Coda Octopus Group Announces that it has recently received an order for fifteen of its new generation F280® GNSS Aided Inertial Navigation Systems (“GNSS Aided INS”) for Contract Value of $576,000
Coda Octopus Group has secured an order for fifteen F280® GNSS Aided Inertial Navigation Systems valued at approximately $576,000 for a foreign Navy Program. The F280® series, which succeeds the F180 Series®, provides high-accuracy positioning and motion data for marine surveying. The F180 Series® historically contributed up to 10% of the Products Business annual revenue. The company expects potential repeat orders as the customer expands their vessel fleet. These systems can be used standalone or integrated with Echoscope® in the Underwater Inspection System Solution.
Coda Octopus Group ha ottenuto un ordine per quindici sistemi di navigazione inerziale assistiti GNSS F280® del valore di circa $576,000 per un programma navale estero. La serie F280®, che succede alla serie F180®, offre dati di posizionamento e movimento ad alta precisione per il rilevamento marino. La serie F180® ha storicamente contribuito fino al 10% del fatturato annuale della divisione Prodotti. L'azienda prevede potenziali ordini ripetitivi man mano che il cliente espande la propria flotta di navi. Questi sistemi possono essere utilizzati autonomamente o integrati con Echoscope® nella soluzione del Sistema di Ispezione Sottomarina.
Coda Octopus Group ha asegurado un pedido de quince sistemas de navegación inercial asistidos por GNSS F280® valorados en aproximadamente $576,000 para un programa naval extranjero. La serie F280®, que sucede a la serie F180®, proporciona datos de posicionamiento y movimiento de alta precisión para la encuesta marina. La serie F180® históricamente ha contribuido hasta el 10% de los ingresos anuales del negocio de productos. La empresa espera pedidos repetidos a medida que el cliente amplía su flota de buques. Estos sistemas se pueden utilizar de forma independiente o integrarse con Echoscope® en la solución del Sistema de Inspección Subacuática.
Coda Octopus Group는 약 $576,000의 가치를 지닌 외국 해군 프로그램을 위해 15개의 F280® GNSS 보조 관성 항법 시스템 주문을 확보했습니다. F280® 시리즈는 F180® 시리즈의 뒤를 이어 해양 조사용으로 고정밀 위치 및 운동 데이터를 제공합니다. F180® 시리즈는 역사적으로 제품 사업 연간 수익의 최대 10%에 기여했습니다. 회사는 고객이 선박 플릿을 확장함에 따라 반복 주문이 있을 것으로 기대하고 있습니다. 이 시스템은 독립적으로 사용하거나 Echoscope®와 통합하여 수중 검사 시스템 솔루션으로 사용할 수 있습니다.
Coda Octopus Group a sécurisé une commande de quinze systèmes de navigation inertielle assistée par GNSS F280® d'une valeur d'environ $576,000 pour un programme naval étranger. La série F280®, qui succède à la série F180®, fournit des données de positionnement et de mouvement de haute précision pour l'exploration marine. La série F180® a historiquement contribué jusqu'à 10 % du chiffre d'affaires annuel de l'activité Produits. L'entreprise s'attend à des commandes répétées potentielles à mesure que le client élargit sa flotte de navires. Ces systèmes peuvent être utilisés de manière autonome ou intégrés à Echoscope® dans la solution de Système d'Inspection Sous-Marine.
Coda Octopus Group hat einen Auftrag über fünfzehn F280® GNSS-unterstützte inertiale Navigationssysteme im Wert von etwa $576,000 für ein ausländisches Marineprogramm gesichert. Die F280®-Serie, die die F180-Serie® ablöst, bietet hochpräzise Positionierungs- und Bewegungsdaten für marine Vermessungen. Die F180-Serie® hat historisch bis zu 10% des Jahresumsatzes des Produktgeschäfts beigetragen. Das Unternehmen erwartet potenzielle Wiederbestellungen, da der Kunde seine Flotte erweitert. Diese Systeme können eigenständig oder in Kombination mit Echoscope® in der Unterwasserinspektionssystemlösung verwendet werden.
