Hello dear community, hello followers and, of course, anyone else who is interested. Here comes my review of 2025, which you've been waiting for so long. What has crazy Chris actually achieved?

Well, first of all, my monthly overview doesn't really look any different from that of many others here.

There were good and bad months. For me with 9 to 3 it was more positive than last year. The best and worst months in terms of returns were

January + 26.7%

September + 19%

April actually +14%

February - 12.8%

July - 6.6%

December -2.3%

Incidentally, January was also the best month last year and July and December were among the worst.

That reads rather harmlessly here. I would therefore like to show you what impact my strategy can have. At the start of my vacation on 01.09. I had a TTWROR of around 65%. This rose to 123% by mid-October and then fell back to 87% by mid-November. At the time of the GQ Rewind it was back to 99% as you can see above. This was of course disappointing as it was less than last year's 107%! But that is of course complaining at a very high level and not really meant seriously.

In €, and this is what most people here are interested in, it means the following.

Here are the facts that were already in part 2. the calculated target according to the original plan was

8,435 at the end of the calendar year 2025 (does not correspond to my investment year which ends on 31.03.).

13,340 was the multibagger target based on the performance of the previous year.

And this is the result as of today:

19.750,-- € a very good result in my opinion!

This means that as of today (yes, it is only a snapshot of my risk) I have already reached the calculated level for my project of € 3,000 to € 100,000 in 10 years by 31.03.2028, i.e. I have built up a buffer of a good 2.25 years. To be honest, I'm a bit proud of that.

You can disregard the total maturity figures you see in the chart, as I have only been tracking the portfolio with GQ since the beginning of 2025.

Next, I would like to tell you a bit more about how I achieved this outperformance. I have already explained my approach in Part 2.

Top trades were stocks:

$IREN (+0.9%) with +450% does not appear in Rewind because GQ only takes into account the stocks that are still in the portfolio at the time of creation.

$GPCR with + 188%

$PPTA (+3.1%) with + 160%

The flop 3 stocks were:

$BNTX (+0.65%) with - 20%

$IREN (+0.9%) with -19% after new purchase

$PATH (+0.81%) with -13%

all 3 loss positions are still running!

Now, of course, many people will think: And this is how he achieves such an excess return? Definitely not. As has already been mentioned several times, the majority of the excess return comes from the derivative trades. In my opinion, these returns cannot be achieved with shares over a period of 10 years. Of course, like me with $IREN (+0.9%) and some others, but that is the exception rather than the rule.

So now we come to the evaluation of the derivatives:

298 derivative trades were concluded.

Of these

11 x total loss

21 x greater than 100%

4 x greater than 200

2 x greater than 300%

The rest somewhere in between!

But to make you aware of the great risk, I have also taken the trouble to look up the holding period for the top returns. If you then extrapolate the returns achieved to 1 year, this often results in several 1000%!

This requires strong nerves, high leverage and the best possible entry time. So here are the pot flyers:

Derivative on €/SFR 390% in 48 days

United Health 320% in 4 days

Silver 280% in 21 days

App Lovin 216% in 2 days

Novo 186% in 3 days

Vossloh 170% in 6 days

Apple 185% in 13 days

Although the derivatives section only accounts for around a third of my portfolio, it is responsible for at least 60% of the performance.

Outlook for 2026

Calculated target 31.03.26 according to plan: € 9,145

Target multibagger 31.03.2026: € 22,000

Calculated target for calendar year 2026: € 12,230

Target multibagger 31.12.2026: € 29,000, because round figures are simply nicer, I would prefer 30,000, but let's not get cocky.

In addition to the pure figures, I see the following opportunities and risks in 2026. This is purely my subjective assessment, which I will also use as a basis for my investments. In my opinion, it will make sense to achieve a large part of the planned return in the first half of the year, as I see more opportunities there. Why? Because the effects of the new US interest rate and economic policy will not yet be as fully felt in the first half of the year as in the second half.

I therefore see good opportunities in the R-categories next year.

First and foremost commodities. Why? I believe that the escalation in the Caribbean will increase tensions between the USA and China again. The majority of Venezuelan oil exports go to China. The tightening of exports by China announced last week for silver, for example, will continue and rare earths will be the next to come back into play. The US will therefore continue to spend a lot of money to reduce its dependency, as otherwise it will be vulnerable to blackmail in all conflicts with China.

