Shares of Coda Octopus Group Inc (NASDAQ:CODA) increased by double-digits Thursday after the sonar technology company reported a profit of nearly $2 million in its fiscal second quarter.
The Orlando, Florida-based company also reported a 92% increase in revenue for the quarter that ended April 30.
Coda’s stock recently traded up 40% to $13.62 a share on heavy volume.
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Net income after taxes was $1.97 million, or $0.18 per share, compared to a loss of $77,325, or $0.01 per share, in the year-ago quarter.
The company pulled in $6.8 million in revenue, compared to $3.5 million in the prior-year quarter.
Coda ended the quarter with about $9.3 million in cash and about $1.3 million outstanding on its credit facility, compared to $7.5 million and about $2 million, respectively, at its fiscal 2018 year-end on October 31.
Real-time 3D sonar technology
“We continue to work on the advancement of our real-time 3D sonar technology and other key algorithm developments, and have filed a number of patents which we believe will afford significant additional protection and value around the new generation of our sonar technology,” said CEO Annmarie Gayle.
Coda’s sonar technology is used in defense, marine construction, oil and gas subsea infrastructure installation and surveys, and port and harbor security.
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