Codan

What Codan does

Codan Limited (ASX: CDA) is an Australian-listed rugged-electronics technology group headquartered in Mawson Lakes, Adelaide, founded in 1959 (originally EILCO) and operating across two segments: Metal Detection, through Minelab (world's largest maker of handheld metal detectors used in gold prospecting, security screening and humanitarian landmine clearance), and Communications, through DTC (Domo Tactical Communications, providing anti-jamming tactical radios, software-defined radios and unmanned-systems comms) and Zetron (mission-critical command, control and land mobile radio systems for public safety). Its product portfolio spans handheld metal detectors (Gold Monster 2000, GPX6000, GPZ 7000, EQUINOX, GO-FIND, SDC 2300, CTX 3030), countermine detectors (MDS-10, MDS-20, MF5), HF and software-defined tactical radios (Envoy, Sentry family including the Sentry 6161 soldier radio, 2110 series), satellite transceivers and Zetron control-room and LMR solutions.

Codan monetises primarily through hardware sales via a global network of dealers, distributors and agents across 150+ countries, supplemented by direct enterprise and government field sales, and has begun adding direct-to-consumer e-commerce in select consumer markets (e.g., Minelab Brazil). Customer segments are led by Government/Defence (including the U.S. Department of Defence and allied militaries) and Metal Detection consumers/prospectors, with secondary exposure to public safety/law enforcement and humanitarian NGOs. Revenue is split between Communications (DTC + Zetron) and Metal Detection (Minelab). Disclosed FY2025 revenue was A$674.2M (+22%) and FY2026 revenue A$875M (+30%) with FY2026 net profit of A$175.2M (+69%); the Communications orderbook stood at A$253M (+28%). Headcount has grown from 250–300 in 2021 to over 1,000 in 2025, supported by seven acquisitions including DTC, Zetron (both 2021), Kägwerks (2024) and Adaptive Dynamics' anti-jamming IP (2026, ~A$21M).

Name

Codan

Legal name

Codan Limited

Website

https://codan.com.au

Company type

Public

Founded year

1959

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Codan (ASX:CDA) is an Australian-listed rugged-electronics group operating the Minelab metal-detection business and the DTC and Zetron tactical and mission-critical communications businesses, serving defence forces, public safety agencies, humanitarian organisations and consumers across 150+ countries.

Ownership category

akta.pro rank

Product category

Defence Electronics & Metal Detection Equipment

NAICS

Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511), Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (3345)

SIC

Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Communications Equipment, Nec (3669)

akta.pro primary industry

Military Power Supplies, RF/Microwave Components & Ruggedized Electronics (IMABAGAJ)

akta.pro secondary industries

Inspection, Checkweighing & Metal Detection Systems (IMAHAOAJ), OT Asset Discovery, Inventory & Vulnerability Management (HDADAJAE)

Keywords

• Tactical radio communications
• Handheld metal detectors
• Land mobile radio
• Anti-jamming systems
• Humanitarian demining equipment

Headquarters

HQ city

Adelaide

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Communications Segment: Includes DTC (tactical military communications, anti-jamming solutions) and Zetron (mission-critical LMR and command & control systems). Revenue grew 30% to $875M in FY2026, with segment benefiting from increased defence customer share. Orderbook expanded to $253M (up 28%). Strong demand for unmanned defence systems and new product launches drove growth.
2. Metal Detection Segment: Minelab brand serving gold prospecting, security screening, and landmine clearance globally. Revenue grew 16% to $254.8M in FY25, with exceptional growth from new product launches including the Gold Monster 2000 which sold out within weeks. Driven by record gold prices above $4,500/oz and increased hobbyist demand.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Codan designs, develops, and manufactures rugged electronic solutions across two segments: Metal Detection (via Minelab — the world's largest maker of handheld metal detectors for gold prospecting, treasure hunting, security screening, and humanitarian demining) and Communications (via DTC for tactical military radios with anti-jamming capability, and Zetron for mission-critical land mobile radio and command-and-control systems). Products are sold to government, defence, public safety, mining, NGO, and consumer customers across 150+ countries.

