TORONTO, November 5, 2026 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce continued strength in new order activity with $102 million of new orders since its last update on August 27, 2026. Announced orders in 2026 for Kraken and its recently acquired Covelya Group Limited (“Covelya Group”) now total approximately $457 million. Over 60% of these combined orders in 2026 have come from defence industry customers.
“These orders demonstrate the breadth of demand across the combined company, with contributions from defence and offshore energy customers, new and returning customers, and multiple product families,” said Greg Reid, CEO of Kraken Robotics. “The acquisition of Covelya has materially expanded the technologies and solutions we can offer our customers, while integration activities continue to progress as planned. With the vast majority of these recent product orders expected to convert to revenue within the next 12 months, this activity provides meaningful visibility as we enter 2027.”
The recent $102 million in product orders are grouped as follows:
Over $55 million across Covelya businesses, with strength in offshore oil and gas and defence;
$25 million for Kraken’s subsea batteries for UUV customers in the defence sector; and
$22 million for Kraken’s synthetic aperture sonar (SAS) systems, including the largest single SAS order in the Company’s history from an undisclosed navy customer. These advanced SAS systems will be integrated on man-portable UUVs as part of a major naval program. The program may generate additional orders over its multi-year duration.
Q3 2026 Results Conference Call and Webcast
Kraken will release its third quarter 2026 financial results prior to the opening of markets on Tuesday, November 24, 2026. Kraken’s management will hold a conference call at 8:30 a.m. ET the same day to discuss the Company’s results and outlook.
Participants can listen to this event at the webcast details below, or by dialing 1-833-752-3301 (North America) or +1-647-846-2734 (International) and asking to be connected to the Kraken Robotics call. A recording will also be available following the call.
Webcast Details:
Date: Tuesday, November 24, 2026
Time: 8:30 a.m. ET
Registration URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=BIq8txT9
If anyone had some speculations on the name of the undisclosed navy, and what was meant by SAS equipped man-portable UUVs, I would love to hear it. That sounds really interesting...