Coda Octopus Group

What Coda Octopus Group does

Coda Octopus Group, Inc. (Nasdaq: CODA) is a US-listed underwater technology and defense engineering group headquartered in Orlando, Florida, operating across three segments through subsidiaries in the US, UK, and Denmark. The Underwater Technology Solutions Business (Coda Octopus Products, with operations in Orlando, Edinburgh, and Copenhagen) designs and manufactures the proprietary Echoscope PIPE family of real-time 3D/4D/5D/6D volumetric imaging sonars — the world's only such capability for imaging moving underwater objects in zero-visibility conditions — together with the Diver Augmented Vision Display (DAVD) system (tethered and untethered variants), the ultra-compact Echoscope PIPE NANO Gen Series, the F280 GNSS Aided Inertial Navigation System, and the Echoscope Underwater Inspection System. These products are protected by over 70 patents and a custom next-generation chipset, and target defense customers (US Navy, European Navies, Foreign Navies) as well as commercial offshore operators in oil & gas, renewables, marine construction, salvage, and search and rescue.

The group's two Defense Engineering Services businesses — Coda Octopus Engineering (Salt Lake City) and Martech (Portland, UK) — supply proprietary sub-assemblies as sole-source subcontractors to US and UK Prime Defense Contractors across programs of record that have run for 40-50+ years, generating recurring revenue locked into multi-decade program lifecycles. The third segment, Precision Acoustics Limited (acquired October 2024 for approximately $5.16M and based in Dorchester, UK), supplies acoustic hydrophones, materials, and ISO/IEC 17025-accredited ultrasonic calibration services concentrated in the medical imaging and Non-Destructive Testing (Non-Destructive Testing) industries, and works closely with the UK National Physical Laboratory. Revenue is generated primarily through custom-priced hardware sales, sole-source sub-assembly supply, equipment rental, and calibration services. FY2025 revenue was $26.56M (+30.7% YoY) and trailing 12-month revenue as of Q2 FY2026 was approximately $28.0M, with the company maintaining a fortress balance sheet of $30.6M in cash and no long-term debt.

Name

Coda Octopus Group

Legal name

Coda Octopus Group, Inc.

Website

https://codaoctopusgroup.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

Coda Octopus Group designs and manufactures proprietary real-time 3D/4D/5D/6D imaging sonar (Echoscope PIPE), Diver Augmented Vision Display (DAVD) systems, and acoustic sensors. It serves US and allied naval defense customers, prime defense contractors, and commercial offshore operators globally, with operations in the US, UK, and Denmark.

Ownership category

akta.pro rank

Product category

Underwater Sonar and Subsea Imaging Systems

NAICS

Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511), Aerospace Product and Parts Manufacturing (33641), Other Guided Missile and Space Vehicle Parts and Auxiliary Equipment Manufacturing (336419)

SIC

Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Ordnance & Accessories, (No Vehicles/Guided Missiles) (3480), Optical Instruments & Lenses (3827), Aircraft Parts & Auxiliary Equipment, Nec (3728)

akta.pro primary industry

Naval Sensors & Sonar Systems (IMABAKAD)

akta.pro secondary industries

Unmanned Underwater Vehicles (UUV) & Autonomous Subsea Platforms (IMABAIAF), Unmanned Underwater Vehicle (UUV) & Autonomous Submersible Manufacturing (IMAJAOAC)

Keywords

• 3D imaging sonar
• Defense engineering services
• Underwater sonar systems
• Acoustic measurement products
• Subsea inspection sonar

