Kraken Robotics Updates 2023 Financial Guidance and Provides Strong 2024 Outlook

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Sales Funnel Pipeline More than $900 Million

ST. JOHN’S, Newfoundland and Labrador, Feb. 15, 2024 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) is updating financial guidance for the year ended December 31, 2023. While audited results will not be released until mid-April, unaudited preliminary results show that the Company’s strong momentum continued from Q3 2023 into Q4 2023. As a result, Kraken Robotics expects to report fiscal 2023 revenue at approximately the midpoint of our $66.0 million and $72.0 million guidance, representing top line growth of about 68% year over year. The Company also expects Adjusted EBITDA⁽¹⁾ toward the higher end of our $12.0 million to $15.0 million guidance, versus Adjusted EBITDA⁽¹⁾ of $5.3 million for the year ended December 31, 2022. Capital expenditures for 2023 are currently anticipated to be approximately $7.5 million, higher than our $5.0 million to $6.0 million guidance due to additional investments in assets for our engineering, customer success and services groups to drive growth in 2024 and beyond.