C$10.72 in March. C$3.31 last Friday. In between, Kraken Robotics kept booking orders, and on November 5 it announced its biggest batch yet. Lightwave Logic went the other way on Tuesday, pushing its production target back a year and losing more than a third of its value in one session.
Kraken Robotics Books $102 Million in Orders, Its Largest Sonar Deal Yet
Kraken Robotics Inc. (TSXV: PNG; OTCQB: KRKNF) announced $102 million in new orders on November 5, counted since its last update on August 27. More than $55 million came through the Covelya Group businesses it bought on July 2. Subsea batteries for defense customers building unmanned underwater vehicles (UUVs) added $25 million.
The headline item is $22 million in synthetic aperture sonar, which stitches successive sonar pings into high-resolution seabed images. That bucket includes the largest single sonar order in Kraken’s history, from a navy customer it did not name, for man-portable UUVs on a multi-year program.
Announced 2026 orders for the combined company now sit at about $457 million. Over 60% came from defense. CEO Greg Reid expects the vast majority of the latest product orders to convert to revenue within 12 months.
The stock hasn’t followed the order book. Shares hit a 52-week low of C$3.31 on November 6, roughly 69% below the March 11 high. Q3 results arrive November 24, the first quarter to include Covelya.
Satellogic Posts Record $16 Million Quarter, Revenue Up 342%
Satellogic Inc. (Nasdaq: SATL) reported third-quarter revenue of $16.0 million on November 10, up 342% from $3.6 million a year earlier and well above the roughly $12.4 million analysts expected. Adjusted EBITDA stayed positive for a second straight quarter at $1.2 million, against a $4.9 million loss a year ago.
Satellite sales did most of the work. Space Systems brought in $9.5 million, Data & Analytics $6.6 million. Nine-month revenue of $38.1 million is already more than double all of 2025, and after quarter-end Satellogic signed a sovereign deal to sell three in-orbit satellites for about $37 million.
Read the bottom line carefully. GAAP net income of $28.3 million includes a $30.0 million non-cash fair-value gain, which the company itself says isn’t indicative of operating performance. Free cash flow was negative $11.7 million for the quarter, with capital spending going mostly to its Merlin and NewSat satellites.
Shares climbed roughly 6% to 8% after hours from a $3.90 close. The stock is still down about 33% over three months.
Lightwave Logic Pushes Volume Production to 2028, Shares Sink
Lightwave Logic, Inc. (Nasdaq: LWLG) now expects volume production to begin in 2028, a year later than the second-half 2027 goal it gave on its last call. CEO Yves LeMaitre pointed to longer silicon photonics wafer schedules and process qualification cycles at foundries.
The company makes electro-optic polymers, materials that switch light signals on and off when voltage is applied, aimed at data center optical transceivers. Foxconn has demonstrated a transceiver using its chips. Production orders are another matter.
Shares fell more than 35% across regular and after-hours trading on November 10. Quarterly revenue was $38,000, all engineering fees.
The net loss widened to $7.2 million. Cash and marketable securities of $87.8 million should fund operations into 2028, management said. That is now also the year production is supposed to start.
PNG, SATL, LWLG: Forward-Looking FAQ
Only partly. It is the first quarter to include Covelya, but Kraken expects most of the latest $102 million to convert over the next 12 months, so much of it would likely land in 2027 results.
Not on cash. The GAAP profit came from a $30.0 million non-cash gain, and free cash flow was negative $11.7 million as it spends on Merlin and NewSat. Whether adjusted EBITDA stays positive through that spending is still unproven.
Management says it funds operations into 2028, the same year production is now targeted. Any further slip would likely put new financing on the table before meaningful revenue arrives.
Sources
- GlobeNewswire / Kraken Robotics: Kraken Robotics Announces $102 Million in New Orders, November 5, 2026
- CNBC: Kraken Robotics Inc. (PNG-V) quote and key stats, November 6, 2026
- SEC EDGAR / Satellogic Form 8-K, Exhibit 99.1: Satellogic Reports Third Quarter 2026 Financial Results, November 10, 2026
- Investing.com: Satellogic jumps 7% on earnings beat, satellite deals, November 10, 2026
- Investing.com: Why is Satellogic stock surging today?, November 10, 2026
- Investing.com: Satellogic earnings beat by $0.16, revenue topped estimates, November 11, 2026
- The Motley Fool: Satellogic (SATL) Q3 2026 Earnings Call Transcript, November 10, 2026
- MarketBeat: What Lightwave Logic (LWLG) Said on Its Q3 Earnings Call, November 10, 2026
- Investing.com: Lightwave Logic Q3 2026 slides: production delay to 2028 sinks stock, November 10, 2026
- Investing.com: Earnings call transcript: Lightwave Logic Q3 2026 loss widens as stock sinks, November 10, 2026
Editorial Disclosure
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