Product overview

Codan operates as a technology conglomerate with two primary business segments: Metal Detection (via Minelab brand) and Communications (via DTC and Zetron brands). The Metal Detection segment offers a diverse portfolio of handheld detectors spanning gold prospecting (Gold Monster, GPX, GPZ, SDC, EQUINOX series), treasure hunting (GO-FIND, CTX series), and humanitarian demining (MDS-10, MDS-20, MF5). The Communications segment provides tactical radio systems including HF and software-defined radios (Envoy, Sentry, 2110 series), satellite transceivers (5300, 5700, 9000 series), and integrated command and control solutions (Zetron). Together, these segments serve government defense, law enforcement, mining, humanitarian organizations, and consumer markets across 150+ countries.

Differentiator

Problem solved

Functional benefit

Brands

• Minelab: World's largest maker of handheld metal detectors serving gold prospecting, security screening, and landmine clearance applications globally
• DTC
• Zetron

Products and services

• DTC (Domo Tactical Communications) Advanced tactical communications solutions for Military, Broadcast, Law Enforcement, Unmanned (UxV) Systems, Commercial and NGO markets, delivering regionally tailored solutions with interoperability, resilience, and assurance.
• Zetron Mission critical command, control and land mobile radio communications solutions for emergency response and public safety markets worldwide, including control room systems for centralised intake, dispatch, and situational communications.
• Minelab Sub-brand specialising in handheld metal detection technology for gold prospecting, security screening, and humanitarian landmine clearance applications across consumer, mining, and humanitarian markets.
• Gold Monster 2000 Gold detector targeted at artisanal miners and hobbyists, featuring advanced gold-finding technology for prospecting in challenging terrain.
• GPX6000 Gold Detector Advanced gold detector for detecting gold nuggets in highly mineralised soil, targeting serious gold prospectors and mining applications.
• GPZ 7000 Gold Detector High-performance gold detector targeting serious gold prospectors and mining applications.
• EQUINOX Metal Detector Coin and treasure detector featuring multi-frequency technology for versatile detecting across different terrain types.
• GO-FIND Metal Detector Series Series of entry-level metal detectors designed for beginning treasure hunters.
• SDC 2300 Gold Detector Compact all-terrain gold detector for detecting gold in difficult terrain.
• CTX 3030 Waterproof All-Terrain Treasure Detector Waterproof treasure detector designed for detecting on land and in water.
• Gold Monster 1000 Gold detector for artisanal mining applications.
• MF5 Countermine Detector Countermine detector for humanitarian demining operations.
• MDS-20 Countermine Detector Countermine detector designed for humanitarian demining operations, used to detect buried landmines in challenging environments worldwide.
• MDS-10 Countermine Detector Countermine detector developed for detecting landmines, with first shipments delivered in 2019.
• Envoy High Frequency Software Defined Radio Advanced HF software-defined radio representing Codan's next-generation tactical communications platform for defence and security users.
• Sentry Military Manpack Military manpack radio system developed for dismounted soldiers, with development completed in 2019 and ongoing orders.
• Sentry-H Military Radio Military-grade HF radio system; first substantial order delivered to an African military customer in 2018.
• Sentry 6161 Soldier Radio Tactical soldier radio designed for defence force communications, with new production line opened in January 2025.
• 2110 HF Manpack High-frequency manpack radio winning Gold Cup award for Excellence in Innovation in 2005.
• 2110M Manpack Enhanced manpack with 3G ALE capability launched in 2012.
• STRATUS Transportable P25/LTE Solution Transportable communications solution combining P25 land mobile radio with LTE capabilities for public safety.
• 5300 Series C-Band Satellite Transceiver First C-Band satellite transceiver released in the 1980s for satellite communications.
• 5700 Series C-Band Satellite Transceiver C-Band satellite transceiver released in the 1990s, winning awards for Excellence in Innovation, Commercialisation and Export Excellence.
• 9000 Series Ku-Band Satellite Transceiver First Ku-Band satellite transceivers for use on Australia's AUSSAT satellites, released in the 1980s.
• New Generation Transceiver (NGT) Revolutionary HF radio product range with advanced user interface launched in the 1990s.

