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• Echoscope® Real-Time 3D Sonar Solutions: Provides real-time, volumetric 3D sonar images for underwater situational awareness, construction, and object detection.
• Diver Augmented Vision System (DAVIT): Integrates real-time 3D sonar data into a diver's helmet display, enhancing underwater visibility and navigation.
• Octopus® Motion & Positioning Systems: Offers high-accuracy motion reference units and inertial navigation systems for marine vessel stability and hydrographic survey applications.

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Coda Octopus (symbol: CODA) sells primarily to other companies, governmental entities, and research institutions (Business-to-Business and Business-to-Government).

The company does not disclose specific major customers by name in its public filings, as no single customer accounted for 10% or more of its total revenues for the fiscal years ended October 31, 2023, and 2022. Instead, Coda Octopus serves a diversified base within specialized market segments. The major categories of customers include:

• Defense Organizations: This includes various branches of the military, such as navies, special forces units, and port security authorities globally.
• Offshore Energy Companies: This sector includes companies involved in the development and maintenance of offshore wind farms, as well as traditional oil and gas companies.
• Hydrographic Survey Companies: Specialized firms that conduct underwater mapping and surveying for various purposes, including infrastructure development, charting, and environmental monitoring.
• Academic and Research Institutions: Universities and oceanographic institutes that utilize Coda Octopus's technology for scientific research and development.

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Annmarie Gayle, Chairman and Chief Executive Officer

Ms. Gayle was appointed CEO in September 2011 and Chairman in March 2017. She has a strong background in restructuring, having assisted with the Company's restructuring from 2009-2010. Earlier in her career, she served as Senior Vice President of Coda's Legal Affairs from 2006 to 2007. Prior to joining Coda, Ms. Gayle worked for a major London law practice, the United Nations, and the European Union. She has over 12 years of experience as a lead advisor to transitional administrations on privatizing banks and reforming state-owned assets in Central and Eastern European countries, and has managed large European Union-funded projects. She holds a Law degree from the University of London and a Masters of Law degree from Cambridge University.

Gayle Jardine, Interim Chief Financial Officer

Ms. Jardine was appointed Interim Chief Financial Officer in February 2024. She joined Coda Octopus as its European Director of Finance in 2015. Previously, she was the owner and director of Pentland Accounting Limited, where she provided management accounting services to various commercial clients. Her experience also includes serving as operations & finance manager for Wireless Fibre Systems and holding management reporting leadership roles at Scottish Water Solutions and Honeywell. Ms. Jardine holds a Bachelor's Degree with Honors from Robert Gordon University and a Chartered Institute of Management Accounting qualification since 1996.

Blair Cunningham, President of Technology, Divisional CEO of Coda Octopus Products Inc.

Mr. Cunningham has been with Coda Octopus since July 2004, holding various roles including his current position of President of Technology and CEO of Coda Octopus Products, Inc., as well as Chief Technology Officer of Coda Octopus Group, Inc. since 2005. Prior to this, he was Senior Vice President of the Products Division from July 2004 to July 2005. He has a strong background in technology development, design, and large-scale software development with a focus on process efficiency and end-user experience. Earlier in his career, he worked as a systems analyst and developer for several firms.

Michael Hamilton, Director

Mr. Hamilton served as Coda's Chairman of the Board from June 2010 to March 2017 and continues to serve as a Director. Since 2014, he has provided accounting and valuation services to a diverse clientele. His career includes serving as Senior Vice President of Powerlink Transmission Company from 2011 to 2014 and as an audit partner at PriceWaterhouseCoopers from 1988 to 2003. He is a Certified Public Accountant and is accredited in business valuation, holding a B.S. in Accounting from St. Frances College.

Robert Harcourt, Director

Mr. Harcourt became a member of Coda's Board of Directors on June 26, 2023. He is a retired Audit and Advisory Partner of KPMG, where he had a professional career spanning over 40 years, serving as an Assurance Partner from 1978 to 1999 and an Advisory Partner from 1999 to 2007. He also held the position of Associate Director, Division of Registration and Inspection of the Public Company Accounting Oversight Board (PCAOB) from 2011 to 2016. Most recently, he worked for the Analysis Group and Cornerstone Research from 2018 to 2021.

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Key Business Risks for Coda Octopus (CODA)

• Reliance on Defense Spending and Government Contracts: Coda Octopus Group's business, particularly its Marine Engineering segment and the success of its DAVD program, is significantly tied to defense contractors and direct engagement with government entities like the U.S. Department of Defense. Fluctuations in defense budgets, shifts in government priorities, or changes in procurement processes could materially impact the company's revenue and profitability.

