The Nasdaq declined over 2% on Tuesday, and if the momentum keeps going, we could see the tech index below 15,000 points. This turbulence makes investors wonder if the bear has awaked from its slumber, but there still are hypergrowth stocks to buy out there.

Generally speaking, this is not good news for hypergrowth stocks to buy or startup firms. However, there can be certain outliers in every market. As the old Wall Street adage goes, bull markets breed complacency, but bear markets breed opportunity. That’s why you should have at least some portion of your portfolio active in these hypergrowth stocks.

Even if they aren’t outliers in a bearish market, scooping up these companies for cheap is a good idea. After all, the most astounding gains are often realized by those willing to be greedy when others are fearful.

Many of these hypergrowth stocks to buy are already at or near profitability. Once they expand their earnings as expected, they could trade at a substantial premium in the coming years and deliver multibagger returns.

While turbulent times may persist for a while, forward-looking investors would be wise to start accumulating shares in these hypergrowth stocks to buy. Let’s have a look!

Braze (BRZE)

Braze (NASDAQ:BRZE) is a customer engagement software company. These companies trade at very steep premiums in the market, and you could say the same for Braze.

It is not profitable at the moment but is expected to reach profitability next year and expand its earnings. It’s one of my favorite SaaS hypergrowth stocks to buy.

You’re paying 66 times 2027 earnings estimates. That’s mostly because analysts expect a sustained increase in EPS over the coming years that would justify the premium. When it comes to disruptive growth plays, investors must be willing to pay up for future potential.

I believe this company could take off this year as it has recently corrected by 30% from its February peak. The balance sheet here is stellar, with $476 million in cash against $91 million in debt. Q4 revenue growth at 32.7% beat analyst estimates by 5.1%. EPS also beat by 15.5%.

Thus, if management can continue to execute and grow like this, I believe the stock could deliver 30-40% gains this year. After all, today’s premium could be tomorrow’s bargain for a genuine market disrupter.

Red Cat (RCAT)

Drones have become very popular recently, especially in the past month. Red Cat (NASDAQ:RCAT) provides products, services, and solutions to the drone industry through its three wholly-owned subsidiaries.

The stock has gained over 104% in the past month as drone warfare dominated headlines last month. Drones are rapidly transitioning from novelties to indispensable tools on the modern battlefield.

Drones have become an integral part of warfare now, and investing in drone pure-play companies is a very good idea before they land major defense contracts.

Revenue grew 250.7% in the latest reported quarter. Analysts expect revenue to grow 86.4% this year and 89.4% to $35 million next year. While profits remain elusive for now, revenue momentum is undeniable.

Profitability is still far away, but Red Cat Holdings has a good amount of cash at $16 million against $2 million in debt. The stock also hasn’t seen much dilution for the past two and a half years, so this high risk, high reward hypergrowth play might be worth a closer look.

DroneShield (DRSHF)

This is another drone company; I promise this is the last one! Unlike Red Cat, DroneShield’s (OTCMKTS:DRSHF) products are primarily for security purposes. It develops and sells drone detection and security technology.

Their products include DroneGun Tactical, DroneGun Mk4, DroneGun Mk3, RfPatrol Mk2, DroneSentry-X, and DroneSentry. These tools disrupt drones and detect them.

The stock’s performance has been stellar as well. DRSHF stock is up 169% in the past year and can climb significantly more going forward.

It is already profitable. It delivered AUD 21.8 million in revenue and AUD 6.1 million in net income in Q4, up 229.5% and 208.1%, respectively.This hypergrowth play is ahead of the pack, having already crossed into the black.

Paying five times forward sales for this growth feels very cheap, and I believe multibagger gains are still in the cards once more Wall Street investors learn about the company. You won’t find many hypergrowth stocks to buy like DRSHF.

Xpeng (XPEV)

EV companies are in an awful environment. High interest rates have caused customers to pull back on big-ticket items, hurting EV sales volumes.

However, many of these EV companies have been adapting to this trend, and some have even started to bottom out and stabilize. Xpeng (NYSE:XPEV) is one of them.

