• Teledyne FLIR for underwater imaging and sensing.
• Trimble for subsea mapping and navigation.

• Geophysical Systems: Hardware and software solutions for acquiring, processing, and analyzing geophysical data for subsea applications.
• CodaOctopus GeoSurvey Products: Hardware and software solutions specifically designed for field acquisition of sidescan sonar and sub-bottom profiler data.
• GNSS-Aided Navigation Systems: Systems that enhance underwater navigation accuracy by integrating Global Navigation Satellite Systems.
• Echoscope & Echoscope PIPE: Real-time 3D sonar systems primarily used for monitoring subsea installations, such as cable installations for offshore wind projects.
• Diver Augmented Vision Display (DAVD) System: A system providing divers with augmented visual information and data display underwater.
• CodaOctopus DA4G Productivity Suite: Software that automates the analysis, annotation, and mosaicing of complex subsea data sets.

Coda Octopus (CODA) sells primarily to other companies and organizations within specialized subsea and underwater markets. Based on the provided information, the company does not publicly disclose the names of its specific major customers. However, its sales are directed towards the following categories of clients:

• Survey Companies: These companies utilize Coda Octopus's geophysical systems, data acquisition systems, processing, and analysis software for various underwater mapping and imaging projects.
• Offshore Renewable Companies: This sector uses Coda Octopus's Echoscope and Echoscope PIPE solutions for real-time monitoring of cable installations, particularly for offshore wind projects.
• Defense Sector: Coda Octopus's technologies and equipment are applied in defense applications, including systems like the diver augmented vision display system, serving government and military agencies.

Annmarie Gayle, Chairman of the Board and Chief Executive Officer

Ms. Gayle was appointed Group CEO in September 2011 and Chairman of the Board in March 2017. She previously assisted with the restructuring of the Company in 2009-2010 and served as SVP of Coda's Legal Affairs from 2006-2007. Her earlier career included working for a major London law practice, the United Nations, and the European Union. Ms. Gayle has a strong background in restructuring and has advised transitional administrations on privatizing banks and reforming state-owned assets in Central and Eastern European countries, including banking, infrastructure, and telecommunications assets. She also managed several 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 on February 14, 2024, having previously served in this interim role from May through November 2023. She has been the Company's European Finance Director since 2015. Prior to joining Coda Octopus, Ms. Jardine was the owner and director of Pentland Accounting Limited, where she provided management accounting services to various commercial clients. She also served as the operations & finance manager for Wireless Fibre Systems and held management reporting leadership roles at Scottish Water Solutions and Honeywell. Ms. Jardine began her career in financial analysis and business consulting at Hewlett Packard and then Agilent Technologies. She 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 positions including Chief Technology Officer of Coda Octopus Group, Inc. since 2005 and Senior Vice President of the Products Division. He possesses a strong background in technology development, design, and large-scale software development, with a key focus on process efficiency and end-user experience. Mr. Cunningham received an HND in Computer Science in 1989.

1. Dependence on Defense Spending and Lumpy Revenue: A significant portion of Coda Octopus's revenue, particularly from its Marine Engineering Business and the Diver Augmented Vision Display (DAVD) system, is reliant on government defense contracts. This leads to unpredictable and "lumpy" revenue patterns, where large orders can create spikes, but delays in funding approvals or changes in government policy, such as reduced defense spending, can result in substantial revenue dips.
2. Gross Margin Contraction: The company has experienced a contraction in its gross margins, primarily due to a shift in its sales mix within the Marine Technology Business. Coda Octopus is increasingly selling more equipment (hardware), which typically carries lower profit margins, and is relying less on its higher-margin rental and service income.
3. Limitations Due to Small Market Capitalization and Competition: Coda Octopus operates in a competitive market. Its relatively small market capitalization limits its ability to effectively bid for and secure massive, multi-year defense or infrastructure contracts when competing against much larger industry players, which possess greater bonding capacity and stronger balance sheets.

Addressable Markets for Coda Octopus (CODA) Main Products and Services

Coda Octopus Group, Inc. operates in various specialized subsea technology markets. The addressable market sizes for its main products and services, based on available global and regional data, are as follows:

Underwater Technologies and Equipment (General Subsea Market)

• The global subsea systems market size was estimated at approximately USD 21,365.8 million in 2025. North America constituted a major portion of this market, holding more than 37% of the global revenue with a market size of USD 7,905.35 million in 2025. Europe accounted for over 29% of the global revenue, with its market size reaching USD 6,196.08 million in 2025. Other reports indicate the global subsea market reached USD 17 billion in 2022 and is expected to grow to USD 20.2 billion by 2031.

Geophysical Systems and Survey Applications (including 3D imaging, mapping, sidescan sonar, and sub-bottom profilers)

• The global geophysical equipment market is projected to be USD 13.19 billion in 2025, with an anticipated growth to USD 17.62 billion by 2031. Another estimate places the global geophysical exploration equipment market at USD 13,628.4 million in 2025. North America's share of the geophysical exploration equipment market was approximately USD 5,042.51 million in 2025.
• The global sub-bottom profiler market was valued at USD 412 million in 2024 and is forecast to reach USD 683 million by 2033. In 2024, Asia Pacific led this market with USD 138 million, while Europe held a substantial share of USD 97 million.
• The global side-scan sonar system market reached USD 492.7 million in 2024 and is projected to grow to USD 872.9 million by 2033. North America represented approximately USD 172.5 million of this market in 2024, and the Asia Pacific region saw revenues of USD 110.6 million in the same year.
• The broader hydrographic survey equipment market, which encompasses these technologies, was valued at USD 3.4 billion globally in 2025 and is expected to reach USD 5.0 billion by 2034.

