Kraken Robotics opened the third quarter with a transformational deal close. On July 2, the Canadian marine technology company announced the closing of its strategic acquisition of Covelya Group Limited — parent of subsea names Sonardyne, EIVA, Forcys, Voyis and Chelsea Technologies — in a transaction of approximately $615 million, comprising roughly $480 million in cash and about $135 million in shares issued at $8.50 apiece.
Kraken, which trades on the TSX Venture Exchange as PNG, builds subsea sonar, imaging, navigation and power systems, while Covelya adds dual-use subsea intelligence brands serving maritime security and offshore energy markets. With the deal closed, management raised 2026 guidance to $290 million to $320 million in consolidated revenue, up from a prior $165 million to $175 million, with adjusted EBITDA of $65 million to $75 million. Kraken also noted approximately $13 million in new orders for itself and $17 million for Covelya since first-quarter results.
A deal of this size carries integration and financing risk, including a new $125 million term facility layered onto the balance sheet. This is market commentary, not investment advice — small-cap technology stocks are highly speculative and you can lose your entire investment.