Coda Octopus Group Inc - CODA STOCK NEWS

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) reported strong financial results for fiscal Q1 2025. Total revenue increased 16.8% to $5.2 million, with net income rising 44.9% to $0.91 million. Earnings per share improved to $0.08 from $0.06 year-over-year.

The company received its first order worth $800,000 for 16 DAVD untethered systems (DUS), marking a significant milestone. These systems will be integrated into MK16 Underwater Breathing Apparatus for SPECWAR and EOD applications. The DUS system represents a substantial market opportunity, potentially serving 75% of U.S. Navy's 4,000 active divers and approximately 10,000 Public Safety divers.

Segment performance showed mixed results: Products revenue decreased 35.8% to $2.3 million, Services revenue increased 76.6% to $1.6 million, and the new Acoustic Sensors segment contributed $1.3 million. Gross margin slightly decreased to 65.8% from 69.2%. The company maintained a strong cash position of $22.54 million.

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 first quarter 2025 earnings conference call for Monday, March 17, 2025, at 10:00 a.m. Eastern Time.

The company will release its financial results for the quarter ended January 31, 2025, via press release before market opening on the same day. Management will provide prepared remarks followed by a Q&A session.

Participants can join using U.S. dial-in numbers 1-877-451-6152 or 1-201-389-0879, with Conference ID: 13751915. A replay will be available until September 30, 2024, accessible via 1-844-512-2921 or 1-412-317-6671.

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.