Coda Octopus Group, Inc. (CODA) research, news, and more from GeoInvesting

Company description

Mon, 03 Oct 2022 00:59:34 GMT

Coda Octopus Group, Inc., together with its subsidiaries, develops and sells underwater technologies and equipment for 3D imaging, mapping, defense, and survey applications in the Americas, Europe, Australia, Asia, the Middle East, and Africa. The company operates through two segments, Marine Engineering Business and Marine Technology Business. It sells technology solutions to the subsea and underwater markets. The company's solutions include geophysical systems, a geophysical data acquisition systems, processing, and analysis software that are used primarily by survey companies, offshore renewable companies, research institutions, and salvage companies; GNSS-aided navigation systems; Echoscope and Echoscope PIPE used for real time monitoring of cable installations for offshore wind projects; and diver augmented vision display system. It offers CodaOctopus GeoSurvey products, such as hardware and software solutions for field acquisition of sidescan sonar and sub-bottom profiler; and CodaOctopus DA4G productivity suite of software that automates the tasks of analyzing, annotating, and mosaicing complex data sets. It markets its products under the CodaOctopus brand name. Coda Octopus Group, Inc. was founded in 1994 and is headquartered in Orlando, Florida.

Research

Tue, 17 Mar 2026 14:26:17 GMT

CODA ($13.62; $153.5M market cap) announced Q1 2026 results:

Q1 sales of $6.7 million vs. $5.2 million in the prior year, above analyst estimates of $6.2 million
Q1 2026 adjusted EPS: $0.08 vs. $0.08 in the prior year, above analyst estimates of $0.06

Management Commentary:

"I am pleased with our overall results of operations in FQ2026, especially the increase in revenue by 28.8%. Notable factors in our FQ2026 are that all our business units increased revenue in the FQ2026 period. Our core business, the Marine Technology Business increased revenue by 47.4% or approximately $1m over the FQ2025 Period. In the FQ2026, this segment’s revenue mix had a bias towards Echoscope sales, reflecting an increase in sales from the strategic region of Asia by 63.4% to approximately $2.6m compared to $1.5m in the FQ2025.

Despite the uncertain global policy environment, I am pleased with our overall financial results in our FQ2026 and the diversification of our revenue structure. Our core business, the Marine Technology Business, sells its products and solutions worldwide and in the FQ2026, we saw a 31.0% increase in equipment sales which were $2,271,880 compared to $1,734,741 in the comparable FQ2025 period. We also saw an increase in rental demand from our European Rental Hub and equipment rental revenue increased by 232.8% or $746,957 compared to $224,443 in the comparable FQ2025 period. As we anticipated, DAVD sales were down as a result of delays in the finalization of fiscal year 2026 Defense spending appropriations and we are also waiting for the completion of the Approved Navy USE (ANU) assessment for the new generation of DAVD Untethered System (DUS) a pre-requisite for purchasing the DUS systems for use by the Navy divers. We therefore believe that fiscal year 2026 DAVD sales will be backended. With the completion in fiscal 2025 of the DUS Hardening Program where our focus was on research and development for the DUS for the Military market and under which we developed and released to the customer the new generation of DUS, our focus has now pivoted to business development around the broader global adoption of this disruptive technology with a focus on the European Navy sector.

We are also very pleased with the opportunities we are seeing for our recently release Echoscope PIPE NANO GEN SERIES®. In the Current Quarter we continued with strong customer engagements in the form of trials and integration work.. In general, Echoscope currently accounts for approximately 80% of Marine Technology Business revenues. With the launch of the NANO GEN Series and strong ongoing customer engagement, we believe that we are well-positioned to capture significant value in the expanding Defense and underwater robotics markets. The NANO GEN SERIES of our sonars enable small platforms to enhance situational awareness and consolidate multiple sensors into a single power-efficient unit, delivering both real time 3D spatial awareness and forward-looking obstacle avoidance. Beyond subsea vehicle applications, the NANO GEN Series is also ideal for diver-wearable systems, diving platforms (highly synergistic with our DAVD solutions), and a wide range of underwater robotics.”