I therefore see great opportunities with $LYC (+1.75%) and also with $SSW (+6.59%) both of which I see as possible candidates for US entry.

But my price target of USD 5,000 for gold and above all my price target of USD 120-150 for silver in 2026 also offer excellent opportunities.

The next topic I see is armaments continues to be promising. Regardless of whether there will be peace in Ukraine. (I assume that the war will end soon if Ukraine is defeated) as there is a great danger that the USA will end its intelligence and satellite-based support. Donald Trump has elections next year and urgently needs successes.

However, an end to this war would not change the need for rearmament. The Europeans in particular are not even in a position to implement the security guarantees that are on the table. My best assessment here is in the area of drones and satellites.

I am also confident about data centers (also with their energy supply) and robotics.

As a longer-term tip, I would then focus on the biotechnology sector. For me, this is the area that has the greatest advantage through AI, as the evaluation of study data and thus the timeframe for approval will be massively accelerated. Some interesting candidates have already emerged here recently. For long-term ETF investors, this would also be worth considering.

Let us now turn to the overall economic outlook, which I expect. Even if it is said that political stock markets have short legs, this is more of a good opportunity for traders like me, as volatilities are rising.

I expect a very loose monetary policy in the USA. There will be significantly more than 1 interest rate hike and inflation will not play a role in the decisions. I strongly expect a yield curve control under the new Fed chief in the second half of the year. This will lead to a sharp fall in the US$. I think we will see an exchange rate of at least 1.25 to the euro in the course of the year. This is what the US government wants because it will make it more difficult for European countries, for example, to export to the US. I therefore anticipate below-average growth for export-oriented stocks in Europe. This trend will continue. The upcoming midterms in the USA in November will bring further uncertainty to the market in the second half of the year. There is a threat of a deadlock in the chambers. The foretaste of this will be felt again at the end of January when the next shutdown in the US threatens again.

Finally, I would like to mention a very important situation, which for me primarily affects Danish companies that have a high proportion of US business. First of all, I see the very popular $NOVO B (+0.72%) . In my opinion, there is a great danger that they will become a pawn in the battle for Greenland. Donald Trump will not go to war with Denmark, but maximum economic pressure to push through his wishes for a deal on Greenland seems very likely to me. In the end, Greenland will continue to belong to Denmark, but the USA will be granted extensive extraction rights there. Everyone should keep an eye on this and find out which US companies could benefit from exploiting the mineral resources there.

So that's it for the review and outlook from my point of view. Nobody knows whether this will happen.

Even if I will still be active here and comment a little, that's it for detailed posts. Of course, the evaluation of the Performance Challenge and the announcement of the winners will follow in the other post.

But to everyone I won't be speaking to, I'd like to wish you a happy new year 2026 with good health and, most importantly, as many personal highlights as possible. Don't forget that enjoying life can also be a great resolution.

With this in mind: All the best, Chris

After what feels like 99% already presented their Rewind for 2025 two weeks ago, I wonder whether an updated form will now be posted again or whether they are lying to themselves because it doesn't look so good after all? In any case, it's an interesting psychological phenomenon that you naturally present your annual performance when you get the most applause. Most people don't realize that they are simply lying to themselves 😕

Nevertheless, here's to a successful 2026, even if I see the same fate for hype stocks like $IREN (+0.9%)
$HIMS (+0.69%)
$3350 (-3.05%) the same fate as, for example $PYPL (+0.21%) . What haven't people been predicting for years that shares will skyrocket? Whereby with $HIMS (+0.69%) and $3350 (-3.05%) we can already see where the journey is going 📉

It will be exciting to see how $BTC (+0.23%) it will probably establish itself as a store of value and the big returns are over 😮‍💨

a) Shouldn't my loss pot be visible at this point?

It's not worth mentioning that I wrote to support weeks ago and didn't get an answer. (I don't expect that either🥲)

But time is running out, in Austria the loss pot is zeroed every year on the first of January.

b) Furthermore, I wanted to ask if it has ever happened to you to sell shares with a profit at Trade Republic and not pay taxes directly because losses were offset. I'm not sure but I think I've always had to pay the taxes first and then got a tax credit afterwards.

c) Today at around 15:45 $HIMS (+0.69%) and $IREN (+0.9%) with a three-digit loss and then bought the shares back at a lower price with limit orders.

c1) Does this work in Austria? I read somewhere that one day must pass... I can't imagine. What does it look like?

c2) Does Trade Republic correctly account for the loss now and any profit later when selling?

d) Does Trade Republic in Austria use the average price principle or does it still use the German FIF0?

