By Adriano Marchese
Kraken Robotics raised its guidance for this year after closing its acquisition of Covelya Group, a deal that significantly expands the company's subsea-technology portfolio and scale.
With the deal now complete, the Canadian maker of subsea-intelligence and underwater robotics systems said Thursday it expects 2026 revenue of C$290 million to C$320 million, equivalent to $204 million to $225.1 million. That is up from previous expectations of C$165 million to C$175 million. Kraken generated C$102.2 million of revenue in 2025.
The company also revised its projections for adjusted earnings before interest, taxes, depreciation and amortization to C$65 million to C$75 million, plus or minus C$25 million. Last year the company generated C$24.7 million in adjusted Ebitda.
Earlier this year, Kraken agreed to buy U.K.-based Covelya Group, a supplier of sonar, navigation and maritime sensor technologies.
The combination is expected to broaden the company's product lineup, deepen its presence in defense and maritime surveillance markets and position the enlarged business for stronger long-term growth. The deal comes at a time when global militaries are doubling down on their investments to expand their naval and subsea defense capabilities.
The company is also introducing a new two-tier structure that separates corporate governance from day-to-day operations and reshapes its leadership as part of the Covelya acquisition.
Kraken said that executive vice president of the defense segment, Bernard Mills, will take over the role of president, and that it will add several former Covelya executives to new roles. The company said that Chief Operating Officer Nat Spencer will step down from his role at the end of July.
Write to Adriano Marchese at adriano.marchese@wsj.com