• Customer Demand and Market Acceptance of Products: The company's financial performance is sensitive to customer demand for its specialized underwater technology products and prevailing market prices. The ability to successfully develop and gain market acceptance for new and existing patented real-time 3D solutions, such as the Echoscope® and DAVD systems, is crucial for sustained revenue generation and growth.

• Research and Development Success and Technological Competition: As a technology solution provider, Coda Octopus depends on the outcome of its ongoing research and development efforts to maintain its competitive edge. Failure to innovate, coupled with the potential for competitors to develop superior or more cost-effective underwater imaging and diving technologies, poses a risk of technological obsolescence and could negatively impact its market position.

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Coda Octopus Group (CODA) operates in several underwater technology and engineering sectors. The addressable market sizes for its main products and services are as follows:

• Diver Augmented Vision Display (DAVD) System: The addressable market for the untethered DAVD system in the U.S. includes approximately 3,000 U.S. Navy divers (75% of 4,000) and potentially 10,000 Public Safety and Law Enforcement divers. As of June 2023, Coda Octopus's CEO estimated that 15% of the total addressable market for DAVD in the U.S. would be approximately $47 million over five years. This implies a total addressable market of approximately $313 million for DAVD in the U.S. over five years.

• Echoscope® and Echoscope PIPE® Real-Time 3D/4D/5D/6D Imaging Sonars: This technology is used globally across various applications in both the commercial offshore market and defense underwater markets, including complex underwater mapping, subsea intervention, offshore renewables, marine construction, and port security. A specific addressable market size in USD for Echoscope products was not explicitly provided in the available information.

• Marine Engineering Business (Defense Engineering Services): This business supplies sub-assemblies to prime defense contractors for broader mission-critical programs. A specific addressable market size in USD for this service was not explicitly provided in the available information.

• Acoustics Sensors and Materials Business: This is a recently acquired business unit that broadens Coda Octopus's addressable markets and end-user diversity. A specific addressable market size in USD for this business was not explicitly provided in the available information.

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Coda Octopus (NASDAQ: CODA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion of the Diver Augmented Vision Display (DAVD) Program: The DAVD system is a significant growth area for Coda Octopus. The company has seen successful deliveries to the U.S. Navy and has secured new orders from a major European Navy, with management anticipating DAVD product line revenue to reach approximately $4 million in fiscal year 2025, a substantial increase from $1.2 million in fiscal year 2024.
2. Strategic Mergers and Acquisitions (M&A): The acquisition of Precision Acoustics in October 2024 has already contributed significantly to Coda Octopus's revenue, diversifying its revenue streams and expanding its addressable markets. The company has indicated that M&A remains a core strategic priority for future growth.
3. Increased Engagement in the Global Defense Sector: Coda Octopus is actively pursuing and experiencing expanding opportunities within the defense sector, including direct engagement with the U.S. Department of Defense. The company has ongoing proposals for integrated DAVD and Echoscope technologies and is benefiting from increased defense spending commitments, particularly in Europe.
4. Launch and Adoption of New Products: The introduction of new technologies, such as the Echoscope PIPE NANO GEN SERIES, is anticipated to unlock new market opportunities in critical sectors like defense and underwater robotics.
5. Diversification into the Oil and Gas Sector: Coda Octopus is strategically focusing on the oil and gas market, recognizing its potential to compensate for any revenue reductions from the U.S. offshore renewables sector due to shifts in energy policy.

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Share Issuance

• The 2021 Stock Incentive Plan was adopted on July 12, 2021, and approved by stockholders on September 14, 2021, making 1,000,000 shares available for issuance. As of October 31, 2023, a total of 1,370,300 shares were available for issuance under both the 2017 and 2021 Plans.
• Common Stock issued and outstanding increased from 11,195,487 shares as of October 31, 2024, to 11,232,514 shares as of April 30, 2025, and further to 11,248,867 shares as of July 31, 2025.
• Additional Paid-in Capital increased by approximately $166,346 from October 31, 2024, to April 30, 2025, and by approximately $100,121 from October 31, 2024, to January 31, 2025, reflecting share issuances.

Outbound Investments

• Coda Octopus acquired Precision Acoustics Limited (PAL) on October 29, 2024, adding an Acoustics Sensors and Materials business segment.
• In November 2021, Coda Octopus Products Limited established Coda Octopus Products (India) Private Limited to access the Indian market and secure software development resources.

Capital Expenditures

• Cash flow from investing activities was -$4.42 million for the fiscal year ending October 31, 2024.
• Research and Development (R&D) expenditures were approximately $0.54 million for FQ2025 and $0.7 million for SQ2025, representing increases of 11.8% and 27.2% respectively, compared to the corresponding prior year periods.
• The primary focus of capital allocation in R&D is the development of acoustic sensors, solutions, and materials, as well as advancements in the Diver Augmented Vision Display (DAVD) program and other sonar technologies.