Coda Octopus Group Inc (NASDAQ: CODA) is a marine technology and defense company that designs, manufactures, and sells proprietary underwater imaging, diving, and acoustic sensor systems for commercial and defense customers. Revenue comes from three segments: Marine Technology Business (product sales of sonar and diving systems), Acoustic Sensors and Materials Business (acoustic hydrophone and measurement products via its UK-based PAL subsidiary acquired October 29, 2024), and Defense Engineering Services (sub-assembly design and manufacturing for U.S. and UK prime defense contractors). In FY2025 (year ended October 31, 2025), total net revenues were $26.6M, split across Marine Technology at $13.2M (50%), Defense Engineering Services at $7.9M (30%), and Acoustic Sensors and Materials at $5.4M (20%). All product design, development, and manufacturing is performed internally. The company trades on the Nasdaq Capital Market under the symbol CODA and has operations in the United States and United Kingdom.

Revenue model

Transactional product sales of proprietary sonar systems (Echoscope series) and diver augmented vision display (DAVD) units; program-based defense engineering services delivered as sub-assemblies to prime defense contractors; acoustic sensor and calibration services through PAL subsidiary. Revenue is recognized across three operating segments as disclosed in the FY2025 10-K.

Products and services

Echoscope, Echoscope PIPE, and Echoscope PIPE NANO Gen Series real-time volumetric 3D imaging sonars for underwater construction, offshore renewables, oil and gas, salvage, dredging, bridge inspection, port security, ship hull scanning, and autonomous underwater vehicles. DAVD (Diver Augmented Vision Display) system including tethered and untethered variants with heads-up display, 3D sonar, digital audio/video communications, and navigation guidance for commercial and defense divers, including the U.S. Navy MK16 Rebreather-compatible untethered variant. Geophysical hardware and software solutions, inertial navigation systems, and digital audio communications systems for underwater applications. PAL acoustic hydrophone design, acoustic materials, non-destructive testing (NDT) products, and ISO/IEC 17025-accredited calibration services for medical devices and industrial structures.

Customers and end markets

U.S. Department of Defense and prime defense contractors (Defense Engineering Services); U.S. Navy special operations forces (DAVD untethered, MK16 Rebreather system, 16 units delivered FY2025); foreign navies including at least one European navy (DAVD FY2025 orders); commercial offshore marine operators in underwater construction, offshore renewables, oil and gas, dredging, salvage, mining, and port security; medical device manufacturers and industrial NDT customers (PAL segment). End markets include defense diving, autonomous underwater vehicles, subsea robotics, offshore energy, and acoustic measurement standards.

Value-chain role

Vertically integrated developer and manufacturer: all innovation, design, development, and manufacturing performed internally. Supplies proprietary sub-systems and technology solutions to prime defense contractors and directly to end-user operators. PAL is one of only two UK organizations holding ISO/IEC 17025 accreditation for acoustic measurement calibration alongside the National Physical Laboratory.

Geographic exposure

United States and United Kingdom. Defense Engineering Services has operations in both countries. PAL is UK-based, leasing 6,501 square feet in the UK on a lease expiring March 31, 2033. Marine Technology Business serves global commercial offshore and defense markets including U.S. and foreign navies.

Source: SEC 10-K, filed 2026-01-29

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