After doubling its revenue last year, marine technology company Kraken Robotics is expecting to deliver a repeat performance in 2019.

Despite posting a loss of just under $3 million in 2018–the latest in a series of annual deficits—Kraken’s share price has more than tripled since May 2018.

The St. John’s-based company, which trades on the TSX Venture exchange, manufactures sonar equipment and unmanned submarines.

“For 2019, we are anticipating revenue of greater than $15 million, more than doubling 2018 revenue,” said CEO Karl Kenny in a press release.

Kenny added that the $15 million estimate does not include several large contract bids that are still in the early stages, nor potential income from a research and development project that Kraken has proposed to the Ocean Supercluster research co-operative in Dartmouth, Nova Scotia.

After the company released its 2018 financial statement, analyst Gabriel Leung of Beacon Securities, increased his target price for the stock from 70 cents to $1.05, according to the Cantech newsletter. The shares on Wednesday were trading at 61 cents, a rise of 336 percent over the past year.

Leung told the newsletter: “We believe this is an exciting period for Kraken as the fruits of its R&D years pay off in the form of large, long-tail contracts, which could be announced over the near-term.”

One factor that contributed to last year’s loss was Kraken’s purchase of a 75 percent stake in ENITECH Subsea GmbH--a German company specializing in battery and propulsion systems for unmanned submarines.

ENITECH was subsequently renamed Kraken Power GmbH and its finances were integrated with Kraken Robotics. The 2018 earnings report includes results from both companies.

In its report, Kraken added that technology from the ENITECH acquisition will help reduce manufacturing costs for its submarines.

The company ended 2018 with $4.9 million in cash reserves, up from zero the year before.

Since then, it has signed seven-figure contracts with the Canadian government, as well as the government of Newfoundland and Labrador.

A manufacturing contract for a mine-detecting program that is funded jointly by the Belgium and Dutch navies could also earn Kraken more than $35 million over several years.

In the press release, Chief Financial Officer Greg Reid added, “Our pipeline of customer opportunities is better than it has ever been, both for military and commercial customers.”