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ORLANDO, FL - Coda Octopus Group, Inc. (NASDAQ:CODA), a leader in advanced underwater imaging technology with a market capitalization of $75.58 million, has received a $1.5 million order from the U.S. Navy for its Diver Augmented Vision Display (DAVD) tethered systems, bundled with the Echoscope® sonar. This order, announced today, underscores the Navy’s commitment to integrating DAVD technology into its subsea operations. According to InvestingPro data, the company maintains strong financial health with more cash than debt on its balance sheet.
The DAVD tethered systems are part of a growing adoption by the U.S. Navy, which currently employs the technology across nine naval commands. The recent purchase is expected to expand the user community and accelerate the adoption curve of the DAVD technology. This follows a March 2025 order for 16 DAVD Untethered Systems intended for the Special Operations Command, marking the largest market for the technology. The company’s impressive 68.91% gross profit margin and 15.63% revenue growth over the last twelve months suggest strong operational efficiency. Discover more financial insights about CODA and 1,400+ other stocks with InvestingPro’s comprehensive research reports.
Blair Cunningham, President of Technology at CODA, remarked on the significance of the order, highlighting the role of Echoscope PIPE® real-time 3D Volumetric Sonar in diving and underwater inspection. He also noted the potential for broader adoption of DAVD technology beyond the U.S. Navy, including foreign navies and the commercial sector.
The company’s latest advancements, such as the new generation Head-Up-Display with improved resolution and compatibility with specialized dive helmets, aim to open up new markets previously untapped. These developments are seen as milestones in the success of the DUS Hardening Program and are expected to fuel discussions with international naval forces.
Coda Octopus Group, founded in 1994, provides a suite of hardware and software solutions for the underwater market, including its proprietary Echoscope® sonar technology. The company’s products are utilized globally in various applications such as subsea mapping, salvage operations, offshore renewable projects, and port security. InvestingPro analysis indicates the stock is currently trading slightly below its Fair Value, with an overall financial health score rated as "GOOD" and strong liquidity metrics showing current assets significantly exceeding short-term obligations.
This press release statement contains forward-looking statements within the meaning of federal securities laws, which involve risks and uncertainties. Actual events could differ materially from those projected in such forward-looking statements due to various factors, including customer demand and market conditions. The company has cautioned that it does not undertake to update these forward-looking statements to reflect new information or events.
In other recent news, Coda Octopus Group reported its first-quarter earnings for 2025, revealing a slight miss on earnings per share (EPS) but a notable increase in revenue compared to the previous year. The company posted an EPS of $0.08, falling short of the $0.10 forecast, while revenue reached $5.21 million, below the expected $5.74 million. Despite this earnings miss, the company demonstrated a robust year-over-year revenue growth of 16.8%, attributed mainly to its diversified business operations. Additionally, Coda Octopus received two U.S. government orders totaling $1.3 million for its proprietary parts, marking a positive development for its Defense Engineering Services Business. The company also highlighted the easing of delays under U.S. Defense Programs and its objective to return to pre-COVID annual revenue levels. Furthermore, Coda Octopus recently acquired Precision Acoustics Limited, expanding its portfolio in acoustic hydrophone design and Non-Destructive Testing solutions. The company continues to focus on strategic growth initiatives, positioning itself for future success in the defense sector, with plans for further acquisitions to strengthen its market position.
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