a Octopus (US:CODA)2024-06-12 12:00Revenue 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]