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She could afford it having sold all that stock at 18.
Me, clapping. Kudos Ann Marie.
8K out today:
Item 8.01 Other Events.
On April 6, 2020, the Chief Executive Officer of Coda Octopus Group, Inc. (the “Company”) voluntarily decided to waive payment of more than one third of her compensation for the next three months. In addition, all members of the Company’s Board of Director resolved to waive all board fees for the same period.
These actions were taken in anticipation of expected reductions in personnel salaries that the Company’s management will seek to cut costs in order to mitigate the impact of COVID-19 and the current economic climate on its business.
The information in this Current Report on Form 8-K is being furnished under Item 8.01 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
That's unfortunate. My entire goal in life is to impress you. Who are you again?
I'm not impressed by your ability to read the numbers.
The weak product revenues were not virus related.
Yes the virus is uncharted territory, but unrelated to results through January. The virus hit won’t be their fault. The failed promises and squandering of a monopoly would be.
We have never seen this kind of response to the market before. All companies large and small; profitable and unprofitable are facing unchartered territory currently. All I can rely on the history of the company, it's very capable workforce and management.
Coda Octopus has sustainable customers and unique product so I am still all in and waiting for a turn in the market. The US Navy is here to stay so I am in this for the long haul.
I’m more interested in whether a large order was partly filled. There were supposed to be 4 davd systems delivered through q2. Were any delivered in q1? I didn’t see anything in the filings saying yes unless I missed it.
If there were deliveries that means not only does management communicate badly but also that core product revenues were a disaster.
If there were no deliveries we should be looking forward to robust davd sales in q2 which unfortunately will not negate the rest of the business which they signaled would be dreadful.
Agree Jenny. It is why I reloaded all of my original shares due to the potential of this company. Since they are now on the approved products list, I wonder if there will be a subsequent announcement of a large order from the US Military?
The market seems to lack your confidence. I wonder if managements inability to grow the product side despite massive investment and a functional monopoly might be playing into that negative perception?
Coda Octopus is not alone in this crisis. However the company has a good product and Research and Development is what they do best, so they should do well in the long run.
Good results in a difficult market and cash to withstand the current impossible international situation.
Just saw Analyst Cover. They have cash to weather COVID-19. Smart move by management. They are re-purposing resources and focusing on funded R&D projects bringing in good quality program. Notice that the Heads UP Display for the Navy now is on the Approved Navy Use (ANU) list with their Echoscope. This is a good move forward. Like the fact that management is proactive and thinking ahead.
Great first quarter results. Engineering segment appears to be down but look at the super performance by the Products Segment. Sales increased and profits doubling before taxes.
It appears COVID-19 did not affect first quarter results. It may get worst but I believe in this technology and what management is doing. I think management should be supported.
Earnings out
Fairly mediocre, but not the epic disaster that it could have been. Also there will be coronavirus impact which is not a surprise or the companies fault.
I still think we would benefit from fresh management. The current team doesn’t seem to be very effective at building sustainable revenues and certainly has no idea how to operate as a public company with responsibilities to shareholders. Counting beans though is something they do well. They don’t often lose money.
https://www.investorpoint.com/stock/CODA-Cordillera%20Cp/news/5548027711532616/
It isn't really unusual for them to report late in good quarters and bad.
That irks me because its unprofessional for a nasdaq listed company. In theory this quarter should be strong as I expect some kind of revenue from those 4 navy installs. In practice what worries me is that line last PR about "turning our focus to sales"
Seems like that could be a pre-canned excuse for a bad quarter.
i.e.
We told you we were just starting to focus on sales. It takes awhile.
Last quarters revenues and earnings were grossly disappointing. Hopefully we don't get a repeat.
Yeah probably not a good sign. Hopefully they're waiting for Monday morning instead of Friday after the close. Not expecting too much from fiscal Q1. But I think the outlook for Q2 & beyond should be very bullish with the initial DAVD deliveries. Not sure if the stock would even do anything on a great report in this awful market of late.
I guess we are waiting until the last possible second for earnings yet again.
I'll repeat that NASA ...
DAVS Spotlight in FLC Calendar
The upcoming Diver Augmented Vision System (DAVS) from Coda Octopus has been selected as the front cover of the U.S. Federal Laboratory Consortium (FLC) Technology Transfer calendar. Click the link on the page to download the calendar!
