ORLANDO – Coda Octopus Group, Inc. (NASDAQ:CODA), known for its advanced underwater imaging sonar technology, has announced a $1 million contract for the sale of its Echoscope PIPE® sonars to a major offshore service provider. The technology will be utilized in significant underwater construction projects, including breakwater construction, offshore renewable energy developments, and salvage operations.
The Echoscope® sonar systems, which produce real-time 3D images underwater, are currently being employed in the recovery efforts of the Francis Scott Key Bridge collapse in Baltimore. The company's President of Technology, Blair Cunningham, highlighted the technology's superiority in complex underwater inspections and its contribution to efficient decision-making during salvage and recovery operations.
Coda Octopus's Echoscope® is also widely used in port and harbor security, rescue operations, and infrastructure inspection by the Department of Transportation across the United States. Over 20 major U.S. ports deploy this technology for various security and maintenance tasks.
Founded in 1994, Coda Octopus Group supplies hardware and software solutions to the underwater and subsea market, including its proprietary Echoscope® and Echoscope PIPE® sonar systems. These systems are designed to operate effectively even in zero visibility water conditions and are used globally in both commercial and defense underwater markets.
In addition to the underwater imaging sensors, the company has introduced the Diver Augmented Vision Display (DAVD) system, a new generation diving technology that enhances the way diving operations are conducted by integrating topside control with a fully connected diver head-up display.
Coda Octopus Group also operates two defense engineering businesses, Coda Octopus Martech Ltd in the UK and Coda Octopus Colmek, Inc. in the U.S., which provide sub-assemblies for mission-critical defense programs as subcontractors to prime defense contractors.
This press release statement serves as the source of information for this news article.
InvestingPro Insights
As Coda Octopus Group, Inc. (NASDAQ:CODA) secures a significant contract for its innovative Echoscope PIPE® sonars, investors and industry watchers are taking a closer look at the company's financial health and market performance. With a market capitalization of approximately $67.04 million, CODA showcases a Price to Earnings (P/E) ratio of 28.45, reflecting investor expectations for future earnings growth.
Despite recent revenue challenges, indicated by a -17.13% revenue growth rate over the last twelve months as of Q1 2024, the company maintains a strong gross profit margin of 67.88%. This suggests that CODA is effectively controlling its cost of goods sold and could potentially leverage this efficiency for better bottom-line results in the future.
From an investment standpoint, CODA holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations, providing the company with financial flexibility. Additionally, CODA has been profitable over the last twelve months, which is a positive sign for potential investors. A notable InvestingPro Tip highlights that the company has also provided a high return over the last decade, indicating a strong historical performance.
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