Coda Gains on Q2 Results
Coda Octopus Group, Inc. (NASDAQ: CODA) shares moved up the scale Monday, as the Orlando-Fla.-based company, claiming to be a global market leader in real-time 4D/5D/6D imaging sonar technology for real-time subsea intelligence and cutting-edge diving technology, today reported its unaudited financial results for its fiscal second quarter ended April 30, 2025.
Annmarie Gayle, CODA’s Chairman and CEO, commented: “I am pleased with our overall results of operations in SQ2025 especially the increase in revenue by 31.8%.
“Despite the fluid global policy setting environment, we continue to invest in our growth strategy and have made good progress under the DAVD Program. In the SQ2025 we received orders for DAVD tethered system having a contract value of $1.53m. These new DAVD systems will be distributed to additional commands thereby increasing the user base to around 12 Navy Commands.”
Gayle went on, “We believe that this will propel the DAVD’s broader adoption. We are also pleased to see that the continued customer adoption model under the DAVD Program includes the Echoscope® real time 3D Volumetric Imaging Sonar, paving the way for long tail recurring revenue under this program.
“Looking forward to other key milestone, during our third fiscal quarter 2025, we expect to deliver 16 DAVD untethered system (DUS) for integration into the MK16 Underwater Breathing Apparatus (UBA) system for SPECWAR and EOD applications. We believe this to be the pre-cursor to broader adoption once the system evaluation is completed.”
CODA shares gained 13 cents, or 1.7%, to $7.87.
