Coda Octopus Group, Inc. develops underwater technology for real-time subsea imaging, mapping, defense and survey applications. News about CODA centers on financial results, product launches and operating updates for its Marine Technology business, including Echoscope sonar systems, Echoscope PIPE NANO GEN Series® imaging sonars and DAVD augmented-reality diving technology for connected diver and topside operations.
Company updates also cover Precision Acoustics Limited, its United Kingdom acoustics sensor and materials business, including ultrasonic hydrophone calibration services accredited under ISO/IEC 17025. CODA’s defense engineering businesses are recurring subjects in news involving sub-assemblies supplied to prime defense contractors, along with design, prototype, manufacturing and post-sale support work for mission-critical programs.
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.
Coda Octopus Group (CODA) reported unaudited financial results for its third quarter ended July 31, 2020, indicating a revenue decline of 19.1% to approximately $5.396 million, compared to $6.668 million in the same quarter last year. Net income before taxes fell to $1.308 million, down from $2.126 million, resulting in earnings per share of $0.12 versus $0.20 in 2019. The company generated cash of approximately $1.3 million and had $13.017 million in cash on hand, despite challenges from the coronavirus pandemic affecting business operations.
Coda Octopus Group (CODA) announces the resumption of its GEN 1.0 Diver Augmented Vision Display (DAVD) system roll-out program to the U.S. Navy fleet, following pandemic-related delays. The initial training has commenced with the NAVSEA Southeast Regional Maintenance Center Dive Locker, with plans to extend training to other Navy divisions. Blair Cunningham, CODA’s President of Technology, expressed optimism for the roll-out of GEN 2.0 by year-end, emphasizing the importance of DAVD technology in enhancing naval diving operations.
Coda Octopus Group, Inc. (CODA) reported financial results for Q2 ending April 30, 2020, showing a 52% revenue decline to approximately $3.289 million from $6.783 million in Q2 2019. Net loss before taxes was $340,204, or $(0.03) per share, contrasting with a net income of $2.285 million, or $0.21 per share, the previous year. For the first half, revenues dropped 20.5% to $9.970 million. Despite challenges from the pandemic, CODA continues to advance key defense projects, including the Diver Augmented Vision Display system and the Thermite® Octal, bolstering long-term growth prospects.