Kraken Robotics, which positions itself as a provider of technology for crewless underwater vehicles and subsea monitoring, is down 38% in 2026 and about 62% from its March all-time high. Second-quarter revenue rose just 4% year over year, the Covelya Group business it acquired for 615 million Canadian dollars saw revenue fall about 5%, and the company has announced no new orders since late August. The author still sees a good chance of strong gains over the next three years, citing the expected manufacturing ramp-up for Anduril's underwater drones, and argues Kraken is unlikely to be displaced even if Anduril moves battery sourcing in-house. Still, the author calls the stock risky due to macroeconomic factors and limited visibility on the outlook, while considering the risk-reward profile very favorable.
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