Table of Contents
Revenue Breakdown:
During the three-month period, the Marine Technology Business generated net revenues of $3,491,009, while the Marine Engineering Business brought in $1,493,829. In total, the company reported net revenues of $4,984,838. The majority of the revenues came from the Americas, Europe, and Australia/Asia regions.
Segment Analysis:
The Marine Technology Business accounted for 70% of the total net revenues during the quarter, while the Marine Engineering Business contributed 30%. The remaining revenues came from intercompany sales.
Operating Expenses:
The total operating expenses for the quarter amounted to $2,550,494. Research & Development expenses were $617,246, and Selling, General & Administrative expenses were $1,933,248.
Net Income (Loss):
Despite the net loss reported in the quarter, the Marine Technology Business recorded a net income of $1,342,876, and the Marine Engineering Business had a net income of $283,205.
Total Assets and Liabilities:
Coda Octopus reported total assets of $36,187,625 and total liabilities of $1,665,630.
Comparison to Previous Quarter:
When comparing the current quarter to the previous quarter, the Marine Technology Business saw an increase in net revenues from $2,084,321 to $3,491,009. The Marine Engineering Business also experienced growth in net revenues from $169,811 to $1,493,829.
Six-Month Performance:
For the six-month period ending April 30, 2023, Coda Octopus reported net revenues of $10,897,793. The Marine Technology Business generated $7,407,588 in net revenues, while the Marine Engineering Business contributed $3,490,205.
Future Outlook:
Despite the net loss reported in the current quarter, Coda Octopus remains optimistic about the performance of its marine technology and engineering businesses. The company’s innovative products, such as the Echoscope and Diver Augmented Vision Display, continue to gain traction in various industries, including offshore wind energy, underwater construction, and defense.
In conclusion:
Coda Octopus Group, Inc. displayed strong performance in its Marine Technology Business and Marine Engineering Business during the current quarter. Although a net loss was reported, the company remains focused on driving growth and expanding its presence in the global marine technology market.
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!