Kraken Robotics nets $115M for marine systems in public offering

Kraken offers a suite of advanced marine technology products and services. | Source: Kraken Robotics

Kraken Robotics Inc. this week announced that it has closed its previously announced underwritten public offering, bringing in over $115 million. The offering included over 43.2 million common shares of the company at a price of $2.66 per share.

“This successful equity offering shows strong support from investors and reflects confidence in our vision and strategy as we scale our business,” stated Greg Reid, President and CEO of Kraken. “With a fortified balance sheet, we are well-positioned to pursue strategic acquisitions, expand our global footprint, and deliver even greater value to our customers and shareholders.”

Subsea imaging technologies develop

Kraken Robotics said it hopes to transform subsea intelligence with 3D imaging sensors, power systems, and uncrewed maritime systems. The Mount Pearl, Canada-based company claimed that its products and services enable clients to safely, efficiently, and sustainably overcome challenges in our oceans.

It offers synthetic aperture sonar, sub-bottom imaging, and lidar systems to provide critical insights into ocean safety, infrastructure, and geology. Kraken also offers pressure-tolerant batteries that deliver high-energy-density power for uncrewed underwater vehicles (UUVs) and subsea energy storage.

In April, Kraken announced that, through a subsidiary, it had acquired 3D at Depth Inc., a subsea services company specializing in high-resolution lidar imaging and measurements. 3D at Depth is now a wholly owned subsidiary of Kraken.

As it transitions to the Kraken brand, 3D at Depth plans to continue operating as a trusted partner in subsea lidar imaging, complementing Kraken’s suite of synthetic aperture sonar and sub-bottom imaging technologies.

Kraken sets sights on global contracts

In Q1 of 2025, Kraken brought in $10.1 million in gross profit, an 8% increase from the same quarter in 2024. The company said it has offices in North America, South America, and Europe supporting clients in more than 30 countries worldwide.

Desjardins Capital Markets led the offering as underwriter and sole bookrunner. It did so on behalf of a syndicate of underwriters including Cormark Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., National Bank Financial Inc., and Raymond James Ltd. The underwriters received a cash commission of over $4.6 million, 4.0% of the gross proceeds of the offering.

The offering is still subject to TSX Venture Exchange’s final acceptance of requisite regulatory filings.

Kraken said it will use the proceeds to grow into a scalable global prime contractor. This includes:

• Enhancing its ability to consider larger accretive acquisitions, particularly in the U.S. and Europe, given its strengthened global profile
• Demonstrating a stronger balance sheet when bidding for larger governmental and commercial contracts
• General corporate purposes

Keep track of your essentials with the Apple AirTag 4 Pack, the ultimate tracking solution for your belongings. With over 5,972 ratings and a stellar 4.7-star average, this product has quickly become a customer favorite. Over 10,000 units were purchased in the past month, solidifying its status as a highly rated Amazon Choice product.

For just $79.98, you can enjoy peace of mind knowing your items are always within reach. Order now for only $79.98 at Amazon!

Help Power Techcratic’s Future – Scan To Support

If Techcratic’s content and insights have helped you, consider giving back by supporting the platform with crypto. Every contribution makes a difference, whether it’s for high-quality content, server maintenance, or future updates. Techcratic is constantly evolving, and your support helps drive that progress.

As a solo operator who wears all the hats, creating content, managing the tech, and running the site, your support allows me to stay focused on delivering valuable resources. Your support keeps everything running smoothly and enables me to continue creating the content you love. I’m deeply grateful for your support, it truly means the world to me! Thank you!