It is based out of China, so rate cuts haven’t hit the company as hard. However, China’s EV slowdown and slow export growth have hurt the company. It is also a loss-making company, much like most EV startups.

I am bullish because Xpeng is expected to significantly narrow its losses in the coming years while expanding sales quickly. Analysts expect losses per share to narrow from $1.1 to 26 cents from 2024 to 2026. Revenue is expected to nearly double in the same period, from $6.9 billion to $12.9 billion.

The road may be bumpy in the near term, but this EV play could shift into a higher gear down the road. The risk-reward ratio seems very attractive here, even though this startup is nowhere close to being as stellar as Li Auto, for example. 

It has a low break-even price point for the premium models at an estimated sum of 195,000 CNY as of Q4. It also beat analysts by 3.9% on the top line and 47% on the bottom line in the latest reported quarter. The average Wall Street rating on the stock points to a 54% upside in the next 12 months.

Sky Harbour Group (SKYH)

Sky Harbour Group (NYSEMKT:SKYH) is a U.S. company that works with aviation infrastructure. They build, rent, and manage hangars for business aircraft.

They also offer private hangars, offices, lounges, and parking. If you’ve been reading my recent articles, I mentioned many times that the private aviation industry is seeing a boom in the post-COVID era. The friendly skies are calling for those with the means to bypass commercial air travel hassles.

This is due mainly to the pandemic not being relevant anymore, along with Trump’s tax cuts allowing people to write their business jet expenses off their taxes as business expenses.

As such, Sky Harbour Group is expected to see huge growth. Analysts expect 2024 revenue to be at $16.6 million, up 119.3%. They expect the momentum to continue, with 2028 revenue being $217.4 million. 

This is a very new startup, and it obviously isn’t profitable right now, but it is expected to see profits in 2027 and expand profits by nearly triple digits in 2028. While patience will be required, the long-term runway looks clear for takeoff. The stock has been up 58% in the past year.

D-Market (HEPS)

D-Market (NASDAQ:HEPS) is a Turkish e-commerce company. They sell a variety of goods, including electronics, books, toys, and more.

The performance of this business has been stellar despite the shaky macroeconomic situation in Turkey. Turkey has failed to contain inflation so far, despite a jumbo rate hike in March to 50%. Even in the face of economic turbulence, this growth story has managed to soar.

HEPS stock has managed to gain 40% this year, with revenue growing 87.6% YOY. Analysts expect $1.2 billion in revenue with around 35% growth for all of 2024, with EPS at 3 cents. However, they also expect EPS to jump to 7 cents next year, which means you’re paying just 22 times forward earnings.

In 2023, total gross merchandise value increased from 88.9 billion TRY to 116.5 billion TRY, which is a 31.1% increase year over year.

GDP growth in Turkey has surprisingly been stable, fueled by robust spending, which in turn is likely fueled by high inflation expectations. The country saw 4.5% GDP growth last year.

D-Market is also insulated from rate hikes since it has $248 million in cash against just $16 million in debt. Thus, it is one of the hypergrowth stocks I have solid conviction in.

Ouster (OUST)

Ouster (NYSE:OUST) supplies lidar technology, which is better than camera and radar technology for self-driving vehicles and robots.

The drawback is that it is much more expensive. However, costs are coming down, and near-term performance has actually been quite stellar.

OUST stock is up 157% in the past year, with triple-digit revenue growth at 123.5%. As lidar costs come down and autonomous solutions increase significantly in the coming years, I expect this company to deliver multibagger gains.

While the road ahead has many twists and turns, the destination could be a pot of gold for risk-tolerant investors. However, Ouster is still a very high-risk, high reward play. The company saw $39 million in losses in just Q4 alone.

Those losses are expected to narrow drastically in the coming years until Ouster reaches profitability in 2027, but you should still keep the risks in mind should anything go wrong. Ouster does have $190 million as a cash buffer, so I remain optimistic here.

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 InvestorPlace.com Publishing Guidelines.