Headquarters

HQ city

Orlando

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Hardware Sales — Marine Technology Business (Echoscope, DAVD, F280 INS, NANO Gen Series): Sale of proprietary real-time 3D/4D/5D/6D imaging sonars, DAVD systems (tethered and untethered), and GNSS Aided INS navigation systems to commercial offshore customers, defense agencies, and underwater vehicle OEMs. Mix of one-time equipment sales and program-based recurring adoption. Marine Technology revenue represented $13.2M of FY2025 revenue (3.2% growth) and ~$3.4M in FQ2026 (47.4% growth YoY).
2. Defense Engineering Services — Sub-Assembly Supply: Long-term engineering services revenue via Coda Octopus Engineering (Salt Lake City) and Coda Octopus Martech (Portland, UK) supplying proprietary sub-assemblies as sole-source subcontractors to US and UK Prime Defense Contractors under programs of record spanning decades. Generates recurring revenue over program lifecycles. Defense Engineering Services revenue: $7.9M FY2025 (+5.6%), $1.8M FQ2026 (+9.2%), $2.5M SQ2026 (+37.9%).
3. Acoustic Sensors and Materials (Precision Acoustics): Sale of acoustic measurement products, hydrophones, and calibration services for the MHz ultrasound market with concentration on medical imaging and NDT industries. Precision Acoustics generated ~$5.4M FY2025 revenue and contributed to $1.6M FQ2026 (+20.7%) and $1.5M SQ2026 (+17.5%) segment revenue. Achieved year-one earn-out qualifying conditions under acquisition agreement.
4. Equipment Rental Services: Rental of Echoscope and related sonar equipment through European Rental Hub and other locations. Rental revenue grew 232.8% YoY in FQ2026 ($746,957 vs $224,443) before declining 62.2% in TQ2025 due to U.S. policy-driven slowdown in offshore renewables projects.
5. Interest Income on Cash Balances: Interest income generated from the company's $30.6M cash balance (no long-term debt) — $171,915 in SQ2026 and $344,185 in six months ended April 30, 2026.
6. Calibration Services: ISO/IEC 17025-accredited ultrasonic free-field sensitivity calibration services for medical devices and other metrological applications, performed by Precision Acoustics in the UK.

Go-to-market motion4 records

Distribution channels6 records

Marketing channels7 records

Core offering

Coda Octopus Group designs, manufactures, and sells proprietary real-time 3D/4D/5D/6D volumetric imaging sonar systems (Echoscope PIPE, Echoscope PIPE NANO GEN Series), the Diver Augmented Vision Display (DAVD) augmented-reality diving system with diver-worn heads-up display, GNSS-aided inertial navigation systems, and acoustic measurement hydrophones and calibration services. Through its engineering subsidiaries it also supplies sole-source proprietary sub-assemblies to U.S. and UK Prime Defense Contractors on long-standing programs of record spanning decades.

Product overview

Coda Octopus Group operates a multi-segment platform organized around its Underwater Technology Solutions (Products) Business plus two discrete Defense Engineering Services businesses and a recently acquired Acoustic Sensors and Materials business. The core Products Business centers on the Echoscope® family of proprietary real-time 3D/4D/5D/6D imaging sonars — Echoscope PIPE®, the ultra-compact Echoscope PIPE NANO GEN Series®, and the F280® GNSS Aided Inertial Navigation System — together with the DAVD (Diver Augmented Vision Display) tethered and untethered systems and the Echoscope Underwater Inspection System (UIS). These are produced and supplied globally by the Coda Octopus Products subsidiary (Orlando/Edinburgh/Copenhagen) and integrate Coda's sonar imaging with diver-worn HUDs to enable zero-visibility underwater operations for defense and commercial markets. The Defense Engineering Services business is delivered through Coda Octopus Engineering, Inc. (Salt Lake City) and Martech / Coda Octopus Martech Ltd (Portland, UK), supplying mission-critical sub-assemblies to U.S. and UK Prime Defense Contractors across long-standing programs of record. The Precision Acoustics Limited subsidiary (acquired October 2024, Dorchester, UK) adds acoustic hydrophone design, acoustic materials, and ISO/IEC 17025-accredited ultrasonic calibration services spanning medical, NDT, defense, and underwater acoustic applications.

