Q2 2026 Kraken Robotics Inc Earnings Call Transcript
Key Points
- Closed transformative acquisition of Covelya Group, significantly expanding technological capabilities and total addressable market.
- Strong product demand with CAD355 million in product orders year-to-date, including CAD27 million in incremental orders since July.
- Gross profit margin remained strong at 59%, up slightly year-over-year.
- Expanded customer base with new long-term master supply agreement with an XL UUV manufacturer and added nearly 10 new battery OEM customers.
- Strong balance sheet with cash of CAD91 million and minimal net debt post-acquisition.
- Q2 revenue negatively impacted by CAD1.5 million due to a change in scope on an integration project.
- Adjusted EBITDA margin remained flat at 18% year-over-year.
- Capital expenditures increased to CAD9 million in Q2, up from CAD6 million in the prior year.
- Guidance for 2026 relies on winning a specific catfish contract, which remains a key execution risk.
- Revenue growth in Q2 was modest, with product revenue growth of only 11% year-over-year excluding the scope change.
Good morning, everyone, and welcome to the Kraken Robotics second-quarter 2026 results conference call. (Operator Instructions)
I would now like to turn the floor over to Shant Madian, Director of Capital Markets.
Good morning, everyone, and thank you for joining Kraken Robotics' earnings call, the three and six months ended June 30, 2026.
Before we begin, I want to remind everyone that certain statements in this call may be forward-looking in nature. Matters discussed, including management estimates, statements involving known and unknown risks, uncertainties, and other factors could cause actual results to differ materially from those expressed or implied in our forward-looking statements, which reflect the company's judgment based on information available at the time of this call.
I'd also like to refer you to the forward-looking statements, risk factors and additional detail on non-IFRS financial measures we have provided in our AIF, press release, MD&A and
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