All true.
I'm buying so I'm biased I guess.
I mean it’s down 5% right now.
That seems like a fairly negative down move on a 500 point up day.
Granted the stock seems to have little correlation with the overall market.
Creamed? It opened at $6.05 and got as high as $6.32 and now sits at $6.17 on only 45,000 volume.
A lot of panic out there and only going to get worse as more COVID-19 cases are reported in US. Huge buying opportunity in the next couple months for those with a stomach for it and immunity.
Good luck to everyone here and your families!
Market doesn’t seem to think much of managements efforts. Stock getting creamed on a good market day.
This quarter will be telling. They laid a massive egg last quarter. Another one like that and it re-rates down further.
I’m hoping for something else given the navy installs that should have started.
Looks like www.codaoctopus.com and www.codaoctopusgroup.com were both significantly upgraded/improved/brought current.
So many things going on for and with this company.
Stock price is so cheap right now in my opinion.
After all the latest PR's, the 10k, products, patents, etc. MY hat goes off to Anne Marie Gayle, Blair Cunningham and all the rest of the good people at COG. Well done!!!! I as a long time investor thank you. You've delivered far and above my expectations when I bought in a .06 and .08 pre-split.
Everybody please spread the good word about this company and it's products.
[Insert Applause here]
CODA - 7.04 Interesting....I may add today.
Coda Octopus Group Brings New and Ground-breaking Capabilities to the Subsea Market – Innovates the World’s Only 5-Dimensional and 6-Dimensional Real-Time Imaging Sonar
https://www.stockscores.com/charts/charts/?ticker=coda
Seems obvious where this would be going.
The better images would naturally lead to machine learning applications. Their object identification software gets much better with better data. You feed the better images as training data to the algorithms and the software becomes much more useful as you can identify more types of objects more accurately.
Then the software starts annotating what it sees
This is a pylon
This is a boulder
This is a 4x8 steel beam etc
New Press Release from CODA (via email 2/17/2020): “Coda Octopus Launches Echoscope PIPE®”
The World's Only 5-Dimensional (“5-D”) and 6-Dimensional ("6-D") Real-Time Imaging Sonar
Capture, Processing and Output, up to 40 million 3D backscatter data points per ping within the selected field of view in real-time.
Coda Octopus today announced that it has started Beta-trials with its revolutionary new 5-Dimensional and 6-Dimensional Imaging Sonars, branded Echoscope® PIPE (Parallel Intelligent Processing Engine).
The 5-D and 6-D Echoscope® PIPE sonars embed the Company’s new innovative high-powered and extensible real-time processing engine. The current Echoscope® variants in the market can output up to 16,384 points per ping within the sonars field of view using a single set of processing parameters. In our new 5-D and 6-D sonars we can not only capture (for offline beamforming), and process the full backscatter (time series) data of up to 40 million points per ping, but make all of this data available in real-time for top-end visualization and processing. Supported by a range of advanced signal processing options, Echoscope® PIPE is revolutionary as it allows our customers to access the entirety of the available sonar data for multiple simultaneous outputs such as multiple 4D Images with different processing and/or the full backscatter (time series) output given much greater range and image fidelity – all from a single sensor in real-time. From complex live operations to autonomous vehicle data collection missions, this technology and capability presents a paradigm shift for marine and ocean monitoring and mapping.
[Here, they show a graphic, summarizing the following (paraphrased in my own words):
3D- scanning imagery to construct 3D shape
4D- multiple 3D images representing a time sequence (kind of like a video)
5D- mulptiple 4D images containing more depth info, detail, and resolution over time
6D- ““PIPE” allows multiple parallel 5D images to be generated with different imaging and sonar parameters. This allows different processing to be performed on the RAW sonar data in parallel and extract more specific results without compromise.”]
This ground-breaking technology’s ability to process all of the acoustic 3D backscatter data (up to 40 million points) within the viewing volume is CODA’s 5-D full-time series capability. Processing the complete backscatter volume now offers extended range, coverage and density of targets with the ability to detect multiple targets within a single beam footprint (in 4D) and provide critical amplitude data around targets and seabed such as layers or marine growth or sediment penetration.