Differentiator

Problem solved

Functional benefit

Brands

• Echoscope: Proprietary real-time 4D/5D/6D imaging sonar brand (includes Echoscope PIPE and Echoscope PIPE NANO Gen Series).
• DAVD (Diver Augmented Vision Display)
• F280 GNSS Aided INS
• Precision Acoustics

Products and services

• Echoscope PIPE Real-Time 3D/4D/5D Imaging Sonar Proprietary real-time 3D/4D/5D (and 6D) volumetric imaging sonar that generates volumetric images of moving objects underwater, including in zero-visibility conditions. Used globally by defense, commercial offshore, and underwater vehicle operators for subsea mapping, intervention, salvage, search and rescue, marine construction, decommissioning, and port/harbor security.
• Echoscope PIPE NANO GEN Series Ultra-compact, smartphone-sized form-factor real-time 3D/4D/5D/6D imaging sonar built on a custom next-generation chipset. Consolidates multiple sensors into a single power-efficient unit and adds forward-looking obstacle avoidance and 3D spatial awareness for AI-enabled autonomous platforms, smaller underwater vehicles, drones, diver platforms, and robotics.
• DAVD (Diver Augmented Vision Display) System Next-generation diving technology that integrates topside control with a diver-worn head-up display (HUD) to deliver real-time shared visualization of the underwater scene and exchange of sensor, media, and sonar data between diver and dive supervisor. Available in tethered and untethered (DUS) variants; used for military diving (SPECWAR/EOD MK16 UBA integration) and European naval deployments.
• F280 GNSS Aided Inertial Navigation System (GNSS Aided INS) New-generation GNSS-aided inertial navigation system offered by the Marine Technology Business for underwater and subsea positioning applications.
• Echoscope Underwater Inspection System (UIS) Rapid-response, mobile underwater inspection and mapping platform designed for seamless integration with DAVD Tethered Systems, supporting real-world dive missions for naval customers.
• Precision Acoustics Products and Calibration Services Equipment and services for the MHz ultrasound market, including specialty acoustic hydrophone design, innovative acoustic materials, and ISO/IEC 17025-accredited ultrasonic free-field calibration services for medical imaging devices and Non-Destructive Testing (NDT) applications worldwide.
• Defense Engineering Services Engineering services delivering rugged sub-assemblies and solutions (concept, design, prototype, production, post-production support) to U.S. and UK Prime Defense Contractors for Defense, Aerospace and Mining programs under long-standing programs of record.

Quantifiable outcome

• DAVD and DAVD-related sales grew from $1.2M (FY2024) to $3.7M (FY2025)
• +8 more outcomes

Named customers6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature7 records

Partnerships

Five partnerships are on record, tiered flagship and core.

