Coda Octopus Group Reports $1.4m Engineering Services Order
Coda Octopus Group (NASDAQ: CODA) has secured a $1.4 million engineering services order through its UK-based defense subsidiary, Coda Octopus Martech The order, received from a major UK Defense Contractor, is for sub-components that will be integrated into autonomous mine sweeping systems.
The company's Portland-based defense engineering division, established since 1988, maintains important pre-qualifications for participating in major defense contract programs. CEO Annmarie Gayle highlighted the acceleration of European Defense Programs and removal of contracting barriers, positioning Martech to potentially benefit from increased European defense spending initiatives.
Coda Octopus Group (NASDAQ: CODA) ha ottenuto un ordine di servizi di ingegneria del valore di 1,4 milioni di dollari tramite la sua controllata britannica nel settore della difesa, Coda Octopus Martech. L'ordine, ricevuto da un importante appaltatore della difesa del Regno Unito, riguarda sub-componenti che saranno integrati in sistemi autonomi di bonifica mine.
La divisione di ingegneria della difesa con sede a Portland, fondata nel 1988, mantiene importanti pre-qualifiche per partecipare a grandi programmi di appalti per la difesa. La CEO Annmarie Gayle ha sottolineato l'accelerazione dei programmi di difesa europei e la rimozione delle barriere contrattuali, posizionando Martech per beneficiare potenzialmente dell'aumento degli investimenti europei nella difesa.
Coda Octopus Group (NASDAQ: CODA) ha asegurado un pedido de servicios de ingeniería por 1,4 millones de dólares a través de su filial de defensa con sede en el Reino Unido, Coda Octopus Martech. El pedido, recibido de un importante contratista de defensa del Reino Unido, es para subcomponentes que se integrarán en sistemas autónomos de barrido de minas.
La división de ingeniería de defensa de la empresa, con sede en Portland y establecida desde 1988, mantiene importantes pre-calificaciones para participar en grandes programas de contratos de defensa. La CEO Annmarie Gayle destacó la aceleración de los programas de defensa europeos y la eliminación de barreras contractuales, posicionando a Martech para beneficiarse potencialmente de un aumento en las iniciativas de gasto en defensa europea.
Coda Octopus Group (NASDAQ: CODA)는 영국에 기반을 둔 방위산업 자회사인 Coda Octopus Martech를 통해 140만 달러 규모의 엔지니어링 서비스 주문을 확보했습니다. 이 주문은 영국의 주요 방위 계약업체로부터 받은 것으로, 자율 광산 제거 시스템에 통합될 하위 부품들에 관한 것입니다.
1988년 설립된 포틀랜드 기반의 방위 엔지니어링 부서는 주요 방위 계약 프로그램에 참여할 수 있는 중요한 사전 자격을 유지하고 있습니다. CEO인 Annmarie Gayle는 유럽 방위 프로그램의 가속화와 계약 장벽 해제를 강조하며, Martech가 유럽 방위 지출 확대 정책으로부터 잠재적 혜택을 받을 수 있는 위치에 있다고 밝혔습니다.
Coda Octopus Group (NASDAQ : CODA) a obtenu une commande de services d'ingénierie de 1,4 million de dollars via sa filiale britannique de défense, Coda Octopus Martech. Cette commande, reçue d'un important contractant de la défense au Royaume-Uni, concerne des sous-composants qui seront intégrés dans des systèmes autonomes de déminage.
La division d'ingénierie de défense basée à Portland, établie depuis 1988, détient d'importantes préqualifications pour participer à de grands programmes de contrats de défense. La PDG Annmarie Gayle a souligné l'accélération des programmes de défense européens et la suppression des obstacles contractuels, positionnant Martech pour potentiellement bénéficier des initiatives accrues de dépenses en défense en Europe.
Coda Octopus Group (NASDAQ: CODA) hat über seine in Großbritannien ansässige Verteidigungstochtergesellschaft Coda Octopus Martech einen Ingenieurdienstleistungsauftrag im Wert von 1,4 Millionen US-Dollar erhalten. Der Auftrag, der von einem großen britischen Verteidigungsauftragnehmer stammt, umfasst Unterkomponenten, die in autonome Minenräumsysteme integriert werden sollen.
Die in Portland ansässige Verteidigungsingenieursabteilung des Unternehmens, die seit 1988 besteht, verfügt über wichtige Vorqualifikationen zur Teilnahme an großen Verteidigungsvertragsprogrammen. CEO Annmarie Gayle hob die Beschleunigung der europäischen Verteidigungsprogramme und die Beseitigung von Vertragsbarrieren hervor, wodurch Martech potenziell von erhöhten europäischen Verteidigungsausgaben profitieren könnte.
