olivLaw · US equity research
Coda Octopus Group, Inc. CODA
Search, Detection, Navigation, Guidance, Aeronautical Sys · SIC 3812 · Vertical: Search, Detection, Navigation, Guidance, Aeronautical Sys (SIC 3812)
Coda Octopus Group develops real time 3D sonar for the subsea market, serving offshore operations, defense and diving, supplemented by a defense engineering division and the PAL acoustics acquisition. For the Orlando-based group, exposure to foreign markets and US tariffs remains a major factor in the recent period, according to the 10-K for fiscal 2025 and the 10-Q for the quarter ended July 31, 2026. Revenue from foreign subsidiaries was 66.2% of consolidated revenue in fiscal 2025, and 55.3% of net revenue came from customers outside the US in the current quarter.
At the close of 04 Nov 2026, Coda Octopus Group, Inc. (CODA) stock was 8.99 USD (−3.12% on the day), with market capitalisation 101.4 m USD, P/E 20.3 on diluted EPS of 0.44 USD over the last 12 months, beta 0.72, 52-week range 7.99–16.76 USD. Latest reported quarter (Q3 2026): revenue of 7.7 m USD (+9.2% YoY), net income of 1.4 m USD (+8.3% YoY), diluted EPS 0.12 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.1
- weak (30–45)
- Bollinger (20, 2)
- 8.78 – 10.41
- in the lower half of the band · %B 0.13 · band width 17.0%
- SMA 50 / 200
- 10.16 / 11.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.34 / -0.30
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.4% | −1.1% | −16.3 pp | — |
| 3 months | −13.0% | −0.5% | −12.5 pp | — |
| 6 months | −24.6% | +4.4% | −29.0 pp | — |
| Year to date | −3.3% | +12.3% | −15.6 pp | — |
| 1 year | −1.5% | +13.5% | −15.1 pp | −1.4% |
| 3 years | +28.1% | +76.4% | −48.3 pp | +74.8% |
| 5 years | +5.8% | +63.7% | −57.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.1 m | 5.2 m | 7.0 m | 7.1 m | 7.3 m | 6.7 m | 6.9 m | 7.7 m |
| Cost of revenue | 1.8 m | 1.8 m | 2.5 m | 2.2 m | 2.4 m | 2.3 m | 2.3 m | 2.7 m |
| Gross profit | 3.3 m | 3.4 m | 4.5 m | 4.8 m | 4.9 m | 4.4 m | 4.6 m | 5.1 m |
| Research & development | 717.6 k | 543.1 k | 690.0 k | 572.5 k | 642.2 k | 606.1 k | 648.3 k | 729.2 k |
| SG&A | 2.3 m | 2.2 m | 2.7 m | 2.9 m | 2.9 m | 2.8 m | 2.1 m | 2.8 m |
| Operating income | 287.6 k | 662.0 k | 1.1 m | 1.4 m | 1.4 m | 1.0 m | 1.8 m | 1.5 m |
| Depreciation & amortisation | 176.1 k | 205.6 k | 219.1 k ≈ | 218.1 k ≈ | 218.5 k | 229.3 k | 189.3 k ≈ | 227.7 k ≈ |
| Pre-tax income | 555.9 k | 934.9 k | 1.3 m | 1.5 m | 1.8 m | 1.2 m | 2.1 m | 1.8 m |
| Income tax | 229.7 k | 21.9 k | 356.8 k | 260.8 k | 742.8 k | 256.1 k | 435.8 k | 401.7 k |
| Net income | 326.2 k | 913.0 k | 908.8 k | 1.3 m | 1.0 m | 930.7 k | 1.7 m | 1.4 m |
| Diluted EPS | 0.03 ≈ | 0.08 | 0.08 | 0.11 | 0.09 ≈ | 0.08 | 0.15 | 0.12 |
| Operating cash flow | 2.0 m | 641.5 k | 1.5 m ≈ | 2.2 m ≈ | 2.9 m | 1.5 m | 570.4 k ≈ | 1.4 m ≈ |
| Capex | 47.4 k | 128.1 k | 68.2 k ≈ | 609.0 k ≈ | 365.3 k | 82.2 k | 121.3 k ≈ | 162.2 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 54 percentile of its own 39-quarter history (min 6.1, median 19.3, max 180.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18.0 m | 25.1 m | 20.0 m | 21.3 m | 22.2 m | 19.4 m | 20.3 m | 26.6 m |
| Revenue YoY | −0.0% | +39.1% | −20.0% | +6.4% | +4.2% | −12.9% | +5.0% | +30.7% |
| Net income | 5.0 m | 5.2 m | 3.3 m | 4.9 m | 4.3 m | 3.1 m | 3.6 m | 4.1 m |
| Net income YoY | +49.4% | +4.7% | −36.0% | +48.0% | −13.1% | −27.4% | +16.7% | +13.3% |
| Diluted EPS | 0.49 | 0.49 | 0.30 | 0.44 | 0.38 | 0.28 | 0.32 | 0.37 |
| Diluted EPS YoY | +36.1% | 0.0% | −38.8% | +46.7% | −13.6% | −26.3% | +14.3% | +15.6% |