The Company’s new 6-D system builds on the 5-D full-time series and allows parallel and sequenced real-time processing and visualizing of many 4D real-time images at the same time, using different processing parameters. 4D images can be processed by varying settings including field of view, range windows, beam detection method and many acoustic and beamforming filter options. Significantly PIPE can provide these multiple 4D imaging outputs in parallel over the network allowing different users to subscribe to the different image outputs they require.
As an examples, a single Echoscope 5-D or 6-D sensor can deployed on a Remotely Operated Vehicle (ROV) for complex infrastructure mapping in an oilfield and can deliver real time volumetric outputs simultaneously such as a near field high resolution range 4D image for building 3D models of the infrastructure or seabed, and a second 4D image set to far range with a narrower field of view for obstacle avoidance. Additionally, the system can capture the full 5-D Backscatter data for further offline processing in PIPE to detect oil patches on the seafloor or gas leaks from pipelines.
The ability to specify these multiple image requirements ahead of survey or inspection with the specific beamforming parameters and beam detection methods can mean that PIPE could make redundant a number of other sensors – reducing complexity, power consumption and weight and cutting significantly costs and increasing productivity.
For more information on this ground-breaking new technology from Coda Octopus, please contact a member of our sales team, sales@codaoctopus.com.
Yeah thermite was always a potential catalyst
Endeavor robotics featured prominently in previous decks so I assumed there were possibly big orders there. So far they haven’t managed to pull off a big thermite contract, but if they did it would certainly launch the stock.
I did think it was a nice presentation. Some of the detail on the davd product was interesting.
Just the number of exciting things CODA is working on. Check out slide 39. Any one of these things in a PR would launch the stock price significantly higher imo
Thermite Octal Applications/Trials
Thermite New Generation Octal Embedded Rugged Computer
Weapon Control Systems-------Army Mobile Vehicles----In Field Test
Dismounted Soldier Training------Virtual Reality-------In Prototype Stage
Real Time Training and Simulation----Virtual Reality-----In Prototype Stage
Mission Computer------U.S. Military Ally-----Drone Control, Real-Time Imaging
Mission Computer----U.S. Military Ally, F16---In Field/ Environmental Testing
Sensor Processing----Undisclosed U.S Military Application---In Development Stages
Mission Computer-----Army / Marine-----Robotic Control- Land Based Drone
What were your key takeaways?
Haven’t read it yet.
Nifty presentation in today's 8K filing:
https://www.sec.gov/Archives/edgar/data/1334325/000149315220001934/ex99-1.htm
Reading though this made me want to buy more shares. CODA just has so much upside potential in the $6's. And with the recent PRs and now today's 8K filing...dare I say the company seems to be getting its act together. About time!
Coda Octopus Group Granted Exclusive License for Exploitation in Commercial Market for the Face Plate Technology of the Diver Augmented Vision Display (DAVD) Head-up Display, by Naval Surface Warfare Center Panama City Division
6:00 am ET February 10, 2020 (Globe Newswire) Print
Echoscope-complementary Technology Delivers Combined Complete End-to-end Diver Management Solution, Permits Divers and Supervisors on the Surface to Simultaneously Visualize the Diving Environment in Real Time
Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA), a global leader in real-time 3D sonar technology and real-time subsea intelligence, announced that as part of the transitioning of the prototype for the Diver Augmented Vision Display (DAVD) system, Naval Surface Warfare Center Panama City Division (NSWC PCD) has granted the Company the Exclusive License to use its utility invention relating to the face plate for manufacture and sale in the commercial market. The face plate technology is patented, as it relates to its application subsea. Since the DAVD system is funded by the Office of Naval Research (ONR) through an ONR Future Naval Capabilities program and continues to be managed by NAVSEA 00C3, a license is not required for CODA to manufacture and supply the multi-generation DAVD system to the U.S. defense market.
When coupled with one of CODA's real-time 3D Sonars, commercially branded Echoscope, the head-up display face plate technology allows both divers in the water and supervisors on the surface to simultaneously visualize the diving environment in real time. The divers and supervisors are able to communicate with real-time data, images, video, and step-by-step instructional information to run the dive operations in a safe, controlled, and timely manner. The see-through head-up display was developed in the Gen 1 DAVD program on standard Navy-issue Kirby Morgan KM37, KM37SS and KM97 helmets, with supported dive helmets and masks expected to increase after initial release. The Echoscope series of real-time 3D sonars range from the compact and lightweight EchoscopeC500 and EchoscopeSurface for diver handheld operations to CodaOctopus Underwater Inspection System (UIS), which provides the highest performance 3D real-time mapping and monitoring platform. Commercial applications range from marine and port construction to offshore wind energy-renewables and oil and gas, and include research and educational institutions.
