The company demonstrates structural pricing power with gross margins consistently exceeding 64% over the last ten quarters, despite revenue growth volatility ranging from -20.3% to 43.8%.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 |
|---|
| Sales/Revenue | 27.95M | 26.56M | 20.32M | 19.35M | 22.23M | 21.33M | 20.04M | 25.06M | 18.02M | 18.03M | 21.12M | 19.23M | 16.45M | 22.34M | 21.13M | 15.72M | 11.51M | 13.22M | 16.97M | 13.85M | 7.29M | 4.29M |
| Revenue Growth % | 22.81% | 30.75% | 4.98% | -12.93% | 4.19% | 6.42% | -20.01% | 39.06% | -0.03% | -14.65% | 9.79% | 16.95% | -26.39% | 5.76% | 34.36% | 36.61% | -12.96% | -22.07% | 22.49% | 90% | 70.02% | - |
| Cost of Goods Sold | 9.27M | 8.9M | 6.14M | 6.32M | 7.04M | 6.56M | 7.31M | 8.63M | 5.36M | 6.06M | 8.47M | 8.89M | 6.36M | 9.02M | 9.37M | 7.92M | 6.18M | 6.32M | 6.94M | 6.4M | 2.61M | 2.46M |
| COGS % of Revenue | - | 33.51% | 30.24% | 32.66% | 31.65% | 30.76% | 36.49% | 34.43% | 29.73% | 33.61% | 40.09% | 46.24% | 38.68% | 40.38% | 44.36% | 50.39% | 53.65% | 47.76% | 40.91% | 46.18% | 35.82% | 57.48% |
| Gross Profit | 18.68M | 17.66M | 14.17M | 13.03M | 15.19M | 14.77M | 12.73M | 16.43M | 12.66M | 11.97M | 12.65M | 10.34M | 10.09M | 13.32M | 11.75M | 7.8M | 5.33M | 6.91M | 10.03M | 7.46M | 4.68M | 1.82M |
| Gross Margin % | 66.84% | 66.49% | 69.76% | 67.34% | 68.35% | 69.24% | 63.51% | 65.57% | 70.27% | 66.39% | 59.91% | 53.76% | 61.32% | 59.62% | 55.64% | 49.61% | 46.35% | 52.24% | 59.09% | 53.82% | 64.18% | 42.52% |
| Gross Profit Growth % | - | 24.62% | 8.76% | -14.22% | 2.85% | 16.03% | -22.52% | 29.75% | 5.8% | -5.42% | 22.36% | 2.53% | -24.3% | 13.34% | 50.68% | 46.23% | -22.79% | -31.11% | 34.5% | 59.31% | 156.62% | - |
| Operating Expenses | 13.06M | 13.13M | 10.59M | 10.29M | 10.19M | 10.93M | 9.93M | 10.18M | 9.35M | 8.15M | 7.11M | 8.48M | 6.95M | 6.36M | 6.2M | 6.62M | 8.14M | 13.89M | 16.73M | 15.84M | 11.03M | 5.39M |
| OpEx % of Revenue | - | 49.42% | 52.12% | 53.18% | 45.83% | 51.25% | 49.52% | 40.61% | 51.9% | 45.21% | 33.69% | 44.09% | 42.26% | 28.47% | 29.34% | 42.08% | 70.76% | 105.05% | 98.59% | 114.34% | 151.31% | 125.79% |
| Selling, General & Admin | 10.62M | 10.68M | 8.35M | 8.2M | 7.95M | 7.92M | 6.74M | 7.37M | 6.78M | 6.77M | 6.1M | 7.48M | 5.82M | 5.33M | 4.87M | 5.28M | 6.38M | 11.24M | 13.2M | 12.82M | 7.9M | 4.35M |
| SG&A % of Revenue | - | 40.2% | 41.08% | 42.35% | 35.76% | 37.11% | 33.61% | 29.43% | 37.63% | 37.55% | 28.89% | 38.9% | 35.4% | 23.85% | 23.04% | 33.55% | 55.45% | 84.99% | 77.81% | 92.54% | 108.37% | 101.43% |
| Research & Development | 2.47M | 2.45M | 2.24M | 2.1M | 2.24M | 2.98M | 3.19M | 2.8M | 2.57M | 1.38M | 1.01M | 998.27K | 1.13M | 1.03M | 1.33M | 1.34M | 1.76M | 2.65M | 3.53M | 3.02M | 3.13M | 1.04M |
| R&D % of Revenue | - | 9.21% | 11.04% | 10.83% | 10.07% | 13.98% | 15.91% | 11.18% | 14.27% | 7.66% | 4.8% | 5.19% | 6.86% | 4.62% | 6.31% | 8.53% | 15.31% | 20.06% | 20.77% | 21.79% | 42.94% | 24.36% |