| net % | 27.7% | 20.9% | 16.7% | 23.2% | 19.4% | 16.1% | 17.9% | 15.5% |
| Free cash flow | 1.9 m | 4.1 m | 3.6 m | 2.4 m | 6.3 m | 367.9 k | 1.9 m | 6.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 28.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 58.1 m USD
- Total assets
- 64.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 8.86x
- ROE
- 7.4%
- ROA
- 6.8%
- FCF margin
- 22.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 20.0 m | 21.3 m | 22.2 m | 19.4 m | 20.3 m | 26.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 7.3 m | 6.6 m | 7.0 m | 6.3 m | 6.1 m | 8.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 12.7 m | 14.8 m | 15.2 m | 13.0 m | 14.2 m | 17.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 3.2 m | 3.0 m | 2.2 m | 2.1 m | 2.2 m | 2.4 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 6.7 m | 7.9 m | 7.9 m | 8.2 m | 8.3 m | 10.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 2.8 m | 3.8 m | 5.0 m | 2.7 m | 3.6 m | 4.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 806.7 k | 924.1 k | 678.7 k | 603.5 k | 710.1 k | 861.3 k | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 3.6 m ≈ | 4.8 m ≈ | 5.7 m ≈ | 3.3 m ≈ | 4.3 m ≈ | 5.4 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | — | — | 9.7 k | — | — | — | SEC (XBRL)· 29 Jan 2024verified |
| Pre-tax income | 3.4 m | 5.3 m | 5.1 m | 3.4 m | 4.6 m | 5.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 58.2 k | 305.5 k | 831.1 k | 297.1 k | 965.3 k | 1.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 3.3 m | 4.9 m | 4.3 m | 3.1 m | 3.6 m | 4.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.30 | 0.44 | 0.38 | 0.28 | 0.32 | 0.37 | SEC (XBRL)· 29 Jan 2026verified |
| Weighted average diluted shares | 11.3 m | 11.3 m | 11.3 m | 11.3 m | 11.3 m | 11.3 m | SEC (XBRL)· 29 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 15.1 m | 17.7 m | 22.9 m | 24.4 m | 22.5 m | 28.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 2.0 m | 4.2 m | 2.9 m | 2.6 m | 3.5 m | 3.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 9.1 m | 10.7 m | 10.0 m | 11.7 m | 14.0 m | 13.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 27.7 m | 35.6 m | 37.0 m | 40.9 m | 43.0 m | 50.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 6.1 m | 6.0 m | 5.8 m | 6.9 m | 7.2 m | 7.3 m | SEC (XBRL)· 17 Mar 2026verified |
| Goodwill | 3.4 m | 3.4 m | 3.4 m | 3.4 m | 3.6 m | 3.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 349.3 k | 412.3 k | 442.3 k | 486.6 k | 3.7 m | 3.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 38.0 m | 45.5 m | 46.9 m | 51.8 m | 57.5 m | 64.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 1.3 m | 1.5 m | 793.2 k | 1.3 m | 1.0 m | 1.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 573.1 k | — | — | — | — | — | SEC (XBRL)· 28 Jan 2021verified |
| Current liabilities | 3.4 m | 4.3 m | 3.5 m | 3.3 m | 3.9 m | 5.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 3.6 m | 4.4 m | 3.5 m | 3.4 m | 4.4 m | 6.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 34.4 m † | 41.0 m † | 43.4 m † | 48.4 m † | 53.1 m † | 58.1 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.4 m | 3.3 m | 6.7 m | 2.4 m | 2.5 m | 7.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 835.1 k | 850.9 k | 466.5 k | 2.0 m | 502.5 k | 1.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 3.6 m ≈ | 2.4 m ≈ | 6.3 m ≈ | 367.9 k ≈ | 1.9 m ≈ | 6.0 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -998.3 k | -964.2 k | -556.6 k | -1.5 m | -4.4 m | -1.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 162.4 k | 139.3 k | -91.9 k | -18.0 k | -15.6 k | — | SEC (XBRL)· 29 Jan 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 101.4 m USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.34 – 12.40 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E11.34 – 12.40 (Mid 11.91)4 companies used · median multiple 26.9x · quartiles 25.6x – 28.0xDRS, GRMN, LHX, TDY
