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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 (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.
Coda Octopus Group (Nasdaq: CODA) announced the election of Dr. Angus McFadzean to its Board of Directors, effective July 1, 2024. Dr. McFadzean, a co-founder of Coda Technologies in 1994 and a veteran with 30 years in the company's Marine Technology Business, will retire as R&D Director on May 31, 2024. He has overseen key R&D programs including Echoscope®, DAVD, and F280® series, and managed cyber security compliance. Dr. McFadzean's extensive expertise in hardware and software development will continue to benefit the company in his new role.
Coda Octopus Group (NASDAQ: CODA), a leading global provider of real-time 3D/4D/5D and 6D imaging sonar technology, has scheduled its fiscal second quarter 2024 earnings conference call for Wednesday, June 12, 2024, at 10:00 a.m. Eastern time. The event will discuss the financial results for the quarter ended April 30, 2024. A press release detailing these results will be issued before the market opens on the same day. The call will include prepared remarks from the management team, followed by a Q&A session. Interested participants can join by dialing 1-877-451-6152 or 1-201-389-0879 for international callers, using Conference ID 13746657. A replay will be available from 1:00 p.m. Eastern time on June 12, 2024, through June 26, 2024, at 1-844-512-2921 or 1-412-317-6671 for international replay, using the same Conference ID.
Coda Octopus Group, Inc. (CODA) announced the launch of the Voice HUB-4, an AI-based digital audio communication system, after successful tests with Naval customers. The system offers advanced features like Digital Noise Removal, Background Noise Control, and Helium Speech Descrambling, improving communication quality between divers and surface supervisors. Voice HUB-4 is a spin-off from the Diver Augmented Vision Display (DAVD) technology, developed in collaboration with US Navy customers.
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