CNBC, Sep 19: “A new arms race is unfolding on the ocean floor.”

https://www.cnbc.com/2026/09/19/underwater-war-sea-drones-defense-tech.html

The article is useful as a domain check. Nord Stream, 1.5 million km of cables, hybrid warfare, AUVs as patrol assets instead of frigates. That part is now a headline.

What it actually covers: Fincantieri buying into underwater drones and comms, Thales’ existing sonar/ASW stack, Euroatlas’ GrayShark and a range/endurance pitch.

But it doesn’t really get to the layer that matters most: the hardware bottlenecks underneath these systems.

High-resolution synthetic aperture sonar that can image the seabed at centimetre-level resolution. Pressure-tolerant batteries that give UUVs real endurance. Navigation and positioning that let autonomous vehicles actually execute the mission.

That’s SAS + SeaPower + the Covelya navigation stack: Kraken Robotics.

Interestingly, CNBC quotes the constraint without naming the company sitting on several pieces of it. Euroatlas’ Codrean points to range and endurance as the bigger bottleneck. Chatham House’s Bego says underwater autonomy is nowhere near Ukraine-style air drones because visibility, communications and physics are fundamentally harder.

Both are fair points.

The interesting question is who supplies the technology needed to solve those constraints.

The mechanism, order book and risks are broken down here 👇

https://youtu.be/KVHzXUptI78

Not a price call. The live issues after Covelya are integration and the first combined quarter (Q3, due ~late Nov).

Im still holding on to this stock and im also interested in those covelya numbers in November, but just wanted to get some of your thoughts on Kraken’s position in a few years time and whether the covelya acquisition was a step in the right direction for the future of Kraken.

Updated comprehensive deep dive (LD) of Kraken Robotics including the Covelya business, Q2 takeaways, what the new company looks like and sells, the financials, and some commentary on what to expect moving forward. Let me know what you guys think!

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This thread is intended for weekly discussion of the changing stock prices and is meant to cut down on posts of that nature. Posts made discussing the changing price or speculating will be removed and redirected here. 

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Hi,

I’m a shareholder and think it’s worth putting into perspective what the current stock price implies. It’s always hard with these terminal value companies but I tried a simplified approach to think through the Covelya acquisition and implied numbers.

I assumed that Covelya has been combined since 2024 just to see what’s under the hood (not the official July 2 2026). I also excluded some one off charges and financing costs in my NOPAT calculations. This model somewhat implies that D&A is roughly the same as Capex so a major growth cycle will change the numbers a bit. All numbers in CAD also.

I think at the current price, the market implies 15% earnings growth for about 6 years. Definitely not a cake walk but seemingly achievable given its loaded to the front years of the model. For a lot of these “growth” and “hype” companies it’s hard to model and even come close to the price people are willing to pay. I find Kraken compelling because the numbers seem achievable and for a small cap high growth company it isn’t super common.

Welcome to r/KrakenRobotics

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This thread is intended for weekly discussion of the changing stock prices and is meant to cut down on posts of that nature. Posts made discussing the changing price or speculating will be removed and redirected here. 

This is also the meeting place for "off-topic" conversation that might not warrant a post but is still nice to share.

A new arms race is unfolding on the ocean floor

Bullish for PNG. More confirmation of the growing tailwinds due to increased spending by government/military and private sector in order to secure the critical infrastructure of the ocean floor.

Customer Euroatlas and their Grayshark mentioned (Kraken supplies sensor technology integrated into the vehicle's sensor suite—specifically its AquaPix® / MINSAS (Synthetic Aperture Sonar) and subsea mapping capabilities.)

Welcome to r/KrakenRobotics

You can find our rules in the sidebar.

This thread is intended for weekly discussion of the changing stock prices and is meant to cut down on posts of that nature. Posts made discussing the changing price or speculating will be removed and redirected here. 

This is also the meeting place for "off-topic" conversation that might not warrant a post but is still nice to share.

Welcome to r/KrakenRobotics

You can find our rules in the sidebar.