Our Quick Take:

DAVD sales are down mainly because of delays in finalizing the 2026 defense spending appropriations, and management is still waiting on “Approved Navy Use (ANU)” certification so they can sell the untethered DAVD to the Navy. Due to these delays, management is pivoting its focus toward the European Navy. My question is, won’t CODA run into the same kind of approval hurdles to sell its untethered DAVD in Europe?

This is very discouraging, since management previously stated that the big opportunity for the untethered DAVD was in the US (Q2 2025 CC):

“For context, in the U.S. alone, there are 14,000 divers within the potential community of users for the Untethered Systems. U.S. Special Forces, DoD, U.S. Army, Marine Corps, the U.S. Coast Guard, first responders, and law enforcement. If we were to achieve 15% of these users, this would, without modeling for inflation, add approximately $105 million to our revenue over time. This is the U.S. market alone.”

Regarding Echoscope Pipe and their Echoscope Pipe NANO GEN SERIES, management continues to state these could be used in Unmanned Underwater Vehicles.

As we mentioned previously, the company has a history of reporting inconsistent quarterly results and overpromising and underdelivering.

Coda Octopus Group, Inc. develops and sells underwater technologies for real-time 3D imaging, mapping, navigation, and defense, including sonar systems, diver displays, geophysical tools, and software for subsea and survey applications.

Research

Thu, 29 Jan 2026 18:11:08 GMT

Coda Octopus Group, Inc. (NASDAQ:CODA) ($9.91; $111.5M market cap) announced FY2025 results:

Q4 2025 sales of $7.3 million vs. $5.1 million in the prior year, ahead of analyst estimates of $6.5 million
Q4 2025 EPS: $0.09 vs. $0.03 in the prior year, ahead of analyst estimates of $0.07
FY2025 sales of $26.6 million vs. $20.3 million in the prior year, above analyst estimates of $25.8 million
FY2025 EPS: $0.37 vs. $0.32 in the prior year, above analyst estimates of $0.34
DAVD and related sales grew to $3.7 million from $1.2 million in FY2024
Echoscope equipment sales increased 30.5% to $9.4 million from $7.2 million
Delivered 16 next-gen untethered DAVD systems to U.S. Navy; undergoing Authorization for Navy Use (ANU)
Launched NANO Gen Series sonar; positioned for AI-enabled autonomous subsea platforms
Year-end cash balance: $28.7 million, up from $22.5 million
Expanded M&A pipeline and initiated sales to European Navy

Management Commentary:

“I am pleased with our overall results of operations in FY2025, especially the increase in our consolidated net revenue, operating income, pre-tax income and earnings per share.” — Annmarie Gayle, Chairman and CEO

“Despite the fluid global policy setting environment, we continue to invest in our growth strategy and have made good progress in advancing the DAVD Technology and increasing sales.”

“A significant market for our business is the Defense Underwater Vehicles sector. This market is transitioning toward a new generation of underwater vehicles incorporating AI-enabled autonomous and semi-autonomous capabilities. We are focused on increasing our share of the underwater imaging sonar market and evolving our revenue profile toward program-based adoption models that support recurring sales over the life of major defense programs."

"The introduction of the NANO Gen Series within our imaging sonar range, further strengthens our leadership in real-time 3D imaging and significantly expands our ability to address a much broader range of autonomous and semi-autonomous vehicles and application opportunities."

"The inclusion of Precision Acoustics Limited into the Group has added significant capabilities especially around our imaging sonar range and also strengthens our position to compete for larger work packages in the Defense market.”

Our Quick Take:

It is encouraging to see continued progress across both the Echoscope and DAVD programs. Completion of the DUS Hardening initiative was a prerequisite for broader adoption of the untethered DAVD variant, which management views as the largest opportunity. With an estimated addressable base of 14,000 divers, a 15% penetration could support approximately $105 million in revenue over time. Importantly, the untethered system is now undergoing Authorization for Navy Use (ANU), which could represent a key inflection point in adoption.

With management’s reaffirmation of the launch of the Echoscope Nano Gen series, we see that it can address a significantly broader set of autonomous and semi-autonomous vehicles. This expands the range of addressable applications and markets. More importantly, Echoscope is being evaluated for inclusion in next-generation underwater vehicle platforms.

