Coda Octopus is a small underwater technology company focused on proprietary hardware-software solutions for subsea operations. Its core Marine Technology segment centers on two flagship products: the Echoscope, a real-time 3D volumetric imaging sonar capable of imaging moving objects underwater in zero-visibility conditions, and DAVD, an augmented reality head-up display integrated into a diver's mask that projects real-time sonar, positioning, and communications data to the diver. Coda sells Echoscope products outright, on rental, or through service agreements, with rentals carrying the highest margins. The company sells directly and through non-exclusive agents in Asia, Europe, and the U.S. Beyond Marine Technology, Coda runs a Defense Engineering Services segment through two subsidiaries that manufacture embedded sub-assemblies for defense programs of record — including Raytheon's CIWS and Northrop Grumman's mine hunting systems — where sole-source status generates recurring revenue over multi-decade program lifespans. A third segment, Precision Acoustics, was acquired in October 2024 and makes acoustic hydrophones, ultrasonic transducers, and calibration services primarily for medical imaging and non-destructive testing markets. Coda's stated strategic priority is to shift from a commercial "one sale at a time" model toward a defense program-of-record model, embedding Echoscope and DAVD into long-duration military programs, including autonomous underwater vehicles. Coda holds $28.7M in cash with no debt, and management has identified M&A as the primary use of capital.