Coda Octopus Group Reports $1.3m Engineering Services Order
Coda Octopus Group (NASDAQ: CODA) has secured two orders worth $1.3 million from the US Government through its Salt Lake City-based Defense Engineering Services Business, Coda Octopus Colmek. The orders are for proprietary parts serving as sub-components in a critical Defense program of record.
The direct contracting nature of these orders, bypassing the Prime contractor, opens possibilities for increased direct contract opportunities. This development marks a gradual easing of delays in U.S. Defense Programs that the company has been experiencing since fiscal year 2024.
The company aims to restore its Engineering Business to its pre-COVID revenue profile of $10 million through increased program participation and expanded supply of proprietary sub-components, including its tactical mission computers, Thermite®.
Coda Octopus Group (NASDAQ: CODA) ha ricevuto due ordini del valore di 1,3 milioni di dollari dal governo degli Stati Uniti attraverso la sua divisione Defense Engineering Services con sede a Salt Lake City, Coda Octopus Colmek. Gli ordini riguardano componenti proprietari che fungono da sotto-componenti in un programma di difesa critico.
La natura diretta di questi contratti, che bypassa il contraente principale, apre a nuove opportunità di contratti diretti. Questo sviluppo segna un graduale allentamento dei ritardi nei programmi di difesa statunitensi che l'azienda ha sperimentato dall'anno fiscale 2024.
L'azienda mira a ripristinare la sua attività di ingegneria al profilo di fatturato pre-COVID di 10 milioni di dollari attraverso una maggiore partecipazione ai programmi e un'espansione dell'offerta di sotto-componenti proprietari, inclusi i suoi computer di missione tattica, Thermite®.
Coda Octopus Group (NASDAQ: CODA) ha asegurado dos órdenes por un valor de 1.3 millones de dólares del gobierno de EE. UU. a través de su negocio de servicios de ingeniería de defensa con sede en Salt Lake City, Coda Octopus Colmek. Las órdenes son para piezas propietarias que sirven como subcomponentes en un programa crítico de defensa.
La naturaleza de contratación directa de estos pedidos, eludiendo al contratista principal, abre posibilidades para aumentar las oportunidades de contratos directos. Este desarrollo marca un alivio gradual de los retrasos en los programas de defensa de EE. UU. que la empresa ha estado experimentando desde el año fiscal 2024.
La empresa tiene como objetivo restaurar su negocio de ingeniería a su perfil de ingresos previo a COVID de 10 millones de dólares a través de una mayor participación en programas y una oferta ampliada de subcomponentes propietarios, incluidos sus ordenadores de misión táctica, Thermite®.
Coda Octopus Group (NASDAQ: CODA)는 솔트레이크시티에 본사를 둔 방위 엔지니어링 서비스 사업부인 Coda Octopus Colmek를 통해 미국 정부로부터 130만 달러 규모의 두 건의 주문을 확보했습니다. 이 주문은 중요한 방위 프로그램의 하위 구성 요소로 사용되는 독점 부품에 관한 것입니다.
주 계약자를 우회하는 이러한 직접 계약의 성격은 직접 계약 기회를 증가시킬 가능성을 열어줍니다. 이 개발은 2024 회계연도 이후 회사가 겪고 있는 미국 방위 프로그램의 지연이 점진적으로 완화되고 있음을 나타냅니다.
회사는 전염병 이전의 1000만 달러의 수익 프로필로 엔지니어링 비즈니스를 복원하는 것을 목표로 하며, 이를 위해 프로그램 참여를 늘리고 전술 미션 컴퓨터인 Thermite®를 포함한 독점 하위 구성 요소의 공급을 확대할 계획입니다.
Coda Octopus Group (NASDAQ: CODA) a obtenu deux commandes d'une valeur de 1,3 million de dollars du gouvernement américain par l'intermédiaire de son entreprise de services d'ingénierie de défense basée à Salt Lake City, Coda Octopus Colmek. Les commandes concernent des pièces propriétaires servant de sous-composants dans un programme de défense critique.
La nature directe de ces commandes, contournant le contractant principal, ouvre des possibilités pour augmenter les opportunités de contrats directs. Ce développement marque un assouplissement progressif des retards dans les programmes de défense américains que l'entreprise connaît depuis l'exercice fiscal 2024.
L'entreprise vise à restaurer son activité d'ingénierie à son profil de revenus d'avant COVID de 10 millions de dollars grâce à une participation accrue aux programmes et à une offre élargie de sous-composants propriétaires, y compris ses ordinateurs de mission tactique, Thermite®.
