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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coda Octopus Group Inc | NASDAQ:CODA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.13 | 1.89% | 7.02 | 5.25 | 8.95 | 7.13 | 6.66 | 6.94 | 6,470 | 01:00:00 |
Annmarie Gayle, CODA’s Chairman and CEO, commented: “Our First Quarter 2024 results were in alignment with our internal Business Plan but down compared to our First Quarter 2023. Our internal Business Plan anticipates that our Engineering Business revenue in Fiscal 2024 will be backloaded and therefore this has impacted on our consolidated revenue in our FQ2024. Defense Programs are currently funded by continuing resolutions which means reduced allocation of funding to these programs until agreement is reached on the federal budget. We had also anticipated that several booked engineering projects would not be converted to revenue until later in Fiscal 2024 due to the lead times for receiving components.
Despite this, our Engineering Business segment has made some encouraging operational progress. The UK Engineering Business has been seeing an increase in order take and some new programs.
Commenting on the state of the Marine Industry, Ms Gayle continued “The industry’s biggest trade show is Oceanology, which occurs every two years and took place last week. We therefore anticipated in our FQ2024 that outright sales in the Marine Technology Business would be down as typically customers postpone significant investment decisions until after this event. We are encouraged by increased enquiries for our rental solutions for offshore renewables. Although these are early days, this is good news for the Marine Industry and for us. We are also seeing increased opportunities for our Echoscope solution for some underwater construction projects in the Middle East, where new islands are scheduled for development in calendar year 2024.”
First Quarter 2024 (FQ2024) Financial Summary
The numbers below have been rounded to one decimal point. The full FQ2024 financials can be found in CODA’s Form 10-Q filed with the SEC.
FQ2024 Operational Summary:
In FQ2024, we continued to prioritize investing in our growth strategy. This saw us continue to make progress against our key growth drivers:
Ms. Gayle continued: “I want to close by emphasizing that we continue to work to create stable long-term shareholder value. We continue to believe in the growth prospects and strategy built around our disruptive technologies and in pivoting the revenue model of the Marine Technology Business to a multi-year and multiple sale model as we have started to see with the DAVD product line. “
The Company’s full financial results, including its Quarterly Report for the First Quarter of 2024, are available at www.nasdaq.com/symbol/coda/sec-filings.
Conference Call
CODA will host a conference call today, March 18, 2024, at 10:00 a.m. Eastern Time (7:00 a.m. Pacific Time) to discuss its results for the First Quarter ended January 31, 2024.
CODA management will provide prepared remarks, followed by a question-and-answer period.
Date: Monday, March 18, 2024Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)U.S. dial-in number: 1-877-451-6152International number: 1-201-389-0879Conference ID: 13744838
The conference call will broadcast live and be available for replay here.
Persons interested in attending are required to call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at 1-949-574-3860.
A replay of the call will be available after 1:00 p.m. Eastern time on the same day through April 1, 2024.
Toll-free replay number: 1-844-512-2921International replay number: 1-412-317-6671 Conference ID: 13744838
About Coda Octopus Group, Inc.
The Company, founded in 1994, is an established supplier to the Underwater/Subsea market. It supplies a range of hardware and software solutions to this market which includes key proprietary real time 4D/5D/6D imaging sonars, marketed under the name Echoscope® and Echoscope PIPE® addressing the underwater imaging sensor market along with new generation diving technology, Diver Augmented Vision Display (DAVD) system. The Company’s Echoscope PIPE® sonar generates real-time 3D/4D/5D images of moving objects underwater including in zero visibility water conditions. The Echoscope® technology is used globally for numerous applications in both the commercial offshore market and defense underwater markets. Applications for the Echoscope® technology include complex mapping underwater, subsea intervention, subsea asset placements, salvage and recovery, search and rescue, offshore renewables cable installations and surveys, marine construction, subsea infrastructure installation, mining applications, robotics (3D Perception and Depth), breakwater construction and monitoring, decommissioning, diving applications and port and harbor security.
The recently launched new generation of diving technology, DAVD, has the potential to change the way global diving operations are performed (both in the Defense and Commercial space) because it is a fully integrated singular system for topside control and fully connected diver HUD system, allowing both the topside and diver to share a range of critical information and visualize the same underwater scene. Furthermore, the DAVD integrates the Company’s sonar technology, which allows dive operations to be performed in zero visibility conditions, a common problem that besets these operations.
The Company also includes two discrete Defense engineering businesses Coda Octopus Martech Ltd (UK based) and Coda Octopus Colmek, Inc. (US based) whose primary business model is to supply sub-assemblies into broader mission critical programs in the capacity of sub-contractors to the Prime Defense Contractors. Their scope of supply under these programs typically includes concept, design, prototype, manufacturing, and post-sale support. This gives them the opportunity to have repeat orders for these sub-assemblies through the life of these programs.
For further information, please visit http://www.codaoctopusgroup.com or contact us at coda@codaoctopusgroup.com.