Blair Cunningham, Coda Octopus Group's President of Technology, commented: "We thank our collaborators at ONR, NSWC PDC and NAVSEA 00C3 for affording us this exciting commercial extension of the DAVD program. This represents a new product for Coda Octopus Products, which will be manufactured under license with NSWC PCD. It represents a significant opportunity for both CODA and our customers. The major service providers and, indeed, nearly all of our customers around the world, have divers in the water on all projects. This advanced face plate technology, when used in conjunction with our complementary real-time 3D sonar solutions, will greatly benefit both the safety of crew divers and project efficiencies, bringing significant value to our customers."
The DAVD face plate technology commercial license announcement follows CODA's successful transition of the Gen 1 DAVD prototype to a first-generation operational system for project sponsor, NAVSEA 00C3.
For further information, see CODA's news releases, "Coda Octopus Group Awarded Contract to Advance U.S. Naval Diving Operations with State-of-the-art Real-time 3D Subsea Intelligence for Next Generation Wearable Head Up Display with Embedded Software" (February 5, 2018), "Coda Octopus Group Enters into a Navy Cooperative Research And Development Agreement with Naval Surface Warfare Center, Panama City Division for Naval Real-Time 3D Imaging Head Up Display Diver Solution" (July 16, 2018), "Coda Octopus Group Announces the Successful Completion of NAVSEA and NASA Joint Mission Trials of Diver Augmented Vision Display (DAVD) Generation 1.0 Head-Up Display Prototype System" (September 9, 2019), and "Coda Octopus Group Announces Gen 1 Diver Augmented Vision Display (DAVD) System Completed and Delivered" (February 5, 2020).
About Coda Octopus Group, Inc.
The Company, founded in 1994, manufactures and markets patented real-time 3D subsea sonar technology, the Echoscope, which enables real-time 3D imaging and mapping in zero visibility conditions underwater. Echoscope is used globally in numerous applications including defense, marine construction, oil and gas subsea infrastructure installation and surveys, and port and harbor security. In addition to the Marine Products business, Coda Octopus Products Ltd., CODA's two defense products and engineering services businesses are Coda Octopus Colmek and Coda Octopus Martech. For further information, please visit http://www.codaoctopusgroup.com or contact us at: coda@codaoctopusgroup.com.
About Office of Naval Research (ONR)
As an executive branch agency within the Department of Defense, the Office of Naval Research (ONR) supports the President's budget. ONR provides technical advice to the Chief of Naval Operations and the Secretary of the Navy. ONR coordinates, executes, and promotes the science and technology programs of the United States Navy and Marine Corps. For further information, please visit: https://www.onr.navy.mil/en
About Naval Surface Warfare Center Panama City Division (NSWC PCD)
The mission of Naval Surface Warfare Center Panama City Division is to conduct research, development, test and evaluation, and In-Service support of Mine Countermeasure Systems, Naval Sea Mine Systems, Naval Special Warfare Systems, Amphibious & Expeditionary Maneuver Warfare Systems and support all other systems that occur primarily in coastal or littoral regions. Today, Naval Surface Warfare Center Panama City Division is one of the major research, development, test and evaluation laboratories in the U.S. Navy and boasts a wide base of expertise in engineering and scientific disciplines. By October 2017, the command employed more than 1,400 civilian employees of which over 800 were scientists and engineers. NSWC PCD prides itself of being good stewards of the environment and taxpayer dollar. The command has a business base of more than $400 million of which $330 million goes back into the State of Florida through labor dollars, contract services, and local goods. For further information, please visit http://www.navsea.navy.mil/Home/Warfare-Centers/NSWC-Panama-City/.