Coda Octopus Group (NASDAQ: CODA) hat zwei Aufträge im Wert von 1,3 Millionen Dollar von der US-Regierung über ihr in Salt Lake City ansässiges Unternehmen für Verteidigungsingenieurdienste, Coda Octopus Colmek, erhalten. Die Aufträge betreffen proprietäre Teile, die als Unterkomponenten in einem kritischen Verteidigungsprogramm dienen.
Die direkte Vertragsnatur dieser Aufträge, die den Hauptauftragnehmer umgeht, eröffnet Möglichkeiten für erhöhte direkte Vertragschancen. Diese Entwicklung markiert eine allmähliche Entspannung der Verzögerungen in den US-Verteidigungsprogrammen, die das Unternehmen seit dem Geschäftsjahr 2024 erlebt hat.
Das Unternehmen strebt an, sein Ingenieurbüro auf das Umsatzniveau vor COVID von 10 Millionen Dollar zurückzuführen, indem es an Programmen verstärkt teilnimmt und das Angebot an proprietären Unterkomponenten, einschließlich seiner taktischen Missionscomputer Thermite®, erweitert.
- Secured $1.3M in new orders from US Government
- Direct contracting with government instead of through Prime contractor
- Signs of easing delays in U.S. Defense Programs
- Potential for increased direct contract opportunities
- Engineering Business still below pre-COVID $10M revenue level
- Experiencing delays in U.S. Defense Programs since FY2024
ORLANDO, FL, March 26, 2025 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA), a global market leader in 4D/5D/6D imaging sonar technology and acoustic sensors for real time subsea intelligence, today reported that its Salt Lake City based Defense Engineering Services Business, Coda Octopus Colmek, recently received two orders from the US Government totalling
Annmarie Gayle, CODA’s Chairman and CEO, commented: “We are very pleased to see some of the delays that we have been experiencing under U.S. Defense Programs since fiscal year 2024 gradually easing. These two orders are important as they have been contracted directly with the Company and not via the Prime contractor and therefore opens the possibility of increased direct contract opportunities. The Engineering Business is an important part of our Group, and we continue to execute against our strategy to restore this Business to its pre-COVID
About Coda Octopus Group, Inc.
The Company, founded in 1994, is an established supplier of cutting-edge disruptive underwater technologies to the subsea market. It supplies a range of hardware and software technology solutions to this market including key proprietary real time 4D/5D/6D imaging sonars, marketed under the name Echoscope® and Echoscope PIPE® addressing the underwater imaging sensor market. It is also the supplier of its new generation diving technology, Diver Augmented Vision Display (DAVD) system addressing the global diving market (Commercial and Defense). The Company’s Echoscope PIPE® sonar generates real-time 3D/4D/5D images of moving objects underwater including in zero visibility water conditions and is a critical instrument for real time 3D monitoring and decision making. 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, Oil & Gas applications, 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 recently acquired Precision Acoustics Limited, an acoustics sensor and materials business. This Company is a recognized leader in the ultrasound and acoustic measurement field. Specializing in acoustic hydrophone design and innovative acoustic materials, they provide a comprehensive range of products and solutions, with a primary focus on medical imaging and Non-Destructive Testing (NDT). NDT is used to validate the viability of structures such as aircraft, ship hulls, wellheads and other subsea structures. Their expertise extends to working closely with national and global standard-setting bodies (such as the National Physical Laboratory of the UK), contributing to the establishment of the primary measurement standards in the industry.
The Company also includes two discrete Defense engineering businesses Coda Octopus Martech Ltd (UK based) and Coda Octopus Colmek, Inc. (U.S. 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 encompasses concept, design, prototype, manufacturing, and post-sale support. These programs typically are multi-year programs of records and therefore have associated long-tail recurring revenue profile.
For further information, please visit http://www.codaoctopusgroup.com or contact us at coda@codaoctopusgroup.com.
Forward Looking Statements
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”, “assume” 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, 2024, filed with the Securities and Exchange Commission on January 29, 2025, and the subsequently filed 10-Qs and 8-Ks. 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, unless required by law.
Contact:
Geoff Turner
Coda Octopus Group, Inc.
1- 407-768- 0988
coda.ir@codaoctopusgroup.com
FAQ
What is the value of the new orders received by CODA from the US Government?
How will the direct contracting with the US Government benefit CODA?
What is CODA's target revenue goal for its Engineering Business?
When did CODA start experiencing delays in US Defense Programs?
What products are included in CODA's Engineering Business portfolio?
