CODA earnings analysis
What we found in CODA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Coda Octopus reported a mixed performance for the second quarter of 2026, with total revenue declining by 1.6% to $6,904,012 compared to the prior quarter, primarily driven by decreased sales in its Marine Technology segment. However, the company saw a significant increase in operating income by 64.8% and net income by 86.8%, indicating improved cost management. The defense sector and other segments yielded positive growth amid geopolitical challenges impacting certain regions.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Operating Income Surge
- Operating income increased by 64.8% to $1,792,976 compared to $1,087,684 in the previous quarter.
- Net Income Growth
- Net income rose by 86.8% to $1,697,810 from $908,762 in the prior quarter.
- Cost Reduction
- Total operating expenses decreased by 18.3% to $2,785,073 compared to $3,409,597 in the previous quarter.
- Revenue from Defense Segment
- Defense Engineering Services revenue increased by 37.9% to $2,538,596 driven by growth in the UK.
- Increased Gross Margin
- Consolidated gross profit margin improved from 64.1% to 66.3% compared to the previous quarter.
- Higher Rental Revenue
- Rental revenue rose significantly by 351.1% to $761,338 compared to $168,791 previously.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Marine Technology Revenue Decline
- Marine Technology revenues fell by 26.8% to $2,839,592 due to geopolitical impacts in the Middle East.
- Geopolitical Instability
- Revenue from Asia and the Middle East decreased by 26.1%, affecting order intake and project timelines.
- Dependence on Government Contracts
- The sales cycle in Defense Engineering Services is unpredictable, influenced by government budget appropriations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.13
- Gross margin
- 66.3%
- Operating margin
- 25.9%
- Segment
- Marine Technology
- Segment
- Defense Engineering Services
- Segment
- Acoustic Sensors
What they said about what is next.
Management expects macroeconomic and geopolitical factors to impact operations through fiscal year 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · March 17, 2026
- Coda Octopus reported a strong quarter with consolidated net revenue up 28.8% to $6,710,112 and operating income rising 52.6% to $1,010,070. Revenue growth was broad‑based across all three segments led by Marine…
- 10-Q · September 15, 2025
- Coda Octopus reported net revenues of $7,064,795 in the quarter (up from $5,476,544 in the prior-year quarter) with net income of $1,282,985 and diluted EPS of $0.11. Gross margin was 68.3% and operating margin was…
- 10-Q · June 16, 2025
- CodaOctopus reported a strong top-line beat with net revenues of $7,017,459 in the quarter (up $1,694,281 or 31.8% vs $5,323,178 in the prior-year quarter) and diluted EPS of $0.08. Gross margin compressed to 64.1% and…
- 10-Q · June 12, 2024
- Coda Octopus reported flat quarter-to-quarter revenue of $5,323,178 (up 0.4% vs $5,301,509) with gross margin expansion to 70.2% (gross profit $3,738,434). Income before taxes rose to $1,641,215 (up 59.6% vs…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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