About NAVSEA 00C Diving Program
NAVSEA Supervisor of Salvage and Diving, SEA 00C, is the Fleets Diving Technical Authority. SEA 00C develops procedures, diving manuals & technical instructions to support Fleet diving operations. They conduct Test & Evaluation of new and existing technology and procedures and provides Fleet Diving support including:
-- System and equipment acquisition
-- Issuing Dive Advisories/direct technical assistance
-- Offering Depot Level maintenance
-- Developing collaboration tools
-- Establishes and conducts QASP/DORI program
-- Writes and issues diving equipment preventative maintenance procedures
Forward Looking Statement
This press release contains forward-looking statements concerning Coda Octopus Group, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include, without limitation, statements regarding the Company's expectations for the growth of the Company's operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, customer demand for our products and market prices; the outcome of our ongoing research and development efforts relating to our products including our patented real time 3D solutions; our ability to develop the sales force required to achieve our development and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2018, filed with the Securities and Exchange Commission on January 29, 2019, as amended on February 7, 2019 and April 23, 2019. Coda Octopus Group, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Contact:
MDC Group
Investor Relations:
David Castaneda
Arsen Mugurdumov
414.351.9758
Media Relations:
Susan Roush
805.624.7624
Attachment
-- Diver Augmented Vision Display (DAVD)
https://ml.globenewswire.com/media/4b164df8-e463-4271-8576-748874d5912c/small/cogi-logo-2019-jpg.jpg
A couple thoughts on the annual report
If you look over the last year the results were really driven by the services side which in turn at least in significant part was driven by built up demand from the sequestration. That is largely a one time event and there is no concrete reason to believe we are going to see services driving significant new growth going forward. We do still have the thermite promise being dangled in front of us as a revenue driver, but that hasn't happened yet.
Which gets me to what was dangled before us at this time last year. This is what they said in the 2018 press release looking forward to 2019.
"During fiscal year 2018 we continued our strategic investment in technological advancement across our product range, including 4G/5G enhancements of our real-time 3D sonar technology and our first in a planned series of artificial intelligence-based Automatic Object Detection (AOD) subsea software products, for automatic boulder detection. We, therefore, increased our R&D expenditures to $2.6 million from $1.4 million during fiscal year 2017. This will position the Company for breakout growth in capturing a greater share of the multibillion-dollar markets for our products and services, and in developing new markets across all our offerings during fiscal 2019."
Product side growth in 2019 was actually 12%. Not bad if you are 3M or some mega company but I wouldn't exactly call 12% breakout growth. It's actually pretty underwhelming for a product that has a number of obvious uses and a functional monopoly. They have been rolling out software and variations but the 4g products were initially rolled out in 2018 a year when product growth was a whopping 4%. To say their investment thus far has been underwhelming is an understatement.
Now I'm not sure this is completely their fault. If you read the 10k they point out that oil and gas revenue on the product side has been reduced to close to zero. It isn't clear how that fallout has played out. Was it 90% last year and plunged to 7% this year and therefore growth was actually much more impressive than it appeared? That's possible but I imagine its been over the last 5 years. So the lack of progress on the sales side looks worse than it is because they basically had to replace all of their product revenue with new business over the past several years.
On the other hand I was aghast at the statement from the last earnings PR.
"The SG&A expenditure is likely to increase during fiscal 2020, as the Company shifts its focus from R&D which tends to be more capital intensive to sales and marketing."
What in the holy hell? You spent millions on these products. They were released 2 years ago, and you are just now getting around to contemplating selling and marketing them? Is walking and chewing gum a true challenge? There is no excuse in the world why sales and marketing wasn't being addressed AT THE SAME TIME as R&D. I mean we know its possible because the annual outlines all of the R&D they are now working on for the next generation of their products while they also "shift their focus to sales"
In context this may explain the anemic 2 year growth on what was supposed to be revolutionary new products. They were just to busy to, you know, sell stuff. Technology gets stale, competitors catch up. You can't invest millions and then sit on your hands for 2 years and then say
"You know what maybe we should sell some stuff"
The potential really is here, but this is not a professional management team that seems capable of growing this into a 100 million or 500 million dollar business. They are good at managing the books. They deserve credit for that, but building a market for revolutionary new products and generating the kind of growth that comes from that? Color me skeptical. It seems to be run as a successful mom and pop business that manages to earn profits each year and pay for a nice vacation with the kids.
I'm looking for a bit more. For someone like Hweb who is familiar with AYSI the situations here rhyme. You had amazing technology within a company run by people who don't know how to take advantage of it because they are not professional public company managers. That company never really reached its full potential and CODA seems to be on the same path. We would benefit from someone else running the show.
