Coda Octopus Group Inc Stock Price, News & Analysis

Coda Octopus Group (NASDAQ: CODA) reported its FY2024 financial results, showing improved performance across key metrics. Total revenue increased 5.0% to $20.3 million, with Products segment revenue up 5.7% to $12.8 million and Services segment revenue up 3.8% to $7.5 million.

The company achieved higher profitability with gross margin expanding to 69.8% from 67.3%. Operating income rose 30.8% to $3.6 million, while net income after taxes increased 16.7% to $3.6 million. Diluted EPS improved to $0.32 from $0.28.

CODA completed its first acquisition under its M&A strategy, purchasing Precision Acoustics The company made progress with its DAVD untethered system and Echoscope PIPE® technology, delivering a new generation Augmented Reality DAVD Head-Up Display with 200% increased resolution. Cash balance at year-end was $22.48 million, down $2.0 million from FY2023, with $4.6 million used for the Precision Acoustics acquisition.

Coda Octopus Group (NASDAQ: CODA), a leader in real-time 3D/4D/5D and 6D imaging sonar technology and augmented reality diving technology, has scheduled its fiscal year 2024 earnings conference call for Wednesday, January 29, 2025, at 10:00 AM Eastern Time.

The company will release its financial results for the fiscal year ended October 31, 2024, before market opening on the same day. Management will provide prepared remarks followed by a Q&A session. The call will be available for replay until February 12, 2025.

Coda Octopus Group (NASDAQ: CODA), a global leader in real-time 3D/4D/5D and 6D imaging sonar technology and augmented reality diving technology, has scheduled its fiscal year 2023 earnings conference call for Wednesday, January 29, 2025, at 10:00 AM Eastern Time.

The company will release its financial results for the fiscal year ended October 31, 2024 (FY2024) before market opening on the same day. Management will provide prepared remarks followed by a Q&A session. The call will be available for replay until February 12, 2025.

Participants can join using U.S. dial-in numbers 1-877-451-6152 or 1-201-389-0879, with Conference ID 13750844. An international dial-in number is also available.

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 (NASDAQ: CODA) has completed the acquisition of Precision Acoustics , a UK-based leader in MHz ultrasound and acoustic measurement markets. The acquisition, valued at $5.16M in cash with potential additional earn-out payments of up to $1.29M, brings significant acoustic expertise and technologies primarily used in medical imaging and Non-Destructive Testing. Precision Acoustics generated $4M in revenue and $450K in net profit in FY2023. The strategic acquisition aims to leverage Precision Acoustics' technologies in the underwater commercial marine and Defense markets, expanding CODA's product offerings and solutions. No equity was allocated in this transaction.

Coda Octopus Group (NASDAQ: CODA) reported its fiscal third quarter 2024 financial results, showing positive growth. Revenue increased by 12.0% to $5.5 million, while operating income rose 61.2% to $1.4 million. The company's gross margin improved to 73.9% from 68.8% in the same quarter last year. Diluted earnings per share increased to $0.11 from $0.09.

The Marine Technology Business saw a 6.5% revenue increase, while the Marine Engineering Business grew by 19.8%. CODA's balance sheet strengthened, with total liabilities and stockholders' equity improving by $4.1 million to $55.9 million. The company's cash balance increased to $25.2 million.

Despite challenges in US Defense Programs funding due to the upcoming Presidential election, CODA managed to increase sales outside the US and deliver solid results.

Coda Octopus Group (NASDAQ: CODA), a leader in real-time 3D/4D/5D and 6D imaging sonar technology for subsea intelligence and diving technology, has announced its fiscal third quarter 2024 earnings conference call. The call is scheduled for Monday, September 16, 2024, at 10:00 a.m. Eastern time. A press release detailing the results will be issued before the market opens on the same day.

The conference call will be accessible via U.S. dial-in numbers 1-877-451-6152 or 1-201-389-0879, and the international number 1-201-389-0879. The Conference ID is 13748467. A replay of the call will be available until September 30, 2024, using the replay numbers provided.

Coda Octopus Group (Nasdaq: CODA), a leading company in 4D/5D/6D imaging sonar technology, announced that its Defense Engineering Services unit, Coda Octopus Colmek, has secured a $906k contract. The order, which had been delayed in the first half of fiscal 2024, is part of a long-standing program the company has supported for over 25 years. CEO Annmarie Gayle expressed optimism about overcoming previous Defense procurement hurdles and highlighted the importance of this order in achieving the company's goal of restoring its Engineering Business to pre-COVID revenue levels of $10 million. Deliveries under the contract are scheduled to continue through the remainder of 2024.

Coda Octopus Group (Nasdaq: CODA) reported its fiscal second quarter 2024 financial results, ending April 30, 2024. The company generated $5.32 million in revenue, consistent with $5.30 million in SQ2023, despite delays in US Defense Program orders. Operating income rose 58% to $1.4 million, attributed to efficiency and higher margin rentals. Gross margin improved to 70.2% from 68.3%. Net income after taxes increased to $1.4 million from $1.0 million, and diluted EPS rose to $0.13 from $0.09. For the six months ending April 30, 2024, revenue decreased 10.2% to $9.8 million, with net income dropping to $2.0 million from $2.4 million. However, gross margin improved to 69.8% from 67.7%. The company reported a cash balance of $23.7 million. Management highlighted challenges from funding gaps in US Defense Programs but noted increased sales outside the US and plan to expand into the Defense market with new technologies.