Kraken Robotics Inc. (TSXV:PNG, OTCQB:KRKNF) will release its third-quarter 2026 results before markets open on Tuesday, November 24, 2026, with a conference call at 8:30 a.m. ET. The report will be the first to include a full quarter from Covelya Group, the subsea technology group Kraken bought on July 2. It should give the first clear look at how much the Acquisition adds to Revenue and margins, and whether the company is on track for its 2026 guidance of $290 million to $320 million in revenue.

Why the November 24 Report Matters

The Covelya deal changed Kraken's scale. Kraken reported revenue of about $102.2 million in 2025. Its updated 2026 guidance, which includes roughly half a year of Covelya, calls for $290 million to $320 million in revenue and $65 million to $75 million in adjusted EBITDA. That implies an adjusted EBITDA Margin of about 22% to 23%. Before the acquisition, standalone guidance was $165 million to $175 million in revenue.

Through the first six months of 2026, before Covelya was included, Kraken reported revenue of $49.0 million and adjusted EBITDA of $8.0 million. To reach the bottom of its guidance range, the combined company would need roughly $240 million of revenue in the second half. Management has said revenue will be weighted toward the second half. The third quarter is therefore the first real test of that expectation.

What Covelya Brings to the Business

Before the deal, Kraken was best known for its synthetic aperture sonar, its KATFISH towed sonar system and its SeaPower pressure-tolerant subsea batteries. It also ran a sub-seabed imaging service Business for offshore energy and wind customers. The company is based in Newfoundland and Labrador, and its shares trade on the TSX Venture Exchange under PNG. Covelya combines Sonardyne, EIVA, Forcys, Voyis and Chelsea Technologies. Together they offer underwater navigation, positioning, imaging, software and sensing for defence and offshore energy customers. Kraken's July 2 closing release put the purchase price at about $615 million: roughly $480 million in cash and about $135 million in stock, through 15,882,352 shares issued at a deemed price of $8.50.

The cash portion came from a $402.5 million bought deal of subscription receipts that closed in March, along with a new, fully drawn $125 million secured term facility. Kraken also increased its revolving Credit Facility to $60 million from $35 million and extended it to March 2031. Covelya's seller holds about 4% of Kraken's shares, released in thirds at 12, 18 and 24 months after closing. Kraken expects about $10 million of cost synergies within 24 months and low-to-mid double-digit percentage EPS accretion in 2027.

How the Order Book Has Built Up

Kraken's November 5 order update gives the most recent view of demand. Since August 27, it announced $102 million of new product orders. That included more than $55 million from Covelya businesses, $25 million of subsea batteries for defence UUV customers, and $22 million of synthetic aperture sonar. The sonar total included the largest single SAS order in Kraken's history, from an undisclosed navy, for man-portable UUVs. Announced 2026 orders for the combined company now total about $457 million, and more than 60% come from defence customers.

Chief executive Greg Reid said the vast majority of recent product orders are expected to turn into revenue within 12 months, which supports visibility into 2027. Kraken has not published a formal Backlog figure, so the order announcements are the main guide to future revenue.

What Investors May Watch in the Results

Several items will draw attention on November 24. The first is how revenue splits between legacy Kraken and Covelya, and between product and service lines. The second is margins. Kraken's standalone gross margin was 59% in the second quarter, and the combined EBITDA guidance implies a lower margin than Kraken's 24% in 2025. The third is Cash Flow and Leverage after the term loan. Kraken reported $91.3 million of cash at June 30, before the closing. The fourth is integration costs, which may weigh on reported net income.

Investors may also look for an update on full-year guidance, comments on defence procurement in NATO countries, and timing for the larger naval program tied to the record SAS order. Another question is whether the second-quarter one-time items recur. Kraken's second-quarter net loss of $7.5 million included a provision for an arbitration over a 2017 supplier contract, and second-quarter revenue included a $1.5 million Reversal of previously recognized product revenue.

Risks Around the Share Price and Execution

The share price has been volatile. The U.S.-listed KRKNF shares were at US$2.41 at the November 10 close, near the bottom of a 52-week range of US$2.34 to US$8.13. The high was set in March, around the time of the subscription receipt financing. The Covelya consideration shares were issued at a deemed price of $8.50, well above current trading levels.

The main execution risks are integrating five acquired businesses across several countries, possible delays in defence contracts, and exposure to offshore oil and gas spending cycles. Because Kraken now has more Debt than before, a weaker second half would put more pressure on the balance sheet. Currency is also a factor, since much of Covelya's business is outside Canada.

Conclusion

Kraken's November 24 results will be the first full report on the combined company after the Covelya acquisition. With about $457 million of announced 2026 orders and management expecting most recent orders to convert within a year, the main question is whether second-half revenue is strong enough to keep the company within its $290 million to $320 million guidance. The quarter should also show early margin and cash flow trends for the combined business. Investors following TSXV:PNG will be watching how quickly Covelya's revenue appears in the results and how the order book holds up.