Kraken Robotics Updates 2023 Financial Guidance and Provides Strong 2024 Outlook - Seite 2

Going forward, the Company is introducing information on our sales funnel pipeline to help investors better understand the underlying growth trends in our markets served and to show how Kraken's products and services are performing. We will provide the sales funnel information on an annual basis at the beginning of each year. Ultimately our success will be determined by continuing to convert our sales pipeline to new orders and successfully executing on these projects and programs. Our total sales pipeline is a combination of opportunities across three areas: sonar products and programs, subsea power, and subsea services.

Kraken's sales funnel pipeline at the end of December 2023 was over $900 million. On major sonar programs, we experience competition from a small number of companies, and Kraken often is included on multiple bid teams as various consortiums bid these navy programs. For subsea batteries, we are often the sole source provider of lithium-ion batteries to our uncrewed underwater vehicle (UUV) customers. In this market, the emergence of a new larger class of UUV, the Extra Large UUV (XLUUV) is driving increased volumes. For subsea services, our solutions are used by naval, offshore wind and offshore oil and gas customers to provide high resolution acoustic imagery of the seabed and sub-seabed, providing actionable intelligence on critical underwater infrastructure and territories.

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans - safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

LINKS:
www.krakenrobotics.com

SOCIAL MEDIA:

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YouTube www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A
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Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance, or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.