Coda Octopus Group Inc - CODA STOCK NEWS

Coda Octopus Group, Inc. (CODA) reported its fiscal Q1 results for the period ending January 31, 2023. Total revenue reached $5.6 million, slightly down from $5.8 million in the prior year, but showed a constant currency increase to $5.9 million. Marine Technology revenues remained stable at $3.8 million, while Marine Engineering revenues declined to $1.8 million due to supply chain issues. Gross margin fell to 67.1% from 71.3%. Net income increased to $1.4 million, with diluted EPS rising to $0.12. The company highlighted significant progress on its Diver Augmented Vision Display (DAVD) systems, including approval for military use and establishing a budget for future orders.

Coda Octopus Group (Nasdaq: CODA) recently showcased its Diver Augmented Vision Display (DAVD) system during the Deep Sea Expeditionary with No Decompression (DSEND) Suit In-Water Concept Demonstration at the U.S. Navy Experimental Diving Unit, held from February 7-8, 2023. This successful demonstration signifies the Company's collaboration with several prominent partners in advancing underwater technology. The DAVD technology aims to enhance diving operations by providing real-time digital information, thereby transforming communication and operational efficiency in both defense and commercial diving sectors.

Coda Octopus Group, Inc. (NASDAQ: CODA), a leader in subsea imaging technology, will host a conference call on March 16, 2023, at 10:00 a.m. ET to discuss its financial results for the first quarter ending January 31, 2023. A press release outlining these results will be released before trading opens on the same day. Interested parties can access the call via U.S. dial-in number 1-877-451-6152 or internationally at 1-201-389-0879, with Conference ID 13736708. The call will also be available for replay after 2:00 p.m. ET on the same day through March 30, 2023.

Coda Octopus Group (NASDAQ: CODA) announced its participation in the Virtual Emerging Growth Technology Conference on February 16, 2023. During this event, CODA management will engage in one-on-one meetings to discuss the company's financial results for fiscal 2022 and potential growth accelerators. Coda Octopus specializes in advanced underwater imaging sonar technology, including its Echoscope® products and the recently launched Diver Augmented Vision Display (DAVD) system. This technology enhances real-time information for diving operations, promising to revolutionize communications and operational efficiency in defense and commercial sectors.

Coda Octopus Group, Inc. (CODA) announced its audited financial results for FY2022, reporting total revenue of $22.2 million, a 4.2% increase from FY2021's $21.3 million. Operating income rose 30.4% to $5.004 million. However, net income fell 13.1% to $4.301 million, impacted by the exhaustion of net operating losses and a strong U.S. dollar, which decreased foreign revenue by approximately $1.193 million. The company also missed its internal revenue target of $28 million but achieved other financial goals. Looking ahead to FY2023, CODA plans to shift focus towards global business development and brand building.

Coda Octopus Group (NASDAQ: CODA) will host a conference call on January 30, 2023, at 10:00 a.m. ET to discuss its fiscal year results ending October 31, 2022. A press release detailing these results will precede the call, which will include prepared remarks and a Q&A session. Investors can join by dialing in at 1-877-451-6152 (U.S.) or 1-201-389-0879 (International). A replay will be available after 2:00 p.m. ET through February 13, 2023. The company specializes in real-time underwater imaging technology, utilized for various applications, enhancing subsea intelligence globally.

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.