By Adriano Marchese
Kraken Robotics received 24 million Canadian dollars ($17.5 million) in new orders, including military-defense contracts, as demand for underwater surveillance and robotics systems accelerates alongside rising global defense spending.
The Canadian marine-technology company received orders from 10 customers across five countries, three of which are defense customers, it said on Tuesday.
Global defense budgets have been climbing as geopolitical tensions intensify, with wars in Ukraine and the Middle East pushing governments to speed up their spending and procurement of surveillance, weapons systems and military technology.
Kraken, which makes high-end underwater technology used for mapping, surveillance and naval operations, said the latest orders include its SeaPower subsea batteries and synthetic aperture sonar systems. While the batteries are made to withstand the underwater pressure, the SAS system produce high-resolution seafloor imagery used by navies for minehunting and underwater intelligence.
The order comes on the heels of a busy month for the Kraken, which earlier in March agreed to acquire U.K.-based Covelya Group to expand its portfolio of subsea sensors, batteries, and autonomous-ocean technologies.
Kraken will pay C$615 million for Covelya in a cash-and-stock deal.
The company's shares, which are listed on the TSX Venture Exchange, rose 1.4% Tuesday, with the stock gaining 52% since the start of the year, and more than quadrupling in value in the past 52 weeks.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 17, 2026 11:55 ET (15:55 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.