Revenue Performance - Net revenues for the three months ended April 30, 2024, were $5,323,178, a slight increase from $5,301,509 in the same period of 2023, representing a growth of 0.4%[24] - Net revenues for the three months ended April 30, 2024, were $5,323,178, compared to $3,524,714 for the same period in 2023, indicating a year-over-year increase of 51.1%[79] - Total net revenues for the three months ended April 30, 2024, were $5,301,509, compared to $5,301,509 for the same period in 2023[92] - Total net revenues for the six months ended April 30, 2024, were $9,784,369, with the Technology Business contributing $7,067,480 and the Engineering Business contributing $2,716,889[94] Profitability - Gross profit for the six months ended April 30, 2024, was $6,825,170, down 7.5% from $7,376,246 in the same period of 2023[24] - Income from operations for the three months ended April 30, 2024, was $1,350,383, an increase of 58% compared to $855,108 in the same period of 2023[24] - Net income for the three months ended April 30, 2024, was $1,415,238, up from $1,008,477 in the same period last year, reflecting a growth of 40.3%[72] - Net income for the six months ended April 30, 2024, was $2,045,126, a decrease of 15% from $2,406,334 in the same period of 2023[24] Expenses - Operating expenses for the three months ended April 30, 2024, decreased to $2,388,051 from $2,768,133 in the same period of 2023, a reduction of 13.8%[24] - Research and development expenses for the six months ended April 30, 2024, increased to $1,028,458 from $970,397 in the same period of 2023, an increase of 6%[24] - Research and Development expenses were $542,481 for the three months ended April 30, 2024, compared to $485,061 in the same period last year, showing an increase of 11.8%[79] - Total operating expenses for the same period were $4,919,403, with Selling, General & Administrative expenses accounting for $3,890,945[94] Cash Flow and Assets - Cash and cash equivalents at the end of the period were $23,709,676 as of April 30, 2024, compared to $23,455,118 at the end of the same period in 2023, showing a slight increase of approximately 1.1%[49] - Total assets as of April 30, 2024, were $53,997,156, compared to $37,040,637 as of October 31, 2023[79] - Total liabilities as of April 30, 2024, were $2,930,786, an increase from $1,807,318 as of October 31, 2023[79] - The company reported a net cash used in operating activities of $(1,253,725) for the six months ended April 30, 2024, compared to $(261,033) in 2023, indicating a significant increase in cash outflow[49] Other Income and Adjustments - Total other income for the three months ended April 30, 2024, was $290,832, compared to $173,376 for the same period in 2023, representing a significant increase of 67.5%[24] - The company reported a foreign currency translation adjustment loss of $437,683 for the three months ended April 30, 2024, compared to a gain of $538,373 in the same period last year[24] - The company recognized amortization of intangible assets of $33,869 for the six months ended April 30, 2024, compared to $15,442 in 2023, reflecting a significant increase of 119.5%[49] Taxation - The effective tax rate for the six months ended April 30, 2024, was 15.6%, compared to (0.7)% for the same period in 2023[101] - The company provisioned $130,500 for Global Intangible Low-Taxed Income (GILTI) in the current quarter and $173,000 for GILTI for the six-month period[101] - The company did not generate any taxable income in the current quarter, leading to a decrease in the statutory income tax rate from 25.0% to an effective rate of 13.8%[101] Inventory and Deferred Revenue - Total inventory increased to $12,645,976 as of April 30, 2024, up from $11,685,525 as of October 31, 2023, representing a growth of 8.23%[64] - Deferred revenue as of April 30, 2024, was $823,531, down from $1,108,919 as of October 31, 2023, indicating a decrease in billings in excess of costs[92] - Deferred revenue related to warranty and TLS was $366,773 as of April 30, 2024, down from $457,600 as of October 31, 2023, a decrease of 20%[68]

Core Viewpoint - Coda Octopus Group, Inc. will host a conference call on June 12, 2024, to discuss its fiscal second quarter results for the period ending April 30, 2024, with a press release to be issued prior to the market opening on the same day [1]. Company Overview - Coda Octopus Group, Inc. is a leader in real-time 3D/4D/5D and 6D imaging sonar technology, providing solutions for subsea intelligence and diving technology [1][4]. - The company offers proprietary sonar products such as Echoscope® and Echoscope PIPE®, which are utilized for underwater imaging in various applications including mapping, salvage, search and rescue, and marine construction [4]. - The recently launched Diver Augmented Vision Display (DAVD) system enhances diving operations by integrating sonar technology, allowing for operations in zero visibility conditions [5]. Defense Engineering Segment - Coda Octopus Group includes two defense engineering businesses: Coda Octopus Martech Ltd in the UK and Coda Octopus Colmek, Inc. in the US, which supply sub-assemblies for mission-critical programs as subcontractors [6]. - These businesses focus on concept, design, prototype, manufacturing, and post-sale support, enabling opportunities for repeat orders throughout the life of these programs [6].