Today I am analyzing a share that I personally consider to be a tenbagger or even more over the next 5-10 years. It's about Kraken Robotics, a company that operates at the interface of several megatrends: Robotics, underwater technology and defense! In the following, I will try to show you why I am so convinced of the company and how much growth potential it has, but also what risks could possibly hinder it...

This analysis has taken a lot of time, so I hope it doesn't get lost here...

• Foundation and history
• What does KR do?
• Strategic acquisitions
• Q3 2025
• Megatrends: robotics, military, underwater infrastructure
• Conclusion
• Sources

Foundation and history

Kraken Robotics was founded in 2012 in St. John's, Newfoundland and Labrador, Canada, and was born from the entrepreneurial vision of Karl Kenny, an experienced manager in the maritime technology sector. Today, he holds around 11% of the company.

From the outset, the company focused on the development of high-resolution synthetic aperture sonar systems, which offer significantly better image quality than conventional sonar solutions. This clear technological focus laid the foundation for a unique market position early on.

In the early years, Kraken Robotics was strongly development-driven, with the majority of sales coming from pilot projects and government-supported programs. The Canadian location proved to be a strategic advantage, as it offered access to maritime expertise, qualified specialists and funding programs.

In 2015, the company decided to go public in Canada, primarily to raise capital for further growth and dissemination of the technology. In the following years, Kraken Robotics supplemented its organic growth with targeted acquisitions and expanded its portfolio to include autonomous underwater vehicles, sensor technology and services.

I don't think more information is needed here for me as an investor.

What do they do specifically?

Kraken Robotics is clearly positioned technologically in the field of underwater sensor technology, autonomous robotics and maritime data analysis.

The company's core business lies in high-resolution acoustic imaging under water, as optical systems can hardly be used at great depths or in turbid water. At its heart is the so-called Synthetic Aperture Sonar (SAS), which calculates an extremely detailed overall image of the seabed from many individual sonar measurements. This technology enables resolutions in the centimeter range, even at depths of several thousand meters. There is virtually no competition for Kraken Robotics in this area.

This technology is used wherever precise underwater information is critical to safety or cost. This includes military applications such as mine defense, port surveillance and reconnaissance, but also civilian applications such as the inspection of submarine cables, pipelines, offshore wind farms or oil and gas facilities.

Kraken Robotics combines its sonar systems with autonomous underwater vehicles (AUVs) that can autonomously scan large areas and collect data without the need for a ship to remain directly over the target area at all times. Kraken Robotics builds these AUVs itself and thus covers the entire value chain.

In terms of technology, Kraken operates at the interface between robotics, signal processing, AI-supported data analysis and maritime safety. This area is particularly attractive because the data volumes are highly complex and customers are increasingly demanding complete system solutions including analysis. This is precisely where Kraken Robotics succeeds in moving away from pure, lower-margin hardware sales of AUVs and sensors through software, service and integration.

Strategic takeovers

In order to increase its technological lead and secure its market position, Kraken Robotics has made a number of acquisitions. Here are just a few of the most important acquisitions:

Kraken Power GmbH (2019)

The majority takeover of the German company Kraken Power GmbH kicked off 2019. The company specializes in pressure-tolerant underwater batteries and power electronics, which are crucial for the reliable operation of autonomous systems at great depths. Strategically, Kraken Robotics thus secured a key technology, increased its vertical integration and reduced its dependence on external suppliers.

PanGeo Subsea / PGH Capital (2021)

The acquisition of PanGeo Subsea followed in 2021. PanGeo specializes in high-resolution 3D acoustic imaging of the seabed and subsurface, especially for geological analysis and infrastructure projects. This acquisition significantly expanded Kraken Robotics' technological capabilities beyond pure object recognition and at the same time strengthened its service- and data-driven business model.

13 Robotics (2021)

Also in 2021, Kraken Robotics acquired the Brazilian company 13 Robotics. The focus here is on autonomous underwater vehicles and robotic solutions for offshore energy and the maritime industry. Strategically, this step enabled the expansion of complete end-to-end systems and also gave Kraken Robotics access to the South American market.

