Kraken Robotics Inc. said its first-quarter normalized net income came to a loss of C$73,500, compared with a loss of C$383,430 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to negative 10.3% from negative 56.7% in the year-earlier period.

Total revenue grew 5.1% on an annual basis to C$710,690 from C$676,010, and total operating expenses grew 8.8% from the prior-year period to C$800,160 from C$735,290.

Reported net income came to a loss of C$117,600, or a loss of 0 cents per share, compared to a loss of C$838,490, or a loss of 1 cents per share, in the prior-year period.