Finally, management emphasized a shift toward program-based adoption models within the defense market, which could position Echoscope and DAVD technologies early in the development cycles of major underwater vehicle programs (and result in recurring revenue).

Analyst estimates are forecasting strong EPS growth of 38% to $0.47. Although analyst expect Q1 EPS to be down year over year, each of the following next four quarters show growth, which when combined with the emerging defense angle could start making the stock a bit more timely. Still, even applying a healthy 25x P/E on forward EPS translates into a price target of $11.75.

Regardless, we need to be aware of the company’s history of reporting inconsistent quarterly results and management overpromising.

Research

Mon, 16 Jun 2025 16:58:04 GMT

Coda Octopus Group, Inc. (NASDAQ:CODA) ($7.73; $86.8M market cap) announced Q2 2025 results:

Q2 sales of $7.0 million vs. $5.3 million in the prior year; well ahead of analyst estimates of $4.4 million
Q2 EPS: $0.08 vs. $0.13 in the prior year; more than doubles analyst EPS estimates of $0.03
Received $1.53 million in orders for DAVD tethered systems in Q2 2025; user base expected to expand to 12 Navy Commands.
Plans to deliver 16 DAVD untethered systems (DUS) in Q3 2025 for SPECWAR and EOD application integration.
5 DAVD development projects underway, integrating additional U.S. Defense sensors.
The Echoscope® sonar technology is deemed a notable improvement over existing solutions in recent defense evaluations.

Management Commentary:

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 uncertain global policy environment, I am pleased with our overall financial results in our SQ2025 and the diversification of our revenue structure… the change in the U.S policy on renewables, we believe that its new policy on prioritizing domestic energy production of Oil & Gas (O&G) favors our products and solutions. We further believe that the transition to O&G will in the foreseeable future offset any reduction of revenue from US offshore renewables which we may experience.”

“Furthermore, a key part of our strategy as a Group relies on Defense spending. Defense budgets are set to increase in Europe and the United Kingdom, which favors our business and, in the SQ2025 we saw an increase in the pipeline of opportunities both in the U.S and the UK. Of note, we also saw opportunities to work directly with the U.S. Department of Defense (as opposed to through Prime Defense Contractors), which, in itself, is expected to create new opportunities.”

Research

Mon, 04 Nov 2024 22:06:51 GMT

Coda Octopus Group, Inc. (NASDAQ:CODA) ($8.51; 95.2M market cap), announced the acquisition of Precision Acoustics Limited for $5.1 million.

Precision Acoustics is a leading innovator, developer and worldwide supplier of products, materials and customized services to the MHz ultrasound markets and has a sizable market share.

“...in their financial year ended December 2023, they generated $4m in revenue and net profit of approximately $450k. We believe that combining our marketing and sales resources will also help to increase their footprint and therefore revenue and profits.”

With trailiing twelve month revenues of $18 million, the acquisition represents nearly a quarter's worth of revenue.

CODA is a global market leader in real-time 3D/4D/5D and 6D imaging sonar technology for real-time subsea intelligence and diving technology.

Research

Wed, 13 Sep 2023 14:20:15 GMT

Coda Octopus Group, Inc. (NASDAQ:CODA) ($7.48; 83.1M market cap) a global market leader in real-time 3D/4D/5D and 6D imaging sonar technology for real-time subsea intelligence and diving technology, announced Q3 2023 results:

Sales of $4.9 million vs $6.3 million in the prior year and below analyst estimates of $6.2
EPS of $0.09 vs $0.16 in the prior year and below analyst estimates of $0.12

“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.”

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.”

As we mentioned, in a prior research note referencing a Podclip and RFT note, we are waiting for the stock to pull back before potentially adding it to our Model Portfolios. While the stock has pulled back, given the continued uncertainty of when business will start gaining momentum with new product initiatives, we’re in wait-and-see mode. Inconsistency in quarterly results and lumpy order flow are issues we brought up in our initial research.

