Mines in Hormuz. Nobody Could Clear Them. | Kraken Robotics (PNG)

Iran mined the Strait of Hormuz, and allied navies had almost no mine-clearing capability ready. Kraken Robotics builds the sonar that finds sea mines — and its stock is down about 57% from its high. In July it bought a company 2.5 times its own size. Last quarter it grew revenue 4%. This is the gap between a demand story that keeps getting stronger and numbers that keep getting messier: the guidance, the acquisition maths, the adjusted earnings, and what actually decides it in late November. 0:00 Hormuz, and a company that finds mines 1:10 What Kraken actually makes 2:45 Why the demand is real 5:11 The deal that changed everything 7:23 The numbers as they stand 8:53 The problem with the guidance 10:51 Quality of earnings 12:44 The balance sheet 13:33 What you're actually paying 15:08 The chart 16:02 What decides it All figures in Canadian dollars. Prices as of the September 18, 2026 close. Kraken trades as PNG on the TSX Venture Exchange and KRKNF over the counter in the US. Our written research is at vertexalpharesearch.com Vertex Alpha Research is an independent Canadian equity research publisher.