- Secured new order worth $576,000 for F280® systems
- Potential for repeat orders as customer expands vessel fleet
- Historical product line (F180) contributed up to 10% of Products Business revenue
- None.
Insights
The
The F280 Series® represents CODA's strategic investment in next-generation technology, upgrading from their 20-year-old F180 Series®. This modernization of their product line strengthens their competitive position in the marine surveying and measurement markets. The dual-use nature of these systems - both as standalone units and as components of their Underwater Inspection System - creates multiple revenue streams and cross-selling opportunities.
ORLANDO, FL, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA), a global market leader in 3D/4D/5D/6D imaging sonar technology for real time subsea intelligence and cutting-edge diving technology, today announced that its Marine Technology Business Unit (“Products Business”) received an order for fifteen (15) of its new generation F280® GNSS Aided INS systems (“Motion products”) valued at approximately
Annmarie Gayle, CODA’s Chairman and CEO, commented: “We are very pleased to have received this order for this new foreign Navy Program. The F180 Series® (the predecessor product to our new F280 Series®) formed part of the staple of Motion products sold by the Products Business for over 20 years and historically has contributed to up to
About Coda Octopus Group, Inc.
The Company, founded in 1994, is an established supplier to the Underwater/Subsea market. It supplies a range of hardware and software solutions to this market which includes key proprietary real time 4D/5D/6D imaging sonars, marketed under the name Echoscope® and Echoscope PIPE® addressing the underwater imaging sensor market along with new generation diving technology, Diver Augmented Vision Display (DAVD) system. The Company’s Echoscope PIPE® sonar generates real-time 3D/4D/5D images of moving objects underwater including in zero visibility water conditions. The Echoscope® technology is used globally for numerous applications in both the commercial offshore market and defense underwater markets. Applications for the Echoscope® technology include complex mapping underwater, subsea intervention, subsea asset placements, salvage and recovery, search and rescue, offshore renewables cable installations and surveys, marine construction, subsea infrastructure installation, mining applications, robotics (3D Perception and Depth), breakwater construction and monitoring, decommissioning, diving applications and port and harbor security.
The recently launched new generation of diving technology, DAVD, has the potential to change the way global diving operations are performed (both in the Defense and Commercial space) because it is a fully integrated singular system for topside control and fully connected diver HUD system, allowing both the topside and diver to share a range of critical information and visualize the same underwater scene. Furthermore, the DAVD integrates the Company’s sonar technology, which allows dive operations to be performed in zero visibility conditions, a common problem that besets these operations.
The Company also includes two discrete Defense engineering businesses Coda Octopus Martech Ltd (UK based) and Coda Octopus Colmek, Inc. (US based) whose primary business model is to supply sub-assemblies into broader mission critical programs in the capacity of sub-contractors to the Prime Defense Contractors. Their scope of supply under these programs typically includes concept, design, prototype, manufacturing, and post-sale support. This gives them the opportunity to have repeat orders for these sub-assemblies through the life of these programs.
For further information, please visit http://www.codaoctopusgroup.com or contact us at coda@codaoctopusgroup.com.
Forward Looking Statement
This press release contains forward-looking statements concerning Coda Octopus Group, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward‐looking statements. Those forward-looking statements include, without limitation, statements regarding the Company's expectations for the growth of the Company's operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, restrictions on our business operations due to the Pandemic, customer demand for our products and market prices; the outcome of our ongoing research and development efforts relating to our products including our patented real time 3D solutions; our ability to develop the sales force required to achieve our development and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2023, filed with the Securities and Exchange Commission on January 29, 2024. Coda Octopus Group, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Contact:
Geoff Turner
Coda Octopus Group, Inc.
1- 407-768- 0988
coda.ir@codaoctopusgroup.com
FAQ
What is the value of Coda Octopus Group's (CODA) recent F280® systems order?
How many F280® systems did Coda Octopus Group (CODA) sell in the new foreign Navy Program?
What percentage of Products Business revenue did the F180 Series® historically contribute for CODA?
