[Community Update] CODA: Becomes 64th Multibagger + Cliff Note Update, QBAK Prepares for Uplisting, and Research Journal #10
A Multibagger Update, a Stock Split, and Fresh Defense-Sector Research Shaping our Index and Pipeline
Hey everyone, we have a few announcements for today.
CODA Cliff Note Update
As many of you know, we added Coda Octopus Group to our microcap quality index in 2022 at $5.72. At that time, we only issued a very small Cliff Note brief just to get it into the index as we watched to see if the company could get more consistent in its revenue performance and get traction on some of its new products, including its immersive diver visualization system, DAVD (still hasn’t really happened yet).
Well, the stock entered multibagger territory yesterday, delivering a peak return of 113.6%.
Given this performance, we feel it is appropriate to provide a Cliff Note update on CODA (something we are currently working on). This is especially timely because, apart from recently becoming a multibagger, the company has a growing exposure to underwater vehicles and drones (which, if you’ve checked Twitter, has been a hot theme because of OSS) through its Echoscope PIPE NANO Gen Series, a product recently highlighted by @GrumpierBTDay on Twitter.
This is how the company describes its Echoscope PIPE NANO Gen Series:
“The Company’s Echoscope PIPE NANO Gen Series® of sonars is designed specifically for use with the new generation of smaller and lighter underwater vehicles, drones, diver platforms and robotics. These sonars are a shade bigger than a smart phone – and therefore perfect for deployment on the smaller underwater vehicles and on diving platforms that are now widely in use.”
Please be aware that the company is slated to report Q4 numbers soon. At this time, we don’t have a clear opinion on how that will look, but we plan on being on the earnings call to see if there’s a reason to be more optimistic. We’ll make sure to have an update after the call.
In the meantime, paying subscribers will be able to read our updated Cliff Note, coming out soon.
QBAK 3 for 1 Forward Split
About a month ago, on December 11, 2025, QBAK stated it would go through a 3:1 forward split, which could occur anytime soon. Since the company is pursuing a NASDAQ up-listing, the reverse split will help get them over the final hurdle, meeting minimum public float requirements.
To give you some context of how we feel about QBAK right now, you can view a Substack note that we posted over the weekend here. The stock is currently up 173% since we added it to our Microcap Quality Index Platform in March 2024.
Research Journal # 10
In case you missed it, yesterday we published our Research Journal #10, in which we highlighted a defense company with a substantial backlog that could benefit meaningfully from Trump’s proposal to increase defense spending to $1.5T in 2027 (approximately a 50% increase compared to 2026 levels).
If you are new to our substack and wondering what our Research Journal is, it’s a way to bring you into our stock pipeline a little sooner than when we write a full Cliff Note, adding a stock to our microcap quality index. These are basically stocks from our broader research pipeline of over 1000 stocks that have reached a point where we believe tracking them more closely is prudent.