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 17.6% | 88 (vs peers) | 12% |
| FCF conversion · Quality | 111.1% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | 6.1% | 51 (on a fixed band) | 16% |
| EPS CAGR 3Y · Growth | -0.9% | 0 (on a fixed band) | 16% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 10.1x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 20.3x | 80 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.5% | 69 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth26/100 · 2/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation75/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CODA OCTOPUS GROUP, INC. (CODA). Latest full fiscal year: 2025; data up to 2026-07-31.
Figures computed from the financial statements: revenue 26.6 m USD in 2025; YoY growth 30.7%; net margin 17.6%; ROE 8.4%.
The estimated value range is 11.34–12.40 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 11.91 USD, the price of 8.99 USD leaves a potential of 32.5% (value / price − 1) and a margin of safety of 24.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.6%
- FCF conversion: 111.1%
- Current ratio: 10.1x
- P/E (TTM): 20.3x
- The price is below the estimated value range
What contradicts it
- EPS CAGR 3Y: -0.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Search, Detection, Navigation, Guidance, Aeronautical Sys (SIC 3812) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NOCNorthrop Grumman Corp | 74.6 bn | 16.6 | 26.1% | 10.4% | +2.2% | −8% / +11% |
| GRMNGarmin Ltd | 55.7 bn | 27.8 | 22.4% | 25.6% | +15.1% | +48% / +137% |
| LHXL3harris Technologies, Inc. | 48.4 bn | 24.2 | 10.3% | 5.2% | unavailable | −7% / +36% |
| TDYTeledyne Technologies Inc | 29.1 bn | 28.9 | 9.5% | 15.8% | +7.9% | +27% / +57% |
| DRSLeonardo DRS, Inc. | 9.5 bn | 26.1 | 13.2% | 9.4% | +12.8% | +4% / +93% |
| NNNextNav Inc. | 1.5 bn | — | -77.9% | -2,812.5% | −19.3% | −38% / +121% |
| LUNRIntuitive Machines, Inc. | 835.8 m | — | — | -26.6% | −7.9% | +5% / +248% |
| CODACoda Octopus Group, Inc. | 101.4 m | 20.3 | 8.4% | 17.6% | +30.7% | −2% / +28% |
| MINDMind Technology, Inc | 33.6 m | — | -6.8% | -6.8% | −12.6% | −61% / −29% |
1- and 3-year price returns: for CODA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.46 Total return -39% · Per year -39% | 9.65 Total return 7% · Per year 7% | 14.52 Total return 62% · Per year 62% |
| 3 years | 5.47 Total return -39% · Per year -15% | 10.86 Total return 21% · Per year 7% | 17.93 Total return 99% · Per year 26% |
| 5 years | 5.49 Total return -39% · Per year -9% | 12.23 Total return 36% · Per year 6% | 22.14 Total return 146% · Per year 20% |
- Exit P/E± 2.72
- Net margin± 1.90
- Annual revenue growth± 1.54
- Annual dilution± 0.16
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Coda Octopus Group develops real time 3D sonar for the subsea market, serving offshore operations, defense and diving, supplemented by a defense engineering division and the PAL acoustics acquisition. For the Orlando-based group, exposure to foreign markets and US tariffs remains a major factor in the recent period, according to the 10-K for fiscal 2025 and the 10-Q for the quarter ended July 31, 2026. Revenue from foreign subsidiaries was 66.2% of consolidated revenue in fiscal 2025 1, and 55.3% of net revenue came from customers outside the US in the current quarter 2.
