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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.14 | 1.94% | 7.36 | 5.90 | 7.53 | 7.38 | 7.16 | 7.19 | 13,620 | 21:34:05 |
Third Quarter 2023 Operational Summary:
“The advantage of the DAVD alone (compass, depth, taking snapshots and presenting graphical information for diver and supervisor) or combined with a 3D live sonar video stream is clear and increases safety and efficiency. The 3D sonar fits well within our scope of work and our survey division is aware of this. We think that the combination of DAVD and 3D sonar has potential within our organization…”.
The numbers below have been rounded to one decimal point. The full TQ2023 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. Although our third quarter results were not aligned with our expectations or business plan, we had great momentum as a business, and I continue to be optimistic about our business and its long-term strategy,” said Annmarie Gayle, CODA’s Chairman and CEO.
“Within our Marine Technology Business, rentals revenues were down and fell short of our business plan targets. We believe the decrease is due to a slowdown in the European development of offshore wind power generations, as they renegotiate fixed price contracts, and the delays in the European offshore operators entering the US renewables market. Many major European developers and suppliers of offshore wind turbines have reported significant revenue declines related to wind farm installations, as well as delayed projects resulting from elevated costs. This has impacted on rental revenues in the third quarter.
“In addition, our third quarter performance reflects challenges with regional order intake and geopolitical demand drivers. Our Marine Technology Business recorded decreased sales in Asia during the quarter, attributed to the slow pace of converting our proposals into orders. However, we expect that some of these will be converted into firm orders in the fourth quarter of this fiscal year, as well as the first quarter of fiscal year 2024. In our Services Business, we experienced delays in receiving anticipated orders after several Department of Defense customers shifted their focus to supporting land-based applications in Ukraine and postponed naval-related work packages. We will continue to monitor these global demand and order conversion patterns and work to drive improvements in the coming quarters.
“Despite a challenging operating environment, we remain confident in our market position, and we continue to grow our pipeline of opportunities. We anticipate some of these will be realized in our fourth quarter, and we are working to diversify our revenues and increase our activities for our technology solutions in the Defense Market. We have several initiatives relating to the integration of our Echoscope® technology into a number of new Defense underwater vehicle programs, as well as to both the tethered and untethered variants of the DAVD. We still believe that the untethered version represents the biggest opportunity for the product, and we have now received funding to take this to the next stage. We continue to believe that the product will move to the final stage of adoption in fiscal 2024, which represents the DAVD’s likely inflection point.
“As we enter the last quarter of fiscal year 2023, our priority continues to be making progress with the growth strategy. We are working to drive more penetration in the Defense market with our Echoscope® and DAVD technology, including spin-off DAVD products, and to return our Engineering Business to a solid $10 million revenue profile. We thank our shareholders for their support as we drive forward on our growth pillars.”
Revised Fiscal Year 2023 Business Outlook
Due to the slow pace of conversion of our pipeline of opportunities into firm orders, during the third quarter of 2023, the Company now expects its full year 2023 results to be more in line with its annual results in fiscal year 2022. The Company had previously targeted $18 million in full year 2023 revenue for its technology business on a standalone basis, with a total annual revenue target of $26 million.
Conference Call
CODA will host a conference call today, September 13, at 10:00 a.m. Eastern Time (7:00 a.m. Pacific Time) to discuss its results for the third fiscal quarter ended July 31, 2023.
CODA management will provide prepared remarks, followed by a question-and-answer period.
Date: Wednesday, September 13, 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: 13740764
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 1:00 p.m. Eastern time on the same day through September 27, 2023.
