Business
Coda Octopus Group Reports Fiscal 2022 Third Quarter and Nine-Month Period Financial Results
- Fiscal Third Quarter Revenue Increased 8% Year-Over-Year - Company Remained Profitable with Net Income of $1.8 Million, or $0.16 per Share - Material
About this update from Coda Octopus Group, Inc.
[{"type":"text","content":"- Fiscal Third Quarter Revenue Increased 8% Year-Over-Year - Company Remained Profitable with Net Income of $1.8 Million, or $0.16 per Share - Material Progress Made in Key Markets for Growth of both Echoscope® and DAVD ORLANDO, FL, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA) today reported its unaudited financial results for its third quarter (“TQ2022”) and nine months (“YTD 2022”) ended July 31, 2022. Annmarie Gayle, CODA’s Chairman and CEO, commented: “I am very pleased with our TQ2022 results as we grew revenue and net income over the same period a year ago while making further progress in penetrating markets which are key for our growth strategy around Echoscope PIPE® and our Diver Augmented Vision Display System (“DAVD”). In the TQ2022, a significant portion of our sales were generated from our real time imaging sonar, Echoscope PIPE®, to US Prime Defense Contractors for integration into their new generation of underwater vehicle programs that are currently being designed. This is supportive of our business development strategy to increase sales of our real time imaging sonar, the Echoscope®, into defense programs around the world. We expect this success to pave the way for multiple sales into these programs with long term recurring revenues. In addition, the new generation of underwater vehicles that are currently being developed increases the market opportunity to have our technology embedded into these new programs, realize multiple sales of the technology and increase our market share. We have also made solid progress on our new diving management system, DAVD. Specifically, we have started to supply GEN 3 DAVD systems to the Navy and are currently delivering DAVD GEN 3 upgrades for GEN 2. We also have a US-based marine engineering provider already using the DAVD system and the Echoscope® in a commercial diving project. Looking ahead, we will be demonstrating the DAVD to the UK Ministry of Defence in October 2022 and expect adoption of the DAVD system from multiple customers later this calendar year including foreign navies as well as several construction and offshore service providers that operate in the commercial diving sector. Lastly, we are currently customizing the DAVD technology for the single largest potential adopter of the DAVD and anticipate having prototypes for this pa...