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Coda Octopus Group Inc. (CODA-0.95%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing includes financial statements for the year, showing an increase in revenue to $20,316,161 from $19,352,088 in the previous fiscal year. The increase is attributed to higher sales in the Marine Technology Business segment.
The company reported a gross profit of $14,173,105, with a gross margin of 69.8%, compared to 67.3% in the previous year. This improvement is due to a favorable sales mix.
Operating expenses for the year were $10,588,974, up from $10,291,503 in the previous year, reflecting increased research and development costs and general administrative expenses.
Net income for the year was $3,645,996, an increase from $3,124,149 in the previous year. The increase is primarily due to higher operating income and interest income.
The company acquired Precision Acoustics Limited on October 29, 2024, which will be reported under the Products Segment. The acquisition aims to leverage expertise in ultrasound and acoustic measurement fields.
The Marine Technology Business segment generated $12,806,603 in revenue, while the Services Business segment generated $7,509,558. The Marine Technology Business saw a 5.7% increase in revenue compared to the previous year.
The company highlighted risks related to geopolitical factors, including export controls affecting sales to China, and inflation impacting costs and demand.
Coda Octopus Group Inc. continues to focus on its Echoscope® and DAVD technologies as key pillars for growth, emphasizing their use in underwater imaging and diving operations.
The company maintains a strong cash position with $22,479,072 in cash and cash equivalents and access to a $4 million line of credit for short-term working capital needs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Coda Octopus Group Inc. annual 10-K report dated January 29, 2025. To report an error, please email earnings@qz.com.