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 da ...

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 ...

Financial Data and Key Metrics Changes - In fiscal year 2023, total revenue decreased by 12.9% to $19.4 million from $22.2 million in fiscal year 2022 [69] - Marine Technology Business revenue fell by 17.7% to $12.1 million compared to $14.7 million in the previous fiscal year [69] - Gross profit decreased to $13.0 million with a gross margin of 67.3%, down from 68.3% in fiscal year 2022 [70] - Operating income dropped by 45.3% to $2.7 million, with an operating margin of 14.2% compared to 22.5% in the previous year [95] - Net income after taxes was $3.1 million or $0.28 per diluted share, down from $4.3 million or $0.38 per diluted share in fiscal year 2022 [96] - Cash and cash equivalents increased to $24.4 million, up from $22.9 million in fiscal year 2022, with no debt [73] Business Line Data and Key Metrics Changes - Rental revenues in the Marine Technology Business fell by 31.4%, significantly impacting overall performance [13] - Engineering Services Business did not meet business plan goals due to order take being affected by the war in Ukraine [18] Market Data and Key Metrics Changes - Sales from Asia decreased by 19.5% due to weak demand and macroeconomic factors [17] - The marine industry faced cancellations and postponements of major offshore renewable projects due to inflation and supply chain issues [12] Company Strategy and Development Direction - The company is focused on growth pillars including Echoscope imaging sonar, DAVD systems, and digital audio communication systems [40][60] - Plans to expand growth strategy to include M&A activities to acquire complementary technologies [99] - Emphasis on business development in underwater imaging, defense underwater vehicles, offshore renewables, and underwater construction markets [77] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic factors have negatively impacted revenue and overall financial performance in fiscal year 2023 [26] - Positive signs of increased contracting and rental projects were observed in the first quarter of fiscal 2024, indicating potential recovery [4][5] - Confidence in the adoption of DAVD technology outside of the U.S. Navy is expected to increase in fiscal year 2024 [53][54] Other Important Information - The company has made progress in advancing the DAVD untethered system customization program and has delivered eight evaluation modified systems [65] - The company is working on a significant project with a major offshore service provider in the Middle East, quoting six Echoscopes for sale [52] Q&A Session Summary Question: What caused the revenue shortfall in the fourth quarter? - Management indicated that the revenue decline was due to postponed projects and weak demand in key markets [80] Question: Is the situation getting worse regarding order intake? - Management confirmed that many projects were stalling and not moving forward due to macroeconomic factors [104] Question: What is the status of the R&D tax credit? - The R&D credits are related to the company's foreign entity and are not expected to change [124] Question: When will technologies be deployed within Navy contracts? - Management stated that evaluation under programs can take several years, but progress is being made [116] Question: What is the outlook for the offshore renewable market? - Management expressed confidence in the offshore renewable market's potential once contractual hurdles are removed [128]

ORLANDO, FL, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (NASDAQ:CODA) today reported its audited financial results for its fiscal year ended October 31, 2023 (FY2023). Annmarie Gayle, CODA's Chairman and CEO, commented: "I am pleased to report our annual results for FY2023. Although we have made progress in our strategic end markets in the FY2023, our financial performance was affected by external factors affecting our sectors of operation. "The offshore renewable energy sector and u ...

Marine Technology Business Operations - The Marine Technology Business operates through subsidiaries in Orlando, UK, Denmark, Netherlands, and India[17] - The company acquired Octopus Marine Systems Ltd in 2002, leading to the introduction of the Motion product (F180 series)[28] - The company acquired Coda Octopus Martech Limited in 2006, expanding its Marine Engineering Business[29] - The company established Coda Octopus Products Pty Ltd in Australia in 2013, though activities were slowed by the Coronavirus Pandemic[30] Echoscope Technology and Applications - The Echoscope® and Echoscope PIPE products are primarily used in underwater construction, offshore renewables, and offshore oil and gas markets[16] - The Echoscope technology is the only acoustic imaging sonar capable of providing real-time 3D/4D/5D/6D imaging of moving objects in zero visibility water conditions[20] DAVD System and Market Potential - The DAVD tethered system completed successful field trials with a major European Offshore Service Provider, part of the "Big Four" Dredging companies accounting for 80% of global dredging capacity[22] - The DAVD system is expected to generate $2 million in revenue, with firm commitment from a foreign NATO country[25] - The DAVD system is protected by patent, with exclusive license from the U.S. Department of the Navy[26] - The DAVD system combined with real-time 3D sonars allows diving in difficult water conditions, addressing visibility issues[21]

Coda Octopus Group, Inc. (NASDAQ:CODA) Q3 2023 Earnings Conference Call September 13, 2023 10:00 AM ET Company Participants Jackie Keshner - Investor Relations, Gateway Group, Inc. Annmarie Gayle - Chair and Chief Executive Officer Gayle Jardine - Acting Chief Financial Officer Conference Call Participants Brian Kinstlinger - Alliance Global Partners Walter Ramsley - Walrus Partners William Bremer - Vanquish Capital Partners Operator Good morning, and welcome to Coda Octopus Group Third Quarter Fiscal Year ...