Stocks to buy

7 Penny Stocks That Can Make You a Millionaire in One Year

If you have a high risk tolerance and are seeking supersized returns in the stock market, penny stocks should be at the top of your watchlist. While the bad reputation penny stocks have is often justified, by avoiding biotech and cash-burning companies, you can find some real gems trading at bargain valuations. These discounted businesses could potentially deliver multibagger returns within a year or less once Wall Street takes notice.

Of course, betting on penny stocks does come with some near-term risks. However, the prospect of exponential gains generally outweighs the downside when you select quality, undervalued companies that are already profitable or have enough cash reserves to sustain operations until profitability. The keys are finding penny stocks with solid growth potential and minimal dilution risk. Here are seven to look into: (KSIOF)

Source: John Brueske / (OTCMKTS:KSIOF) is a software platform used by scientists and engineers in the life sciences industry to help manage and digitize important processes like validation, which ensures that equipment and systems work correctly. Kneat’s paperless validation software is utilized by 8 of the world’s top 10 pharmaceutical companies, which to me highlights the sticky and loyal customer base that makes this penny stock one of the most stable I’ve encountered.

KSIOF handily beat Q4 estimates recently by surpassing EPS expectations by 20% and beating revenue estimates by 4%. In my view, this exemplifies the company’s consistency and steady execution. Looking ahead, analysts expect strong growth for Kneat with projected annual revenue growth of around 40% over the next five years. Yet despite this robust outlook, the stock currently trades at just 6.6 times sales, which seems inexpensive for a SaaS company with so much runway left. This makes it one of those penny stocks to buy.

In 2023, total revenues grew 44%, SaaS revenue expanded 73% and annual recurring revenue increased 55%. The company won most of these big customer deals well before last year, underscoring that the growth was organic. This leads me to believe Kneat is among the safer penny stocks you can purchase today that still offers huge upside potential from current levels.

Spire Global (SPIR)

Source: Billion Photos /

Spire Global (NYSE:SPIR) is a satellite data company that tracks critical information like weather patterns along with ship movements, trade flows, and anti-piracy operations.

In Q4 net loss margins improved by 44% year-over-year alongside 24% revenue growth. If Spire can continue expanding margins at this clip alongside consistent top-line growth, I think it can easily deliver multibagger returns over the next few years. Even after the sell-off, SPIR trades at just 2x forward sales despite expectations for 30%+ revenue growth annually. Profitability is expected next year.

A key factor that gives me conviction in Spire’s long-term promise is its federal business of providing satellite data insights to defense organizations. This segment should see steady demand growth given heightened geopolitical tensions worldwide. Spire operates the second-largest commercially owned satellite fleet globally. Satellite and space stocks generally trade at far richer valuations than SPIR currently.

SurgePays (SURG)

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SurgePays (NASDAQ:SURG) is a fintech company providing services like prepaid wireless plans, reloadable debit cards, and other financial offerings to the underbanked demographic. While SURG certainly has upside potential, it’s important to note the stock has plunged nearly 30% recently after missing Q4 estimates. It now trades down at penny stock levels, but I still see good value for long-term investors despite the near-term underperformance.

Yes, SURG could fall further in the coming months. However, I ultimately think SurgePays is attractively priced for the long run, especially since much of the negativity seems tied to fears over the Affordability Connectivity Program (ACP) potentially ending. This risk appears quite priced in now.

I also believe that even if ACP subsidies are removed, people won’t simply abandon their internet which has become a basic necessity. Plus, the ACP currently benefits 20 million Americans, and the White House has already called for its renewal. If ACP gets extended, SURG could easily deliver multibagger upside literally overnight. At just 3.4x forward earnings and 0.64x sales, I think the risk-reward skews substantially to the upside. Ending subsidies to 20 million Americans in an election year does not seem like a move this administration would like to make.

Iris Energy (IREN)

Source: man

Iris Energy (NASDAQ:IREN) is not your typical energy company but rather operates as a Bitcoin (BTC-USD) miner. I’ve been bullish on Bitcoin mining stocks for months now, and I think it’s a prime time to scoop them up before the upcoming halving sends Bitcoin surging and boosts miners. Many investors shun Bitcoin miners currently due to fears that the halving will cut their mining revenue. However, miners have aggressively expanded operations ahead of the halving. They also hold sizable Bitcoin reserves gaining value daily.

What makes IREN unique is it immediately sells all mined Bitcoin rather than holding it speculatively. IREN’s cost per Bitcoin mined is $20,158, so I believe substantial gains are still ahead as Bitcoin climbs. The miner also recently updated guidance to expand capacity to 20 EH/s this year, up from 7 EH/s. More profitable miners do exist that hold Bitcoin, but I don’t think that will prevent IREN from benefiting from this bull market.

Century Casinos (CNTY)

Source: Thapana_Studio /

Century Casinos (NASDAQ:CNTY) is undoubtedly depressed currently. The stock chart is ugly after falling from pre-pandemic levels around $8-10 to today’s $3 per share. But for hunting multibagger gains in a year, CNTY looks attractive. The casino operator faces increased competition in key markets like Reno and Maryland where ramp-up has been slower than anticipated. CNTY also runs four casinos on cruise lines alongside its 11 land casinos.

The pandemic shutdown forced CNTY to take on over $1 billion in debt. Ongoing interest expenses have led to steep losses. However, CNTY’s $189 million cash position seems sufficient to endure losses until rates decline and profitability returns, likely by 2025. While a near-term gamble with earnings on March 14, sales are expected to keep growing 27.5% in 2023 and 13.2% in 2024. If CNTY stages a turnaround, I expect multibagger upside.

Tetra Technologies (TTI)


Tetra Technologies (NYSE:TTI) provides completion fluids and water management services to oil and gas producers. After a turbulent stretch, TTI appears back on solid financial ground. Although cooling since September’s $6.50 peak, TTI remains well above 2021 lows.

Drilling into the numbers, TTI looks attractively priced. It trades at just 13x expected 2024 EPS of $0.32. Looking further out, analysts forecast EPS to soar to $1.34 in 2026. That equates to a forward P/E of only 3x! TTI also has an intriguing lithium development project with ExxonMobil in Arkansas, diversifying beyond its oil/water recycling business.

If TTI executes and grows long-term profits as projected, I believe its stock remains heavily discounted. Energy stocks carry risks, but TTI’s upside outweighs the downside from current levels in my view. I wouldn’t be shocked to see TTI deliver multibagger returns if management delivers.

HIVE Blockchain Technologies (HIVE)

Source: Shutterstock

HIVE Blockchain Technologies (NASDAQ:HIVE) is a traditional Bitcoin miner, holding a sizable stash of Bitcoin while expanding its mining fleet aggressively. Yet the stock trades sideways, leading me to believe a breakout looms as Bitcoin rises. HIVE’s stock price mirrors June 2022 levels despite surging mining capacity. It’s one of those penny stocks to consider.

Expanding over 4 exahashes of mining power since last month should bolster HIVE’s 200 Bitcoin mined in February. With 10% higher Bitcoin reserves reaching 2,131 coins, HIVE seems prepared for this year’s halving and climbing mining difficulty. Once markets recognize HIVE’s underlying growth, I expect significant upside.

On the date of publication, Omor Ibne Ehsan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on LinkedIn.

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