Kraken Robotics (PNG.V) was last seen up 6.6% after the company on Wednesday said it received $13 million in orders for synthetic aperture sonars (SAS) and subsea batteries.

The company said the orders are from customers in the United States, Norway, and Turkey and include an order for 10 SAS from one customer. The Kraken SAS and SeaPower battery systems from this order will be integrated on four different types of uncrewed underwater vehicle (UUV) platforms, ranging in size from small-class to large-class, it added.

National Bank of Canada reiterated its outperform rating and target price of $4.00 on shares of Kraken and said that based on its discussions with the management, all of above-mentioned orders will be delivered this year. The bank said this reinforces its previous view that the second half will see "accelerated growth and margin expansion".

"Looking forward, we are optimistic that similar announcements will be made because of a favorable macro environment and Kraken's strong competitiveness in both sensors and batteries," said analyst John Shao.

Shares of the company were last seen up $0.22 to $3.55 on the TSX Venture Exchange.

Price: 3.55, Change: +0.22, Percent Change: +6.61

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