Coda Octopus Group, Inc. (CODA): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of Coda Octopus Group, Inc. (CODA), specifically how they translate their unique, real-time 3D/4D/5D/6D sonar technology-like the Echoscope-into consistent revenue streams, especially within the demanding defense sector. Honestly, it's a model built on proprietary tech and deep sub-contracting relationships, which helps keep things sticky. As of July 31, 2025, they were sitting on $26.2 million in cash, supporting a trailing 12-month revenue of $24.35 million, with the DAVD system targeted for $3.5M-$4.0M in FY 2025 sales alone. Below, I've mapped out the full nine-block Business Model Canvas so you can see the precise structure behind their mission-critical hardware and acoustic services.

Coda Octopus Group, Inc. (CODA) - Canvas Business Model: Key Partnerships

You're looking at how Coda Octopus Group, Inc. (CODA) builds value through its external relationships, which is critical given its dual focus on commercial marine tech and defense engineering. Here's the breakdown of those key partnerships, grounded in the numbers we have as of late 2025.

Sub-contracting with prime defense contractors (e.g., Raytheon, Northrop)

The Marine Engineering Business, which includes Coda Octopus Martech Ltd (UK) and Coda Octopus Colmek, Inc. (US), operates heavily as a sub-contractor to major Prime Defense Contractors. These businesses enjoy sole source status for certain parts they design and supply into multi-year programs of record, which supports a long-tail recurring revenue profile. The goal for this segment is to restore its pre-COVID revenue profile of $10 million.

We see recent contract wins reflecting this strategy:

• Coda Octopus Martech secured a $1.4 million engineering services order in April 2025 from a major UK Defense Contractor for mine sweeping system sub-components.
• Coda Octopus Colmek received two orders from the US Government totaling $1.3M in March 2025 for proprietary parts used in a mission-critical Defense program.
• An order valued at approximately $576,000 was secured in late 2024 for fifteen F280® GNSS Aided Inertial Navigation Systems for a foreign Navy Program.

The Diver Augmented Vision Display (DAVD) program also relies on defense partnerships; a funded DUS Hardening Program was supported by both the U.S. Navy and a foreign navy. In the third quarter of fiscal year 2025, Coda Octopus Group delivered 16 DAVD untethered systems to the U.S. Navy for SPECWAR and EOD integration. Management expects total DAVD and related sales for fiscal year 2025 to reach a target range of $3.5 million - $4.0 million, a significant jump from $1.2 million in the previous fiscal year.

Academic institutions for ultrasound research and standards

The acquisition of Precision Acoustics Limited (PAL) brought in established relationships with academic partners. PAL was a leading technical authority in MHz ultrasound and acoustic measurement markets.

These relationships focus on advancing the technology base:

• PAL formed close working relationships with academic institutions worldwide to further ultrasound research.
• PAL has authored many leading publications in the field of ultrasound research and measurement standards.

Former supplier relationships, like with Precision Acoustics (now acquired)

Coda Octopus Group completed the acquisition of Precision Acoustics Limited (PAL) on October 29, 2024. Prior to the deal, Coda Octopus Group already used PAL's proprietary acoustic materials for its Echoscope® and DAVD technologies. The purchase price was paid entirely in cash.

Here are some financial figures related to the integration of PAL:

The net cash outlay for the acquisition was $4,605,285, after factoring in PAL's immediate access to $1,933,284 in cash at the acquisition date. For the second quarter of fiscal year 2025 (ended April 30, 2025), PAL contributed revenues of $1,299,069 and earnings before tax of $173,871 to the consolidated results.

Global distributors for international product sales

The Marine Technology Business relies on a global network of sales agents and distributors, particularly for sales originating from Asia or South Africa, which typically incur commission costs.

The adoption of the DAVD system is expanding internationally through defense channels:

• As of the second quarter of 2025, the distribution of new DAVD tethered systems increased the user base to approximately 12 Navy Commands.
• The $576,000 order for F280® GNSS Aided Inertial Navigation Systems was specifically for a foreign Navy Program.

Coda Octopus Group, Inc. (CODA) - Canvas Business Model: Key Activities

You're looking at the core engine of Coda Octopus Group, Inc. (CODA) operations as of late 2025, focusing on the actual work that drives their revenue and technology advancement.

