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Coda Octopus Group, Inc. (symbol: CODA) is a pioneering company specializing in the development and sale of underwater technologies and equipment for a wide range of applications including imaging, mapping, defense, and surveys. Operating through two primary segments — the Marine Engineering Business and the Marine Technology Business — the company serves markets across the Americas, Europe, Australia, Asia, the Middle East, and Africa.
The Marine Technology Business segment is notable for its proprietary solutions tailored for both commercial and defense subsea markets. This includes hardware and software for Geophysical Systems, Motion & Positioning Systems, and Real-Time Volumetric Imaging Sonar. Among their flagship products are the CodaOctopus GeoSurvey Data Acquisition and Interpretation Software and the CodaOctopus GeoSurvey Productivity Suite, which automates complex data set analysis tasks. In addition, the company’s motion sensing products, such as the Octopus F180 and F170, ensure accurate positioning and motion data even in challenging offshore conditions.
The Marine Engineering Business segment offers a range of engineering services to clients, particularly in the defense sector. This segment leverages its expertise to provide bespoke solutions that meet specific client needs, contributing significantly to the company's overall revenue.
Recent achievements include the launch of new software solutions that enhance underwater data acquisition and analysis, as well as partnerships with key players in the defense and marine industries. Financially, Coda Octopus Group is robust, with a strong revenue stream primarily driven by its Marine Technology Business segment.
The company continues to innovate and expand its product offerings, ensuring that it remains at the forefront of underwater technology solutions. With a global footprint and a commitment to cutting-edge research and development, Coda Octopus Group, Inc. is well-positioned for sustained growth and success in its field.
Coda Octopus Group (CODA) reported its fiscal third quarter results, highlighting an 8% year-over-year revenue growth to approximately $6.27 million. The company maintained profitability with a net income of $1.8 million, equating to $0.16 per share. Significant sales were driven by the Echoscope PIPE® technology for US Defense Contractors, along with advancements in the Diver Augmented Vision Display (DAVD) system. For the year-to-date, CODA's revenue rose to $17.09 million, yet net income fell by 6.6% due to higher tax rates.
Coda Octopus Group, Inc. (CODA) reported its financial results for the second quarter 2022, showing total revenue of approximately $4.98 million, down 7.3% from the same period last year. Net profit after taxes was $611k or $0.06 per share, a decline from $2.21 million or $0.20 per share in Q2 2021. Despite an increase in proposals submitted, order conversion has been slower due to supply chain issues and pandemic-related delays, particularly impacting European revenues. The company anticipates improvement in the second half of the year.
Coda Octopus Group (CODA) announced the retirement of CFO Mike Midgley, effective June 2022, after 14 years of service. Nathan Parker will succeed him on June 13, 2022. Parker brings 19 years of financial experience, most recently serving as CFO at Franklin Electric's Water Treatment division. His prior roles include CFO at The RDI Group and investment analyst. The company expressed gratitude towards Midgley for his contributions while highlighting Parker's extensive background as a valuable addition to the management team.
Coda Octopus Group, Inc. (CODA) reported its first quarter financial results for FQ2022, achieving total revenue of approximately $5.84 million, a 15.6% increase from $5.05 million in FQ2021. Net profit after taxes rose to $1.22 million ($0.11 per share) compared to $1.13 million ($0.10 per share) last year. The company remains optimistic about the adoption of its DAVD product in foreign navies and expects increased defense spending due to geopolitical dynamics. However, Coda Octopus is wary of supply chain disruptions potentially impacting order fulfillment and revenue recognition.
Coda Octopus Group (CODA) announced the commencement of training for NAVSEA and NSWC personnel on its GEN 2.0 DAVD (Diver Augmented Vision Display) System in Florida during the week of February 21, 2022. This training is pivotal for integrating novel technology delayed by the COVID-19 pandemic. Approximately 20 DAVD systems and six Echoscope C500 systems, both authorized for use by the US Navy, have been sold. The company is expanding its DAVD program with a new survey vessel in Port Canaveral to enable on-water training and mission simulations.
Coda Octopus Group (CODA) has announced the launch of its Echoscope® CIVS (Close-In Visualization System), a cutting-edge short-range underwater imaging sonar. Developed for the US Navy, this technology offers ultra-high resolution 3D imaging capabilities for complex target identification at close range, enhancing applications in EOD, construction, and renewables. It operates using frequencies over 1MHz, achieving detailed imagery for objects smaller than an inch. Currently integrated into Navy programs, the CIVS will be available commercially after successful inspections, showcasing significant innovation in real-time underwater imaging.
Coda Octopus Group, Inc. (CODA) announced its audited financial results for the fiscal year ending October 31, 2021. Total revenue reached approximately $21.331 million, a 6.4% increase from $20.043 million in 2020. Net income before taxes surged to $5.253 million, a 54.4% rise from the previous year. However, the Services Business performed poorly, impacted by lower defense orders and COVID-19 disruptions. Coda's innovative products, including the Echoscope PIPE® sonar, show promise for future growth despite pandemic challenges.
Coda Octopus Group, Inc. (CODA), a leader in underwater imaging technologies, announced its participation in a fireside chat organized by Alliance Global Partners. This event is set for October 4, 2021, at 10:00 a.m. Eastern Time and will be conducted via Zoom. Interested participants can register through the Company’s Investor Relations section on their website. Coda Octopus specializes in real-time 3D, 4D, 5D, and 6D underwater imaging solutions, with applications in various sectors, including commercial and defense markets.
Coda Octopus Group (CODA) announced its Q3 2021 financial results, reporting revenues of approximately $5.83 million, a 7.9% increase from Q3 2020. Net profit after taxes was $1.52 million or $0.14 per share, up from $1.22 million or $0.10 per share in the prior year. The Products Business saw revenue growth, while the Services Business faced challenges due to delays in defense contracts related to the ongoing pandemic. CODA's cash on hand increased to $19.16 million.
Coda Octopus Group, Inc. (CODA) announced the appointment of Kevin Kane as CEO of its subsidiary, Coda Octopus Colmek, Inc. Kane brings extensive defense industry experience, previously serving as VP of international business development at L3Harris Technologies. This strategic appointment aims to enhance Coda's management capabilities, as the company splits the roles of CFO and Divisional CEO. Mike Midgley remains CFO. Coda Octopus specializes in underwater imaging technologies, notably its Echoscope® sonar, utilized across commercial and defense sectors globally.
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