Kraken Robotics Closes Acquisition of Covelya Group; Updates 2026 Guidance

() -- Kraken Robotics (PNG.V) said Thursday it closed its C$615-million acquisition of Covelya Group. With the close, the company updated 2026 guidance and now expects 2026 consolidated revenue to range between C$290 million to C$320 million, up from prior 2026 guidance range of C$165 million to C$175 million, it said. It also expects 2026 adjusted EBITDA to be in the range of C$65 million to C$75 million, up from prior 2026 guidance range of C$40 million to C$50 million. The company is also implementing a new organizational structure. Bernard Mills, who was formerly Kraken EVP Defence, was promoted to president of the company, it added. "Together, Kraken and Covelya Group bring complementary products, technological capabilities, and customer relationships that we expect will strengthen Kraken's growth potential and long-term outlook," said Chief Executive Officer Greg Reid. "This positive long-term outlook is further supported by the expected increase in defence budgets globally, including growing investment in autonomous underwater systems." The company also closed amendments to its existing credit facility to create a new C$125 million committed, secured, non-revolving term.