Business
Coda Octopus Group Reports Fiscal 2021 Second Quarter and Six-Month Period Financial Results
ORLANDO, FL, June 14, 2021 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its unaudited financial results for its second
About this update from Coda Octopus Group, Inc.
[{"type":"text","content":"ORLANDO, FL, June 14, 2021 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its unaudited financial results for its second quarter ended April 30, 2021 (“2021 Second Quarter”) and the six months then ended. Annmarie Gayle, CODA’s Chairman and CEO, commented: “Our financial results for the 2021 Second Quarter improved significantly over the comparable period last year (“2020 Second Quarter”). During the 2020 Second Quarter our business activities were significantly curtailed due to the global lockdown resulting from the coronavirus outbreak which affected our financial performance. The business environment has since improved, although there continue to be Pandemic related constraints including imposition of certain restrictions by governments. In addition, in the 2021 Second Quarter our Services Business financial performance has been impacted by the delay in the approval of the Federal Acquisition Budget caused by the change in the US Administration. Despite the setbacks discussed above, we continue to make substantial progress in a number of areas. In 2019 we were engaged to develop a new sonar for a US Defense customer. The contract value was approximately $500,000. During this Quarter, we completed and delivered this new short-range real time 3D sonar which we believe is designed for this customer’s new fleet of underwater vehicles. Successful customer trials of this new sonar present an opportunity for multiple sales into this Defense Program. In this Quarter, we also received funding of approximately $2 million for the development of the third generation (GEN 3) of Diver Augmented Vision System (“DAVD”). We anticipate the delivery of the GEN 3 DAVD System by the end of calendar year 2021. In the 2021 Second Quarter our Products Business’s revenues grew significantly when compared to the 2020 Second Quarter. Revenues generated by our Services Business declined over the comparable period last year due to delays in receiving anticipated defense contracts. However, we believe that during current fiscal year 2021 the Services Business will be back on plan and we expect to receive some of these orders in the third quarter of 2021”. Coda Octopus Group reported total revenue of approximately $5.37 million for the quarter ended April 30, 2021, compared to $3.29 million for the comparable prior year p...