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Coda Octopus Group Inc. (CODA) delivers innovative underwater technologies for defense, energy, and marine sectors. This news hub provides investors and industry professionals with essential updates about the company's advancements in subsea imaging, engineering solutions, and strategic developments.
Access authoritative coverage of CODA's press releases, including product innovations like the Echoscope® 4G sonar systems, defense contract awards, and financial performance updates. Our curated collection ensures timely access to material developments affecting marine technology markets.
Key updates include 3D sonar breakthroughs, engineering service expansions, and partnerships enhancing underwater data acquisition. Track regulatory filings, technology patents, and market expansion initiatives critical to CODA's position in underwater defense systems.
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Coda Octopus Group, Inc. (CODA) reported its fiscal Q1 results for the period ending January 31, 2023. Total revenue reached $5.6 million, slightly down from $5.8 million in the prior year, but showed a constant currency increase to $5.9 million. Marine Technology revenues remained stable at $3.8 million, while Marine Engineering revenues declined to $1.8 million due to supply chain issues. Gross margin fell to 67.1% from 71.3%. Net income increased to $1.4 million, with diluted EPS rising to $0.12. The company highlighted significant progress on its Diver Augmented Vision Display (DAVD) systems, including approval for military use and establishing a budget for future orders.
Coda Octopus Group (Nasdaq: CODA) recently showcased its Diver Augmented Vision Display (DAVD) system during the Deep Sea Expeditionary with No Decompression (DSEND) Suit In-Water Concept Demonstration at the U.S. Navy Experimental Diving Unit, held from February 7-8, 2023. This successful demonstration signifies the Company's collaboration with several prominent partners in advancing underwater technology. The DAVD technology aims to enhance diving operations by providing real-time digital information, thereby transforming communication and operational efficiency in both defense and commercial diving sectors.
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