Coda Octopus Group Inc (CODA)

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Coda Octopus Group reported total revenue of approximately $5.37 million for the quarter ended April 30, 2021, compared to $3.29 million for the comparable prior year period, representing an increase of 63.4%. The Company reported net profit before taxes of approximately $1.94 million for the second quarter ended April 30, 2021, compared to a net loss before taxes of $340,000, for the comparable 2020 period. Net profit after taxes was $2.21 million for the second quarter ended April 30, 2021, or $0.20 per share, compared to a net loss of $265,000, or $0.02 per share, in the prior year comparable period. Net profit before tax as a percentage of revenues in the second quarter was 36%. Research and Development expenditures for the second quarter were $645,000, a decrease of 9.6%, compared to $714,000, for the comparable period of 2020. Selling, General & Administrative Expenses (SG&A) for the second quarter were $1.78 million, compared to $1.53 million for the comparable period last year, an increase of 16.1%.

For the six months ended April 30, 2021, the Company reported total revenue of approximately $10.42 million compared to $9.97 million for the comparable prior year period, representing an increase of 4.5%. The Company reported net profit before taxes of approximately $2.93 million for the six months ended April 30, 2021, compared to a net profit before taxes of $1.11 million, for the comparable 2020 period. Net profit after taxes was $3.34 million for the six months ended April 30, 2021, or $0.31 per share, compared to a net profit of $1.08 million or $0.10 per share, in the prior year comparable period. Net profit before tax as a percentage of revenues in for the six months ended April 30, 2021 was 28.2%. Research and Development expenditures for the six months ended April 30, 2021 were $1.23 million, a decrease of 25.2%, compared to $1.64 million, for the comparable period of 2020. Selling, General & Administrative Expenses (SG&A) for the six months ended April 30, 2021 were $3.59 million, compared to $3.43 million for the comparable period last year, an increase of 4.9%.

As of April 30, 2021, CODA had approximately $16.59 million of cash on hand and approximately $321,000 outstanding on its HSBC Debenture, as compared to $12.81 million of cash on hand and approximately $819,000 million outstanding on the HSBC Debenture at the same date in 2020.

The Company's full financial results are available at www.nasdaq.com/symbol/coda/sec-filings.