Quantifiable outcome

• FY2026 net profit surged 69% to $175.2 million on revenue of $875 million (up 30%)
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Adaptive Dynamics (acquisition by DTC)coreTechnology or Integration · 22 May 2026Codan's wholly owned US subsidiary, DTC Communications, acquired the anti-jamming and interference mitigation IP of US-based Adaptive Dynamics for approximately A$21 million. The acquisition enhances DTC's defence capabilities in contested electromagnetic environments and is expected to strengthen Codan's positioning in next-generation defence programs. Deal expected to be earnings neutral in year one, subject to regulatory approvals. Completed in first half of FY27.
• Trident ResearchcoreStrategic or Co-development Partner · 27 January 2026DTC, a Codan company, and Trident Research formed a strategic partnership to deliver integrated secure communications and training technologies for Uncrewed Surface Vehicle (USV) operations. The collaboration combines DTC's resilient tactical communications with Trident Research's maritime Training, Testing, and Evaluation systems to support U.S. and allied forces in contested environments. The initiative aims to enhance operational readiness, reduce integration risks, and improve fleet availability through scalable, interoperable solutions.
• Kägwerks (SKT2 LLC) — Acquisition by Codan US Inc.coreTechnology or Integration · 25 September 2024Codan Group, through its subsidiary Codan US Inc., acquired 100% of US-based Kägwerks (SKT2 LLC). The acquisition integrates Kägwerks' battle-proven, radio-agnostic dismounted soldier systems and intellectual property into Codan's Tactical Communications business unit. The move broadens Codan's portfolio of tactical military radio solutions and secures long-term contracts with the U.S. Department of Defence. Acquisition completed December 2024.
• Caterpillar Inc. (via Minetec)minorStrategic or Co-development Partner · 1 January 2018Minetec, a Codan company, entered into a partnership with Caterpillar Inc. in 2018 for mining productivity and safety solutions. Minetec was subsequently sold to Caterpillar in 2020 for $18 million cash.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Garrett Metal Detectors: Garrett is one of the largest global competitors to Minelab in handheld metal detectors, particularly in security screening and treasure hunting segments. Directly comparable product portfolio and distribution model for consumer and professional detecting markets.
• Motorola Solutions: Motorola Solutions is the dominant player in mission-critical land mobile radio (LMR) and command-and-control solutions for public safety. Directly comparable to Codan's Zetron subsidiary serving emergency response agencies with similar dispatch and radio network offerings.
• Rohde & Schwarz: Rohde & Schwarz (via its SOFAC and subsidiary businesses) is a leading provider of secure tactical radiocommunications and electronic warfare solutions for armed forces. Directly competes with Codan's DTC in HF/VHF/UHF tactical radios and jamming-resistant communications.
• Curtiss-Wright Corporation: Curtiss-Wright's Defense Electronics segment supplies ruggedized tactical communications, signal processing, and RF/microwave components to defence primes and end users. Highly comparable to Codan's rugged tactical radio and anti-jamming electronic subsystems.
• Elbit Systems: Elbit Systems is an Israel-based defence electronics company with strong positions in tactical communications, C4I, and EW countermeasures. Directly comparable to Codan's DTC tactical communications and anti-jamming portfolio serving similar military customers.
• Leonardo DRS: Leonardo DRS is a mid-tier U.S. defence electronics provider with strong positions in tactical communications, networking, and EW subsystems. Closely comparable in scale and product mix to Codan's Tactical Communications segment.

Broad incumbents

• L3Harris Technologies: L3Harris is a major U.S. defence prime with significant tactical communications, electronic warfare, and RF/microwave electronics franchises. Broadly overlaps with Codan's DTC and Kägwerks businesses in the contested-electromagnetic-spectrum domain, though at much greater scale and platform breadth.
• Cobham Advanced Electronic Solutions: Cobham (including its former tactical communications and surveillance business, now part of others) supplies RF, microwave, and tactical communications solutions for defence applications. Codan's EGM Tactical Communications previously led at Cobham Tactical Communications, indicating direct competitive overlap.
• Thales Group: Thales is a global defence and aerospace incumbent with significant tactical radio, electronic warfare, and secure communications franchises. Competes with Codan's tactical communications business across allied militaries, though at vastly larger scale and broader portfolio.
• Saab AB: Saab is a Swedish defence and aerospace company with tactical communications, electronic warfare, and sensor offerings serving military customers globally. Comparable to Codan's defence electronics portfolio though with a broader platform focus including aircraft and naval systems.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/CodanLimited
• LinkedInlinkedin.com/company/codan-limited
• Xx.com/codanlimited

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 records

Funding overview

Funding rounds

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 Codan