SWOT
Strengths
- Proprietary real time 3D sonar technology and patents, with the NANO Gen launch extending the product range.
- ISO/IEC 17025 accreditation through PAL and long relationships with major defense prime contractors.
- Recurring revenue model in defense based on preferred supplier status over program life.
Weaknesses
- High reliance on foreign markets and exposure to sterling and Danish krone exchange rates.
- Defense revenue concentrated in a few large customers.
- Difficulty recruiting specialist skills and rising operating costs from inflation.
Opportunities
- Autonomous underwater vehicles and new defense programs that could adopt compact sonar.
- Expansion of untethered DAVD into special forces and foreign navies that have already started evaluations.
- Synergies between segments for integrated programs and broader tender responses.
Threats
- Tariffs and trade restrictions that could raise costs for products made in the United Kingdom.
- Export restrictions limiting the Chinese market and conflicts delaying contracts.
- Rising prices of electronic components driven by demand for artificial intelligence.
Risks
- Foreign exchange exposurehigh
Most revenue and assets are held in foreign currencies, and exchange rate movements could change reported results.
- US tariffsmedium
Products made in the United Kingdom and sold in the US may be affected by tariffs, which could reduce margins or demand.
- Export restrictionshigh
Deep-rated sonars require export licenses, and refusals could limit revenue from Asia.
- Defense customer concentrationmedium
An important share of revenue comes from a few prime contractors, making results sensitive to their decisions.
- Shortage of skilled staffmedium
Recruitment difficulties and high workforce turnover could slow project execution.
Investment thesis
What would need to be true (bull case)
- If autonomous underwater vehicle programs adopt compact sonar, the proprietary technology could gain a solid position in defense.
- The recurring revenue model in defense programs could stabilize sales over the long term.
- The PAL acquisition could extend activity into medical and research markets with recognized accreditation.
What would break the thesis
- Tariffs and export restrictions could reduce access to key markets and raise costs.
- High foreign exchange exposure could change reported results even if operations remain stable.
- Customer concentration and project delays could make revenue harder to predict.
What to watch
- Development of revenue from the Middle East and AsiaQ4 2026
- Effect of US tariffs on sales of UK-made products2027
- Status of export licenses for deep-rated sonarsnext 10-K
- Results of untethered DAVD programs and contracts with foreign navies2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group operates through wholly owned subsidiaries organized in three segments: Marine Technology (also called Products Segment or Core Business), Acoustic Sensors and Materials (PAL) and Defense Engineering Services. The marine segment is the largest and develops the Echoscope® real time 3D volumetric sonar, the DAVD diving system and other subsea products, all designed and manufactured in-house 1. PAL, acquired on October 29, 2024, supplies acoustic sensors, materials and ISO/IEC 17025 accredited calibration for medical, subsea and defense markets 1. The defense segment supplies sub-assemblies for major programs such as Raytheon's CIWS and Northrop Grumman's AQS-24, with a revenue model that recurs over program life 1.
