Coda Octopus Group, Inc. (CODA): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the company behind the cutting-edge 4D/5D/6D imaging sonar technology and advanced diving solutions? Is it possible to increase revenue, gross profit margins, operating income, net income and earnings per share? Dive into the world of Coda Octopus Group, Inc. (CODA), a global market leader that reported a 5.0% increase in total revenue, reaching approximately $20.3 million in fiscal year 2024, and find out how they operate and generate revenue in the underwater technology market.

Coda Octopus Group, Inc. (CODA) History

Coda Octopus Group, Inc. Founding Timeline

Year established

The company was established in 1994.

Original location

The company was originally located in Edinburgh, Scotland.

Founding team members

The founding team included individuals with expertise in underwater acoustics and imaging. While specific names of all founding members are not available in the provided context, the leadership of Stephen J. Turner as Chairman and Group Chief Executive is consistently highlighted.

Initial capital/funding

Information regarding the initial capital or funding is not available within the provided context.

Coda Octopus Group, Inc. Evolution Milestones

Coda Octopus Group, Inc. Transformative Moments

Key transformative moments for the company include:

• Technological Innovation: The continuous development and enhancement of its real-time 3D sonar technology, particularly the Echoscope series, have been central to the company's growth. These innovations have allowed the company to stay ahead of competitors and meet the evolving needs of its customers.
• Strategic Partnerships and Contracts: Securing significant contracts, such as the adoption of Echoscope technology by the U.S. Navy, has not only provided substantial revenue but also validated the company's technological capabilities on a global stage.
• Market Diversification: Expanding the application of its technology across various sectors, including offshore energy, underwater construction, and defense, has diversified the company's revenue streams and reduced dependence on any single market.

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Coda Octopus Group, Inc. (CODA) Ownership Structure

Coda Octopus Group, Inc. operates with a mixed ownership structure, featuring a combination of public shareholders, institutional investors, and potentially private stakeholders influencing its governance.

Coda Octopus Group, Inc.'s Current Status

Coda Octopus Group, Inc. is a public company, trading on the Nasdaq Capital Market under the ticker symbol CODA. This means that a portion of the company is owned by public investors who can buy and sell shares on the open market.

Coda Octopus Group, Inc.'s Ownership Breakdown

As of the fiscal year 2024, the ownership of Coda Octopus Group, Inc. is distributed among various shareholders. Here's an overview:

Coda Octopus Group, Inc.'s Leadership

The leadership team of Coda Octopus Group, Inc. plays a crucial role in steering the company's strategic direction and operational execution. Key figures include:

• Michael J. MacNeil: Chairman of the Board
• Blair Cunningham: Chief Executive Officer & President
• Duncan Lowles: Group CFO

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Coda Octopus Group, Inc. (CODA) Mission and Values

Coda Octopus Group, Inc. aims to transform underwater technology through innovation, precision, and reliability, delivering advanced solutions and exceptional value to its customers and stakeholders.

Coda Octopus Group, Inc.'s Core Purpose

Official mission statement

While a specific, formal mission statement for Coda Octopus Group, Inc. isn't explicitly available in recent search results, the company's core purpose can be inferred from its activities and statements. The company focuses on:

• Delivering cutting-edge underwater technology solutions.
• Providing high-precision 4D real-time sonar imaging.
• Enhancing operational efficiency and safety for its customers.
• Creating value for its stakeholders through innovation and reliable performance.

Vision statement

Similarly, a clearly defined vision statement isn't explicitly provided in the search results. However, based on their activities, a deduced vision could be:

• To be the global leader in real-time 4D underwater imaging, setting the standard for technological advancement and reliability in the subsea market.
• To empower customers with the most advanced tools to visualize, map, and analyze the underwater environment with unprecedented clarity and precision.

Company slogan/tagline

Information regarding a specific company slogan or tagline for Coda Octopus Group, Inc. is not readily available in the provided search results. For more insights into the company, check out Exploring Coda Octopus Group, Inc. (CODA) Investor Profile: Who’s Buying and Why?

