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In progress $CVALF $COV.V

$CDTI reports earnings only once a year, so I'm excited to hear directly from its CEO. I want to understand the progress on new emissions-control programs, customer penetration, and how close these opportunities are to generating meaningful revenue.

$CVALF is back almost two years after our first fireside chat with its CEO. The big question: How sustainable is the recent momentum, and how much more penetration can Covalon achieve in US hospitals?

Excited for @Diego_La_Torre_ 's first public stock pitch since joining our team. He's been a great fit with our approach to finding quality microcaps, balancing risk and growth, and hunting for turnarounds. Today he makes his case for an electronics components company.

Looking forward to tomorrow’s Starting Five Virtual Conference. We’ve got a stock pitch from our own @Diego_La_Torre_ and four microcap company presentations. $CVALF ( $COV.V) $CDTI $DDOSF $CLIR Also looking forward to having two investors from our community, @bmb21 Brostoff and @MicrocapDr help moderate the discussions. Here’s a preview of the companies and some of the things we’re aiming to learn. 👇 mscliffnotes.substack.com/p/…

Important MSMqi News | October 19–23, 2026: $BURCA $RMCF $FSI $BOF $PPIH $DAIO $CANOF ( $CNO.V ) $NTWK $BURCA Q3 sales rose 27.9% YoY to $74.6M . Gross margin improved to 21.5% from 19.6%; adjusted EPS: $0.44 vs. $0.21. $RMCF Q2 revenue was $6.7M vs. $6.8M a year ago and still struggling to make money (lost $1.3M). Still reviewing strategic alternatives, including a potential sale or merger. Leaseback used to repay 12%-interest debt. Multiple CEOs have had a hard time turning this thing around. $FSI Preliminary Q3 revenue: up 36% to $14.35M, supported by full Panama (new) factory operations and strength at its ENP division. We’re most interested to see if they made any significant progress in there food division contracts. $BOF Forecasts Q4 revenue of $6M–$7M, up 50% to 75% YoY, after a disappointing $1M sales outing expected in Q3. It targets a roughly $4M quarterly recurring revenue base heading into 2027. Separately, the company priced a $5M public offering of 2.94M shares at $1.70. This came heels of a raise, just about two months ago. Might have to regain some investor trust. $PPIH North American operations secured more than $28M in new orders during the first two months of fiscal Q3, spanning district heating, Canadian oil and gas, and U.S. data-center projects. $DAIO Completed its approximately $23M acquisition of V-TEK and A&J Programming ($20M cash, $3M stock). Management expects the combination to more than double consolidated revenue and broaden its semiconductor automation and programming-services markets. The company also announced a $13.25M private placement to help fund the transaction. We did not expect the raise. Overall, company has not come through with his turnaround plan. $CANOF Expanded its Santa Ana lease by 15,500 sq. ft., increasing its facility footprint by approximately 80% to support manufacturing scale-up after a recently announced large purchase order and development agreement. Appears that the company has gotten through the worst of the loss of it large R&D customer, as it now focuses on its commercial revenue ramp which seems to be going well. Very excited that they are targeting the nuclear and data center markets. $NTWK Approved by Mercedes-Benz USA as a digital retail provider, making its Transcend Retail platform available to Mercedes-Benz dealerships across the U.S. No revenue commitments were disclosed. Link to our Substack in our Bio..

If you invest in tech small caps, @bmb21 is worth following. Ben brings an interesting perspective from investment banking and 6 years at $KVYO, including its IPO. Looking forward to having him join us next week for the $DDOSF presentation at our conference.

New Research Journal Post (link in bio): •In general, we think the market hasn’t priced in a turnaround yet, by new CEO. •On our estimate of earnings once restructuring cuts are done = trading at a forward P/E of 5x. •The company has very low net debt, and years of past tax losses should let it keep almost all of the new profit. •Someone else seems to have noticed: an investor has bought nearly 9% of the company, close to the 10% cap the board set to block takeovers, and a cost reduction plan was announced the day after it disclosed raising that stake. •Big share repurchase program in place.

Both in the short term.. Long-term - Company performance drives everything

We talk a lot about multibaggers, but one of our fave stats from our 2022/2025 Microcap Quality Indexes are actually the percentage of stocks that delivered returns of 20% and 50%. Investing in a broad universe of quality companies with a high probability of delivering solid returns might be a better strategy for most investors, leading to a much better CAGR vs. constantly chasing the next multibagger. Give yourself enough good chances at bat, and the multibaggers will naturally emerge along the way.

MSMqi Weekly News | Oct 12–16, 2026 $SODI: Q2 2027 sales grew 42% to $5.66M; bookings rose 48% to $6.42M and backlog increased 29% to $24.11. EPS came in at $0.60 vs. a loss. $BUKS: Subsidiary Avcon received FAA supplemental type certification for a Honeywell a ground-proximity-warning-system upgrade on Bombardier and Learjet aircraft. Pushed the stock back to near its 52 week high. $DAKT: Cost restructuring expected to generate more than $18M in annualized pretax savings at full run rate by mid-2028. The turnarounds $CMTL: 2026 sales fell 17% to $249.6M, while adjusted EBITDA rose 26% to $20.6M and gross margin improved to 38.9% from 31.6%. Losing money. Still in the doghouse. We’ll see what the company looks like after a planned asset sale goes through. $VELO: Q3 revenue is expected at $19.5M to $20.5M, up 43% to 51%. We assume they’re still losing money and, if so, are off-track projections they had mentioned in the past. $DRX.TO: Secured C$82M in new steel-fabrication contracts across Canada and the U.S., primarily in hydroelectric infrastructure. Backlog stood at C$693.7M on July 31, excluding the newly announced awards. $IDXG: Preliminary, unaudited Q3 revenue is expected at $10.1M–$10.4M, up 15% to 18% YoY and 11%–14% sequentially.