SEGMENT ANALYSIS (Tables)

6 Months Ended

Apr. 30, 2024

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

Three Months Ended April 30, 2024

Net Revenues	$	3,524,714		$	1,798,464	$	-		$	5,323,178

Cost of Revenues		697,464			887,280		-			1,584,744

Gross Profit		2,827,250			911,184		-			3,738,434

Research & Development		485,061			57,420		-			542,481
Selling, General & Administrative		792,820			596,451		456,299			1,845,570

Total Operating Expenses		1,277,881			653,871		456,299			2,388,051

Income (Loss) from Operations		1,549,369			257,313		(456,299	)		1,350,383

Other Income
Other (Expense) Income		(14,616	)		11,980		-			(2,636	)
Interest Income		202,157			52,067		39,244			293,468

Total Other Income		187,541			64,047		39,244			290,832

Income (Loss) before Income Taxes		1,736,910			321,360		(417,055	)		1,641,215

Income Tax (Expense) Benefit
Current Tax (Expense)		(43,900	)		-		(147,173	)		(191,073	)
Deferred Tax (Expense)		(10,975	)		-		(23,929	)		(34,904	)

Total Income Tax (Expense)		(54,875	)		-		(171,102	)		(225,977	)

Net Income (Loss)	$	1,682,035		$	321,360	$	(588,157	)	$	1,415,238

Supplemental Disclosures

Total Assets	$	37,040,637		$	13,945,102	$	3,011,417		$	53,997,156

Total Liabilities	$	1,807,318		$	912,679	$	210,789		$	2,930,786

Revenues from Intercompany Sales - eliminated from sales above	$	474,742		$	104,263	$	318,000		$	897,005

Depreciation and Amortization	$	158,112		$	24,343	$	11,658		$	194,113

Purchases of Long-lived Assets	$	153,339		$	1,185	$	42,818		$	197,342

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

April 30, 2024 and October 31, 2023

NOTE 12 – SEGMENT ANALYSIS (Continued)

	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		2,780			-			-			2,780
Interest Income		147,127			23,469			-			170,596

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 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, 2024 and October 31, 2023

NOTE 12 – SEGMENT ANALYSIS (Continued)

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

Six Months Ended April 30, 2024

Net Revenues	$	7,067,480		$	2,716,889	$	-		$	9,784,369

Cost of Revenues		1,671,344			1,287,855		-			2,959,199

Gross Profit		5,396,136			1,429,034		-			6,825,170

Research & Development		946,436			82,022		-			1,028,458
Selling, General & Administrative		1,628,211			1,196,935		1,065,799			3,890,945

Total Operating Expenses		2,574,647			1,278,957		1,065,799			4,919,403

Income (Loss) from Operations		2,821,489			150,077		(1,065,799	)		1,905,767

Other Income
Other Income		5,690			26,694		-			32,384
Interest Income		337,888			108,876		39,244			486,008

Total Other Income		343,578			135,570		39,244			518,392

Income (Loss) before Income Taxes		3,165,067			285,647		(1,026,555	)		2,424,159

Income Tax (Expense) Benefit
Current Tax (Expense)		(79,440	)		-		(77,618	)		(157,058	)
Deferred Tax Benefit (Expense)		16,353			-		(238,328	)		(221,975	)

Total Income Tax (Expense) Benefit		(63,087	)		-		(315,946	)		(379,033	)

Net Income (Loss)	$	3,101,980		$	285,647	$	(1,342,501	)	$	2,045,126

Supplemental Disclosures

Total Assets	$	37,040,637		$	13,945,102	$	3,011,417		$	53,997,156

Total Liabilities	$	1,807,318		$	912,679	$	210,789		$	2,930,786

Revenues from Intercompany Sales - eliminated from sales above	$	1,423,676		$	115,053	$	630,000		$	2,168,729

Depreciation and Amortization	$	311,131		$	49,700	$	23,820		$	384,651

Purchases of Long-lived Assets	$	285,762		$	3,393	$	70,663		$	359,818

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

April 30, 2024 and October 31, 2023

NOTE 12 – 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
Other Income		5,684			-			-			5,684
Interest Income		159,243			24,214			-			183,457

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		-			-			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