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Coda Octopus Group Reports Fiscal Third Quarter 2023 Financial Results
ORLANDO, FL, Sept. 13, 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, Sept. 13, 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 third quarter ended July 31, 2023 (TQ2023) and the nine months then ended (YTD 2023). Third Quarter 2023 Operational Summary: Management continues to focus on and execute against its core business strategy to grow the Company. CODA continues to believe that its most promising pillars of growth are its Echoscope PIPE® imaging sonar series, as well as its recently developed Diver Augmented Visions Display (DAVD) systems and spin-off DAVD products, such as the DAVD Digital Audio System.The penetration of the Defense market is critical for the realization of the Company’s growth plans. In the third quarter, the Company had strong momentum around several initiatives that are crucial for its growth plans, including: Completing a second phase Defense Project for the Navy. CODA delivered a full solution for a diver handheld high-resolution, real time 3D mapping and inspection platform that incorporates its real-time 3D volumetric imaging sonar (Echoscope PIPE®). The Navy specifically requested that this new platform incorporate CODA’s DAVD technology. Integration of the DAVD on this survey platform provides alternative and additive displays for the diver, and critically, a low light emittance, near-eye display that represents a shift away from high brightness tablets and monitors. This platform will initially be used by the Navy for ship hull mapping and scanning applications. The platform will now be going through Navy testing. The second phase development project delivered $450,000 in funding. The previous phase, which the Company completed in the previous financial year and comprised feasibility and prototype testing, received $500,000 in funding.Coordinating and executing successful trials of CODA Echoscope PIPE® C500 (Compact Edition) in San Diego for the Naval Information Warfare Center (NIWC), following their selection of the Videoray Defender underwater vehicle as their preferred platform in this category of small underwater vehicles. The trials were successful and flawlessly showcased the capability to perform real time 3D...