Latest Industry News
Oceans Advance Newsletter – November 26, 2024
Oceans Advance, Canada’s Ocean Supercluster, ACADA, and econext, have partnered to host a Holiday Social on Tuesday December 10, 2024, from 5-7 PM at the Emera Innovation Exchange.
Join us to celebrate the season, connect with fellow professionals, and reflect on our shared successes.
📅 Tuesday December 10, 2024
🕰️ 5:00 – 7:00 PM
📍 Emera Innovation Exchange
This event is by donation to either the Community Food Sharing Association or Heavenly Creatures. Space is limited, so please RSVP by Tuesday December 3, 2024
Member News
Congratulations to MUN Faculty of Engineering and Applied Science on leading the way with Satellite Observation
Following the successful launch of the Killick-1 satellite from the International Space Station in May of this year, engineering students at Memorial University are developing a second earth observation satellite with a mission to study the ocean as part of the Canadian Space Agency CUBICS program.
The Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced an investment of $350,000 from the Research Innovation Fund to help get the project off the ground.
Spearheaded by C-CORE and Memorial University’s Faculty of Engineering and Applied Science, MUNStar-1 will be a CubeSat that contains a GNSS Reflectometry payload. The satellite will collect GPS signals reflected from the earth’s surface as a passive radar to measure waves, winds, sea ice, oil spills and other ocean parameters from space.
Kraken Robotics Reports Q3 2024 Financial Results
Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) (“Kraken” or the “Company”), announced it has filed financial results for the quarter ended September 30, 2024 (“Q3 2024”). Please refer to the unaudited Consolidated Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ended September 30, 2024, filed on www.sedarplus.ca for more information. Unless otherwise specified, all dollar amounts are denominated in Canadian dollars.
Year-to-date September 30, 2024
- Consolidated revenue year-to-date increased 52% to $63.2 million, compared to $41.6 million in the comparable nine-month period ending September 30, 2023.
- Product revenue year-to-date increased 45% to $47.8 million, compared to $33.0 million in the comparable nine-month period to September 30, 2023.
- Service revenue year-to-date increased 79% to $15.4 million, compared to $8.6 million in the comparable nine-month period ending September 30, 2023.
- Gross profit year-to-date increased 40% to $31.2 million, implying a 49.0% gross profit margin percentage year-to-date compared to $22.2 million gross profit (53.0% gross margin) in the comparable nine-month period ending September 30, 2023.
- Adjusted EBITDA1 year-to-date increased 64% to $13.7 million compared to an Adjusted EBITDA1 of $8.4 million in the comparable nine-month period. Adjusted EBITDA1 margin year-to-date was 22% compared to 20% in the comparable year.
- Net income in the quarter year-to-date increased 117% to $6.4 million, compared to net income of $3.0 million in the comparable nine-month period.
- Total assets were $101.2 million on September 30, 2024, compared to $76.4 million on September 30, 2023. Cash at the end of the quarter totaled $14.9 million. Subsequent to the quarter end, Kraken completed an equity financing for gross proceeds of $51.7 million.
Upcoming Events
Registration is now open for an Atlantic Canada Trade Mission to Hannover Messe in Germany!
Invest Nova Scotia the Atlantic Canada Opportunities Agency (ACOA), and the Atlantic Provinces are excited to invite export-ready companies from Atlantic Canada to participate at the world’s leading industrial trade fair to be held in Hannover Messe, Germany from March 30 to April 4, 2025.
We are seeking up to 12 export-ready companies from Atlantic Canada, including those led by underrepresented groups. Companies that have an innovative solution in one or more of the sectors below should consider attending. Researchers, academia, and ecosystem partners who are part of Atlantic Canada’s innovation ecosystem are also welcome.
Registrations will be confirmed pending screening by the organizing committee for eligibility and suitability to participate as payment is received. If your company is not selected to participate in the Trade Mission, a refund will be issued.
To participate in the Atlantic Canada Trade Mission, companies must register via the online form available at the following link by Friday, November 29, 2024.
About Hannover Massee
HANNOVER MESSE is a world-leading trade show for industrial technology. In 2025, Canada will be the partner country, with a strong presence from all regions, including Atlantic Canada.
Export-ready companies that have an innovative solution in one or more of the sectors below should consider attending. Researchers, academia, and ecosystem partners who are part of Atlantic Canada’s innovation ecosystem are also welcome.
- Smart Manufacturing (Automation, Robotics, and more)
- Digital Ecosystems (Business Management Systems, Artificial Intelligence (AI), IT/OT Security, Digital Platforms, and more)
- Energy for Industry (Digital Energy, E-mobility, Storage Technologies, Hydrogen & Fuel Cells, Energy Management, and more)
- Engineered Parts & Solutions (Plastics & Innovative Materials, Lightweight Construction, Metal Components & Solutions, and more)
- Compressed Air & Vacuum
- Future Hub (Quantum Technologies and Research & Tech Transfer)
- And more!
HM25 Trade Mission Information
📅 30th March – 04th April 2025
📍 Messegelände, Hannover
Exhibitors: 15 Square meter booth for Atlantic Canada at the Canadian National Innovation Ecosystem Pavilion in Hall 2, alongside other Canadian and global innovators
Walkers: Up to 12 participants
Consulting Services to achieve results:
- Add-on Optional (for walkers and exhibitors) – Market Entry Development Program, please visit the Atlantic Chamber of Commerce for more details.
- Add-on Optional (for walkers and exhibitors) – B2B Matchmaking with a consultant – $500+HST – per company
Holiday Mixer & Panel Discussion – Navigating the Blue Economy
The Institute of Corporate Directors, Newfoundland & Labrador Chapter, invite you to their Holiday Mixer and short conversation about the Blue Economy. There will be lots of time to network and enjoy nibbles and cheer.
📅 Thursday, December 12, 2024
🕰️ 5:00 PM – 7:00 PM
📍 Co Innovation Centre, 710 Torbay Road, St. John’s, NL A1A 5G9
Parking is free and there is plenty of it at the Co Innovation Centre on Torbay Road. It is a great time to visit the new facility and check out its offerings. Catering is by Cove Coffee/Bannerman Brewing!
Opportunities
Canada’s Ocean Supercluster’s Ocean AI & Technology Foundations (OAITF) Course
Ocean AI and Technology Foundations course is the pioneering program crafted specifically for ocean sector professionals to master AI and technology. This unique initiative offers online, seminar-style sessions led by industry experts, to foster digital maturity and promote the responsible and effective application of AI.
Catering to a wide audience within the ocean sector, from entry-level through technical professionals to business leaders, the OATIF course is designed to help participants harness AI and technology for strategic advantage and capacity building.
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