Toll-free replay number: 1-844-512-2921International replay number: 1-412-317-6671Conference ID: 13740764
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 SheetsJuly 31, 2023 and October 31, 2022
2023 | 2022 | |||||||
Unaudited | ||||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 24,890,568 | $ | 22,927,371 | ||||
Accounts Receivable, net | 2,509,425 | 2,870,600 | ||||||
Inventory | 11,647,639 | 10,027,111 | ||||||
Unbilled Receivables | 1,742,334 | 602,115 | ||||||
Prepaid Expenses | 570,079 | 240,464 | ||||||
Other Current Assets | 372,183 | 343,061 | ||||||
Total Current Assets | 41,732,228 | 37,010,722 | ||||||
FIXED ASSETS | ||||||||
Property and Equipment, net | 6,251,246 | 5,832,532 | ||||||
OTHER ASSETS | ||||||||
Goodwill and Other Intangibles, net | 3,853,545 | 3,824,394 | ||||||
Deferred Tax Asset | 132,776 | 259,810 | ||||||
Total Other Assets | 3,986,321 | 4,084,204 | ||||||
Total Assets | $ | 51,969,795 | $ | 46,927,458 |
CODA OCTOPUS GROUP, INC.Consolidated Balance Sheets (Continued)July 31, 2023 and October 31, 2022
2023 | 2022 | |||||||
Unaudited | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts Payable | $ | 1,126,762 | $ | 793,247 | ||||
Accrued Expenses and Other Current Liabilities | 225,787 | 1,731,706 | ||||||
Deferred Revenue | 640,775 | 943,569 | ||||||
Total Current Liabilities | 1,993,324 | 3,468,522 | ||||||
LONG TERM LIABILITIES | ||||||||
Deferred Revenue, less current portion | 139,242 | 76,127 | ||||||
Total Liabilities | 2,132,566 | 3,544,649 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Common Stock, $.001 par value; 150,000,000 shares authorized, 11,117,695 issued and outstanding as of July 31, 2023 and 10,916,853 shares issued and outstanding as of October 31, 2022 | 11,118 | 10,918 | ||||||
Treasury Stock | (46,300 | ) | (28,337 | ) | ||||
Additional Paid-in Capital | 62,802,551 | 62,313,988 | ||||||
Accumulated Other Comprehensive Loss | (2,198,618 | ) | (4,737,124 | ) | ||||
Accumulated Deficit | (10,731,522 | ) | (14,176,636 | ) | ||||
Total Stockholders’ Equity | 49,837,229 | 43,382,809 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 51,969,795 | $ | 46,927,458 |
CODA OCTOPUS GROUP, INC.Consolidated Statements of Income and Comprehensive Income(Unaudited)
Three Months Ended July 31, | Nine Months Ended July 31, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net Revenues | $ | 4,890,532 | $ | 6,267,409 | $ | 15,788,325 | $ | 17,090,455 | ||||||||
Cost of Revenues | 1,525,308 | 1,704,765 | 5,046,855 | 5,336,171 | ||||||||||||
Gross Profit | 3,365,224 | 4,562,644 | 10,741,470 | 11,754,284 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Research & Development | 568,287 | 577,953 | 1,538,684 | 1,768,221 | ||||||||||||
Selling, General & Administrative | 1,934,323 | 1,960,978 | 6,138,968 | 6,116,085 | ||||||||||||
Total Operating Expenses | 2,502,610 | 2,538,931 | 7,677,652 | 7,884,306 | ||||||||||||
INCOME FROM OPERATIONS | 862,614 | 2,023,713 | 3,063,818 | 3,869,978 | ||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||
Other Income | 214,552 | 19,744 | 403,693 | 114,236 | ||||||||||||
Interest Expense | - | - | - | (2,902 | ) | |||||||||||
Total Other Income | 214,552 | 19,744 | 403,693 | 111,334 | ||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 1,077,166 | 2,043,457 | 3,467,511 | 3,981,312 | ||||||||||||
INCOME TAX (EXPENSE) BENEFIT | ||||||||||||||||
Current Tax Expense | (68,771 | ) | (326,732 | ) | (137,555 | ) | (503,191 | ) | ||||||||
Deferred Tax Benefit | 30,385 | 51,932 | 115,158 | 119,087 | ||||||||||||
Total Income Tax Expense | (38,386 | ) | (274,800 | ) | (22,397 | ) | (384,104 | ) | ||||||||
NET INCOME | $ | 1,038,780 | $ | 1,768,657 | $ | 3,445,114 | $ | 3,597,208 | ||||||||
NET INCOME PER SHARE: | ||||||||||||||||
Basic | $ | 0.09 | $ | 0.16 | $ | 0.31 | $ | 0.33 | ||||||||
Diluted | $ | 0.09 | $ | 0.16 | $ | 0.31 | $ | 0.32 | ||||||||
WEIGHTED AVERAGE SHARES: | ||||||||||||||||
Basic | 11,092,420 | 10,858,302 | 11,044,624 | 10,857,724 | ||||||||||||
Diluted | 11,284,137 | 11,375,141 | 11,236,341 | 11,374,563 | ||||||||||||
NET INCOME | $ | 1,038,780 | $ | 1,768,657 | $ | 3,445,114 | $ | 3,597,208 | ||||||||
Foreign Currency Translation Adjustment | 392,483 | (805,157 | ) | 2,538,506 | (2,830,758 | ) | ||||||||||
Total Other Comprehensive Income (Loss) | $ | 392,483 | $ | (805,157 | ) | $ | 2,538,506 | $ | (2,830,758 | ) | ||||||
COMPREHENSIVE INCOME | $ | 1,431,263 | $ | 963,500 | $ | 5,983,620 | $ | 766,450 |
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