Welcome to our dedicated page for Coda Octopus Group news (Ticker: CODA), a resource for investors and traders seeking the latest updates and insights on Coda Octopus Group stock.
Coda Octopus Group, Inc. (NASDAQ: CODA) generates a steady flow of news centered on its real-time 3D/4D/5D/6D imaging sonar technologies, Diver Augmented Vision Display (DAVD) diving systems, acoustic sensors, and defense engineering services. Founded in 1994 and active in the underwater and subsea technology market, the company regularly issues updates through press releases and earnings announcements.
On this CODA news page, readers can find coverage of quarterly and annual financial results, including discussions of performance in the Marine Technology Business, Marine Engineering Business, and the acoustics sensors and materials segment added through the acquisition of Precision Acoustics Limited. Earnings releases often highlight revenue trends, product mix, and developments in defense and commercial subsea markets, as well as information about scheduled earnings conference calls.
Company news also features product launches and technology milestones, such as the introduction of the Echoscope PIPE NANO GEN Series® of ultra-small form factor real-time 3D imaging sonars and progress under DAVD programs with defense customers. Updates describe orders for DAVD tethered and untethered systems, their deployment across various U.S. Navy commands, and evaluation programs with foreign navies and defense users. Additional items include engineering services contracts for sub-components in mission-critical defense programs, as well as accreditation achievements at Precision Acoustics Limited, such as ISO/IEC 17025 recognition for ultrasonic free-field sensitivity calibration.
Investors and observers can use this page to follow CODA’s announcements on technology adoption, defense and commercial contracts, subsea imaging and diving solutions, and the evolution of its acoustic measurement and engineering services businesses. For ongoing insight into CODA’s operations and subsea technology activities, this news feed aggregates the company’s public communications in one place.
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.
Coda Octopus Group, Inc. (CODA) announced its audited financial results for the fiscal year ending October 31, 2021. Total revenue reached approximately $21.331 million, a 6.4% increase from $20.043 million in 2020. Net income before taxes surged to $5.253 million, a 54.4% rise from the previous year. However, the Services Business performed poorly, impacted by lower defense orders and COVID-19 disruptions. Coda's innovative products, including the Echoscope PIPE® sonar, show promise for future growth despite pandemic challenges.
Coda Octopus Group, Inc. (CODA), a leader in underwater imaging technologies, announced its participation in a fireside chat organized by Alliance Global Partners. This event is set for October 4, 2021, at 10:00 a.m. Eastern Time and will be conducted via Zoom. Interested participants can register through the Company’s Investor Relations section on their website. Coda Octopus specializes in real-time 3D, 4D, 5D, and 6D underwater imaging solutions, with applications in various sectors, including commercial and defense markets.
Coda Octopus Group (CODA) announced its Q3 2021 financial results, reporting revenues of approximately $5.83 million, a 7.9% increase from Q3 2020. Net profit after taxes was $1.52 million or $0.14 per share, up from $1.22 million or $0.10 per share in the prior year. The Products Business saw revenue growth, while the Services Business faced challenges due to delays in defense contracts related to the ongoing pandemic. CODA's cash on hand increased to $19.16 million.
Coda Octopus Group, Inc. (CODA) announced the appointment of Kevin Kane as CEO of its subsidiary, Coda Octopus Colmek, Inc. Kane brings extensive defense industry experience, previously serving as VP of international business development at L3Harris Technologies. This strategic appointment aims to enhance Coda's management capabilities, as the company splits the roles of CFO and Divisional CEO. Mike Midgley remains CFO. Coda Octopus specializes in underwater imaging technologies, notably its Echoscope® sonar, utilized across commercial and defense sectors globally.
Coda Octopus Group (CODA) reported significant growth in its second quarter ending April 30, 2021, with revenues of approximately $5.37 million, a 63.4% increase compared to the prior year. The company achieved a net profit after taxes of $2.21 million, or $0.20 per share, rebounding from a loss in the same quarter last year. The Products Business thrived, while the Services Business faced delays in defense contracts. Coda received $2 million in funding for its Diver Augmented Vision System's development, expected to deliver by the end of 2021, indicating ongoing commitment to innovation.
Coda Octopus Group reported its fiscal first quarter results for the period ending January 31, 2021. Total revenue was approximately $5.050 million, a 24.4% decrease from $6.681 million in the same period last year. Net profit after taxes fell to $1.129 million or $0.10 per share, compared to $1.347 million or $0.13 per share in the prior year. CEO Annmarie Gayle attributed the decline to the ongoing Coronavirus Pandemic and delays in defense program orders. Despite this, CODA expects revenue growth in its products business and improved performance in its services segment moving forward.
Coda Octopus Group (CODA) recently concluded final field trials of its Gen 2 Diver Augmented Vision Display (DAVD) and Echoscope C500 sonar with the U.S. Naval Sea Systems Command and NASA. Trials occurred February 24-26 at NASA’s Neutral Buoyancy Laboratory, testing augmented mission assistance for NASA’s Moon return plans. The Gen 2 DAVD is now authorized for Navy use, with expected purchases and upgrades from Gen 1 systems. The ongoing Gen 3 DAVD development is backed by approximately $7.5MM funding from the Office of Naval Research.
Coda Octopus Group (CODA) reported a 20% revenue decline to approximately $20.043 million for the fiscal year ending October 31, 2020, down from $25.057 million in the previous year. Net income after taxes also decreased by 36% to $3.344 million. While operational performance was challenged by the pandemic, the company continued advancements in product development, including the Diver Augmented Vision Display system. Operating expenses decreased slightly, yet earnings per share fell to $0.31 from $0.49.
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