Coda Octopus Group Inc Stock Price, News & Analysis

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.

Coda Octopus Group, Inc. (CODA) reported its first quarter financial results for FQ2022, achieving total revenue of approximately $5.84 million, a 15.6% increase from $5.05 million in FQ2021. Net profit after taxes rose to $1.22 million ($0.11 per share) compared to $1.13 million ($0.10 per share) last year. The company remains optimistic about the adoption of its DAVD product in foreign navies and expects increased defense spending due to geopolitical dynamics. However, Coda Octopus is wary of supply chain disruptions potentially impacting order fulfillment and revenue recognition.

Coda Octopus Group (CODA) announced the commencement of training for NAVSEA and NSWC personnel on its GEN 2.0 DAVD (Diver Augmented Vision Display) System in Florida during the week of February 21, 2022. This training is pivotal for integrating novel technology delayed by the COVID-19 pandemic. Approximately 20 DAVD systems and six Echoscope C500 systems, both authorized for use by the US Navy, have been sold. The company is expanding its DAVD program with a new survey vessel in Port Canaveral to enable on-water training and mission simulations.

Coda Octopus Group (CODA) has announced the launch of its Echoscope® CIVS (Close-In Visualization System), a cutting-edge short-range underwater imaging sonar. Developed for the US Navy, this technology offers ultra-high resolution 3D imaging capabilities for complex target identification at close range, enhancing applications in EOD, construction, and renewables. It operates using frequencies over 1MHz, achieving detailed imagery for objects smaller than an inch. Currently integrated into Navy programs, the CIVS will be available commercially after successful inspections, showcasing significant innovation in real-time underwater imaging.