Research and development of proprietary sonar and AR technology

The commitment to R&D shows up directly in the financials. For the third quarter of fiscal year 2025 (TQ2025), Research and Development expenditures were approximately $0.6 million. That represents a 15.3% increase over the approximately $0.5 million spent on R&D in TQ2024. This investment fuels the development of their core imaging sonars, like the Echoscope®, and the Diver Augmented Vision Display (DAVD) system.

Key technology progress points include:

• Successfully completed the funded DUS Hardening Program for DAVD technology.
• Launched the new Echoscope PIPE NANO GEN SERIES®.
• Delivered 16 DAVD untethered systems to the U.S. Navy for live mission evaluations in TQ2025.

Manufacturing and assembly of Echoscope and DAVD hardware

The hardware production is a major component of the Marine Technology Business. Equipment sales within this core segment saw a massive surge of 103.6% in TQ2025, reaching $2,746,255 compared to $1,349,411 in the comparable TQ2024 period. Overall, the Marine Technology Business revenue for TQ2025 was $4.0 million, a 30.7% increase year-over-year. The company expects to realize targeted DAVD related sales between $3.5 million and $4.0 million for the full fiscal year 2025, a step up from $1.2 million the prior fiscal year.

Securing and fulfilling long-term defense program contracts

Defense work is a critical driver, often involving long-tail recurring revenue from sub-component supply. Coda Octopus Colmek, Inc., the U.S.-based defense engineering business, recently secured two orders from the US Government totaling $1.3M for proprietary parts used in a mission critical Defense program of record. Furthermore, the UK-based Coda Octopus Martech Limited received a $1.4 million engineering services order from a major UK Defense Contractor for sub-components in autonomous mine sweeping systems. Coda Octopus Colmek has been a trusted DoD supplier and partner for over 25 years.

Here's a look at the Engineering Services segment performance:

Providing specialized marine engineering and acoustic services

The specialized services arm, which includes the engineering businesses, saw revenue fluctuations in the third quarter of 2025. Rental revenue specifically declined by 62.2%, partly due to a reduction in offshore renewable projects following policy shifts. Still, the overall analyst projection for Coda Octopus Group's full year 2025 revenue sits at approximately $26.58 million. The company's Echoscope® technology is used for complex mapping, subsea intervention, and port and harbor security, among other applications.

The revenue breakdown for TQ2025 highlights where the activity is concentrated:

• Total Revenue (TQ2025): Approximately $7.1 million.
• Marine Technology Business Revenue (TQ2025): $4.0 million.
• Acoustics Sensors and Material Business Revenue (TQ2025): $1.5 million.

Finance: review the Q4 2025 backlog for the Marine Engineering segment by end of January.

Coda Octopus Group, Inc. (CODA) - Canvas Business Model: Key Resources

You're looking at the core assets that make Coda Octopus Group, Inc. (CODA) tick, the things that truly separate them in the subsea and defense tech space. These aren't just nice-to-haves; they are the proprietary engines driving the business.

The foundation is definitely the intellectual property. We're talking about the Proprietary Patented Echoscope and DAVD Technology. Echoscope, which came from the OmniTech acquisition back in 2002, is a unique, patented system that delivers high-resolution 3D images underwater in real time, with extremely accurate positioning. Honestly, it generates over 100 times more information than the nearest alternatives, and it's small enough to connect to a regular PC, making it low cost relative to many naval sonars with lesser performance. The Diver Augmented Vision Display (DAVD) system, their new generation diving tech, is an integrated management diving system. The HUD variant delivered under the DUS Hardening Program boasts a 200% increase in resolution and an expanded field of view. The market is clearly recognizing the value here; DAVD-related sales were targeted at $3.5-4.0 million for fiscal 2025, with $1.5 million achieved in the third quarter alone.

Next up is the balance sheet strength, which gives you the runway to keep innovating. As of July 31, 2025, Coda Octopus Group, Inc. maintained a strong cash position of $26.2 million and reported having no debt. That's a solid buffer, representing an increase of $3.7 million from the $22.5 million they held on October 31, 2024.

The acquisition of Precision Acoustics Limited, completed in November 2024, was a strategic move to secure Specialized Acoustic Expertise. This brought substantial acoustic thought leadership and domain knowledge, particularly in MHz ultrasound and acoustic measurement, which was previously focused on medical imaging and Non-Destructive Testing (NDT). To put the acquired asset in perspective, Precision Acoustics generated $4 million in revenue and approximately $450,000 in net profit in their fiscal year 2023, for a net cash purchase price of $5,160,000. By Q3 2025, this new Acoustics Sensors and Material Business contributed 20.6% of the consolidated revenue.