| Other Operating Expenses | -29.6K | 0 | 0 | 0 | 0 | 0 | 19.37K | 70.21K | 41.22K | 0 | 0 | 0 | 6.33K | 41.88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 5.62M | 4.54M | 3.58M | 2.74M | 5M | 3.84M | 2.8M | 6.25M | 3.31M | 3.82M | 5.54M | 1.86M | 3.14M | 6.96M | 5.55M | 1.18M | -2.81M | -6.98M | -6.7M | -8.38M | -6.35M | -3.57M |
| Operating Margin % | 20.1% | 17.08% | 17.64% | 14.16% | 22.51% | 17.99% | 13.99% | 24.96% | 18.37% | 21.18% | 26.23% | 9.67% | 19.06% | 31.15% | 26.29% | 7.53% | -24.42% | -52.81% | -39.49% | -60.52% | -87.13% | -83.27% |
| Operating Income Growth % | - | 26.56% | 30.83% | -45.25% | 30.4% | 36.87% | -55.16% | 88.88% | -13.29% | -31.07% | 197.85% | -40.69% | -54.95% | 25.3% | 369.14% | 142.13% | 59.76% | -4.2% | 20.07% | -31.97% | -77.91% | - |
| EBITDA | 7.03M | 5.93M | 4.35M | 3.41M | 5.74M | 4.76M | 3.61M | 7.09M | 4.07M | 4.77M | 6.35M | 2.31M | 3.37M | 7.11M | 5.83M | 1.22M | -2.54M | -6.29M | -6.15M | -8.05M | -6.22M | -3.44M |
| EBITDA Margin % | 25.16% | 22.31% | 21.43% | 17.61% | 25.84% | 22.32% | 17.99% | 28.28% | 22.58% | 26.47% | 30.06% | 12.01% | 20.5% | 31.82% | 27.58% | 7.75% | -22.04% | -47.59% | -36.27% | -58.08% | -85.25% | -80.17% |
| EBITDA Growth % | 56.84% | 36.12% | 27.81% | -40.67% | 20.61% | 32.02% | -49.11% | 74.17% | -14.72% | -24.83% | 174.9% | -31.52% | -52.58% | 22.03% | 377.83% | 148.08% | 59.7% | -2.26% | 23.52% | -29.45% | -80.8% | - |
| D&A (Non-Cash Add-back) | 1.41M | 1.39M | 770.53K | 667.53K | 738.73K | 924.07K | 802.94K | 833.77K | 758.41K | 953.63K | 809.38K | 449.7K | 236.57K | 150.07K | 271.98K | 35.37K | 274.02K | 689.74K | 547.37K | 337.66K | 137.19K | 132.93K |
| EBIT | 6.74M | 5.51M | 3.67M | 3.42M | 5.14M | 5.27M | 3.47M | 6.32M | 3.35M | 3.94M | 5.54M | 2.22M | 3.13M | 7.02M | 6.76M | 2.78M | 25.8K | -7.56M | -6.38M | -8.3M | -6.35M | -3.57M |
| Net Interest Income | 712.52K | 708.1K | 938.77K | 642.53K | -9.7K | -19.66K | -70.2K | -91.1K | -249.09K | -597.01K | -856.43K | -1.04M | -1.57M | -1.59M | -1.88M | -1.96M | -2.01M | -1.85M | -1.54M | -6.66M | 0 | 0 |
| Interest Income | 712.52K | 708.1K | 938.77K | 642.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 9.7K | 19.66K | 70.2K | 91.1K | 249.09K | 597.01K | 856.43K | 1.04M | 1.57M | 1.59M | 1.88M | 1.96M | 2.01M | 1.85M | 1.54M | 6.66M | 0 | 0 |
| Other Income/Expense | 1.01M | 976.19K | 1.03M | 681.68K | 128.27K | 1.42M | 598.04K | -20.88K | -207.87K | -475.73K | -684.34K | -689.13K | -1.58M | -1.53M | -672.51K | -371.44K | 1.41M | -2.43M | -1.21M | -6.57M | -1.2M | -218.54K |
| Pretax Income | 6.63M | 5.51M | 4.61M | 3.42M | 5.13M | 5.25M | 3.4M | 6.23M | 3.1M | 3.34M | 4.85M | 1.17M | 1.56M | 5.43M | 4.88M | 812.56K | -1.78M | -9.41M | -7.92M | -14.95M | -7.55M | -3.79M |
| Pretax Margin % | 23.73% | 20.75% | 22.7% | 17.68% | 23.09% | 24.63% | 16.97% | 24.87% | 17.22% | 18.54% | 22.99% | 6.08% | 9.47% | 24.28% | 23.11% | 5.17% | -15.45% | -71.16% | -46.65% | -107.93% | -103.6% | -88.36% |