- Secured $1.4 million order for defense engineering services
- Strategic positioning to benefit from increased European defense spending
- Established long-term relationship with major UK Defense Contractor
- Company holds key pre-qualifications for major defense contracts
- Engineering Business still recovering to pre-COVID revenue levels
ORLANDO, FL, April 24, 2025 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA), a global market leader in 4D/5D/6D imaging sonar technology and new generation diving technology (DAVD) for real time subsea intelligence, today reported that its UK, Portland based Defense Engineering Services Business, Coda Octopus Martech Limited, recently received an order from one of its established long term customers, a leading and longstanding UK Defense Contractor, for sub-components which will form part of a suite of autonomous mine sweeping systems.
Annmarie Gayle, CODA’s Chairman and CEO, commented: “We are very pleased to see contracts relating to European Defense Programs being fast tracked and contracting barriers being removed to expedite Defense Programs. Since 1988, Martech has been a well-established sub-contractor within the European Prime Defense Contractor community, holding key pre-qualifications required to participate in major defense contract programs. With Europe ramping up Defense spending and prioritizing early deliveries, we believe Martech is strategically positioned to benefit from the resulting new opportunities which may arise as Europe unleashes its Defense Spending Programs. The Engineering Business is an important part of our Group, and we continue to execute against our strategy to restore this Business to its pre-COVID revenue profile”.
About Coda Octopus Group, Inc.
The Company, founded in 1994, is an established supplier to the underwater/subsea market. It supplies a range of hardware and software solutions to this market which includes key proprietary real time 4D/5D/6D imaging sonars, marketed under the name Echoscope® and Echoscope PIPE® addressing the underwater imaging sensor market along with new generation diving technology, Diver Augmented Vision Display (DAVD) system. The Company’s Echoscope PIPE® sonar generates real-time 3D/4D/5D images of moving objects underwater including in zero visibility water conditions. Echoscope technology is used globally for numerous applications in both the commercial offshore market and defense underwater markets. Applications for the Echoscope® technology include complex mapping underwater, subsea intervention, subsea asset placements, salvage and recovery, search and rescue, offshore renewables cable installations and surveys, marine construction, subsea infrastructure installation, mining applications, robotics (3D Perception and Depth), breakwater construction and monitoring, decommissioning, diving applications and port and harbor security.
The recently launched new generation of diving technology, DAVD, has the potential to change the way global diving operations are performed (both in the Defense and Commercial space) because it is a fully integrated singular system for topside control and fully connected diver HUD system, allowing both the topside and diver to share a range of critical information and visualize the same underwater scene. Furthermore, the DAVD integrates the Company’s sonar technology, which allows dive operations to be performed in zero visibility conditions, a common problem that besets these operations.
The Company recently acquired Precision Acoustics Limited, an acoustics sensor and materials business. This Company is a recognized leader in the ultrasound and acoustic measurement field. Specializing in acoustic hydrophone design and innovative acoustic materials, they provide a comprehensive range of products and solutions, with a primary focus on medical imaging and Non-Destructive Testing (NDT). NDT is used to validate the viability of structures such as aircraft, ship hulls, wellheads and other subsea structures. Their expertise extends to working closely with national and global standard-setting bodies (such as the National Physical Laboratory of the UK), contributing to the establishment of the primary measurement standards in the industry.
The Company also includes two discrete Defense engineering businesses Coda Octopus Martech Ltd (UK based) and Coda Octopus Colmek, Inc. (U.S. based) whose primary business model is to supply sub-assemblies into broader mission critical programs in the capacity of sub-contractors to the Prime Defense Contractors. Their scope of supply under these programs typically includes concept, design, prototype, manufacturing, and post-sale support. This gives them the opportunity to have repeat orders for these sub-assemblies through the life of these programs.
For further information, please visit http://www.codaoctopusgroup.com or contact us at coda@codaoctopusgroup.com.
Forward Looking Statements
This press release contains forward-looking statements concerning Coda Octopus Group, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect”, “assume” and similar expressions are intended to identify forward‐looking statements. Those forward-looking statements include, without limitation, statements regarding the Company's expectations for the growth of the Company's operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, restrictions on our business operations due to the Pandemic, customer demand for our products and market prices; the outcome of our ongoing research and development efforts relating to our products including our patented real time 3D solutions; our ability to develop the sales force required to achieve our development and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2024, filed with the Securities and Exchange Commission on January 29, 2025, and the subsequently filed 10-Qs and 8-Ks. Coda Octopus Group, Inc. does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by law.
Contact:
Geoff Turner
Coda Octopus Group, Inc.
1- 407-768- 0988
coda.ir@codaoctopusgroup.com
FAQ
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