The defense segment provides a critical, high-value anchor, often involving Sole-Source Status for Key Components in Defense Programs. Coda Octopus Colmek, the U.S.-based Defense Engineering Services Business, has been a trusted DoD supplier and partner for over 25 years. In March 2025, this subsidiary received two orders from the US Government totaling $1.3M for proprietary parts used as sub-components in a larger mission-critical Defense program of record. These engineering businesses supply sub-assemblies to Prime Defense Contractors under multi-year programs of record, which typically carry a long-tail recurring revenue profile.

Here's a quick snapshot of some of the key financial and operational metrics underpinning these resources as of the latest reporting period:

The company's ability to generate revenue from its core Marine Technology Business increased 30.7% year-over-year to $4.0 million in Q3 2025, largely fueled by equipment sales surging 103.6% to $2.75 million. Still, you have to note that the consolidated gross margin was 68.3% in Q3 2025, down from 73.9% in Q3 2024, reflecting the mix shift and the inclusion of the lower-margin Acoustics Sensors and Material Business.

You can see the tangible output from these resources in their recent defense deliveries:

• Delivered 16 DAVD untethered systems to the U.S. Navy.
• Secured orders for DAVD tethered systems valued at $1.53m in Q2 2025.
• Coda Octopus Colmek has been a supplier to a key Defense Program for over 20 years.

Coda Octopus Group, Inc. (CODA) - Canvas Business Model: Value Propositions

You're looking at the core advantages Coda Octopus Group, Inc. (CODA) brings to its customers right now, late in 2025. This isn't about future potential; it's about what the technology is delivering today, backed by the latest numbers.

The primary value proposition centers on proprietary underwater intelligence that cuts through the toughest conditions. This is where the Echoscope PIPE® sonar stands out, being the world's only system capable of generating real-time 3D/4D/5D images of moving objects underwater, even in zero visibility water conditions. That capability is key for high-stakes operations.

The Diver Augmented Vision Display (DAVD) system is the other major pillar, turning raw sonar data into actionable visual information directly for the user. This technology is designed to be a fully integrated singular system for topside control and a connected diver HUD system, letting both parties share the same underwater scene visualization.

Here's a quick look at the adoption and financial impact of the DAVD system as of the third quarter of fiscal year 2025:

The value extends into mission-critical defense electronics, where Coda Octopus Colmek provides essential components. This segment supports programs where failure isn't an option, leveraging long-standing trust with the Department of Defense (DoD).

The company's defense engineering arm has a history as a trusted DoD supplier and partner for over 25 years. In March 2025, Coda Octopus Colmek secured two orders from the US Government totaling $1.3M for proprietary parts used as sub-components in a larger mission critical Defense program of record.

When you look at the visual performance, the improvements in the DAVD platform are significant for situational awareness. The next-generation Augmented Reality DAVD Head-Up Display (HUD) was enhanced to provide a 200% increase in resolution. This, combined with the real-time imaging capability of the Echoscope PIPE® sonar, delivers a video-like data experience underwater, which is a massive step up from traditional methods.

The core technological advantages Coda Octopus Group, Inc. offers include:

• The world's only real-time 4D, 5D and 6D sonar capability.
• Echoscope PIPE® sonar generates real-time 3D/4D/5D images of moving objects.
• DAVD HUD boasts a 200% increase in resolution.
• DAVD integrates sonar for operations in zero visibility conditions.
• Defense Engineering Business has been a trusted DoD supplier for over 25 years.

The Marine Technology Business, which houses the core sonar and diving tech, saw its revenue increase by 30.7% in Q3 2025, reaching $4.0 million compared to $3.0 million in Q3 2024. Equipment sales within this segment specifically surged by 103.6% to $2,746,255 in Q3 2025 over the prior year's comparable period. That's serious traction for these value propositions.

Finance: draft 13-week cash view by Friday.

Coda Octopus Group, Inc. (CODA) - Canvas Business Model: Customer Relationships

You're looking at how Coda Octopus Group, Inc. (CODA) locks in its defense and high-value technology clients. It's all about deep integration and long-term commitment, especially with the U.S. Defense sector.

