Latest news with #marineTechnology
Yahoo
20-06-2025
- Business
- Yahoo
Celerity Craft Opens Early Access Queue for Commercial Operators of Amphibious Marine Platform
Squamish, British Columbia--(Newsfile Corp. - June 20, 2025) - Celerity Craft Inc. ("Celerity"), a marine technology company based in British Columbia, has opened its early access queue for commercial operators interested in its Dynamic Air Cushion Vehicle (DACV) platform. Developed in Squamish, the DACV is an amphibious vessel platform designed to support a range of commercial marine applications, including passenger transport, remote logistics, tourism, and utility operations. Its hull architecture enables beach-to-beach or dockside access without relying on deep-water infrastructure. Key Commercial Advantages: Launch from shore or standard docks—no specialized facilities Targeting speeds up to 60 knots Fully electric drivetrain with significantly lower fuel and maintenance costs Designed for 12 passengers, with Class 3 sea state capability Quiet operation with minimal wake and low environmental impact Celerity Craft is prioritizing operators based in British Columbia for the initial phase of early access, reflecting the platform's development roots in Squamish and its alignment with BC's extensive and varied coastline. Commercial operators across Canada and international markets are also encouraged to apply. The company has already received early-stage interest from marine operators in Asia, Europe, and North America. "Our focus is on practical performance for commercial operators—especially those working in environments where infrastructure is limited and flexibility is essential," said Olen Vanderleeden, Chief Commercial Officer. "We've structured the early access queue to begin with local fleets and expand globally as production scales." Operators can reserve a place in the production queue here: About Celerity Craft Celerity Craft is a marine technology company based in Squamish, British Columbia. Its Dynamic Air Cushion Vehicle (DACV) platform integrates advanced lift and thrust technology to ride above the water's surface, reducing drag and enabling faster, more energy-efficient marine transportation. The DACV is designed for commercial durability, remote access, and zero-emission operation. Executive Contact Richard MacKellar – Founder & CEOhello@ To view the source version of this press release, please visit
Yahoo
17-06-2025
- Business
- Yahoo
Coda Octopus Group Inc (CODA) Q2 2025 Earnings Call Highlights: Revenue Surge Amidst Margin ...
Total Revenue: $7.0 million, a 31.8% increase from $5.3 million in Q2 2024. Marine Technology Revenue: $3.9 million, a 10% increase from $3.5 million in Q2 2024. Acoustic Sensors and Materials Revenue: $1.3 million, newly added business unit. Marine Engineering Revenue: $1.84 million, a 2.3% increase from $1.80 million in Q2 2024. Gross Profit: $4.5 million, compared to $3.7 million in Q2 2024. Consolidated Gross Margin: 64.1%, down from 70.2% in Q2 2024. Operating Expenses: $3.4 million, up from $2.4 million in Q2 2024. Operating Income: $1.1 million, a decrease of 19.5% from $1.4 million in Q2 2024. Net Income: $0.9 million or $0.08 per diluted share, down from $1.4 million or $0.13 per diluted share in Q2 2024. Cash and Cash Equivalents: $24.5 million, an increase from $22.5 million as of October 31, 2024. Marine Technology Gross Margin: 67.7%, down from 80.2% in Q2 2024. Acoustic Sensors and Materials Gross Margin: 65.4%. Marine Engineering Gross Margin: 55.5%, up from 50.7% in Q2 2024. Warning! GuruFocus has detected 2 Warning Signs with CODA. Release Date: June 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Coda Octopus Group Inc (NASDAQ:CODA) reported a 31.8% increase in revenue for the second quarter of 2025 compared to the same period in 2024. The Marine Technology business, which is the core of CODA's operations, saw a 10% increase in revenue, driven by strong hardware sales, particularly in Asia. The newly acquired Acoustic Sensors and Materials business contributed 18.5% to the consolidated revenue, adding diversification and resilience to CODA's revenue structure. The company is launching the Nano Gen series, a new generation of compact 3D sonars, which is expected to address new opportunities in the imaging sonar space. CODA's DAVD (Diver Augmented Vision Display) technology is gaining traction, with orders for both tethered and untethered systems, indicating potential for significant revenue growth in the defense and commercial diving sectors. Operating income decreased by 19.5% due to lower gross profit margins from the Marine Technology business, attributed to higher commission costs and increased operating expenses. Gross margins for the Marine Technology business fell from 80.2% in 2024 to 67.7% in 2025, primarily due to higher commission costs from increased