Kraken provides a collection of superior marine expertise services. | Supply: Kraken Robotics
Kraken Robotics Inc. this week introduced that it has closed its beforehand introduced underwritten public providing, bringing in over $115 million. The providing included over 43.2 million widespread shares of the corporate at a worth of $2.66 per share.
“This profitable fairness providing reveals sturdy assist from traders and displays confidence in our imaginative and prescient and technique as we scale our enterprise,” said Greg Reid, President and CEO of Kraken. “With a fortified stability sheet, we’re well-positioned to pursue strategic acquisitions, broaden our international footprint, and ship even better worth to our clients and shareholders.”
Subsea imaging applied sciences develop
Kraken Robotics mentioned it hopes to remodel subsea intelligence with 3D imaging sensors, energy methods, and uncrewed maritime methods. The Mount Pearl, Canada-based firm claimed that its services allow purchasers to securely, effectively, and sustainably overcome challenges in our oceans.
It provides artificial aperture sonar, sub-bottom imaging, and lidar methods to offer crucial insights into ocean security, infrastructure, and geology. Kraken additionally provides pressure-tolerant batteries that ship high-energy-density energy for uncrewed underwater autos (UUVs) and subsea vitality storage.
In April, Kraken introduced that, by means of a subsidiary, it had acquired 3D at Depth Inc., a subsea companies firm specializing in high-resolution lidar imaging and measurements. 3D at Depth is now a completely owned subsidiary of Kraken.
Because it transitions to the Kraken model, 3D at Depth plans to proceed working as a trusted companion in subsea lidar imaging, complementing Kraken’s suite of artificial aperture sonar and sub-bottom imaging applied sciences.
Kraken units sights on international contracts
In Q1 of 2025, Kraken introduced in $10.1 million in gross revenue, an 8% enhance from the identical quarter in 2024. The corporate mentioned it has workplaces in North America, South America, and Europe supporting purchasers in additional than 30 nations worldwide.
Desjardins Capital Markets led the providing as underwriter and sole bookrunner. It did so on behalf of a syndicate of underwriters together with Cormark Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., Nationwide Financial institution Monetary Inc., and Raymond James Ltd. The underwriters acquired a money fee of over $4.6 million, 4.0% of the gross proceeds of the providing.
The providing remains to be topic to TSX Enterprise Trade’s last acceptance of requisite regulatory filings.
Kraken mentioned it should use the proceeds to develop right into a scalable international prime contractor. This consists of:
- Enhancing its potential to contemplate bigger accretive acquisitions, notably within the U.S. and Europe, given its strengthened international profile
- Demonstrating a stronger stability sheet when bidding for bigger governmental and industrial contracts
- Common company functions
