Kraken Robotics Inc. (TSXV:PNG) has announced its third quarter financial results to reveal the ever-growing success of the company.

The company earned $1.6 million in revenues for its third quarter, compared to $0.9 million in the third quarter of 2016. The net income for the quarter was $0.1 million, compared to a practically non-existent net income from the previous year’s third quarter.

By the end of the quarter, Kraken still had $1.5 million of unused, non-dilutive, government grants, and 90.8 million shares outstanding.

The company has a positive outlook for its upcoming fourth quarter, as well as for 2018. There have been a number of new contracts and business developments since the close of quarter three that will ensure future success for the company.

“The third quarter was a solid quarter for Kraken,” said Karl Kenny, President and CEO of Kraken. “We delivered AquaPix® systems to two European customers, Kraken Germany shipped its first customized SeaVision™ laser imaging solution resulting in first revenues for Kraken Germany, and we recorded service revenue from two customers including the OEX Recovery Group and an unnamed global defense contractor. Year-to-date, we have received contracts totaling more than $7 million, which is more than triple our 2016 revenue. The new product introductions and business development efforts made over the last 18 months are starting to pay off with further customer engagements, new strategic alliances, and additional market access. We expect this positive momentum to continue through the end of 2017 and into 2018 as we are actively bidding on significant new business across all of our market segments.”

Featured Image: twitter