3D at Depth (2025)

The most recent and one of the most important acquisitions to date took place in 2025 with the acquisition of 3D at Depth from the USA. The company is a leader in high-precision underwater LiDAR surveying and metrology for offshore infrastructure. This acquisition complements Kraken Robtics' acoustic sonar technology with optical 3D measurement methods, strengthens the high-margin service business and consolidates the company's presence in the strategically important US market.

Q3 2025

In Q3 2025, Kraken Robotics generated revenue of CAD 31.3 million, which corresponds to strong annual growth of around 60% compared to Q3 2024 (CAD 19.6 million).

The revenue growth was mainly driven by higher shipments of underwater batteries and synthetic aperture sonar systems as well as the service contribution following the acquisition of 3D at Depth.

The gross margin improved to around 59%, which is higher than the previous year's figure of around 52% and indicates a more favorable sales mix with higher-margin products and services.

Adjusted EBITDA rose by around 92%,

I repeat by 92%!!!

to around CAD 8.0 million and thus to a margin of around 25%, compared with just over 21% in the prior-year quarter.

Net profit amounted to around CAD 3.3 million, MORE THAN DOUBLE than in the same period of the previous year, while earnings per share remained stable at CAD 0.01.

At the end of the quarter, the company had a cash position of around CAD 126.6 million, significantly more than in the previous year, and total assets grew to around CAD 330.7 million. This offers opportunities for further expansion or acquisitions.

For the full year 2025, management has maintained its forecast for the year, with expected total revenue of between CAD 120 million and CAD 135 million and adjusted EBITDA in the range of CAD 26 million to CAD 34 million.

On the whole, these are solid figures, and I am very pleased that the company is now profitable and can demonstrate both strong growth and increasing margins.

The Rule of 40 for the quarter is a strong 85!

Here is the growth chart...

You can see that growth is continuous and stable and profitability is expected to increase steadily!

Turnover is set to double again in the next two years and net profit is even set to more than double!

Why Kraken Robotics is a multibagger candidate!

As mentioned above, Kraken Robotics is, in my opinion, active in very exciting growth trends and benefits from the expansion of subsea data cable infrastructure, expansion of renewable energy such as offshore wind farms, robotics and increasing military spending.

Data traffic and global internet expansion

A key driver of this market is the massive submarine cable data traffic, which today transports around 97% of global internet traffic via sea routes and is therefore clearly a critical infrastructure.

The global submarine cables market was estimated at around USD 31.7 billion in 2024 and is expected to grow to around USD 44.3 billion by 2030, driven by increasing data transmission and offshore energy networking. This infrastructure must be protected!

One example of this trend is the plan by major technology companies such as Meta to realize a global submarine cable project with an investment of around USD 10 billion to improve data capacity and redundancy - a project for which security for this cable will certainly become crucial once completed.

On this topic, I really enjoyed a video from "What does the world cost", which summarizes the importance of submarine data cables very nicely: https://youtu.be/fU4b7P1TGBE?si=JwAXYAu8G1vAhjE0

Expansion of renewable energies - offshore

As part of the expansion of the offshore energy transition, for example through wind farms at sea, the requirements for underwater infrastructure are also increasing: power and data cables connect wind farms to the mainland and need to be regularly inspected, maintained and protected. This is also contributing to the growth of the market, as these projects are increasing worldwide and require robust subsea cables for power and data.

However, energy sources such as gas are also frequently transported through pipelines and are often indispensable, e.g. Nord Stream certainly comes to mind for us Germans 😔

Events such as the damage to Nord Stream pipelines or submarine cables in northern Europe have shown how vulnerable these systems are and how great the need for monitoring and protection has become - which in turn continues to drive the demand for underwater monitoring technologies.

Defense and military

And that brings us to the military.

In the defense sector, NATO has significantly expanded its activities to secure critical underwater infrastructure in recent years. Initiatives such as NATO Operation Baltic Sentry have been launched to monitor and protect cables, energy and communication routes in the Baltic Sea, in some cases with autonomous systems and surveillance technologies.

At the same time, NATO member states pledged at a 2025 summit to spend around 5% of their GDP on defense and related security issues by 2035 - which indirectly means more funding for technologies to secure critical infrastructure.