Research

Thu, 03 Aug 2023 19:57:05 GMT

Coda Octopus Group, Inc. (NASDAQ:CODA) ($8.39; 93.0M market cap), a global market leader in real-time 3D/4D/5D and 6D imaging sonar technology for real-time subsea intelligence and diving technology. ICYMI, yesterday we issued the following tweet regarding CODA:

PodClips

Thu, 29 Jun 2023 14:18:55 GMT

A quick PodClip was put out by Maj on Coda Octopus Group, Inc. (NASDAQ:CODA) ($7.98; 88.4M market cap), a global market leader in real-time 3D/4D/5D and 6D imaging sonar technology for real-time subsea intelligence and diving technology, to accompany the recent CliffsNotes from MS Microcaps and a new GeoInvesting elevator pitch/RFT published this morning.

Even though Maj believes that CODA could be a great long term opportunity, he wanted to make it very clear that volatility in sales, earrings and the stock price is a possible scenario until two new products gain customer traction.

Again, listen to the PodClip in full, here, and view the RFT here.

–

Reasons For Tracking

Thu, 29 Jun 2023 13:23:47 GMT

Coda Octopus Group, Inc: Eyes Underwater

**Please make sure you read the entire elevator pitch and pay attention to the caveat pertaining to the stock potentially not being timely (and possibly pulling back) until a few things come together.**

I believe $CODA is nearing an elevated and extended period of growth that will allow its stock to support a premium valuation. If you're looking for a microcap company with a true moat, then CODA may fit the bill. CODA has been providing solutions to the commercial and defense subsea/underwater market for around 25 years, first hardware and later software. CODA has 16 patents (2 in provisional stage) and currently derives 60% of its revenue from commercial customers and 40% from defense customers. The company has evolved into owning the only solution for the real time monitoring, inspection and spatial visualization of the sea bed in 3D and in zero visibility conditions.

What we basically have here is a company with $20 million in revenue, $24 million in cash and zero debt, with a potential to own a good chunk of a $5+ billion market. Nothing says moat better for a company than when its competitors will soon have to incorporate its solutions into theirs, just to be able to bid on contracts. That’s what we have here.

But there is a caveat you need to be aware of.

I want to make something clear from the get go. Given the company’s lackluster track record of growth and with a trailing and forward P/E of 19.8 and 16.7, respectively, the stock is far from cheap.

However, things are about to change. I just don’t know the exact timing of when growth will inflect and become consistent. Still, the company is worth watching due to the large long-run growth opportunity from two new products that will take time to ramp up.

Besides timing of when the company’s next generation products will consistently contribute to revenue, the other big caveat is that, until that happens, quarterly financial results will continue to be lumpy. So if you buy CODA, you'll likely have to ride out some large price volatility until the new product introductions gain consistent traction in a long sales cycle market.

Frankly, I would like to see a big pullback as the result of impatient investors selling the stock. In fact, the stock just fell 20 % after it reported Q2 financial results, Although, results were generally in line with the expectations, conference call comments brought up the current unpredictability of the business.

Valuation

If the company meets analyst 2024 EPS estimates of $0.64, the stock could fetch $18.00 by the end of 2024. I am using an aggressive P/E of 30 due to the company’s leadership position, high pre-tax margins (20%) and strong balance sheet. Frankly, I do believe the story could eventually support a much higher P/E than 30.

Over the long term, the company is sitting on a multi-bagger opportunity when you take a look at its market cap of $89 million versus the $5 billion market in an industry where it is in a position to build a significant moat.

Research

Tue, 27 Jun 2023 04:00:00 GMT

Coinciding with the email sent yesterday, the MS Microcaps Team has contributed CliffsNotes on the stock. Recall that I touched upon Coda Octopus Group, Inc. (NASDAQ:CODA) in June’s Monthly Forum when speaking about wanting to set up a live chat with the company, which I am still working on.

Original MSM CliffsNotes on CODA at $5.72, as of 10/3/2022:

CliffsNotes
Research Tasks
SEC filing commentary

CliffsNotes

Underwater visualization hardware and software ($20M in revenue). Not only the leader in what they do, but comps can't perform some of the services they do (imaging sonar technology and diving technology, both of which are applicable to the underwater defense and commercial markets).

