Coda Octopus reports Q3 EPS 11c vs 11c last year

Reports Q3 revenue $7.06M vs $5.48M 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 TQ2025 and the diversification of our revenue structure. Our core business, the Marine Technology Business, sells its products and solutions worldwide and in the TQ2025, we saw a 103.6% increase in equipment sales which were $2,746,255 compared to $1,349,411 in the comparable TQ2024 period. However, we also saw an underutilization of our rental assets, which led to rental revenue decreasing by 62.2% and which were $304,617 compared to $805,259 in the comparable TQ2024 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 possible reduction of revenue from US offshore renewables.