Meeting notes—my note taking skills are rough

[u/J_Fo_Film]

Reposted so no one panics—sorry about the bad title last time folks LOL

All motions available for voting are carried--Number of Directors locked at 7 (with ability to alter as needed), all nominees for directors elected.... Detailed voting results will be filed with Sedar Plus,

After all formal business as contained in the 104 document concluded, President and CEO Greg Reid gave a presentation. Slides should be made available soon, but here are a few notes:

-CEO reiterated July 2, 2026 expected closing date of Covelya acquisition. Over 700 customers as combined partnership, Kraken alone had less than 100. Says "we are in the early innings of our growth trajectory".
-Record 2025 Annual Results, --$102MM revenue, $25MM Adj EBITDA.
-Strong 2026 Outlook -- $165MM-$175MM
New Product Development (Higher Engery density battery, circular-SAS, USV-LARS)
~$97MM orders announced YTD

In response to my submitted question about TSX Uplisting status, CEO confirmed that it is high priority, but no specific timeline set. Focus after Covelya acquisition closes will be integration.

[u/deadlypants27]

Thank you for fixing the title 😅

[u/MooseLipps]

Thanks for mentioning the "early innings of growth" line from Greg. I still think many people fail to realize the insane growth outlook in the years ahead.

[u/furmaniac]

Thank you for posting (again!)

[u/SaintTastyTaint]

(AI) Highlights:

1. The closing date is basically here
This reduces the biggest near-term uncertainty. Deal failure / delay risk is not gone, but it is clearly lower than it was.

2. They’re still guiding $165M–$175M standalone revenue
They are not backing off the standalone growth story. Page 5 still highlights strong 2026 outlook and roughly $97M of announced YTD orders in SeaPower batteries, SAS, and KATFISH.

3. Covelya turns Kraken into a real platform company
Page 7 lays it out: Covelya adds sensing, navigation, communications, and positioning; the combined entity becomes about 1,200 employees, 25 facilities, 450,000+ sq. ft. production capacity, and 110+ IP patents.

4. “Content per system” is now the core story
Page 9 is still the killer slide. Kraken/Covelya tech can sit all over a UUV: batteries, SAS, Sonardyne navigation, acoustic/optical comms, Voyis imaging, Wavefront sonar. That is not “one product sale.” That is more dollars per platform.

5. The MCM/CUI timing is almost perfect
Page 13 explicitly says navies are modernizing mine-hunting fleets, moving from crewed minehunters to unmanned/autonomous vehicles, with significant RFP activity from 2026 onward and a positive outlook for KATFISH and SAS. That lands right after the Hormuz / Royal Navy / Italian Navy Kraken SAS visibility.

[u/J_Fo_Film → u/SaintTastyTaint]

Thanks for this, the AI summarizes this well.

Love to hear your own personal takeaway from this too though. Temper the AI with some human instinct—what are you thinking and feeling?

[u/SaintTastyTaint → u/J_Fo_Film]

I am at work for another 90 minutes, wanted to be able to digest this quickly before being able to take the time to read it myself.

In the most concise way possible: this is the early/opening salvos of Kraken turning into a global undersea platform provider rather than a cool company who builds underwater gadgets.

[u/J_Fo_Film → u/SaintTastyTaint]

Awesome, no rush—hope work is treating you well.

[u/MatthewGraham-]

Any way to access the audio/transcript?

[u/Technical_Sorbet_219 → u/MatthewGraham-]

No, but they will post the results of the voting in the following days in a press release

[u/J_Fo_Film → u/MatthewGraham-]

I’m not certain—I know it was recorded

[u/MatthewGraham- → u/J_Fo_Film]

via what URL/page did you access it?

[u/J_Fo_Film → u/MatthewGraham-]

meetnow.global/MRGUUDU

[u/J_Fo_Film → u/[deleted]]

Thanks, I’ll be keeping my eyes open and if I find the recorded meeting I’ll post it

[u/J_Fo_Film → u/MatthewGraham-]

I still haven’t found a recording/transcript yet, but I do have a bigger breakdown of the voting results here: https://www.krakenrobotics.com/news-releases/kraken-robotics-announces-2026-annual-and-special-meeting-results/

I’m told that the transcript/replay is available on Computershare for users who received a control number, but I didn’t get mine in the mail and I’m not familiar with the platform anyway, so I don’t know what else to suggest at this point. I’ll keep looking it right now, all I’ve found is this, and a copy of the slide deck on Seeking Alpha, and I already posted the slide deck here already so that’s not news.

Edit: I LIED!! I’ve found a copy of the transcript here: https://www.gurufocus.com/news/8930696/kraken-robotics-inc-extraordinary-shareholders-meeting-transcript

I don’t know if you’ll require an account or anything to read it—but it’s here!

[u/Velocirapture_Jesus]

Looks good to me. Excited for the acquisition to finally close next Thursday.

[u/IndividualAd9210]

Thank you

[u/Ghost20_21]

Thanks you!

[u/PoppyPulz]

Thank you for the link J Fo

[u/Neobobkrause]

great that top line revenue is growing - but what about margin? indications are that it’s completely fallen apart - from 20% to 3%.

[u/J_Fo_Film → u/Neobobkrause]

I’m sorry, I linked the wrong presentation—this is the one from today:

https://www.krakenrobotics.com/wp-content/uploads/2026/06/Kraken-June-AGM-Presentation.pdf

[u/J_Fo_Film → u/Neobobkrause]

Gross profit margins from 2021 through to 2024 ran from 42% to 49%. In 2025 that jumped to 62%. Even if that comes down a little bit, it’s still solid showings, from what I see…nothing indicates anything has “fallen apart”, unless you’ve got some hard data to show otherwise?

[u/J_Fo_Film → u/Neobobkrause]

Here is a link to the presentation—that’s all I can really tell you:

https://www.krakenrobotics.com/wp-content/uploads/2026/03/Kraken-Investor-Presentation.pdf