The company recently began to market two new product lines that the company hopes will jumpstart growth. New underwater projects are requiring the capabilities that only CODA provides. This should provide an impetus for future growth, which is slated to occur after years of stagnation.

Aside from their leading position, the stock looks pretty cheap at first glance:

Current Ratio:8.6
Book value per share:$3.9
Cash per share:$1.9
Long term debt: 0
Pre tax margin:23%
2023 P/E:9.9
2023 EPS growth est:28%
2023 Sales growth est:35%
Cash flow tracking at $8M

Tasks:

Determine why the stock is so cheap.
Find out why growth has not been so hot and why it's expected to pick up.
Look into poor employee reviews
Look into whether the company can avoid reporting lumpy quarterly results?
Look into heavy reliance of oil and gas customers.

SEC Filings commentary speaking to the company potentially having a moat.:

“Key Pillars for our Growth Plans:

Our volumetric real time imaging sonar technology and our Diver Augmented Vision Display (“DAVD”) are our most promising products for the Group’s near-term growth. Our real time 3D/4D/5D/6D Imaging sonars are the only underwater imaging sonars which are capable of providing not only complex seabed mapping but inspecting and monitoring in real time 3D/4D/5D /6D moving underwater objects irrespective of water conditions including in zero visibility water conditions (a perennial problem in underwater operations).

Competing technology can perform mapping (but not complex mapping) without the ability to perform real time inspection and monitoring of moving objects underwater. We also believe our Echoscope PIPE® is the only technology that can generate multiple real time 3D/4D/5D and 6D acoustic images using different acoustic parameters such as frequency, field of view, pulse length, filters.

Our customers include service providers to major oil and gas (“O&G”) companies, renewable companies, underwater construction companies, law enforcement agencies, navies, ports, mining companies, defense bodies, diving companies, research institutes and universities. We are widely considered the leading solution providers for real time 3D visualization underwater.

We also believe that the DAVD system is poised to radically change the way commercial and diving operations are performed globally by advancing the methods of communication, ability to consume and use digital information and real time imaging sonar data, thereby improving safety and reducing the costs of these operations. The DAVD HUD (Head Up Display) concept is protected by patent and is manufactured and distributed under License from United States Department of the Navy at Naval Surface Warfare Center Panama City Division to the Company.`

Interviews

Mon, 26 Jun 2023 14:20:01 GMT

As a precursor to additional info/research that we will be following up with on Coda Octopus Group, Inc. (NASDAQ:CODA), we are making available interview notes provided to us by GeoInvesting Research Contributor MS Microcaps. Look for more information tomorrow, and thanks for reading!