Forward Looking Statement
This press release contains forward-looking statements concerning Coda Octopus Group, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward‐looking statements. Those forward-looking statements include, without limitation, statements regarding the Company's expectations for the growth of the Company's operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, restrictions on our business operations due to the Pandemic, customer demand for our products and market prices; the outcome of our ongoing research and development efforts relating to our products including our patented real time 3D solutions; our ability to develop the sales force required to achieve our development and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2023, filed with the Securities and Exchange Commission on January 29, 2024. Coda Octopus Group, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Contact:
Cody Slach or Jackie KeshnerGateway Group, Inc. 1-949-574-3860CODA@gateway-grp.com
CODA OCTOPUS GROUP, INC.Consolidated Balance SheetsJanuary 31, 2024 and October 31, 2023
2024 | 2023 | |||||||
Unaudited | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 25,003,984 | $ | 24,448,841 | ||||
Accounts Receivable | 3,030,988 | 2,643,461 | ||||||
Inventory | 12,768,672 | 11,685,525 | ||||||
Unbilled Receivables | 763,123 | 894,251 | ||||||
Prepaid Expenses | 392,591 | 181,383 | ||||||
Other Current Assets | 813,586 | 1,034,626 | ||||||
Total Current Assets | 42,772,944 | 40,888,087 | ||||||
FIXED ASSETS | ||||||||
Property and Equipment, net | 6,340,113 | 6,873,320 | ||||||
OTHER ASSETS | ||||||||
Goodwill | 3,382,108 | 3,382,108 | ||||||
Intangible Assets, net | 496,195 | 486,615 | ||||||
Deferred Tax Asset | 21,582 | 211,386 | ||||||
Total Other Assets | 3,899,885 | 4,080,109 | ||||||
Total Assets | $ | 53,012,942 | $ | 51,841,516 |
CODA OCTOPUS GROUP, INC.Consolidated Balance Sheets (Continued)January 31, 2024 and October 31, 2023
2024 | 2023 | |||||||
Unaudited | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts Payable | $ | 1,110,284 | $ | 1,308,201 | ||||
Accrued Expenses and Other Current Liabilities | 855,977 | 995,630 | ||||||
Deferred Revenue | 786,466 | 975,537 | ||||||
Total Current Liabilities | 2,752,727 | 3,279,368 | ||||||
LONG TERM LIABILITIES | ||||||||
Deferred Revenue, less current portion | 110,538 | 133,382 | ||||||
Total Liabilities | 2,863,265 | 3,412,750 | ||||||
Commitments and contingencies | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common Stock, $.001 par value; 150,000,000 shares authorized, 11,164,483 issued and outstanding as of January 31, 2024 and 11,117,695 shares issued and outstanding as of October 31, 2023 | 11,165 | 11,118 | ||||||
Treasury Stock | (61,933 | ) | (46,300 | ) | ||||
Additional Paid-in Capital | 63,036,013 | 62,958,984 | ||||||
Accumulated Other Comprehensive Loss | (2,412,969 | ) | (3,442,549 | ) | ||||
Accumulated Deficit | (10,422,599 | ) | (11,052,487 | ) | ||||
Total Stockholders’ Equity | 50,149,677 | 48,428,766 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 53,012,942 | $ | 51,841,516 |
CODA OCTOPUS GROUP, INC.Consolidated Statements of Income and Comprehensive Income(Unaudited)
Three Months Ended January 31, | ||||||||
2024 | 2023 | |||||||
Net Revenues | $ | 4,461,191 | $ | 5,596,284 | ||||
Cost of Revenues | 1,374,455 | 1,843,279 | ||||||
Gross Profit | 3,086,736 | 3,753,005 | ||||||
OPERATING EXPENSES | ||||||||
Research & Development | 485,977 | 444,458 | ||||||
Selling, General & Administrative | 2,045,375 | 1,962,451 | ||||||
Total Operating Expenses | 2,531,352 | 2,406,909 | ||||||
INCOME FROM OPERATIONS | 555,384 | 1,346,096 | ||||||
OTHER INCOME (EXPENSE) | ||||||||
Other Income | 35,020 | 2,904 | ||||||
Interest Income | 192,540 | 12,861 | ||||||
Total Other Income | 227,560 | 15,765 | ||||||
INCOME BEFORE INCOME TAX EXPENSE | 782,944 | 1,361,861 | ||||||
INCOME TAX (EXPENSE) BENEFIT | ||||||||
Current Tax Benefit (Expense) | 34,015 | (11 | ) | |||||
Deferred Tax (Expense) Benefit | (187,071 | ) | 36,007 | |||||
Total Income Tax (Expense) Benefit | (153,056 | ) | 35,996 | |||||
NET INCOME | $ | 629,888 | $ | 1,397,857 | ||||
NET INCOME PER SHARE: | ||||||||
Basic | $ | 0.06 | $ | 0.13 | ||||
Diluted | $ | 0.06 | $ | 0.12 | ||||
WEIGHTED AVERAGE SHARES: | ||||||||
Basic | 11,125,061 | 10,946,683 | ||||||
