Kraken Robotics Posts Record 2025 Revenue, Eyes $615M Covelya Acquisition
Event summary
- Kraken Robotics reported 2025 revenue of $102.2M, up from $91.3M in 2024, with Adjusted EBITDA of $25.0M.
- The company announced a $615M acquisition of Covelya Group, expected to close in Q2 2026.
- 2026 guidance projects revenue of $165M–$175M and Adjusted EBITDA of $40M–$50M, excluding Covelya.
- Kraken secured $87M in product orders in early 2026, with Covelya adding $135M in new orders.
- Peter Hunter stepped down as Chairman, replaced by Shaun McEwan.
The big picture
Kraken Robotics is capitalizing on rising defense spending and energy sector adoption of autonomous underwater systems. The Covelya acquisition positions it as a major supplier of dual-use subsea technology, expanding its product offerings and market reach. The company’s strong 2025 performance and aggressive 2026 guidance reflect growing demand for its subsea sensors and power solutions in both defense and commercial applications.
What we're watching
- Integration Risk
- Whether Kraken can successfully integrate Covelya Group and realize expected synergies.
- Defense Demand
- How global instability will sustain demand for Kraken’s and Covelya’s defense-related products.
- Execution Pace
- The speed at which Kraken can convert its $87M in early 2026 orders into revenue.
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