Dedicated support for defense programs to ensure mission success

The commitment to mission success is evident in the active support provided for deployed technology. For instance, following the successful completion of the funded DUS Hardening Program, Coda Octopus Group delivered 16 DAVD untethered systems (DUS) in the third quarter of fiscal year 2025 for integration into the MK16 Underwater Breathing Apparatus (UBA) systems for SPECWAR and EOD applications. The company stated it is providing all support required to ensure the success of this specific program and the broader rollout to the special forces market. This hands-on support is key when dealing with mission-critical hardware.

Long-term, sticky relationships due to sole-source status in defense

The structure of the Marine Engineering Business, which includes defense engineering, is designed for longevity. When Coda Octopus Colmek, Inc. and Coda Octopus Martech Ltd design and supply proprietary parts into defense programs, they often enjoy sole source status for those components. This model is what ensures recurring and long tail revenues, as these supply agreements typically last for the life of the program, which can span decades. The stickiness comes from the multi-year Programs of Record that require high quality and reliability for sub-assemblies.

Here's a look at the established nature of these defense-focused engineering relationships:

Direct sales and technical support for high-value hardware

The growth in hardware sales, which includes the DAVD system, points to direct engagement. Hardware sales in the third quarter of 2025 specifically surged by 103.6% to reach $2.7 million compared to the same period in 2024. Management is targeting total DAVD related sales for fiscal year 2025 to be between $3.5 million and $4.0 million, a significant jump from the $1.2 million realized in fiscal year 2024. The company is actively providing technical support for these delivered systems to ensure successful evaluation and broader adoption.

Integration services for DAVD into various US Defense sensors

The Diver Augmented Vision Display (DAVD) technology is being embedded directly into core defense equipment, which creates deep customer reliance. The delivery of the 16 DAVD untethered systems in Q3 2025 was for integration into the MK16 Underwater Breathing Apparatus (UBA) system. This adoption is expanding the user base, with the DAVD program increasing distribution to around 12 Navy Commands as of the second quarter of 2025. The addressable market for the DUS solution is substantial, aligning with the systems used by an estimated 75% of the U.S. Navy's 4,000 active divers, plus approximately 10,000 Public Safety and Law Enforcement divers using similar Full-Face Mask systems.

The company's customer relationship strategy is built on embedding proprietary technology into defense platforms, which is supported by these figures:

• FY2025 projected DAVD revenue target: up to $4.0 million.
• Q3 2025 DAVD and related sales realized: approximately $1.5 million.
• Total Q3 2025 revenue for Coda Octopus Group: approximately $7.1 million.
• The company is also awaiting outcomes of four DoD proposals expected to move into execution upon award.

Finance: draft 13-week cash view by Friday.

Coda Octopus Group, Inc. (CODA) - Canvas Business Model: Channels

You're looking at how Coda Octopus Group, Inc. (CODA) gets its real-time 3D/4D/5D imaging sonar and diving tech into the hands of customers. It's a mix of direct defense work, engineering sub-contracts, and commercial sales, so let's break down the numbers we have as of late 2025.

Direct sales force to global defense and commercial entities

The direct sales effort is heavily focused on defense programs, particularly with the Diver Augmented Vision Display (DAVD) system. Management expects to realize between $\text{\$3.5 million}$ and $\text{\$4.0 million}$ in DAVD-related sales for the fiscal year 2025, which is a big jump from the $\text{\$1.2 million}$ seen in the previous fiscal year. This channel is seeing tangible results; for instance, in the third quarter of fiscal 2025 (TQ2025), the company delivered $\text{16}$ re-designed DUS systems to the U.S. Navy for special forces field applications, allowing them to start live mission evaluations. Also in TQ2025, $\text{4}$ upgraded systems were delivered to a foreign navy sponsor, which is a critical step for broader adoption there. The core Marine Technology Business, which sells its products and solutions worldwide, saw equipment sales jump $\text{103.6\%}$ in TQ2025 to $\text{\$2,746,255}$ compared to $\text{\$1,349,411}$ in the comparable TQ2024 period. Honestly, the Echoscope technology itself accounts for approximately $\text{80\%}$ of the Marine Technology Business revenues.

Sub-contracting through prime defense contractors for engineering

This is where the Marine Engineering Business fits in. Its primary model is supplying sub-assemblies into broader mission-critical programs as sub-contractors to the Prime Defense Contractors. This setup is designed to generate repeat orders over the life of those programs. For the third quarter of fiscal 2025, this segment brought in revenues of $\text{\$1.6 million}$. That figure was down $\text{33.2\%}$ compared to TQ2024, which management noted was part of a fluid global policy setting environment. Still, this channel represents a steady, albeit sometimes lumpy, revenue stream based on long-term defense cycles.