Coda Octopus Group, Inc. (CODA) How It Works

Coda Octopus Group, Inc. (CODA) operates by delivering advanced underwater technologies and solutions, primarily focusing on 3D sonar imaging, real-time subsea intelligence, and specialized engineering services.

Coda Octopus Group, Inc.'s Product/Service Portfolio

Coda Octopus Group, Inc.'s Operational Framework

Coda Octopus Group, Inc. (CODA) focuses on the design, development, and production, sales, and marketing of its products. Its operations involve:

• Technology Development: Investing in research and development to enhance its sonar technology and develop new solutions for underwater imaging and measurement.
• Manufacturing: Producing sonar systems, underwater cameras, and other related equipment.
• Sales and Marketing: Selling products through a direct sales force and a network of distributors, targeting key markets such as offshore energy, defense, and marine construction.
• Customer Support and Training: Providing technical support, training, and maintenance services to ensure customer satisfaction and product effectiveness.
• Project Management: Handling comprehensive project management for larger-scale implementations, including system integration and custom solution development.

Coda Octopus Group, Inc.'s Strategic Advantages

Coda Octopus Group, Inc.'s strategic advantages include:

• Proprietary Technology: The Echoscope® real-time 3D sonar technology provides a unique capability in underwater imaging, giving the company a competitive edge.
• Market Leadership: Coda Octopus Group, Inc. has established a strong presence in key markets, particularly in the offshore energy sector.
• Diverse Product Portfolio: Offering a range of products and services allows the company to address various customer needs and market segments.
• Global Reach: With sales and support operations worldwide, Coda Octopus Group, Inc. can serve customers globally.
• Strong Customer Relationships: Building long-term relationships with key customers in strategic industries ensures recurring revenue and market stability.

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Coda Octopus Group, Inc. (CODA) How It Makes Money

Coda Octopus Group, Inc. primarily generates revenue through the sale and rental of its underwater technology solutions, including real-time 3D sonar equipment, software, and services.

Coda Octopus Group, Inc.'s Revenue Breakdown

Coda Octopus Group, Inc.'s Business Economics

The economic foundation of Coda Octopus Group, Inc. is rooted in its specialized technology and the increasing demand for high-precision underwater imaging. Key aspects of its business economics include:

• Pricing Strategy: Premium pricing is applied due to the advanced capabilities and precision of their sonar technology.
• Market Position: As a leader in real-time 3D sonar, the company benefits from a strong reputation and customer loyalty.
• Economic Drivers: Growth is influenced by the expanding needs in offshore energy, underwater infrastructure inspection, and defense sectors.

Coda Octopus Group, Inc.'s Financial Performance

Coda Octopus Group, Inc.'s financial performance can be gauged through these points:

• In the fiscal year 2024, Coda Octopus reported revenue of $29.2 million, marking a 17.1% increase compared to $24.9 million in 2023.
• Gross profit for 2024 was $14.9 million, up from $12.6 million in 2023, representing a gross margin of 51%.
• Operating expenses increased to $12.4 million in 2024 from $10.4 million in the previous year.
• Net profit before tax for 2024 was $2.5 million, compared to $2.2 million in 2023.
• The company's earnings per share increased from 11.28 cents in 2023 to 12.77 cents in 2024.

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Coda Octopus Group, Inc. (CODA) Market Position & Future Outlook

Coda Octopus Group, Inc. is strategically positioned to capitalize on growth opportunities within the underwater technology market, focusing on expansion and innovation; however, it faces challenges typical of a competitive and technologically dynamic sector.

Competitive Landscape

Opportunities & Challenges

Industry Position

Coda Octopus Group, Inc. holds a significant position in the underwater technology sector, particularly noted for its specialization in real-time 3D sonar solutions. The company distinguishes itself through:

• Technological Niche: Focusing on high-precision 3D sonar technology, which provides a competitive edge in specific applications like subsea construction and real-time monitoring.
• Market Specialization: Targeting niche markets requiring advanced underwater imaging, allowing for higher margins and specialized service offerings.
• Innovation: Continuous development of new sonar technologies and software solutions to maintain a competitive advantage.

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