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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.07 | -1.10% | 6.32 | 5.91 | 7.50 | 6.5556 | 6.24 | 6.39 | 10,509 | 01:00:00 |
Second Quarter 2023 Operational Summary:
SQ2023 Financial Summary:
The numbers below have been rounded to one decimal point. The full SQ2023 and YTD financials can be found in CODA’s Form 10-Q filed with the SEC.
YTD2023 Financial Summary:
Management Commentary
“Our management continues to focus on growing the Company while demonstrating that we run a profitable business year-on-year,” said Annmarie Gayle, CODA’s Chairman and CEO.
“With our research and development phase of our growth pillars substantially completed, we are now focused on growing the market for our core technologies. Although our financial results for SQ2023 were not in line with our internal business plan targets, we believe we have made good progress in the areas which are critical for our growth strategy. Notable in the SQ2023, we sold $1.0m of DAVD systems, which will now be distributed to different US Navy commands. Field use of the technology is vital for expediting the adoption of the technology on a wider scale, and we believe we are making good progress to achieve this. We are prioritizing and staying focused on converting this transformational technology into full scale adoption both within the US Defense market, as well as the global defense and commercial markets.
“We had several pivotal events for the DAVD technology, including showcasing the technology to Special Operation Forces during SOF Week 2023, which was held in partnership with USSOCOM. We were also invited to participate in the closed-door event of the Military Diver Training Continuum event in Panama City, Florida, which had over 250 military divers participating and where our DAVD and Echoscope® technology were very well received. In addition, we had a successful demonstration with the Dutch Navy in the Netherlands and completed successful trials of the DAVD with a major European Offshore Provider, with whom we are actively engaged in follow-up discussions.
“We also saw strong interest from the commercial offshore diving sector for rental of the DAVD. We believe renting the DAVD will assist in fast-tracking the adoption of the technology more broadly.
“A number of key technologies were developed as part of the DAVD system, including the Digital Audio Communications Module and the subsea Edge Enhanced Video Module. The US Navy has placed a purchase order for a small number of these products on a standalone basis that we expect to deliver in during Q3. We are also in discussions with several underwater vehicle manufacturers for the integration of our subsea Edge Enhanced Video Module. These technologies allow us to expand our product portfolio through discreet packaging of already-developed technology to further add to and diversify our market reach and revenues. This product is exciting for the Company, as the purchase process is significantly shorter due to the price point of these Modules. We also believe that there is a real requirement to advance underwater communications systems by moving from analog communications to digital communications, a purpose for which this new Digital Audio Communications Module is designed. We believe the addressable market for this is significant, if our product meets the addressable market brief.
“In respect of Echoscope PIPE®, our strategy is to grow the number of defense underwater vehicle programs that utilize this technology. If these programs are successful, this approach would secure long-tail recurring revenues for the business. In the SQ2023, we successfully provided in-field support to two of these US Defense Programs that are now preparing for extended field trials with their own customers.
“As we enter the second half of fiscal year 2023, our priority continues to be making progress with the growth strategy that we have outlined for our Echoscope® (Echoscope PIPE®) products, as well as our DAVD systems, and also continuing to work towards returning the Engineering Business to a solid $10 million business.”
Conference Call
CODA will host a conference call today, June 14, at 10:00 a.m. Eastern Time (7:00 a.m. Pacific Time) to discuss its results for the second fiscal quarter ended April 30, 2023.
CODA management will provide prepared remarks, followed by a question-and-answer period.
Date: Wednesday, June 14, 2023Time: 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: 13739034
The conference call will broadcast live and 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 2:00 p.m. Eastern time on the same day through June 28, 2023.
Toll-free replay number: 1-844-512-2921International replay number: 1-412-317-6671Conference ID: 13739034
About Coda Octopus Group, Inc.