Global network of distributors for international market reach

While the search results don't give us a specific revenue number tied only to distributor sales, the Marine Technology Business sells its products and solutions globally. The $\text{\$2,746,255}$ in equipment sales for TQ2025, which is part of the overall Marine Technology Business revenue of $\text{\$4.0 million}$ for the quarter, is the result of sales across all commercial and international avenues, including distributors. You should know that the CEO noted the company was confronted with significant headwinds internationally in the first quarter of fiscal 2025 (FQ2025).

Direct rental of Echoscope systems to commercial offshore clients

The direct rental channel, which uses Echoscope systems, experienced a notable pullback in the third quarter of 2025. Rental revenue for TQ2025 was $\text{\$304,617}$, representing a sharp decline of $\text{62.2\%}$ from the $\text{\$805,259}$ reported in the comparable TQ2024 period. This downturn is directly linked to a reduction in offshore renewable projects, which management attributes to changes in U.S. Administration energy policy. The company is betting that the new policy prioritizing domestic Oil & Gas production will offset this reduction in the foreseeable future.

Here's a quick look at how the key revenue components from these channels stacked up in the third quarter of fiscal 2025 (TQ2025) compared to the prior year's same quarter (TQ2024):

The overall revenue for the trailing twelve months ending July 31, 2025, was $\text{\$24.35 million}$, showing growth of $\text{29.34\%}$ year-over-year.

You should keep an eye on the mix; the growth in equipment sales is strong, but the rental side is definitely feeling the pinch from policy shifts. Finance: draft $\text{13-week}$ cash view by Friday.

Coda Octopus Group, Inc. (CODA) - Canvas Business Model: Customer Segments

You're looking at the core customer groups Coda Octopus Group, Inc. (CODA) serves as of late 2025. This isn't just about who buys the gear; it's about where the revenue is coming from and where the strategic focus lies, especially with the recent acquisition of Precision Acoustics Limited in October 2024.

The customer base is clearly bifurcated between high-value defense/government work and the commercial subsea market. The defense side, particularly with the Diver Augmented Vision Display (DAVD) system, is showing significant near-term traction.

US and foreign navies/defense special forces (e.g., US Navy)

This segment is a major growth pillar, especially with the DAVD technology. For fiscal year 2025, Coda Octopus Group, Inc. expects to realize targeted DAVD related sales between $3.5 million and $4.0 million, a substantial increase from $1.2 million in the previous fiscal year. In the third quarter of 2025 (TQ2025), DAVD and related sales hit approximately $1.5 million.

Specific milestones include:

• Delivery of 16 redesigned untethered DAVD systems (DUS) to the U.S. Navy in TQ2025.
• The initial order for these 16 DUS systems, received in the first quarter of 2025 (FQ2025), was for approximately $800,000.
• The DUS Hardening Program, which led to these deliveries, was funded by both the U.S. Navy and a foreign navy.
• The tethered DAVD variant is currently operational across nine naval commands within the U.S. Navy.
• The total addressable market is large; 75% of the U.S. Navy's 4,000 active divers use Full-Face Mask Untethered systems, aligning with the DUS solution.

Prime defense contractors requiring mission-critical sub-assemblies

This business often flows through Coda Octopus Group, Inc.'s Marine Engineering Business. Historically, a significant portion of the revenues generated by this segment is concentrated, with between 20% to 30% of consolidated revenues potentially derived from a small number of prime defense contractors, such as Raytheon or Northrop, in any given financial year.

The financial contribution from the Marine Engineering Business in TQ2025 was $1.6 million, representing a 33.2% decrease compared to TQ2024.

Commercial offshore market (renewables, oil & gas, construction)

This market uses the Echoscope® imaging sonar for applications like marine construction and subsea infrastructure surveys. However, this segment faced near-term headwinds. Rental revenue specifically saw a sharp decline of 62.2% in TQ2025, which management attributed to a reduction in offshore renewable projects following U.S. policy shifts.

Underwater robotics and Autonomous Underwater Vehicle (AUV) manufacturers

This group is a key target for Coda Octopus Group, Inc.'s latest product developments. The company is actively working with Defense customers on including the Echoscope in their undersea vehicle programs. To capture this growing market, Coda Octopus Group, Inc. launched the new Echoscope PIPE NANO GEN SERIES®, which specifically targets the underwater robotics markets.