Core Viewpoint - The AI hype has plateaued, but AI stocks remain popular, with caution advised against chasing potential upside in overhyped companies [1] Group 1: AI Market Overview - The AI revolution encompasses various industries beyond generative chatbots, with many companies utilizing AI technology [2] - Some AI stocks are undervalued and could provide significant returns if they gain traction [2] Group 2: Gorilla Technology (GRRR) - Gorilla Technology, a video intelligence and IoT company, reported revenues of $64.7 million, a 188.7% year-over-year increase [4] - The stock has been trading sideways, with a peak of $11.2 this year, but offers a safe entry point around $5 due to its historical floor [5] - Adjusted EBITDA reached $29 million, up 587%, indicating strong profit potential [5] - Projected revenues for 2024 are $79 million, supported by a solid sales pipeline, although cash reserves are at $34 million [6] Group 3: Coda Octopus (CODA) - Coda Octopus specializes in 3D sonar solutions and AI-driven seabed classification [8] - Revenue fell 20% year-over-year due to funding delays and supply chain issues, but the marine technology segment shows signs of recovery [9] - Profit margins are improving, and management is optimistic about demand for offshore renewable energy projects [10] - The stock has experienced volatility but may benefit from a cash build-up as the company expands [11] Group 4: Viant Technology (DSP) - Viant Technology is an AI-powered advertising company with a 28% year-over-year revenue increase, driven by a 50% rise in connected TV advertising [14] - The company utilizes patented Household ID technology for targeted advertising, enhancing ad performance across platforms [15] - Early success in streaming audio advertising contributes to growth, accounting for 10% of first-quarter revenue [16] - The stock is undervalued at 0.6 times forward sales, with significant potential for margin expansion and projected EPS growth from 40 cents to 62 cents over three years [16]

ORLANDO, FL, April 29, 2024 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. ("CODA" or the "Company") (NASDAQ:CODA), a global market leader in 3D/4D/5D/6D imaging sonar technology for real time subsea intelligence and cutting-edge diving technology, today reported that following successful field testing with its Navy customers, it has now launched a new Artificial Intelligence (AI)-based digital communication audio system, known as the Voice HUB-4. Voice HUB-4 is a state-of-the-art system that greatly advances ...

ORLANDO, FL, April 23, 2024 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. ("CODA" or the "Company") (NASDAQ:CODA), a global market leader in 3D/4D/5D/6D imaging sonar technology for real time subsea intelligence and cutting-edge diving technology, today reported that a major offshore service provider recently purchased a number of Echoscope PIPE® sonars having a contract value of $1,000,000. Commenting on this, Blair Cunningham, CODA's President of Technology, stated "we are excited that this global offshore ...

ORLANDO, FL, April 15, 2024 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. ("CODA" or the "Company") (NASDAQ:CODA), a global market leader in real-time 3D/4D/5D and 6D imaging sonar technology for real-time subsea intelligence and real time information platform diving technology, announced the appointment of Gwenael Rouy Poirier to fill a vacancy created by the recent decision of the Board to expand the number of seats on the Company's Board. Gwenael is an experienced business leader with over 27 years' exper ...

ORLANDO, FL, April 02, 2024 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. ("CODA" or the "Company") (NASDAQ:CODA), a global market leader in 3D/4D/5D/6D imaging sonar technology for real time subsea intelligence and cutting-edge diving technology, today reported that its Echoscope® technology is being used on the ongoing salvage operations.  The news highlighting this can be found here. Commenting on this, Blair Cunningham, CODA's President of Technology, stated "we are humbled and pleased that Coda Octopus ...

Coda Octopus Group, Inc. (NASDAQ:CODA) Q1 2024 Earnings Conference Call March 18, 2024 10:00 AM ET Company Participants Jackie Keshner - IR, The Gateway Group, Inc. Annmarie Gayle - Chair and Chief Executive Officer Gayle Jardine - Interim-CFO Conference Call Participants Brian Kinstlinger - Alliance Global Partners Operator Good morning. Welcome to Coda Octopus Group's First Quarter 2024 Earnings Conference Call. My name is Sherry, and I will be your operator today. Before this call, Coda Octopus issued it ...

Item 6. Exhibits 32 Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | --- | --- | |----------------------------|-------------------------------------------------------| | | | | | Coda Octopus Group, Inc. (Registrant) | | Date: March 18, 2024 | /s/ Annmarie Gayle | | | Annmarie Gayle | | | Chief Executive Officer | | Date: March 18, 2024 | /s/ Gayle Jardine | | | Gayle Jardine Interi ...

Orlando, FL, March 08, 2024 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (“CODA” or the “Company”) (NASDAQ: CODA), a global market leader in real-time 3D/4D/5D and 6D imaging sonar technology for real-time subsea intelligence and diving technology, will host a conference call on Monday, March 18, 2024 at 10:00 a.m. Eastern time to discuss its results for its fiscal first quarter ended January 31, 2024 (“FQ2024”). A press release detailing these results will be issued before the open of trading on the same d ...