• U.S. NavyflagshipStrategic or Co-development Partner · 1 June 2026The U.S. Navy formally approved the DAVD untethered system under the Authorization for Navy Use (ANU) assessment completed in June 2026. The system is now available for acquisition by any U.S. Navy command, and the previously delivered 20 untethered DAVD units can be deployed in ongoing operations. 16 next-generation DUS systems were delivered for integration into the MK16 Underwater Breathing Apparatus for SPECWAR and EOD applications. The U.S. Navy is also a co-funder (with a Foreign Navy sponsor) of the Joint Funded DUS Hardening Program.
• European Navy (Major, Unnamed)coreStrategic or Co-development Partner · 1 September 2025A major European Navy with extensive diving operations and regional influence acquired an initial batch of DAVD systems (both tethered and untethered variants) and is being supported by Coda Octopus through training, trials, and real-world dive mission deployments using DAVD Tethered Systems alongside the Echoscope Underwater Inspection System (UIS). Training completed in Q2 FY2026. The relationship is described as a pre-cursor for broader adoption by this trend-setting naval community.
• Foreign Navy Sponsor of DUS Hardening ProgramcoreStrategic or Co-development Partner · 1 January 2025A Foreign Navy co-funded the Joint Funded DUS Hardening Program with the U.S. Navy. Coda Octopus delivered four upgraded DAVD untethered systems (DUS) to GEN 4.0 HUD specification and one diver sled incorporating the DAVD, putting this foreign navy in a position to evaluate the technology for broader adoption.
• Precision Acoustics LimitedflagshipStrategic or Co-development Partner · 1 October 2024Coda Octopus Group completed the acquisition of Precision Acoustics Limited, a UK-based firm specializing in acoustic measurement and ultrasound technologies, in October/November 2024. The acquisition leverages Precision Acoustics' expertise for underwater acoustic applications, expanding Coda's offerings in military and commercial underwater markets. Precision Acoustics operates from Dorchester in the South of England and adds an Acoustic Sensors and Materials Business segment to the Group, contributing $5.4M FY2025 revenue and achieving year-one earn-out qualifying conditions.
• National Physical Laboratory (NPL), London UKcoreTechnology or IntegrationPrecision Acoustics maintains a close working relationship with the acoustics group of the National Physical Laboratory, London, and numerous academic establishments worldwide to further ultrasound research and development in the areas of innovative techniques and products. NPL is one of only two UK organizations with ISO/IEC 17025 accreditation for ultrasonic free-field sensitivity calibration (alongside Precision Acoustics).

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Exail (formerly iXblue): European maritime autonomy, navigation and photonics group offering inertial navigation systems, acoustic positioning, and underwater drones. Directly comparable in F280-class GNSS-aided INS and acoustic sensing products for defense and subsea customers.
• Kongsberg Maritime: Division of Kongsberg Gruppen offering sonars, underwater positioning, HUGIN AUVs, and subsea sensors for defense and offshore. Comparable product overlap with Echoscope/NANO sonar and underwater vehicle integration, but with much broader portfolio.
• Teledyne Technologies: Diversified industrial conglomerate with a Teledyne Marine division offering sonar, acoustic imaging, and underwater vehicle systems. Directly comparable in underwater imaging sonar and acoustic sensing categories, but operates at much larger scale across many end markets.
• Saab (Seaeye / Sabertooth): Saab's underwater business supplies AUVs and underwater vehicle systems for defense and commercial customers. Comparable in selling perception-equipped UUVs where Coda's NANO Gen Series is positioned as an embedded sensor.
• Roper Technologies (CODA-related sensor holdings): Diversified technology holding company with historical exposure to subsea imaging via prior portfolio companies. Compares as a broad incumbent with capital capacity to acquire or compete in underwater imaging and acoustic sensor markets.

Direct peers

• Sonardyne: UK-based underwater technology company specializing in acoustic positioning, inertial navigation, imaging sonar and diver detection systems. Directly competes in subsea acoustic and sonar solutions for defense, oil & gas, and oceanographic customers.
• Imagenex Technology: Canadian designer/manufacturer of imaging sonars, multibeam sonars and acoustic profilers. Directly comparable as a niche player in underwater imaging sonar sold to ROV/AUV integrators and survey customers.
• Klein Marine Systems: Specialist manufacturer of side-scan and multibeam sonar systems for defense, hydrographic survey, and search-and-recovery. Comparable as a focused sonar vendor serving naval and commercial subsea customers.
• Kraken Robotics: Canadian subsea technology company developing synthetic aperture sonar, seabed imaging sensors, and underwater robotic platforms. Closely comparable as a developer of advanced sonar and underwater perception sensors sold into defense and commercial offshore markets.

Emerging players

• Nauticus Robotics: U.S.-listed developer of autonomous underwater robots and AI-driven ocean robotics. Comparable in targeting AI-enabled underwater perception and UUV autonomy, but earlier-stage and software- rather than sonar-centric in its core offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/coda-octopus-group-inc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Coda Octopus Group