At national level, countries such as Denmark are investing several hundred million US dollars to procure specialized surveillance and security vessels as well as drones for monitoring underwater cables and pipelines.

Kraken Robotics already supplies its systems to various NATO navies and defense agencies: These include the Royal Canadian Navy, the Royal Australian Navy, Danish and Polish navies, as well as partners in North America and Europe who use systems for mine countermeasure (MCM), underwater surveillance and infrastructure inspection.

I think that this is actually where the greatest risk lies. If peace is achieved in Ukraine, things could become volatile for Kraken Robotics in the short term. But I assume that the protection of the underwater infrastructure will continue to be expanded even in the event of peace. However, in contrast to pure defense stocks such as Rheinmetall, there is currently no weakness in the share in the latest negotiations.

Underwater robotics

This trend is somewhat derived from the other areas and forms the basis.

Robotics is a clear growth driver. The market for autonomous underwater vehicles, which, according to analyses, was worth around USD 2.7 billion in 2024 and is expected to grow to around USD 5.9 billion by 2030, is a clear sign of rapidly increasing demand for robotics in the sea.

Conclusion

I don't think I need to write much more here: I am convinced by the company. I also see a unique opportunity here to invest in a growth company due to the currently not too large market capitalization. I made my initial purchase at EUR 2.17 and, through various subsequent purchases, I now have a buy-in of just under EUR 2.90 ($PNG (+1.27%) portfolio share of approx. 20% besides $IREN (+0.9%)
$RKLB (+2.93%)
$SOFI (+0.81%)
$HIMS (+0.69%) ). Thanks to Tenbagger2024 who gave a rough introduction to the company here!

Of course, there are risks here, such as a possible peace or the sudden emergence of competitors that have not yet been present and have a technological edge.

In my opinion, the opportunities clearly outweigh the risks: I believe Kraken Robotics is strategically very well positioned to maintain its high growth rate...

With this in mind, I wish you a happy, healthy and successful start to 2026! This analysis has taken a lot of time and I hope you have noticed and experienced added value as a result. Feel free to give me feedback and tell me what else I should pay attention to...

LG KleinAnleger 😊

Sources:

https://www.krakenrobotics.com

https://de.investing.com/news/analyst-ratings/needham-sektor-fur-unbemannte-marinesysteme-steht-vor-ausergewohnlichem-wachstumn-93CH-3283038

https://de.wikipedia.org/wiki/Kraken_Robotics

https://www.finanznachrichten.de/nachrichten-aktien/kraken-robotics-inc.htm

https://www.sharedeals.de/kraken-robotics-aktie-ist-die-euphorie-uebertrieben/

https://www.fortunebusinessinsights.com/de/industrie-berichte/markt-f-r-unterwasser-stromkabel-100478

https://leitz-cloud.com/internetkabel

https://mugglehead.com/de/kraken-robotics-boosts-bought-deal-offering-to-cad45m/

https://finimize.com/content/kraken-robotics-lands-global-deals-and-analyst-praise

and several more 🙃🫣

@Tenbagger2024
@Multibagger
@BamBamInvest
@SAUgut777
@Aktienfox
@All-in-or-nothing
@Shiya
@Hotte1909
@Simpson
@Wiktor_06
@TradingHase
@TomTurboInvest
@Semos25
@Iwamoto
@HoldTheMike
@ImmoHai
@EpsEra

$IREN (+0.9%) published its forecast for the full year 2026 with an annual turnover of USD 3.4 billion. This corresponds to a forecast increase of +578.6% compared to the previous year. 😎

---------------------------------------------------------------------------------------------------------

Work on Horizon 1-4 in Childress, Texas, is progressing at full speed. The main aim here is to provide computing power for the USD 9.7 billion deal with Microsoft.

-----------------------------------------------------------------------------------------------------

As soon as the Frankfurt Stock Exchange doesn't play along for a few days, our beloved stocks are in the red @Klein-Anleger 😁

Unlike you, I probably won't leave the year in the red, at least as far as the Tenbagger Cummunity portfolio is concerned. 🙈 (Yesterday's after-hours trading went down even further)

$RKLB (+2.93%)
$SOFI (+0.81%)
$IREN (+0.9%)
$HIMS (+0.69%)
$PNG (+1.27%)