Shares of real-time subsea intelligence and 3D sonar technology provider Coda Octopus Group Inc. (CODA) have been declining -5.65% today pre-market. The dip came following a rise of more than 10% yesterday and the release of audited financial results by the company today for its fiscal year ended October 31, 2020.

Established in 1994, Coda Octopus is a developer, manufacturer, and seller of products and solutions for the underwater/subsea market. Those include real-time volumetric imaging sonars patented to it. Within its product line, CODA markets volumetric imaging sonars under Echoscope and Echoscope PIPE brands. A number of applications worldwide use Coda’s advanced sonars for 3D, 4D, 5D, and 6D real-time imaging. Among those are marine and port construction, defense, port, and port security, and installation and surveys of renewable and oil and gas subsea infrastructures. Moreover, through its Coda Octopus Martech and Coda Octopus Colmek, the company is also involved in the manufacturing of defense products and the provision of engineering solutions outside of the Marine Technology business.

For the fiscal year ended October 31, 2020, CODA’s revenue fell by 20% to $20.043 million compare to revenue of $25.057 million in the prior fiscal year. EBIT dropped by 45.5% to nearly $3.402 million for the reported period, which previously was $6.233 million. However, the difference reduced to a decline of 36.0% for net income after taxes which came at $3.344 million against that of $5.225 million a year ago. The impact of the coronavirus pandemic resulted in the reduction of the company’s revenues and profitability.

Non diluted earnings came at $0.31 per share against the same of $0.49 in the last fiscal year, whereas on a diluted basis, earnings were $0.30 per share in comparison to the previous year EPS of $0.49.

The stock seems to be the profit taking victim as it was buoying at a fall of -3.83% at last check in early trading today priced at $6.41.