Here's a quick look at how the segments contributed to the top-line revenue in the third quarter of 2025 (TQ2025), noting that the Marine Technology Business is the core carrier for both defense and some commercial sonar sales:

The overall cash position at the end of TQ2025 was $26.2 million, an increase of $3.7 million over the balance at October 31, 2024.

Coda Octopus Group, Inc. (CODA) - Canvas Business Model: Cost Structure

The cost structure for Coda Octopus Group, Inc. (CODA) in late 2025 reflects significant investment in future technology and the integration costs associated with recent expansion.

R&D Investment for Next-Generation Sonar (NANO GEN Series)

Investment in research and development remains a core cost driver, particularly for the DAVD Program and new product lines like the NanoGen series.

• Products Business R&D expenditure in Q2 2025 was $565,385.
• Acoustics and Materials Business (PAL) incurred R&D expenditure of $95,266 during Q2 2025.
• Anticipated annualized R&D cost for the PAL unit is approximately $450,000.
• Marine Engineering Business R&D expenditure in Q2 2025 was $29,344.

Here's the quick math on recent R&D spending from the Products Business segment:

Selling, General, and Administrative (SG&A) Costs

SG&A costs have seen an increase, partly due to the integration of the newly acquired segment.

• Selling, General, and Administrative (SG&A) costs for Q2 2025 were $2.7 million.
• SG&A for Q3 2025 was approximately $2.9 million.
• As a percentage of revenue, SG&A in Q3 2025 was 40.6%.
• Total operating expenses in Q3 2025 were $3.4 million, up from $2.7 million in Q3 2024.

Manufacturing and Labor Costs for Complex Hardware Production

Costs associated with personnel, especially skilled labor for complex hardware, are noted as increasing due to market conditions.

Wages and Salaries for the Group increased by 3.7% in Fiscal Year 2024 compared to Fiscal Year 2023, driven by inflation and competition for skills. You anticipate this area of expenditure will continue to increase in fiscal year 2025.

Increased Operating Costs from the Precision Acoustics Acquisition

The acquisition of Precision Acoustics Limited (PAL) has directly impacted operating expenses and margins.

The operating margin compressed to 19.5% in Q3 2025 from 25.4% in Q3 2024. This margin pressure stems from increased SG&A expenses related to the addition of the Acoustics Sensors and Material Business and a provision for earn-out payments.

The acquisition terms included specific cash outlays:

The provision for earn-outs in Q3 2025 accounted for 75% of the year one Earn Outs under the acquisition agreement. Also, the gross margin for the newly added Acoustics Sensors and Materials business realized 54.8% in Q3 2025.

Coda Octopus Group, Inc. (CODA) - Canvas Business Model: Revenue Streams

The revenue streams for Coda Octopus Group, Inc. (CODA) are anchored in the sale of its proprietary underwater technology hardware and project-based engineering services.

The trailing 12-month revenue as of July 31, 2025, reached $24.35 million, showing a year-over-year growth of 29.34%.

Equipment sales, which include the Echoscope sonar technology and the Diver Augmented Vision Display (DAVD) system, are a primary driver, historically associated with high gross margins, although the overall gross margin for Q3 2025 settled at 68.3%.

The company has a specific focus on the DAVD system, with management targeting $3.5M-$4.0M in DAVD related sales for fiscal year 2025, a significant increase from the $1.2M realized in fiscal year 2024.

Marine Engineering Business services revenue is project-based, and this segment experienced a contraction in the third quarter ended July 31, 2025.

Here's a look at the revenue breakdown for the third quarter ended July 31, 2025:

Within the Marine Technology Business for Q3 2025, hardware sales specifically increased by 103.6% to $2.7 million.

The composition of the Marine Technology Business revenue in Q3 2025 showed:

• Echoscope-related revenue accounted for 57.7% of the Marine Technology Business revenue.
• DAVD-related sales accounted for 42.3% of the Marine Technology Business revenue in Q3 2025, with approximately $1.5m in DAVD and DAVD related sales reported for the quarter.
• Generally, Echoscope accounts for approximately 80% of Marine Technology Business revenues.

The company is also executing against a strategy to restore the Engineering Business revenue to its pre-COVID profile of $10 million.