GNSS-Aided Navigation Systems

• The global Navigation Satellite System (GNSS) market was valued at USD 208.25 billion in 2023. It is projected to reach USD 454.46 billion by 2032. North America held a dominant share of approximately 44% in the GNSS market in 2023.

Echoscope and Echoscope PIPE (for real-time monitoring of cable installations for offshore wind projects)

• The global offshore wind cable market, which includes the cables monitored during installation, was valued at more than USD 3.5 billion in 2024. This market is expected to surge to USD 39.9 billion by 2034. North America accounted for 14.7% of the global market share in 2024, with the U.S. offshore wind cable market valued at USD 510 million in 2024.

Diver Augmented Vision Display System

• Information specifically detailing the addressable market size for "Diver Augmented Vision Display Systems" was not readily available in the search results.

Coda Octopus Group, Inc. (CODA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market expansions:

1. Expansion of Diver Augmented Vision Display (DAVD) Systems and Related Products: The company anticipates significant revenue growth from its Diver Augmented Vision Display (DAVD) systems, particularly the untethered version (DUS) designed for military and special operations divers. The DAVD product line is central to Coda Octopus's strategy to pivot its Marine Technology Business to a multi-year, multi-sales model. Recent results show DAVD and related sales increased to approximately $3.7 million in fiscal year 2025, a substantial rise from $1.2 million in the prior fiscal year. The delivery of 16 DAVD untethered systems for U.S. Special Forces evaluation and the ongoing process for "Approved Navy Use" status are expected to unlock broader operational adoption and sales.

2. Growth of Echoscope PIPE and the New Echoscope PIPE NANO GEN Series: The Echoscope PIPE imaging sonar series remains a crucial growth pillar. Further accelerating this is the recent launch of the Echoscope PIPE NANO GEN Series, an ultra-small form factor of real-time 3D/4D/5D/6D imaging sonars. These new sonars are specifically designed for smaller underwater vehicles, drones, and robotics, offering advanced features like forward-looking obstacle avoidance and spatial awareness. Echoscope equipment sales increased by 30.5% to $9.4 million in fiscal year 2025 compared to $7.2 million in fiscal year 2024, indicating strong market demand. Additionally, a significant sale of Echoscope PIPE® Sonars to a major offshore service provider in April 2024 underscores the continued demand for this technology.

3. Increased Penetration and Repeat Contracts within the Defense Market: The defense market is considered critical for Coda Octopus's growth plans. The Defense Engineering sector has shown strong performance, contributing to 46% of the core business revenue in Q4 2025, and the company is actively increasing its engagement with both U.S. and international defense sectors. The Defense Engineering Services business provides embedded solutions and sub-assemblies for mission-critical defense systems, leading to opportunities for "repeat contracts" and a stable, recurring revenue stream over the long term.

4. Contribution from the Acquisition of Precision Acoustics Limited (PAL): The acquisition of Precision Acoustics Limited (PAL) in October 2024 is expected to be a significant revenue driver. PAL, operating as the Acoustic Sensors and Materials business, performed strongly in its first full year (fiscal year 2025), meeting earn-out conditions and contributing $5.4 million in revenue, which represented 20.4% of the consolidated net revenue in FY2025. This acquisition enhances Coda Octopus's expertise in acoustic and medical imaging technologies, providing a platform to qualify for larger defense contracts and leverage this expertise across the group.

Share Repurchases

• Coda Octopus has engaged in minor share repurchases, reflected in its Treasury Stock. For instance, Treasury Stock increased from $(46,300) in fiscal year 2023 to $(61,933) in fiscal year 2024.
• In fiscal year 2023, Treasury Stock was $(46,300) compared to $(28,337) in fiscal year 2022.
• As of September 2025, there was no active stock buyback program in place, with the CEO indicating it was a board decision and the company was focused on accretive acquisitions.

Share Issuance

• The number of issued and outstanding shares slightly increased from 11,117,695 as of October 31, 2023, to 11,195,487 as of October 31, 2024.
• As of July 31, 2025, issued and outstanding shares further increased to 11,248,867.
• These slight increases in share count are likely due to stock option exercises or grants.

Inbound Investments

• No significant inbound investments by third-parties, such as strategic partners or private equity firms, were reported. The company maintains a strong cash position and is largely self-funding.

Outbound Investments

• Coda Octopus acquired Precision Acoustics Limited (PAL) on October 29, 2024.
• The acquisition price for PAL, net of cash acquired, was $4.6 million.
• This acquisition aimed to enhance the company's capabilities in ultrasound and acoustic measurement, expand its market offerings, and leverage PAL's expertise into the subsea market.

Capital Expenditures

• Capital expenditures in fiscal year 2025 were approximately $1.2 million for purchasing property and equipment.
• In fiscal year 2024, capital expenditures were approximately $494,900.
• The company's capital expenditures are primarily focused on investing in next-generation 3D sonar technology, including the Echoscope® and Diver Augmented Vision Display (DAVD) systems, to drive future growth.