| Income Tax | 1.7M | 1.38M | 965.29K | 297.08K | 831.11K | 305.48K | 58.22K | 1.01M | -1.89M | 2.62K | -76.25K | 100.1K | -69.14K | 110.29K | -42.25K | -283.61K | 2.01M | 22.21K | 4.02K | 106 | 5.68K | 17.77K |
| Effective Tax Rate % | 25.56% | 25.08% | 20.93% | 8.68% | 16.19% | 5.82% | 1.71% | 16.16% | -60.77% | 0.08% | -1.57% | 8.55% | -4.44% | 2.03% | -0.87% | -34.9% | -112.79% | -0.24% | -0.05% | -0% | -0.08% | -0.47% |
| Net Income | 4.94M | 4.13M | 3.65M | 3.12M | 4.3M | 4.95M | 3.34M | 5.23M | 4.99M | 3.34M | 4.93M | 1.07M | 1.63M | 5.32M | 4.92M | 1.1M | -1.78M | -9.43M | -7.92M | -14.95M | -7.56M | -3.81M |
| Net Margin % | 17.66% | 15.55% | 17.95% | 16.14% | 19.35% | 23.19% | 16.68% | 20.85% | 27.68% | 18.53% | 23.35% | 5.56% | 9.89% | 23.79% | 23.31% | 6.97% | -15.45% | -71.33% | -46.68% | -107.93% | -103.67% | -88.78% |
| Net Income Growth % | 44.24% | 13.27% | 16.7% | -27.37% | -13.07% | 47.98% | -36.01% | 4.74% | 49.37% | -32.27% | 360.67% | -34.19% | -69.4% | 7.94% | 349.23% | 161.64% | 81.15% | -19.1% | 47.03% | -97.8% | -98.56% | - |
| Net Income (Continuing) | 4.94M | 4.13M | 3.65M | 3.12M | 4.3M | 4.95M | 3.34M | 5.23M | 4.99M | 3.34M | 4.93M | 1.07M | 1.63M | 5.32M | 4.92M | 1.1M | -1.78M | -9.43M | -7.92M | -14.95M | -7.56M | -3.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.44 | 0.37 | 0.32 | 0.28 | 0.38 | 0.44 | 0.30 | 0.49 | 0.49 | 0.36 | 0.58 | 0.16 | 0.24 | 0.80 | 0.87 | 0.21 | -0.41 | -2.71 | -2.29 | -5.44 | -4.40 | -2.31 |
| EPS Growth % | 2267% | 15.63% | 14.29% | -26.32% | -13.64% | 46.67% | -38.78% | 0% | 36.11% | -37.93% | 262.5% | -33.33% | -70% | -8.05% | 314.29% | 151.22% | 84.87% | -18.34% | 57.9% | -23.64% | -90.48% | - |
| EPS (Basic) | - | 0.37 | 0.33 | 0.28 | 0.40 | 0.46 | 0.31 | 0.49 | 0.49 | 0.37 | 0.60 | 0.16 | 0.24 | 0.81 | 0.88 | 0.21 | -0.41 | -2.71 | -2.29 | -5.44 | -4.40 | -2.31 |
| Diluted Shares Outstanding | 11.29M | 11.25M | 11.29M | 11.32M | 11.28M | 11.31M | 11.29M | 10.68M | 10.09M | 9.31M | 8.44M | 6.76M | 6.7M | 6.6M | 5.66M | 5.31M | 4.33M | 3.48M | 3.46M | 2.75M | 1.72M | 1.65M |
| Basic Shares Outstanding | 11.27M | 11.23M | 11.17M | 11.13M | 10.86M | 10.8M | 10.73M | 10.68M | 10.09M | 9.11M | 8.28M | 6.71M | 6.7M | 6.6M | 5.6M | 5.31M | 4.33M | 3.48M | 3.46M | 2.75M | 1.72M | 1.65M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Lumpy defense procurement cycles
According to the provided quarterly income statements, CODA's revenue growth has fluctuated significantly, ranging from a 20.3% contraction in 2024Q1 to a 43.8% expansion by 2025Q4, reflecting the inherent lumpiness of project-based defense and subsea engineering contracts rather than a consistent organic growth trend.
