Coda Octopus Group, Inc. reported its audited financial results for the fiscal year ended October 31, 2024, with total revenue increasing 5.0% to $20.3 million, up from $19.4 million in FY2023. The Products segment saw a 5.7% increase to $12.8 million, while the Services segment grew 3.8% to $7.5 million.
The company achieved a gross profit of $14.2 million, with gross margin expanding to 69.8% from 67.3% in the prior year, primarily due to changes in sales mix and lower commission costs. Operating income improved by 30.8% to $3.6 million, resulting in an operating margin of 17.6%, up from 14.2% in FY2023.
Net income after taxes increased 16.7% to $3.6 million, and diluted earnings per share rose to $0.32 from $0.28 in FY2023. The cash balance at year-end was $22.48 million, a decrease of $2.0 million from FY2023, attributed to the $4.6 million acquisition of Precision Acoustics Limited on October 29, 2024.
Operationally, CODA made progress on its DAVD untethered system (DUS) Hardening Program, delivering a new generation Augmented Reality DAVD Head-Up Display with a more compact design and 200% increased resolution. The DAVD Tethered system is now operational across nine U.S. Navy commands, with expectations for further expansion in FY2025.
The Echoscope technology continued to be evaluated for inclusion in Defense undersea vehicle programs, including a six-month test with Naval Information Warfare Center (NIWIC) for the Videoray program. Management noted that the Echoscope CIVS has gained wider acceptance for high-resolution target detection and ship hull inspection operations.
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