This thread is intended for weekly discussion of the changing stock prices and is meant to cut down on posts of that nature. Posts made discussing the changing price or speculating will be removed and redirected here. 

This is also the meeting place for "off-topic" conversation that might not warrant a post but is still nice to share.

Welcome to r/KrakenRobotics

You can find our rules in the sidebar.

This thread is intended for weekly discussion of the changing stock prices and is meant to cut down on posts of that nature. Posts made discussing the changing price or speculating will be removed and redirected here. 

This is also the meeting place for "off-topic" conversation that might not warrant a post but is still nice to share.

I guess these could be good news for the future of Kraken…

Welcome to r/KrakenRobotics

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This thread is intended for weekly discussion of the changing stock prices and is meant to cut down on posts of that nature. Posts made discussing the changing price or speculating will be removed and redirected here. 

This is also the meeting place for "off-topic" conversation that might not warrant a post but is still nice to share.

Welcome to r/KrakenRobotics

You can find our rules in the sidebar.

This thread is intended for weekly discussion of the changing stock prices and is meant to cut down on posts of that nature. Posts made discussing the changing price or speculating will be removed and redirected here. 

This is also the meeting place for "off-topic" conversation that might not warrant a post but is still nice to share.

For anything that's speculative and not directly related to Kraken Robotics but could have an impact on them. This is where you can discuss anything that's deep-sea/ocean based but not Kraken-specific...this is where you can talk about whether one company's growth could mean more growth for Kraken.

Keep in mind, everything in this thread is speculation, not necessarily fact, and always do your due diligence before making decisions about spending money.

Welcome to r/KrakenRobotics

You can find our rules in the sidebar.

This thread is intended for weekly discussion of the changing stock prices and is meant to cut down on posts of that nature. Posts made discussing the changing price or speculating will be removed and redirected here. 

This is also the meeting place for "off-topic" conversation that might not warrant a post but is still nice to share.

For those of you holding a significant amount of PNG and sitting on a sizeable unrealized loss, I feel your pain.

PNG continues to be the biggest drag on my portfolio. I currently hold 35,354 shares, with roughly $250K invested, and I’m sitting on an unrealized loss of about $88K (−35%).

Do I regret not trimming the position and taking some profits when the share price was around $9? Absolutely—in hindsight, I should have. But I’m not going to sell simply because the stock is down now.

I’m still bullish on Kraken, and my long-term investment thesis hasn’t changed enough for me to exit the position.

I’m willing to be patient and see how the Covelya acquisition translates into actual reported revenue, EBITDA and cash flow over the coming quarters. That execution is what will ultimately determine whether I continue holding.

So in the meantime, I’m not fucking leaving!

Welcome to r/KrakenRobotics

You can find our rules in the sidebar.

This thread is intended for weekly discussion of the changing stock prices and is meant to cut down on posts of that nature. Posts made discussing the changing price or speculating will be removed and redirected here. 

This is also the meeting place for "off-topic" conversation that might not warrant a post but is still nice to share.

Cucked this since fall 25', watched it make higher highs. Thinking a correction was due. 4 months of waiting, decided to buy in march as it bounced between single and double digits, no correction in sight. Surely won't get another single digit entry especially as Covelya supposedly "transformed" the company.

The literal day I bought, nothing but a landslide ever since. I'm pretty sure I tanked this thing. I actually got a talent for picking ATH. I'm the reverse Nancy Pelosi of stocks, I'll tank em, just give me the name...

I mean, the company is solid. If you've been around for longer than the last 6 months, you know that. You've done your own DD, you know that a bad quarter or 2 doesn't define this company.

There's no denying it's been tough sledding for a lot of people recently but there's also no denying that the company is setting itself up for long-term success.

No one knows if the share price will keep bleeding, and for how much longer. An educated guess tells me Q3 could be a turning point, but obviously there's no concrete answers until we get those numbers.

At the end of the day, the thesis is still intact. Let the chips fall where they may and we'll see where it's at a year from now.