The Company, founded in 1994, innovates, develops, manufactures and markets subsea products (hardware and software) and solutions including its flagship real-time 3D, 4D, 5D and 6D underwater imaging sonar technology, marketed under the name “Echoscope®” and Echoscope PIPE® and its recently launched Diver Augmented Vision Display system (“CodaOctopus® DAVD”). This sonar technology generates real-time 3D, 4D, 5D and 6D imaging data for inspection and mapping underwater and is used globally for numerous applications including the commercial and defense underwater market. Applications for the Echoscope® technology include complex mapping underwater, subsea intervention, subsea asset placements, offshore renewables cable installations and surveys, marine construction, subsea infrastructure installation, mining applications, breakwater construction and monitoring, decommissioning, diving applications and port and harbor security. The recently launched new generation of diving technology, DAVD, is expected to change the way global diving operations are performed (both in the Defense and Commercial space) because it provides real time digital information for use and consumption by both the divers and the dive supervisor top-side team. It is also expected to transform the way communications are made in diving from analog audio to digital audio and to 2D and 3D visual imagery, both in textual and video format. In addition to the Marine Products business, Coda Octopus Products Ltd., CODA’s two defense engineering services businesses are operated through Coda Octopus Colmek and Coda Octopus Martech. 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, 2022, filed with the Securities and Exchange Commission on January 30, 2023. 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. (949) 574-3860CODA@Gateway-grp.com
CODA OCTOPUS GROUP, INC.Consolidated Balance SheetsApril 30, 2023 and October 31, 2022
2023 | 2022 | |||||||
Unaudited | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 23,455,118 | $ | 22,927,371 | ||||
Accounts Receivable, net | 3,894,794 | 2,870,600 | ||||||
Inventory | 11,233,685 | 10,027,111 | ||||||
Unbilled Receivables | 1,099,066 | 602,115 | ||||||
Prepaid Expenses | 738,167 | 240,464 | ||||||
Other Current Assets | 422,371 | 343,061 | ||||||
Total Current Assets | 40,843,201 | 37,010,722 | ||||||
FIXED ASSETS | ||||||||
Property and Equipment, net | 6,070,666 | 5,832,532 | ||||||
OTHER ASSETS | ||||||||
Goodwill and Other Intangibles, net | 3,851,229 | 3,824,394 | ||||||
Deferred Tax Asset | 138,366 | 259,810 | ||||||
Total Other Assets | 3,989,595 | 4,084,204 | ||||||
Total Assets | $ | 50,903,462 | $ | 46,927,458 |
CODA OCTOPUS GROUP, INC.Consolidated Balance Sheets (Continued)April 30, 2023 and October 31, 2022
2023 | 2022 | |||||||
Unaudited | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts Payable | $ | 776,185 | $ | 793,247 | ||||
Accrued Expenses and Other Current Liabilities | 704,521 | 1,731,706 | ||||||
Deferred Revenue | 1,023,757 | 943,569 | ||||||
Total Current Liabilities | 2,504,463 | 3,468,522 | ||||||
LONG TERM LIABILITIES | ||||||||
Deferred Revenue, less current portion | 88,258 | 76,127 | ||||||
Total Liabilities | 2,592,721 | 3,544,649 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common Stock, $.001 par value; 150,000,000 shares authorized, 11,042,897 issued and outstanding as of April 30, 2023 and 10,916,853 shares issued and outstanding as of October 31, 2022 | 11,043 | 10,918 | ||||||
Treasury Stock | (31,175 | ) | (28,337 | ) | ||||
Additional Paid-in Capital | 62,692,276 | 62,313,988 | ||||||
Accumulated Other Comprehensive Loss | (2,591,101 | ) | (4,737,124 | ) | ||||
Accumulated Deficit | (11,770,302 | ) | (14,176,636 | ) | ||||
Total Stockholders’ Equity | 48,310,741 | 43,382,809 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 50,903,462 | $ | 46,927,458 |
CODA OCTOPUS GROUP, INC.Consolidated Statements of Income and Comprehensive Income(Unaudited)
Three Months Ended April 30, | Six Months Ended April 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net Revenues | $ | 5,301,509 | $ | 4,984,838 | $ | 10,897,793 | $ | 10,823,046 | ||||||||
Cost of Revenues | 1,678,268 | 1,953,132 | 3,521,547 | 3,631,406 | ||||||||||||
Gross Profit | 3,623,241 | 3,031,706 | 7,376,246 | 7,191,640 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Research & Development | 525,939 | 517,378 | 970,397 | 1,190,268 | ||||||||||||
Selling, General & Administrative | 2,242,194 | 2,033,116 | 4,204,645 | 4,155,106 | ||||||||||||
Total Operating Expenses | 2,768,133 | 2,550,494 | 5,175,042 | 5,345,374 | ||||||||||||
INCOME FROM OPERATIONS | 855,108 | 481,212 | 2,201,204 | 1,846,266 | ||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||
Other Income | 173,376 | 14,497 | 189,141 | 94,491 | ||||||||||||
Interest Expense | - | (2,502 | ) | - | (2,902 | ) | ||||||||||
Total Other Income | 173,376 | 11,995 | 189,141 | 91,589 | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 1,028,484 | 493,207 | 2,390,345 | 1,937,855 | ||||||||||||
INCOME TAX (EXPENSE) BENEFIT | ||||||||||||||||
Current Tax Expense | (68,773 | ) | 109,150 | (68,784 | ) | (176,459 | ) | |||||||||
Deferred Tax Benefit | 48,766 | 8,946 | 84,773 | 67,155 | ||||||||||||
Total Income Tax (Expense) Benefit | (20,007 | ) | 118,096 | 15,989 | (109,304 | ) | ||||||||||
NET INCOME | $ | 1,008,477 | $ | 611,303 | $ | 2,406,334 | $ | 1,828,551 | ||||||||
NET INCOME PER SHARE: | ||||||||||||||||
Basic | $ | 0.09 | $ | 0.06 | $ | 0.22 | $ | 0.17 | ||||||||
Diluted | $ | 0.09 | $ | 0.05 | $ | 0.21 | $ | 0.16 | ||||||||
WEIGHTED AVERAGE SHARES: | ||||||||||||||||
Basic | 11,010,077 | 10,857,673 | 10,970,806 | 10,857,429 | ||||||||||||
Diluted | 11,330,754 | 11,405,507 | 11,291,483 | 11,405,263 | ||||||||||||
NET INCOME | $ | 1,008,477 | $ | 611,303 | $ | 2,406,334 | $ | 1,828,551 | ||||||||
Foreign Currency Translation Adjustment | 538,373 | (2,266,751 | ) | 2,146,023 | (2,025,601 | ) | ||||||||||
Total Other Comprehensive Income | $ | 538,373 | $ | (2,266,751 | ) | $ | 2,146,023 | $ | (2,025,601 | ) | ||||||
COMPREHENSIVE INCOME | $ | 1,546,850 | $ | (1,655,448 | ) | $ | 4,552,357 | $ | (197,050 | ) |
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1 Month Coda Octopus Chart |
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