Would this company be worth buying now or would you choose one of its competitors given its small size.
Thanks
Jeff
Kraken Robotics Inc. (PNG) was founded in 2012 with a focus on developing a lower-cost, ultra-high resolution Synthetic Aperture Sonar (SAS) sensor for seabed imaging and mapping. The company began with the goal of making SAS technology commercially viable, offering the highest resolution sonar available at the lowest cost per pixel to defense and commercial markets. Their SAS technology provides images at 10 times the resolution of traditional sonar, enabling faster and more detailed underwater surveys. Over the years, PNG expanded its product lineup to include towed underwater vehicles (notably their KATFISH system), autonomous launch and recovery systems, and specialized deep-sea batteries under the SeaPower brand. They also offer robotics-as-a-service (RaaS) solutions that provide seabed and sub-seabed imaging surveys to clients globally. Kraken enhanced these capabilities by acquiring 3D at Depth in 2025, a company specializing in underwater LiDAR and millimeter-resolution metrology. The company has developed a strong international presence with manufacturing and service operations in Canada, the US, UK, Germany, Denmark, and Brazil. Kraken's technology serves military clients including NATO navies, commercial offshore energy companies, and scientific exploration organizations worldwide. Strategic contracts include supplying KATFISH systems to the Danish, Polish, Australian, and Canadian navies, and providing services to offshore wind farms. It signed $13M in orders on September 3, and this was its last contract announcement. Tariffs are not expected to be a big negative for the company and it has not really discussed them much. Most of its historical revenue has been in Canada but this will change moving forward with new and announced contracts. Competitors include: Maritime Robotics (Norway), Hybrid Robotics, Ping Dsp, Terradepth and SeaDeep, with each competing on one or more products. Most of these are private and we would be fine buying PNG. Note we have several other questions posted today on the company as well.