(0.18%) 5 470.29 points
(0.17%) 39 186 points
(0.58%) 17 835 points
(2.23%) $83.36
(-3.77%) $2.50
(-0.04%) $2 338.60
(1.34%) $29.63
(-2.39%) $989.90
(-0.16%) $0.932
(-0.12%) $10.66
(0.02%) $0.791
(1.05%) $86.63
Q2/2024
Generated By Getagraph.com: 2024-04-30
Coda Octopus Group Inc [CODA]
0.41% $ 6.05
Биржа: NASDAQ Сектор: Industrials Промышленность: Aerospace & Defense
Date: June 22, 2024
Ticker: CODA
Exchange: NASDAQ
Sector: Industrials
Industry: Aerospace & Defense
Financial Period: Q2 2024
Coda Octopus Group Inc. reported solid performance in the second quarter of 2024, despite challenges in the U.S. defense sector funding. The revenue for Q2 2024 was in line with the corresponding quarter of 2023, showing resilience and the capability to offset domestic revenue contractions with international sales, especially in the Asian market.
Revenue: The company reported total revenue of $5.32 million, up by 0.4% from $5.30 million in Q2 2023.
Gross Profit: The gross profit for the quarter amounted to $3.74 million, resulting in a gross profit margin of 70.23%.
Operating Income: Operating income saw a substantial increase of 57.9%, reaching $1.35 million, compared to $0.9 million in Q2 2023. This improvement is primarily due to higher gross margins and reduced operating expenses.
Net Income: Net income after taxes was recorded at $1.42 million, which translates to an EPS of $0.13, a noticeable increase compared to $0.09 per diluted share in Q2 2023.
Marine Technology Business: This segment generated revenue of $3.52 million, a decrease of 1.6% from the second quarter of 2023. Despite challenges, the segment saw increased utilization of rental assets, resulting in an improved gross profit margin of 80.2% in Q2 2024, compared to 75.3% in Q2 2023.
Marine Engineering Business: This segment demonstrated a 4.7% increase in revenue, generating $1.8 million, compared to $1.7 million in Q2 2023. This segment was also affected by the reduction in order intake related to ongoing defense programs.
Despite a significant decline in sales from North America due to funding gaps in U.S. defense programs, international sales demonstrated resilience and diversification. Sales in Asia increased by 15.9%, showing strong traction in this strategic market area.
Cash and Cash Equivalents: The company had $23.7 million in cash and cash equivalents as of April 30, 2024, a decrease of $0.7 million from October 31, 2023, mainly due to the purchase of long lead time items into inventory.
Working Capital: Working capital increased to $41.0 million from $37.6 million on October 31, 2023.
Debt: Coda Octopus Group Inc. remains debt-free, maintaining a strong financial position.
The company continues to focus on various strategic initiatives to drive long-term growth. This includes increasing the number of programs embedding its Echoscope technology, advancing the DAVD untethered system's customization, and supporting the rollout of the DAVD tethered system.
The company is optimistic about receiving new orders and increasing revenue from the U.S. Navy and other foreign allies, particularly once the funding constraints are lifted. The management aims to grow the engineering business back to its pre-COVID revenue profile of $10 million and is keen on expanding its technology portfolio through strategic acquisitions.
For more detailed information, please refer to our SEC Filing.
Revenues Q2 - 2024
Revenue | Gross Profit | Operating Expenses | Interest Expense | EBITDA | Net Income | EPS |
---|---|---|---|---|---|---|
$5.32M | $3.54M | $2.19M | $0 | $1.54M | $1.42M | $0.130 |
Balance Q2 - 2024
Net Income | Depreciation and Amortization | Stock Based Compensation | Change in Working Capital | Net Cash Provided by Operating Activities | Capital Expenditure | Free Cash Flow |
---|---|---|---|---|---|---|
$1.42M | $194 113 | $0 | $-2.54M | $-955 766 | $-197 342 | $-1.15M |