I really hope I eat my words on that.
Probably more 1 than 2
And you would be surprised how many people appear to be deer in the headlights when asked why they did X.
"Seems likely there was some sort of reason why they didn't put one out today AND a reason that they did, no?"
Maybe I'm cynical, but I don't ascribe reasons to what children do. They just do things. I feel the same way about this. It just wasn't a priority like building a sales team to sell products that have been in the market for 2 years wasn't a priority.
Seems likely there was some sort of reason why they didn't put one out today AND a reason that they did, no?
It's more than 1 insider selling shares, granted he has registered the bulk but that also means he is giving up % ownership and voting rights. Seems contradictory to what is being implied? On the side, it's not likely they are in cahoots since there is a process and board?
Look forward to the write up on the 10k. CAn't say I agree or disagree with priorities at hand. Seems like the NAVSEA was the main priority and personally can't say I blame the company of going in that direction. I imagine the NAVY/NASA does their due diligence and not about to jump into bed with a company that doesn't have some staying power??
New blood, maybe so, never a bad idea imo no matter how it turns out. Jut the catalyst alone sparks change.
On the first point I would quibble given all this was announced 2 months ago on a public website. It's not impossible their hands were bound but that seems exceedingly unlikely.
On the second point there is a clear issue with priorities being grossly out of whack if ensuring the CEO's boyfriend could sell shares was more important than providing the entire investor base timely information.
I do think priorities are grossly out of whack. The comment that they will now "focus on sales" a full 2 years after launching their new products is an example of just such a lack of priorities. I have a few general thoughts about that as well as the 10k I've been meaning to write up. Not all of it is bad, but this is a management team that seems more suited to a mom and pop business than something that should grow into a 100 million or 500 million revenue company.
The company needs new blood.
I may be reading into it, but from the PR this projects sounds like it belongs to someone else and they *may* have dictated when/if CODA could announce certain milestones.
In addition, it seems somewhat apparent that the filings for the sale of insider shares coincided with this announcement - as in get that all done first.
Very weak reaction on a roaring market day.
Not sure if it was the poor description of the business impact in the PR, broken investor trust, or the CEO's boyfriend selling shares, but I think its about even money whether it winds up red on the day.
At least they eventually got around to saying something which is clearly progress.
Seriously? Crickets here and no real price movement. Jeez people are strange. The stock goes crazy when the initial contract for the DAVD news came out in 2018 and now that it's a reality and CODA are paid and rewarded we get nothing??? On the flip side, thanks folks for letting me pick up some more "cheap" shares!
ORLANDO, FL, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (CODA), a global leader in real-time 3D sonar technology and real-time subsea intelligence, announced that its Gen 1 Diver Augmented Vision Display (DAVD) system, developed in conjunction with Naval Surface Warfare Center, Panama City Division (NSWC PCD) and NAVSEA 00C3, has met the project’s Cooperative Research and Development Agreement (CRADA) objectives. The Company has successfully transitioned the NSWC PCD faceplate prototype to a first-generation operational system in production. NAVSEA 00C3, the Navy Diving Project Manager, has signed off on the Gen 1 DAVD and named it “Ready for Fleet Issue,” in a recent issue of Faceplate. The Gen 1 DAVD is expected to be added to the “Authorized for Navy Use” (ANU) product list, available for supply across the U.S. Navy, military and Allies, in the coming weeks.
CODA also announced that next Gen R&D development of the multi-generation DAVD system – sponsored and funded by the Office of Naval Research (ONR) through the ONR Future Naval Capabilities (FNC) program is underway. The DAVD program continues to be managed by NAVSEA 00C3, and the ONR FNC program will continue to fund the development of the end-to-end diver management solution in a staged approach through three generations, as new technology and capabilities develop.
The initial DAVD Gen 1 product focuses on the high-resolution, see-through head-up display (HUD) embedded directly inside the standard Navy-issue Kirby Morgan KM37, KM37SS and KM97 helmets, with supported dive helmets and masks expected to increase after initial release. CODA is expected to start supplying initial Gen 1 DAVD systems to the Navy for operational use with its core dive teams in early 2020. Paul D. McMurtrie, Diving Equipment RDT&E Program Manager for Naval Sea Systems Command, commented in the December 2019 Faceplate article: “…initial fleet issue will take place from January 2020 through June 2020. The first units scheduled for fleet delivery are to the two primary MDSU [Mobile Diving and Salvage Unit] commands, and the two primary UCT [Underwater Construction Team] commands. Each command will receive one full up DAVD system, along with system operational training pier side.”
