Coda Octopus Group Announces Increase in Scope of Supply Under Key Defense Program, Resulting in Increased Order Value

ORLANDO, FL, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA), a global market leader in real-time 3D/4D/5D and 6D imaging sonar technology for real-time subsea intelligence and diving technology, is reporting an increase in purchase contract value under one of its subsidiary’s longstanding key Defense Programs.

CODA reported that in September 2023, its subsidiary, Coda Octopus Colmek, Inc (which forms part of its engineering services business), received orders for approximately $1m for the production of proprietary sub-assemblies and support relating to one of its longstanding Defense Programs. The Company also reported that it has now received a total of $2.9m in orders from this Program alone in fiscal year 2023.

Coda Octopus Colmek specializes in the design, manufacturing and long-term support of software and firmware for defense applications and has been a supplier to this Program for over 20 years, with a focus on servicing key systems and modernization needs. In the current fiscal year, the Company has increased its scope of supply under this Program and continues to strengthen its long-term relationship with the Prime Defense contractor, who is the lead for this Program.

Kevin Kane, Coda Octopus Colmek’s CEO, said: “We have a strong record of performance on these longstanding programs – some of which extend over 40 years. I am very pleased that we have broadened our scope of supply under this Program, resulting in increased purchase orders in fiscal 2023. Additionally, due to ongoing industry-wide supply chain and obsolescence issues, we see increased opportunities to grow our scope under this and our other longstanding programs. We believe these new opportunities would enable us to grow our footprint in these programs and drive greater benefits for our business.”

About Coda Octopus Group, Inc.

The Company, founded in 1994, innovates, develops, manufactures and markets subsea products (hardware and software) and solutions including its flagship real-time 3D, 4D, 5D and 6D underwater imaging sonar technology, marketed under the name “Echoscope” and Echoscope PIPE and its recently launched Diver Augmented Vision Display system (“CodaOctopus DAVD”). Our Echoscope PIPE sonar generates real-time 3D, 4D, 5D and 6D imaging data for inspection, mapping, and real time 3D monitoring underwater in zero visibility water conditions and is used globally for numerous applications including the commercial and defense underwater markets. Applications for the Echoscope technology include complex mapping underwater, subsea intervention, subsea asset placements, offshore renewables cable installations and surveys, marine construction, subsea infrastructure installation, mining applications, robotics (3D Perception and Depth), breakwater construction and monitoring, decommissioning, diving applications and port and harbor security.