The quarter that had a little bit of everything
Kraken Robotics didn’t exactly phone it in for Q4. The company wrapped 2025 with record revenue, record adjusted EBITDA, and a cash pile north of CAD 120 million, which is a pretty solid way to walk into the year.
The growth engine looked broad, too. SeaPower batteries, SAS products, and subsea/LiDAR services all helped push revenue up, while the 3D at Depth acquisition added more juice to the LiDAR side of the business. In other words: this wasn’t just one lucky product doing all the heavy lifting.
The numbers behind the hype
Here’s the part investors will actually care about:
- 2025 revenue came in at $102.2 million, up from $91.3 million the year before
- gross profit climbed to $63.4 million, with margin expanding to 62.1%
- adjusted EBITDA hit $25.0 million
- Q4 alone delivered $9.5 million of adjusted EBITDA, a 33.5% margin
That’s the kind of operating leverage that makes finance folks sit up a little straighter. And because the company ended the year with $120.5 million in cash, it’s not exactly trying to build a moonshot on fumes.
The bigger swing: Covelya
Then came the headline-grabber: Kraken announced a $615 million acquisition of Covelya Group, expected to close in Q2 2026. Management says the deal will create a global leader in marine technology and dual-use subsea solutions, which sounds lofty — but also signals Kraken wants to play in a much bigger pond.
The catch? Big acquisition, big integration risk. If the combo works, the company’s scale and product reach could change fast. If it doesn’t, well, synergy decks start getting real awkward, real quickly.
Why you should care
Kraken’s 2026 guide is calling for $165 million to $175 million in revenue and $40 million to $50 million in adjusted EBITDA, which is a very aggressive step-up from 2025. That kind of guidance tells you management sees demand holding up — and maybe then some.
Big picture: Kraken is looking less like a niche underwater tech shop and more like a company trying to turn subsea hardware into a full-blown platform story.