SEGMENT ANALYSIS (Tables)

6 Months Ended

Apr. 30, 2023

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Three Months Ended April 30, 2023

Net Revenues	$	3,583,429		$	1,718,080		$	-		$	5,301,509

Cost of Revenues		885,382			792,886			-			1,678,268

Gross Profit		2,698,047			925,194			-			3,623,241

Research & Development		518,405			7,534			-			525,939
Selling, General & Administrative		877,961			655,739			708,494			2,242,194

Total Operating Expenses		1,396,366			663,273			708,494			2,768,133

Income (Loss) from Operations		1,301,681			261,921			(708,494	)		855,108

Other Income
Other Income		149,907			23,469			-			173,376
Interest Expense

Total Other Income		149,907			23,469			-			173,376

Income (Loss) before Income Taxes		1,451,588			285,390			(708,494	)		1,028,484

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		(108,712	)		(2,185	)		42,124			(68,773	)
Deferred Tax (Expense) Benefit		-			-			48,766			48,766

Total Income Tax (Expense) Benefit		(108,712	)		(2,185	)		90,890			(20,007	)

Net Income (Loss)	$	1,342,876		$	283,205		$	(617,604	)	$	1,008,477

Supplemental Disclosures

Total Assets	$	36,187,625		$	13,618,065		$	1,097,772		$	50,903,462

Total Liabilities	$	1,665,630		$	802,459		$	124,632		$	2,592,721

Revenues from Intercompany Sales - eliminated from sales above	$	2,084,321		$	169,811		$	(80,000	)	$	2,174,132

Depreciation and Amortization	$	143,565		$	24,757		$	10,441		$	178,763

Purchases of Long-lived Assets	$	64,191		$	18,012		$	36,246		$	118,448

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

April 30, 2023 and October 31, 2022

NOTE 14 - SEGMENT ANALYSIS (Continued)

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Three Months Ended April 30, 2022

Net Revenues	$	3,491,009		$	1,493,829		$	-		$	4,984,838

Cost of Revenues		816,033			1,137,099			-			1,953,132

Gross Profit		2,674,976			356,730			-			3,031,706

Research & Development		617,246			(99,868	)		-			517,378
Selling, General & Administrative		569,451			683,612			780,053			2,033,116

Total Operating Expenses		1,186,697			583,744			780,053			2,550,494

Income (Loss) from Operations		1,488,279			(227,014	)		(780,053	)		481,212

Other Income (Expense)
Other Income		9,055			4,098			1,344			14,497
Interest Expense		(2,502	)		-			-			(2,502	)

Total Other Income		6,553			4,098			1,344			11,995

Income (Loss) before Income Taxes		1,494,832			(222,916	)		(778,709	)		493,207

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		279			146,890			(38,019	)		109,150
Deferred Tax (Expense) Benefit		(1,926	)		(45,184	)		56,056			8,946

Total Income Tax (Expense) Benefit		(1,647	)		101,706			18,037			118,096

Net Income (Loss)	$	1,493,185		$	(121,210	)	$	(760,672	)	$	611,303

Supplemental Disclosures

Total Assets	$	30,503,346		$	13,541,238		$	818,060		$	44,862,644

Total Liabilities	$	2,255,971		$	616,133		$	447,774		$	3,319,878

Revenues from Intercompany Sales - eliminated from sales above	$	413,654		$	126,870		$	607,500		$	1,148,024

Depreciation and Amortization	$	241,469		$	31,190		$	9,816		$	282,475

Purchases of Long-lived Assets	$	84,969		$	11,049		$	43,494		$	139,512

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

April 30, 2023 and October 31, 2022

NOTE 14 - SEGMENT ANALYSIS (Continued)

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Six Months Ended April 30, 2023

Net Revenues	$	7,407,588		$	3,490,205		$	-		$	10,897,793

Cost of Revenues		1,949,626			1,571,921			-			3,521,547

Gross Profit		5,457,962			1,918,284			-			7,376,246

Research & Development		956,713			13,684			-			970,397
Selling, General & Administrative		1,539,720			1,302,049			1,362,876			4,204,645

Total Operating Expenses		2,496,433			1,315,733			1,362,876			5,175,042

Income (Loss) from Operations		2,961,529			602,551			(1,362,876	)		2,201,204

Other Income (Expense)
Other Income		164,927			24,214			-			189,141

Total Other Income		164,927			24,214			-			189,141

Income (Loss) before Income Taxes		3,126,456			626,765			(1,362,876	)		2,390,345

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		(127,585	)		(22,041	)		80,842			(68,784	)
Deferred Tax Benefit (Expense)		-			-			84,773			84,773

Total Income Tax (Expense) Benefit		(127,585	)		(22,041	)		165,615			15,989

Net Income (Loss)	$	2,998,871		$	604,724		$	(1,197,261	)	$	2,406,334

Supplemental Disclosures

Total Assets	$	36,187,625		$	13,618,065		$	1,097,772		$	50,903,462

Total Liabilities	$	1,665,630		$	802,459		$	124,632		$	2,592,721

Revenues from Intercompany Sales - eliminated from sales above	$	2,913,995		$	215,518		$	600,000		$	3,729,513

Depreciation and Amortization	$	272,403		$	49,667		$	20,700		$	342,770

Purchases of Long-lived Assets	$	143,833		$	22,792		$	57,731		$	224,355

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

April 30, 2023 and October 31, 2022

NOTE 14 - SEGMENT ANALYSIS (Continued)

	Marine Technology Business (Products)			Marine Engineering Business (Services)			Overhead			Total

Six Months Ended April 30, 2022

Net Revenues	$	7,314,757		$	3,508,289		$	-		$	10,823,046

Cost of Revenues		1,388,325			2,243,081			-			3,631,406

Gross Profit		5,926,432			1,265,208			-			7,191,640

Research & Development		1,146,621			43,647			-			1,190,268
Selling, General & Administrative		1,327,947			1,339,787			1,487,372			4,155,106

Total Operating Expenses		2,474,568			1,383,434			1,487,372			5,345,374

Income (Loss) from Operations		3,451,864			(118,226	)		(1,487,372	)		1,846,266

Other Income (Expense)
Other Income		18,104			75,043			1,344			94,491
Interest Expense		(2,502	)		-			(400	)		(2,902	)

Total Other Income		15,602			75,043			944			91,589

Income (Loss) before Income Taxes		3,467,466			(43,183	)		(1,486,428	)		1,937,855

Income Tax (Expense) Benefit
Current Tax Benefit (Expense)		(266,241	)		170,926			(81,144	)		(176,459	)
Deferred Tax (Expense) Benefit		4,781			(44,980	)		107,354			67,155

Total Income Tax (Expense) Benefit		(261,460	)		125,946			26,210			(109,304	)

Net Income (Loss)	$	3,206,006		$	82,763		$	(1,460,218	)	$	1,828,551

Supplemental Disclosures

Total Assets	$	30,503,346		$	13,541,238		$	818,060		$	44,862,644

Total Liabilities	$	2,255,971		$	616,133		$	447,774		$	3,319,878

Revenues from Intercompany Sales - eliminated from sales above	$	803,049		$	242,693		$	1,207,500		$	2,253,242

Depreciation and Amortization	$	377,127		$	47,847		$	18,967		$	443,941

Purchases of Long-lived Assets	$	1,071,062		$	12,049		$	58,365		$	1,141,476