Blair Cunningham, Coda Octopus Group’s President of Technology, commented: “We are excited to have accomplished this important Gen 1 milestone with our NAVSEA collaborators including NASA. This program represents a significant and material opportunity for Coda Octopus Group, as the real opportunity is to positively impact both naval and commercial diving operations globally. This product is ‘state of the art’ and we believe will significantly advance diving operations by providing capability for both diver and dive supervisors on surface vessel to jointly see the same scene underwater, thus managing these operations more effectively. It also mitigates against zero visibility conditions. We are extremely pleased that the DAVD program is now part of the Office of Naval Research’s Future Naval Capabilities (FNC) program whose mission is developing and transitioning cutting-edge technologies to acquisition programs of record. Along with our NAVSEA collaborators, we expect that this product and subsequent generations of the DAVD, if successful, will advance diving operations and we hope will be the first step in the standardization of this real-time 3D technology for diving operations not only in the USA but globally, among Allies.”
For further information, see CODA’s news releases, “Coda Octopus Group Awarded Contract to Advance U.S. Naval Diving Operations with State-of-the-art Real-time 3D Subsea Intelligence for Next Generation Wearable Head Up Display with Embedded Software” (February 5, 2018), “Coda Octopus Group Enters into a Navy Cooperative Research And Development Agreement with Naval Surface Warfare Center, Panama City Division for Naval Real-Time 3D Imaging Head Up Display Diver Solution” (July 16, 2018), and “Coda Octopus Group Announces the Successful Completion of NAVSEA and NASA Joint Mission Trials of Diver Augmented Vision Display (DAVD) Generation 1.0 Head-Up Display Prototype System” (September 9, 2019)...
Coda Octopus Group Announces Gen 1 Diver Augmented Vision Display (DAVD) System Completed and Delivered
Right? Way to buy high and sell low.
It would make sense that more is to come and that the qtrly fins are good.
Who's selling at $6.50+ ???
Great to see they're finally putting out PRs. Hopefully there's more to come!
Think I saw CODA hit $8 premarket. Only a matter of time before we're back there & higher imo. With today's official news, we know there's some blockbuster quarters coming.
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Originally founded in 1994 as Coda Technologies, the Coda Octopus Group is now headquartered in Lakeland, Florida.
The Group consists of a Marine Products business located in Lakeland, Florida, Edinburgh, Scotland, Perth, Australia, and Bergen, Norway, and engineering businesses, Coda Octopus Colmek in Salt Lake City, Utah and Coda Octopus Martech in Weymouth, England. Each of the Group companies are technology innovators with a particularly high level of sonar expertise. The Group has facilities in Florida, Utah, the UK, Australia, and Norway.
Alongside providing bespoke engineering and development for defense applications one of the Group's key products is the patented Coda Echoscope® - the first real time 3D sub-sea sonar which is used in oil and gas, underwater construction, search and rescue operations and port and harbor security and constructions. The top end software which runs on the Echoscope® (Underwater Survey Explorer) is also proprietary to Coda Octopus. The Echoscope® is also at the heart of the Underwater Inspection System which is being adopted for port and harbor security, and other applications globally. We have a number of products which are based on our real time 3D technology (Echoscope®, Underwater Inspection System and Dimension® (the latter being a forward looking real time sonar targeted at ROV applications)).
With this patented revolutionizing sub-sea visualization capability, and the existing systems integration skills within Coda Octopus Colmek, Inc. and Coda Octopus Martech Ltd., the Coda Octopus Group believes it can become a world leading integrated sonar technology supplier.
For further information, please visit http://www.codaoctopusgroup.com or contact Coda Octopus at info@codaoctopusgroup.com.
Websites: http://group.codaoctopus.com/
http://www.martechsystems.co.uk/about-us/
E mail: info@codaoctopusgroup.com
CEO: Annmarie Gayle annmarie.gayle@codaoctopus.com
Officer/Executive Director: Geoff Turner geoff.turner@codaoctopus.com
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