> ## Content Index > Fetch the complete content index at: https://nexi.fund/llms.txt > Use this file to discover other available public pages before exploring further. # Kraken Robotics Books $102M in New Orders as Defence Demand Tops 60% - URL: https://nexi.fund/kraken-robotics-defence-orders-2026/ - Published: 2026-11-08T13:00:24.000Z - Updated: 2026-11-08T13:00:24.000Z - Description: Kraken Robotics booked $102 million in new orders since August, taking 2026 announced orders to about $457 million. Defence customers now account for more than 60% of the total, with subsea batteries and synthetic aperture sonar leading the mix. - Author: Nexi.fund Labs - Tags: Defence & Robotics, #mode-2, #hook-paradox, #track-A, #layout-sparse-brief, #brand-heavy Kraken Robotics booked $102 million in new orders in the ten weeks since its last update. Announced 2026 orders now sit at roughly $457 million, and more than 60% of that total comes from defence customers. That is a strange place for a sonar-and-battery supplier to end up. 🎯 **$102M** in new orders since 27 August, taking 2026 announced orders to about $457M. Defence accounts for over 60% of the 2026 total, including $25M of subsea batteries for UUVs and $22M of synthetic aperture sonar. Management expects most of these orders to convert to revenue within 12 months. ## The mix is doing the work Over $55 million of the new batch sits across Covelya Group, the subsea technology roll-up Kraken acquired in July for about $615 million. That business leans on offshore oil and gas as well as defence, which keeps the order book from depending on a single buyer. The two smaller lines are more pointed. Kraken booked $25 million of subsea batteries for unmanned underwater vehicle customers in the defence sector. It also booked $22 million of synthetic aperture sonar, including the largest single SAS order in its history from an undisclosed navy customer. Those systems will go onto man-portable UUVs as part of a multi-year naval programme. > β€œThe acquisition of Covelya has materially expanded the technologies and solutions we can offer our customers, while integration activities continue to progress as planned.”— Greg Reid, CEO, Kraken Robotics The composition shows the shift: fewer one-off sensor sales, more programme work. ## Defence demand is not a one-quarter story The Q2 filing already flagged where demand is coming from: mine countermeasures and critical underwater infrastructure. Those are procurement categories with long qualification cycles. Once a navy writes a sensor or a battery into a platform, replacement and follow-on orders tend to follow. Kraken's Q2 revenue was $27.3 million, up 4% year over year, with adjusted EBITDA of $5.0 million. Full-year guidance stayed at $290 million to $320 million in revenue and $65 million to $75 million in adjusted EBITDA. That guidance includes only half a year of Covelya. The subsea freight layer is drawing capital at the same time. [As we wrote in November](https://nexi.fund/corridian-undersea-logistics-2026/), Corridian raised $38 million to move cargo underwater with no crew and no vehicle yet. Kraken's business is narrower β€” sensors, batteries, and the software that turns them into a picture β€” but both point to the same procurement logic: more work is moving below the surface. ## What the 24 November call has to prove Kraken reports Q3 results on 24 November. The first full quarter with Covelya will show whether the combined company can convert orders into revenue on schedule. Order timing is lumpy. The company's own filings note that government orders tend to peak in Q3 and deliveries in Q4, so a strong order number is not the same as a strong revenue quarter. The number to watch is conversion. Kraken says most of the recent $102 million should turn into revenue within 12 months. If that holds, 2027 starts with unusual visibility for a company of its size. Kraken trades on the TSX Venture under PNG. It does not break out defence revenue separately; the 60% figure covers announced orders, not recognised revenue. For now, the order book says defence buyers are moving faster than the offshore cycle. The next test is delivery. ## Sources [ Kraken Robotics announces $102 million in new orders The primary release with the order split: Covelya businesses, UUV subsea batteries, and synthetic aperture sonar, plus the defence share of 2026 orders. Kraken Robotics ](https://www.krakenrobotics.com/news-releases/kraken-robotics-announces-102-million-in-new-orders/?ref=nexi.fund) Primary source for the $102M batch, the $457M 2026 total, and the 60% defence share. [ Kraken Robotics announces $102 million in new orders β€” newswire copy The same release distributed through GlobeNewswire, useful for the exact CEO quote and the 24 November Q3 results date. GlobeNewswire ](https://www.globenewswire.com/news-release/2026/11/05/3396181/0/en/kraken-robotics-announces-102-million-in-new-orders.html?ref=nexi.fund) Confirms the dated announcement and the revenue-conversion guidance. [ Kraken Robotics reports Q2 2026 financial results Q2 revenue, adjusted EBITDA, full-year guidance, and the Covelya acquisition timeline that frames the Q3 comparison. Kraken Robotics ](https://www.krakenrobotics.com/news-releases/kraken-robotics-reports-q2-2026-financial-results/?ref=nexi.fund) Baseline for the 2026 guidance and the first combined-quarter test on 24 November.