sales in Asia and underutilization of rental assets. Total operating expenses increased by 41.7% due to the addition of Precision Acoustics and unfavorable exchange rate impacts, affecting overall profitability. Net income after tax decreased to $0.9 million from $1.4 million in the previous year, reflecting the impact of increased costs and lower operating margins. The weakening of the US dollar against the British pound and Danish kroner resulted in higher operating costs when translated into US dollars, impacting financial performance. Q: During the last earnings call, you mentioned uncertainty in global trade affecting the Marine Products business. What changed to lead to stronger-than-expected demand in the second quarter? A: Annmarie Gayle, CEO: We saw strong inquiries around our Echoscope technology, particularly from Asia, and a strong pickup in the DAVD program, with $1.2 million in DAVD sales. Although there was a downturn in European inquiries, we expect more rentals in the third quarter. Q: Can you share the expected timing for the new Nano Echoscope release and how it addresses customer feedback? A: Annmarie Gayle, CEO: We are on the cusp of releasing Nano, with significant trials at the end of this month. The Nano addresses smaller underwater vehicles, allowing us to cover a full range of market requirements. It is compact, slightly larger than an iPhone, and suitable for divers and robotics. Q: Can you provide a range of sizes for the five development programs and their timelines? A: Blair Cunningham, President of Technology: The programs focus on integrating DAVD with existing equipment, particularly for untethered dive equipment. These programs are crucial for product adoption, ensuring DAVD works with various underwater breathing apparatuses. Q: What progress is Coda making in securing design wins for next-generation underwater vehicles? A: Annmarie Gayle, CEO: We are involved in various programs at different maturity stages. The Echoscope is being evaluated for integration into defense programs. While some programs are slow, we see promising opportunities and are ensuring the Echoscope is considered for adoption. Q: Should we model the gross margin percentage for the back half of the year to remain the same? A: Annmarie Gayle, CEO: The gross profit margins for our Marine Technology business were unusually low this quarter due to high commission costs from Asia. We expect margins to improve and return to typical levels around 70%. Q: How should we think about SG&A expenses for the rest of the year? A: Gayle Jardine, Interim CFO: SG&A was impacted by exchange rate changes and non-cash charges. We expect SG&A as a percentage of sales to be slightly lower in the second half of the year. Q: What revenue contribution is expected from the delivery of 16 Untethered Systems in the third quarter? A: Annmarie Gayle, CEO: We have a firm contract for $800,000 for the delivery of 16 units, which we aim to complete in the third quarter. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
12-06-2025
- Business
- CTV News
Cove Demo Day brings the latest marine technology to Dartmouth, N.S.
The CEO of Dartmouth-based COVE chats about this year's showcase of the latest advancements in marine technology. Thursday is Cove Demo Day – Canada's largest on-the-water demonstration of innovative marine technologies. More than 55 Canadian and international companies will unveil their most advanced new products in Dartmouth, N.S., during the event. Cove is a global technology hub that focuses on bringing marine technology to the market, said CEO of Cove, Melanie Nadeau. She said there is a lot of development in the drone market right now. 'Autonomous vehicles that either go on the surface or below the water,' Nadeau said. 'That's a big area or a lot of technology that people will see today.' Nadeau said they expect 500 to 600 people, including customers, business leaders and government representatives from all over the world to be onsite while companies demonstrate new equipment. 'It's a really great way to interact and have different conversations around the innovation that's happening in the space that we're in,' Nadeau said. The event caters to the marine industry but tickets are available to the public for anybody curious enough to attend. Cove works with more than 400 businesses across Canada. Nadeau said 30 to 35 per cent of their businesses are overseas. 'Our headquarters is in Dartmouth, N.S., but our wings have spread pretty far,' she said. 'It's really exciting to have such a hub like this, in Nova Scotia.' COVE Demo Day For more Nova Scotia news, visit our dedicated provincial page
CTV News
12-06-2025
- Business
- CTV News
A preview of COVE Demo Day 2025
Atlantic Watch The CEO of Dartmouth-based COVE chats about this year's showcase of the latest advancements in marine technology.
