included the gain on sale of ThunderFish AUV in the amount of $0.6 million. Adjusted EBITDA* loss year-to-date totaled $0.1 million, consistent with the prior year.
Net Loss in the quarter was $2.7 million compared to a net income of $0.1 million in the year ago quarter. The loss in the quarter was due to lower revenues year-over-year combined with an increased cost base as the Company prepares to execute on larger contracts. Net loss year-to-date totaled $2.1 million compared to a net loss of $2.8 million year-to date in the prior year.
Net working capital at the end of Q3, 2020 was $6.9 million, compared to $7.2 million at year end 2019.
The Company’s balance sheet is strong. While Kraken exited the quarter with a cash balance of $1.9 million, compared to $2.1 million at December 31, 2019, subsequent to the quarter, we closed a bought deal short form prospectus offering for gross proceeds of $10.4 million. In addition, during Q4 the Company will receive advance payments on recent orders with the Danish and Polish Navies totaling $8.8 million.
At quarter end, including funding we will receive for our OceanVision project, Kraken had $12.5 million in previously awarded funding to draw upon from government agencies and project partners. This amount is not recorded in our financial statements until the cash is received.