SEGMENT ANALYSIS (Tables)

9 Months Ended

Jul. 31, 2024

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

Three Months Ended July 31, 2024

Net Revenues	$	3,048,544		$	2,428,000	$	-		$	5,476,544

Cost of Revenues		521,141			906,865		-			1,428,006

Gross Profit		2,527,403			1,521,135		-			4,048,538

Research & Development		459,879			36,480		-			496,359
Selling, General & Administrative		1,085,495			498,941		576,969			2,161,405

Total Operating Expenses		1,545,374			535,421		576,969			2,657,764

Income (Loss) from Operations		982,029			985,714		(576,969	)		1,390,774

Other Income
Other Income		10,396			67		-			10,463
Interest Income		161,875			44,707		23,427			230,009

Total Other Income		172,271			44,774		23,427			240,472

Income (Loss) before Income Taxes		1,154,300			1,030,488		(553,542	)		1,631,246

Income Tax (Expense)
Current Tax (Expense)		(101,172	)		-		(224,453	)		(325,625	)
Deferred Tax (Expense)		(27,309	)		-		(3,654	)		(30,963	)

Total Income Tax (Expense)		(128,481	)		-		(228,107	)		(356,588	)

Net Income (Loss)	$	1,025,819		$	1,030,488	$	(781,649	)	$	1,274,658

Supplemental Disclosures

Total Assets	$	37,464,861		$	14,827,016	$	3,653,237		$	55,945,114

Total Liabilities	$	1,952,347		$	747,484	$	440,246		$	3,140,077

Intercompany sales that are not included in Net Revenues shown above	$	1,088,573		$	70,284	$	318,000		$	1,476,857

Depreciation and Amortization	$	167,914		$	21,029	$	12,058		$	201,001

Purchases of Long-lived Assets	$	151,526		$	13,414	$	15,082		$	180,022

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

July 31, 2024 and October 31, 2023

NOTE 12 – SEGMENT ANALYSIS (Continued)

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

Three Months Ended July 31, 2023

Net Revenues	$	2,863,251		$	2,027,281		$	-		$	4,890,532

Cost of Revenues		512,091			1,013,217			-			1,525,308

Gross Profit		2,351,160			1,014,064			-			3,365,224

Research & Development		557,260			11,027			-			568,287
Selling, General & Administrative		882,663			547,712			503,948			1,934,323

Total Operating Expenses		1,439,923			558,739			503,948			2,502,610

Income (Loss) from Operations		911,237			455,325			(503,948	)		862,614

Other Income
Other Income		2,848			-			-			2,848
Interest Income		177,615			34,089			-			211,704

Total Other Income		180,463			34,089			-			214,552

Income (Loss) before Income Taxes		1,091,700			489,414			(503,948	)		1,077,166

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		(39,064	)		(55,476	)		25,769			(68,771	)
Deferred Tax Benefit		-			-			30,385			30,385

Total Income Tax (Expense) Benefit		(39,064	)		(55,476	)		56,154			(38,386	)

Net Income (Loss)	$	1,052,636		$	433,938		$	(447,794	)	$	1,038,780

Supplemental Disclosures

Total Assets	$	37,173,921		$	13,962,350		$	833,524		$	51,969,795

Total Liabilities	$	1,619,997		$	679,522		$	(166,953	)	$	2,132,566

Intercompany sales that are not included in Net Revenues shown above	$	1,174,823		$	106,328		$	300,000		$	1,581,151

Depreciation and Amortization	$	141,764		$	25,716		$	11,446		$	178,927

Purchases of Long-lived Assets	$	263,493		$	2,814		$	28,946		$	295,253

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

July 31, 2024 and October 31, 2023

NOTE 12 – SEGMENT ANALYSIS (Continued)

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

Nine Months Ended July 31, 2024

Net Revenues	$	10,116,024		$	5,144,889	$	-		$	15,260,913

Cost of Revenues		2,192,486			2,194,719		-			4,387,205

Gross Profit		7,923,538			2,950,170		-			10,873,708

Research & Development		1,406,315			118,502		-			1,524,817
Selling, General & Administrative		2,713,704			1,695,875		1,642,771			6,052,350

Total Operating Expenses		4,120,019			1,814,377		1,642,771			7,577,167

Income (Loss) from Operations		3,803,519			1,135,793		(1,642,771	)		3,296,541

Other Income
Other Income		16,086			26,761		-			42,847
Interest Income		499,763			153,583		62,671			716,017

Total Other Income		515,849			180,344		62,671			758,864

Income (Loss) before Income Taxes		4,319,368			1,316,137		(1,580,100	)		4,055,405

Income Tax (Expense)
Current Tax (Expense)		(180,612	)		-		(302,071	)		(482,683	)
Deferred Tax (Expense)		(10,956	)		-		(241,982	)		(252,938	)

Total Income Tax (Expense)		(191,568	)		-		(544,053	)		(735,621	)

Net Income (Loss)	$	4,127,800		$	1,316,137	$	(2,124,153	)	$	3,319,784

Supplemental Disclosures

Total Assets	$	37,464,861		$	14,827,016	$	3,653,237		$	55,945,114

Total Liabilities	$	1,952,347		$	747,484	$	440,246		$	3,140,077

Intercompany sales that are not included in Net Revenues shown above	$	2,512,249		$	185,337	$	948,000		$	3,645,586

Depreciation and Amortization	$	474,248		$	70,730	$	35,877		$	580,855

Purchases of Long-lived Assets	$	437,288		$	16,807	$	85,745		$	539,840

CODA OCTOPUS GROUP, INC.

Notes to the Consolidated Financial Statements

July 31, 2024 and October 31, 2023

NOTE 12 – SEGMENT ANALYSIS (Continued)

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

Nine Months Ended July 31, 2023

Net Revenues	$	10,270,839		$	5,517,486		$	-		$	15,788,325

Cost of Revenues		2,461,717			2,585,138			-			5,046,855

Gross Profit		7,809,122			2,932,348			-			10,741,470

Research & Development		1,513,973			24,711			-			1,538,684
Selling, General & Administrative		2,422,383			1,849,761			1,866,824			6,138,968

Total Operating Expenses		3,936,356			1,874,472			1,866,824			7,677,652

Income (Loss) from Operations		3,872,766			1,057,876			(1,866,824	)		3,063,818

Other Income
Other Income		8,532			-			-			8,532
Interest Income		336,858			58,303						395,161

Total Other Income		345,390			58,303			-			403,693

Income (Loss) before Income Taxes		4,218,156			1,116,179			(1,866,824	)		3,467,511

Income Tax (Expense) Benefit
Current Tax (Expense) Benefit		(166,649	)		(77,517	)		106,611			(137,555	)
Deferred Tax Benefit		-			-			115,158			115,158

Total Income Tax (Expense) Benefit		(166,649	)		(77,517	)		221,769			(22,397	)

Net Income (Loss)	$	4,051,507		$	1,038,662		$	(1,645,055	)	$	3,445,114

Supplemental Disclosures

Total Assets	$	37,173,921		$	13,962,350		$	833,524		$	51,969,795

Total Liabilities	$	1,619,997		$	679,522		$	(166,953	)	$	2,132,566

Intercompany sales that are not included in Net Revenues shown above	$	4,088,818		$	321,846		$	900,000		$	5,310,664

Depreciation and Amortization	$	414,167		$	75,201		$	32,146		$	521,515

Purchases of Long-lived Assets	$	407,326		$	25,606		$	76,677		$	509,609