Segments
Marine Technology
This is the core segment and receives most resources. It includes the Echoscope® sonar, the DAVD system (tethered and untethered) and Voice_HUB_4. Customers include offshore service providers, renewable energy companies, navies and research institutes; products are sold directly in the US, Europe and the Middle East and through agents in Asia and Africa 1. Equipment is also rented to offshore operators 1.
Acoustic Sensors and Materials (PAL)
PAL, based in the United Kingdom, is recognized in ultrasound and acoustic measurement, with products focused on medical imaging and non-destructive testing. It is one of only two UK organizations with ISO/IEC 17025 accreditation for these measurements 1.
Defense Engineering Services
The segment designs and manufactures sub-assemblies as a preferred supplier in defense programs, with customers such as Raytheon, Northrop Grumman, Thales Underwater and BAE Systems. Customer concentration is high and contracts can run for the life of programs 1.
Market context
The subsea sonar and diving market serves commercial offshore operations, defense (autonomous underwater vehicles, mine countermeasures), salvage, dredging and bridge inspection. Demand depends on several factors: defense spending, offshore energy investment and international trade. Limiting factors include export controls for sonars rated beyond 300 meters and US tariffs, which have affected part of the customer base in Asia and the Middle East 12.
Trends
- Defense demand for autonomous underwater vehiclestailwind
New underwater vehicle programs could increase demand for compact 3D sonar, and the NANO Gen sonar could extend the market to smaller platforms 1.
- Tariffs and trade policyheadwind
Products made in the United Kingdom and sold in the US are subject to tariffs, which may affect pricing and competitiveness in the US market 2.
- Geopolitical tensions in the Middle East and Asiaheadwind
The regional conflict has slowed customer purchasing decisions and projects, while export restrictions limit access to the Chinese market 12.
- Offshore energy fundingmixed
A change in US funding policy for offshore renewables reduced rental demand from some European customers, but the shift toward autonomy could support long-term demand 1.
Competitive position
The sources analyzed do not name competitors. They mention multibeam sonar solutions used mainly for seabed mapping, which are not designed for imaging moving objects, and competition in the port security market where much larger companies are active 13. Access to Western subsea products for third countries is a competitive variable, since export restrictions could leave room for other suppliers 1.
- Multibeam sonar suppliers
Technology used mainly for seabed mapping rather than imaging moving objects 1.
- Subsea port security system providers
Competition noted in port security, where much larger and well established companies are active 3.
- Chinese offshore suppliers
The sources indicate China could seek alternative supply or innovate where Western restrictions apply 1.
- Defense sub-assembly suppliers
Competition in defense programs is implicit, but the sources do not name other suppliers beyond the main prime contractors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Coda Octopus (CODA) Just Posted A First-Ever Profit MilestoneYahoo Finance — News · 16 Sept 2026 · EN
- Coda Octopus Group, Inc. Q3 2026 Earnings Call SummaryYahoo Finance — News · 14 Sept 2026 · EN
- Coda Octopus Group Q3 Earnings Call HighlightsYahoo Finance — News · 14 Sept 2026 · EN
- CODA: Rewriting Transformer Blocks as GEMM-Epilogue ProgramsHacker News · 22 May 2026 · EN
SEC filings
- Quarterly report14 Sept 2026
- Current report10 Sept 2026Shareholder vote
- Proxy statement17 Aug 2026
- Current report06 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report15 Jun 2026
- Quarterly report17 Mar 2026
- Annual report29 Jan 2026
- Current report16 Sept 2025Shareholder vote
- Quarterly report15 Sept 2025
- Proxy statement14 Aug 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-10-31 · SEC / Coda Octopus Group, Inc. · 29 Jan 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Coda Octopus Group, Inc. · 14 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Coda Octopus Group, Inc. · 18 Sept 2008
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.