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Coda Octopus Group Reports Fiscal First Quarter 2023 Financial Results
ORLANDO, FL, March 16, 2023 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA), a global market leader in real-time
About this update from Coda Octopus Group, Inc.
[{"type":"text","content":"ORLANDO, FL, March 16, 2023 (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, today reported its unaudited financial results for its fiscal first quarter ended January 31, 2023. First Quarter 2023 (FQ2023) Operational Summary: CODA continues to believe that its most promising pillars of growth are its Echoscope® and Echoscope PIPE® products, as well as its Diver Augmented Vision Display (DAVD) systems.DAVD product has now transferred from CODA customer’s research and development program to field operations and command. This means that the DAVD is now approved Navy use item ready for field deployment and available for purchase by different commands. Customer has now established acquisition budget line for DAVD systems and CODA expects to receive firm orders from its U.S. Navy customer in 2Q of 2023.Customization work completed for a DAVD “untethered prototype system” for a major U.S. Military Command evaluation. Customer evaluation scheduled to be conducted between March and April FY 2023, with fleet evaluation DAVD units to be purchased following the field trials. This is a significant leap forward for the DAVD product line as it is now an untethered system, allowing teams of divers to operate independently from any surface-based unit. This evaluation presents the biggest opportunity for this product in the military sector.A major tier-one European offshore service provider adopted the DAVD system on a rental basis for critical European underwater construction projects. Provided the field project is successful, CODA believes that this may be the pre-cursor to full scale adoption of the DAVD by this service provider.CODA also completed the adaptation works for another tier-one European offshore service provider that will also be evaluating the DAVD technology for incorporation in its global diving operations.Successful trials with foreign navies in Dunoon, Scotland in February 2023, resulting in two foreign navies now working with CODA on a DAVD adoption plan, including discussions on purchasing evaluation systems in FY2023. The customer adoption curve for nearly all such opportunities is the same: stage one consists of trials, that are usually held outside the ...