The erratic top-line performance suggests that revenue recognition is heavily dependent on the timing of milestone achievements within the Marine Engineering segment. Investors should monitor whether the recent pivot toward commercial offshore wind applications can smooth these cyclical swings by providing more predictable, recurring revenue streams.
As reported in financial statements, CODA has consistently maintained gross margins above 64% over the last ten quarters, peaking at 73.9% in 2024Q3, which underscores the company's strong pricing power derived from its proprietary volumetric sonar algorithms and specialized intellectual property in underwater sensing.
These elevated margins appear to be a direct result of the high software-to-hardware mix within the Marine Technology segment. The ability to sustain such levels despite varying revenue volumes suggests that the company possesses a durable competitive moat that protects it from the commoditization pressures typically seen in broader industrial manufacturing.
Based on the provided data, operating margins have swung from a low of 5.7% in 2024Q4 to a high of 26.4% in 2026Q2, indicating that operating leverage is not yet fully optimized and remains sensitive to the timing of SG&A expenditures relative to revenue recognition.
The lack of a linear relationship between gross profit growth and operating income suggests that management may be aggressively scaling R&D or administrative overhead in anticipation of future contract wins. This warrants further investigation into whether current SG&A levels are necessary for long-term growth or if they represent temporary inefficiencies.
As indicated by the historical income statement data, the company's reliance on percentage-of-completion accounting for its engineering segment creates a risk where reported earnings may not accurately reflect underlying operational health, potentially masking periods of stagnant demand through the timing of large, lumpy contract milestones.
Short-term observers might focus on the recent revenue decline in 2026Q2 as a potential signal of weakening demand for the Echoscope series. Investors should remain cautious, as the high variability in quarterly EPS suggests that the company's profitability is more a function of accounting timing than a steady, predictable operational trajectory.
Quick answers to the most common questions about buying CODA stock.
For fiscal year 2025, Coda Octopus Group, Inc. (CODA) reported total revenue of $26.6M. This represents a 519.4% increase compared to $4.3M in 2005.
Coda Octopus Group, Inc. (CODA) is profitable, generating $4.1M in net income for the fiscal year ending 2025 with a net profit margin of 15.5%.
Coda Octopus Group, Inc. (CODA) reported an operating income of $4.5M, resulting in an operating profit margin of 17.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Coda Octopus Group, Inc. (CODA) generated $17.7M in gross profit for the year, representing a gross profit margin of 66.5%. This demonstrates the company's core pricing power and production efficiency.