Purpose of technology
- Underwater visualization hardware and software
- Going from point a to b
- Or trying to place, extract or trace something from the sea bed
Revenue
- Selling hardware equipped with sensors
  - Excited about 2 new products
    - Echoscope PIPE (A “box”to map the sea bed remotely)
    - Divers Augmented Vision Display (DAVD) (think smart goggles for divers to map the seabed and communicate with onshore command)
- Selling software solutions
- Helping companies design hardware and software solutions, and supply them with on-going design support and parts replacement. This has a recurring revenue component.
History
- Had their tech since 2008,but there were some limitations .
  - They bought the IP
  - Originally only had hardware
    - Hardware was not fully formed..
    - Product trials failed
    - It was very heavy and power hungry and could only be deployed in certain ways.
- Eventually bought software IP
- Hardware and software divisions did not work as a team, exacerbated by the fact that they were located in separate countries ( Norway, Scotland). This led to the staff having no “ownership” of the tech..
- First generation products could only image one object at a time
- 25 years of providing tech fo the underwater market
- First company to digitize sight scan sonar data (I Need to circle back and understand this more).
New CEO Restructuring Moves
- She joined 2010/11
  - Before her arrival the company had never earned a profit..
- Started addressing serious issues in 2017
- Spent the last 5 years and over $10M focusing on building a platform to grow the business..
  - Heavy lifting is over
- Consolidated staff..
- Over last 5 years
  - Net income and cash flow have each totaled around $ 23M
  - Product gross margin of 80.4%
  - Service gross margins of 45.4%
  - $24M in cash vs, $827k in 2010
- Already invested
  - Can grow organically
  - Will no have to raise money
Competitive advantage: Moat (we will need to fact check these claims)
- Smartphone underwater
  - They are Drone tech underwater
  - Smaller, lighter and smarter than comps
  - Key development: industry now demands real time 3d spatial awareness.
- Full image vs. profile (comps) to make real time engineering measurements (is not done by comps)
- Key applications are served only by CODA”
  - New tech can now image multiple (10) at the same time.
  - Real time 3D underwater sonar tech .. only solution to give real time 3d images of moving objects underwater in zero visibility conditions
  - Real time monitoring and inspection of the sea bed. Real time in 60 seconds.
  - Competition has inferior solutions
    - Multi-beam is 3D, but just a map of the sea bed
      - Data has to be analyzed before feedback given (not realtime)
      - Not ideal for zero visibility conditions
    - 2D imagine realtime, but not 3D
      - Not ideal for zero visibility conditions
  - End result is the comps can’t provide the same reliable data and will pose more downtime risk to customers
  - Only CODA is able to provide a comprehensive solution to make real time engineering measurements.
    - Can cut production time in half
  - 16 Patents
  - Some comps
    - Teledyne
    - Kraken
    - Comps will have to use CODA tech to qualify for new project requirements!!
Current Focus
- Marketing
- Brand building
- Increased investor relations
- Push new products (sensors)
  - Push the Divers Augmented Vision Display- “goggles for divers” (DAVD)
  - New Echoscope PIPE
- Plans to takeover the multi-beam market
  - Chevron abandoned multibeam in a disaster recovery situation.
- Sell direct to customer as opposed to going through distributors or prime contractors
- Target defense (currently 40% of revenue)
  - Since can provide recurring revenue from service/engineering/design/selling replacement parts
  - Favorable defense industry landscape
    - Realtime 3D is the new requirement in defense projects
    - Unmanned underwater vehicles (UUV), sometimes known as underwater drones, are submersible vehicles that can operate underwater without a human occupant. The growth rate for this is on fire
    - Defense will = multiple repeat sales. Will reduce lumpiness in sales.
  - More recurring revenue
    - Rental revenues
    - Service revenue
Use Cases
- Breakwater block construction used to shelter beach areas (prevent erosion, flooding) and vessels from waves and currents. A customer was using divers and deploying 4 bocks a day.. Now, with CODA, they need less divers.. can do 76 to 200 blocks per day. Huge ROI… Not using divers prevents casualties (blocks dropped on head).
- Diamonds (De Beers): Maneuvering/monitoring a suction drill to extract diamonds
- Disaster recovery..
  - Platform collapse emergency activities
  - Remove stuff from below the seabed) Chevron abandoned multibeam
- Mating parts….Monofort installation.. 8 story structure that has to be connected with with a base on the seafloor (mating)
- Bridge inspection
- Defense
  - Mining counts. It is believed that there are likely tens of thousands, if not hundreds of thousands, of underwater mines in various bodies of water worldwide.
  - Real time threat detection
- Critical asset inspection.
- Ship inspections.

Research

Wed, 14 Jun 2023 16:48:15 GMT

Coda Octopus Group, Inc. (NASDAQ:CODA) ($9.89; 108.9M market cap) a global market leader in real-time 3D/4D/5D and 6D imaging sonar technology for real-time subsea intelligence and diving technology, announced Q2 2023 results:

Sales of $5.3 million vs $4.9 million in the prior year and below analyst estimates of $5.7
EPS of $0.09 vs $0.05 in the prior year and below analyst estimates of $0.10

“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...

...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.”

We discussed CODA yesterday on the open forum as a stock we were watching. Stay tuned for the forum replay.

MSM research original cliff note summary from October 2022 when stock first crossed radar and was trading at $5.70

“Not only the leader in what they do, but comps can't perform some of the services they do (imaging sonar technology and diving technology, both of which are applicable to the underwater defense and commercial markets). Aside from their leading position, the stock looks pretty cheap at first glance”