Coda Octopus reports Q2 EPS 8c vs 13c last year

Reports Q2 revenue $7M vs $5.3M last year. Annmarie Gayle, CODA‘s Chairman and CEO, commented: “Despite the uncertain global policy environment, I am pleased with our overall financial results in our SQ2025 and the diversification of our revenue structure. In our SQ205 all business units increased revenue. Our core business, the Marine Technology Business, sells its products and solutions worldwide and in the SQ2025, we saw a 65.5% increase in equipment sales which were $3,319,322 compared to $2,005,128 in the comparable SQ2024 period. However, we also saw an underutilization of our rental assets, which led to rental revenue decreasing by 75.9% and which were $168,791 compared to $699,664 in the comparable SQ2024 period, reflecting the reduction in offshore renewable projects as a result of the change in U.S. Administration energy policy. Notwithstanding the change in the U.S policy on renewables, we believe that its new policy on prioritizing domestic energy production of Oil & Gas favors our products and solutions. We further believe that the transition to O&G will in the foreseeable future offset any reduction of revenue from US offshore renewables which we may experience.”