Underwater imaging and intelligence provider Coda Octopus Group (CODA), has announced its unaudited financial results for the third fiscal quarter, ending July 31, 2025.
The company saw a 29 per cent increase in total revenue, reaching approximately $7.1 million compared to $5.5 million in the same quarter last year.
Annmarie Gayle, CODA's Chairman and CEO, expressed satisfaction with the results, highlighting the progress made in its key technology programs. The company's technology is being used in a program to provide divers with real-time, untethered imaging.
CODA expects to achieve between $3.5 million and $4 million in sales from this program for its fiscal year 2025, a significant increase from $1.2 million in the previous fiscal year.
The successful completion of a hardening program has led to the delivery of 16 untethered systems to the US Navy for special forces applications, enabling live mission evaluations.
Four upgraded systems were also delivered to a foreign navy, which the company said is a critical step for broader adoption by that military force.
The company's core business, the marine technology business, saw a 30.7 per cent increase in revenue to $4 million, primarily driven by a 103.6 per cent increase in equipment sales.
However, the marine engineering business experienced a 33.2 per cent decrease in revenue to $1.6 million, and rental revenue declined by 62.2 per cent due to a reduction in offshore renewable projects.
Gayle noted that the shift in US energy policy towards prioritising domestic oil and gas production is expected to offset any potential revenue loss from renewables.
The company also reported a new product release, an ultra-small form factor sonar which is expected to open new market opportunities.
