The Underwater Monopoly: The Complete Series
Three parts. One microcap. The only real-time 3D sonar on Earth.
The complete Coda Octopus thesis.
Coda Octopus (CODA) is a $160M microcap that owns the only real-time 3D sonar technology on the planet - 70+ patents, 66.5% gross margins, zero debt, and the U.S. Navy just started buying in bulk. This page tracks every post, in order.
Last updated: April 24th, 2026
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CORE THESIS
Part 1 — A Microcap Owns the Only Real-Time 3D Sonar on Earth
The product, the moat, the ownership map. Why nobody’s covering it.
Part 2 — $30 Per Share at Defense Multiples
Valuation, peer comps, DAVD upside, the 18-month target.
Part 3 — Seven Triggers. Twelve Months. CODA Wakes Up.
Catalyst map, contract timing, the twelve-month discovery path.
Part 4 - Sold Less, Kept More, and the Navy Said Yes
A softer quarter where it hurt and a stronger one where it counts, plus the Navy authorization that de-risked the single biggest catalyst.
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ONGOING COVERAGE
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PORTFOLIO UPDATES MENTIONING CODA
April 16, 2026 — Portfolio Update
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Read Part 1 first if you’re new.
Read the most recent ongoing coverage post if you’re caught up.