Diluted | 11,264,478 | 11,379,356 | ||||||
NET INCOME | $ | 629,888 | $ | 1,397,857 | ||||
Foreign Currency Translation Adjustment | 1,029,580 | 1,607,650 | ||||||
Total Other Comprehensive Income | $ | 1,029,580 | $ | 1,607,650 | ||||
COMPREHENSIVE INCOME | $ | 1,659,468 | $ | 3,005,507 |
CODA OCTOPUS GROUP, INC.Consolidated Statements of Changes in Stockholders’ EquityFor the Three Months Ended January 31, 2024 and 2023
Additional | Other | |||||||||||||||||||||||||||
Common Stock | Paid-in | Comprehensive | Accumulated | Treasury | ||||||||||||||||||||||||
Shares | Amount | Capital | Income (Loss) | Deficit | Stock | Total | ||||||||||||||||||||||
Balance, October 31, 2022 | 10,916,853 | $ | 10,918 | $ | 62,313,988 | $ | (4,737,124 | ) | $ | (14,176,636 | ) | $ | (28,337 | ) | $ | 43,382,809 | ||||||||||||
Employee stock-based compensation | - | - | 182,153 | - | - | - | 182,153 | |||||||||||||||||||||
Stock issued for options exercised and stock grants | 25,500 | 25 | (25 | ) | - | - | - | - | ||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 1,607,650 | - | - | 1,607,650 | |||||||||||||||||||||
Net Income | - | - | - | - | 1,397,857 | - | 1,397,857 | |||||||||||||||||||||
Balance, January 31, 2023 | 10,942,353 | $ | 10,943 | $ | 62,496,116 | $ | (3,129,474 | ) | $ | (12,778,779 | ) | $ | (28,337 | ) | $ | 46,570,469 | ||||||||||||
Balance, October 31, 2023 | 11,117,695 | $ | 11,118 | $ | 62,958,984 | $ | (3,442,549 | ) | $ | (11,052,487 | ) | $ | (46,300 | ) | $ | 48,428,766 | ||||||||||||
Employee stock-based compensation | - | - | 77,076 | - | - | - | 77,076 | |||||||||||||||||||||
Stock issued for options exercised and stock grants | 46,788 | 47 | (47 | ) | - | - | - | - | ||||||||||||||||||||
Treasury Stock | - | - | - | - | - | (15,633 | ) | (15,633 | ) | |||||||||||||||||||
Foreign currency translation adjustment | - | - | - | 1,029,580 | - | - | 1,029,580 | |||||||||||||||||||||
Net Income | - | - | - | - | 629,888 | 629,888 | ||||||||||||||||||||||
Balance, January 31, 2024 | 11,164,483 | $ | 11,165 | $ | 63,036,013 | $ | (2,412,969 | ) | $ | (10,422,599 | ) | $ | (61,933 | ) | $ | 50,149,677 | ||||||||||||
CODA OCTOPUS GROUP, INC.Consolidated Statements of Cash Flows
Three Months Ended January 31, | ||||||||
2024 | 2023 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | $ | 629,888 | $ | 1,397,857 | ||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||
Depreciation of property, plant and equipment | 173,292 | 148,565 | ||||||
Amortization of intangible assets | 17,246 | 15,442 | ||||||
Stock-based compensation | 77,076 | 182,153 | ||||||
Deferred income taxes | 187,071 | (36,007 | ) | |||||
Gain on sale of asset | (30,244 | ) | - | |||||
(Increase) decrease in operating assets: | ||||||||
Accounts receivable | (337,120 | ) | (161,980 | ) | ||||
Inventory | (556,975 | ) | (602,467 | ) | ||||
Unbilled receivables | 134,697 | (37,958 | ) | |||||
Prepaid expenses | (207,389 | ) | (128,140 | ) | ||||
Other current assets | (135,850 | ) | (84,586 | ) | ||||
Increase (decrease) in operating liabilities: | ||||||||
Accounts payable and other current liabilities | (17,505 | ) | 446,526 | |||||
Deferred revenue | (232,146 | ) | (154,519 | ) | ||||
Net Cash (used in) provided by Operating Activities | (297,959 | ) | 984,886 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Purchases of property and equipment | (135,651 | ) | (84,422 | ) | ||||
Purchases of other intangible assets | (26,825 | ) | (21,485 | ) | ||||
Proceeds from the sale of property and equipment | 771,807 | - | ||||||
Net Cash provided by (used in) Investing Activities | 609,331 | (105,907 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Purchase of treasury stock | (15,633 | ) | - | |||||
Net Cash Used in Financing Activities | (15,633 | ) | - | |||||
EFFECT OF CURRENCY TRANSLATION ON CHANGES IN CASH AND CASH EQUIVALENTS | 259,404 | 716,033 | ||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 555,143 | 1,595,012 | ||||||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 24,448,841 | 22,927,371 | ||||||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | $ | 25,003,984 | $ | 24,522,383 | ||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||
Cash paid for taxes | $ | 74,118 | $ | - |
1 Year Coda Octopus Chart |
1 Month Coda Octopus Chart |
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