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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, 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.
Coda Octopus Group (CODA) reported significant growth in its second quarter ending April 30, 2021, with revenues of approximately $5.37 million, a 63.4% increase compared to the prior year. The company achieved a net profit after taxes of $2.21 million, or $0.20 per share, rebounding from a loss in the same quarter last year. The Products Business thrived, while the Services Business faced delays in defense contracts. Coda received $2 million in funding for its Diver Augmented Vision System's development, expected to deliver by the end of 2021, indicating ongoing commitment to innovation.
Coda Octopus Group reported its fiscal first quarter results for the period ending January 31, 2021. Total revenue was approximately $5.050 million, a 24.4% decrease from $6.681 million in the same period last year. Net profit after taxes fell to $1.129 million or $0.10 per share, compared to $1.347 million or $0.13 per share in the prior year. CEO Annmarie Gayle attributed the decline to the ongoing Coronavirus Pandemic and delays in defense program orders. Despite this, CODA expects revenue growth in its products business and improved performance in its services segment moving forward.
Coda Octopus Group (CODA) recently concluded final field trials of its Gen 2 Diver Augmented Vision Display (DAVD) and Echoscope C500 sonar with the U.S. Naval Sea Systems Command and NASA. Trials occurred February 24-26 at NASA’s Neutral Buoyancy Laboratory, testing augmented mission assistance for NASA’s Moon return plans. The Gen 2 DAVD is now authorized for Navy use, with expected purchases and upgrades from Gen 1 systems. The ongoing Gen 3 DAVD development is backed by approximately $7.5MM funding from the Office of Naval Research.
Coda Octopus Group (CODA) reported a 20% revenue decline to approximately $20.043 million for the fiscal year ending October 31, 2020, down from $25.057 million in the previous year. Net income after taxes also decreased by 36% to $3.344 million. While operational performance was challenged by the pandemic, the company continued advancements in product development, including the Diver Augmented Vision Display system. Operating expenses decreased slightly, yet earnings per share fell to $0.31 from $0.49.
Coda Octopus Group (CODA) reported unaudited financial results for its third quarter ended July 31, 2020, indicating a revenue decline of 19.1% to approximately $5.396 million, compared to $6.668 million in the same quarter last year. Net income before taxes fell to $1.308 million, down from $2.126 million, resulting in earnings per share of $0.12 versus $0.20 in 2019. The company generated cash of approximately $1.3 million and had $13.017 million in cash on hand, despite challenges from the coronavirus pandemic affecting business operations.
Coda Octopus Group (CODA) announces the resumption of its GEN 1.0 Diver Augmented Vision Display (DAVD) system roll-out program to the U.S. Navy fleet, following pandemic-related delays. The initial training has commenced with the NAVSEA Southeast Regional Maintenance Center Dive Locker, with plans to extend training to other Navy divisions. Blair Cunningham, CODA’s President of Technology, expressed optimism for the roll-out of GEN 2.0 by year-end, emphasizing the importance of DAVD technology in enhancing naval diving operations.
Coda Octopus Group, Inc. (CODA) reported financial results for Q2 ending April 30, 2020, showing a 52% revenue decline to approximately $3.289 million from $6.783 million in Q2 2019. Net loss before taxes was $340,204, or $(0.03) per share, contrasting with a net income of $2.285 million, or $0.21 per share, the previous year. For the first half, revenues dropped 20.5% to $9.970 million. Despite challenges from the pandemic, CODA continues to advance key defense projects, including the Diver Augmented Vision Display system and the Thermite® Octal, bolstering long-term growth prospects.
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