Victory Square Technologies posted a net loss of about $100,000 in the first half of last year. This year, over the same six months, it posted $6.5 million in net income on revenue that grew more than fivefold. A marine technology company on the other side of the country reported a much smaller revenue gain, a wider net loss, and still walked away from the week having just closed the largest acquisition in its history.
Victory Square Technologies Reports H1 Revenue of $53 Million, Up 434%
Victory Square Technologies Inc. (CSE: VST) (OTCQX: VSQTF) reported first-half 2026 revenue of $53.0 million, up from $9.9 million in the comparable period of 2025, and net income of $6.5 million compared with a net loss of approximately $0.1 million a year earlier. Gross profit rose to $10.5 million from $3.4 million. CEO Shafin Diamond Tejani said the second quarter continued the strong operating momentum the company saw at the beginning of the year.
The growth is almost entirely attributable to subsidiary Hydreight Technologies Inc., a virtual healthcare and direct-to-consumer platform, which generated the same $53.0 million in first-half revenue on its own, up 434% from $9.9 million a year earlier, with $5.1 million in net income. Hydreight’s gross margin fell to 19.4% in the second quarter from 35.9% a year earlier, which the company attributed to a higher mix of pharmacy sales and pricing concessions; Hydreight reaffirmed its full-year 2026 revenue guidance of approximately $150 million. Victory Square’s own net income also benefited from fair-value adjustments on its portfolio investments, a non-operating component that is separate from Hydreight’s operating results. The company ended the quarter with $20.2 million in cash and $34.5 million in working capital, and its other portfolio holdings, including Insu Therapeutics and Pawsible Ventures, remain smaller contributors to the consolidated results.
Kraken Robotics Reports Q2 Results, Signs New Subsea Battery Contract
Kraken Robotics Inc. (TSXV: PNG) (OTC: KRKNF) reported standalone second-quarter 2026 revenue of $27.3 million, up 4% year over year, with Adjusted EBITDA of $5.0 million, though net loss widened to $7.5 million from $0.7 million a year earlier. The results exclude any contribution from UK-based Covelya Group, which Kraken acquired for approximately $615 million in a deal that closed July 2, 2026. CEO Greg Reid tied the results to continued focus on building for long-term growth.
Kraken secured more than $27 million in new product orders during the quarter and signed a new long-term Master Supply Agreement to deliver subsea batteries to an unnamed international conglomerate manufacturing extra-large unmanned underwater vehicles. Combined with Covelya, announced 2026 orders across both businesses now total approximately $355 million. Kraken’s full-year 2026 guidance, which already includes a half-year contribution from Covelya, remains unchanged at $290 million to $320 million in revenue and $65 million to $75 million in Adjusted EBITDA. The company held cash of $91.3 million and working capital of $151.8 million as of June 30, 2026, up from $32.9 million and $71.8 million a year earlier, though shares have declined roughly 28% over the past 90 days despite the operational momentum.
VST, PNG: Forward-Looking FAQ
Both contributed. Hydreight generated $5.1 million of the company’s $6.5 million net income from its own operations, while the remainder reflects fair-value adjustments on Victory Square’s other portfolio investments, a non-operating source that can vary quarter to quarter.
No. Guidance assumes only a half-year contribution from Covelya, since the acquisition closed July 2, 2026; Q3 2026 will be the first quarter to include combined results, and management has not said whether guidance will be revised once a full quarter of Covelya’s contribution is known.
Sources
- Newswire / PR Newswire: Victory Square Technologies Reports First-Half 2026 Revenue of $53.0 Million and Net Income of $6.5 Million, September 1, 2026
- StockTitan: Victory Square H1 Earnings: $53M Revenue, $6.5M Net Income, September 1, 2026
- StockTitan: Hydreight Reports Record Q2 2026 Revenue of $28.0 Million, Net Income of $2.5 Million and Adjusted EBITDA of $3.2 Million, September 1, 2026
- GlobeNewswire: Kraken Robotics Reports Q2 2026 Financial Results, August 27, 2026
- TipRanks: Kraken Robotics Posts Higher Q2 Revenue, Seals Covelya Deal and XL-UUV Battery Pact, August 27, 2026
- Simply Wall St: Kraken Robotics (TSXV: PNG) stock forecast and analyst predictions
Editorial Disclosure
This roundup is based entirely on publicly available information including named wire service releases and financial news reporting. Securities discussed include Victory Square Technologies Inc. (CSE: VST) (OTCQX: VSQTF) and Kraken Robotics Inc. (TSXV: PNG) (OTC: KRKNF). aktiego.com has not received any compensation from any company, IR firm, or third party mentioned. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication. Victory Square’s revenue and net income are heavily concentrated in a single subsidiary, Hydreight Technologies, whose gross margin declined year over year due to sales mix, and part of Victory Square’s consolidated net income reflects non-operating fair-value adjustments rather than operating income. Kraken Robotics’ net loss widened year over year even as revenue and Adjusted EBITDA grew, its results exclude any contribution from its recently closed $615 million Covelya Group acquisition, and its shares have declined over the past 90 days despite the operational results reported. Small cap and micro-cap stocks listed on the CSE, TSX, TSXV, and Nasdaq are speculative investments carrying significant risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER
