If you have some spare change jingling in your pocket, it might be worth considering investing that money in penny stocks with good upside potential. The penny stocks on this list are each worth less than $1 as of writing, and I believe many of them could be multibaggers if the stars align favorably. Of course, as always, investing in penny stocks exposes you to significant downside risk. It’s a high-risk, high-reward game. That’s why I would not recommend investing a significant amount of money in any of these stocks. Treat it like a lottery ticket – only invest what you can afford to lose.

That said, I have not included any stocks that undergo significant dilution or have unsustainable losses. I’ve also excluded biotech from this list for obvious reasons – the binary nature of that industry amplifies the risk. These factors should keep the downside risk reasonable for the penny stocks on this list, even if they are inherently speculative plays. With that in mind, here are seven penny stocks below $1:

Hyperfine (HYPR)

Hyperfine’s (NASDAQ:HYPR) Q1 results show the company is making steady progress in gaining acceptance for its portable MRI tech. It had $3.3 million in revenue, a solid 25% growth YOY.

The launch of Hyperfine’s latest artificially intelligent software in January was a major milestone. Software now has enhanced image quality and stroke detection.

Hyperfine’s laser focus on building clinical evidence is key to unlocking enormous markets like the $10B+ opportunities in stroke and Alzheimer’s. With payment already in place and a broad clearance from the FDA, each new validated use case is another catalyst to drive the adoption of the Swoop system. Its growth so far has been pretty solid.

The stock is still down around 35% in the past year as of writing, but if its MRI tech takes off, I see a lot of upside potential. Revenue beat in Q1 by 8.75%, and if this momentum continues, expect more gains.

PEDEVCO (PED)

PEDEVCO Corp (NYSEMKT:PED) is right at 98 cents, as I’m writing. I think it is heading in the right direction, as management has been improving profits. In fact, analysts see EPS growing by 15.3% to 6 cents for the full year.

They’ve put themselves in a really strong position with no long-term debt weighing them down and almost $17 million in the bank as of this past winter.

The opportunities they have span areas like the DJ Basin, with around 19,000 acres, and the Permian Basin, with approximately 22,400 acres, look promising. Plus, with over two-thirds of their estimated 17 million barrels of oil equivalent in proven reserves being oil and an estimated future value of $232 million, it seems PEDEVCO has a good shot at delivering real returns for shareholders.

I like the management team’s strategy of focusing on becoming a top operator in the Permian Basin. Using new tech to profitably extract conventional resources could really pay off if they do it right, especially if Trump gets elected and starts drilling more. Definitely one of the penny stocks to buy under $1.

Realbotix (XBOTF)

Tokens.com (OTCMKTS:XBOTF) recently rebranded as Realbotix. It is still a blockchain company, but the shift could lift up the penny stock in the long run.

Management is making a concerted push into AI and robotics, sectors that have exploded in popularity lately. Personally, I think this is a smart move. They want to provide AI-based “companionship” robots. It may sound weird to some, but it is quite promising, given the amount of loneliness people face today.

If they can pull it off though, I believe the market would reward them with a much richer valuation multiple, given the hype around all things AI. Growth investors may want to keep Realbotix on their radar. Just temper your expectations for the near-term and look for signs that management is making meaningful progress. But color me cautiously optimistic.

Currys (DSITF)

Curry’s (OTCMKTS:DSITF) electronics stores seem to be turning a corner, and I think their stock may be a good choice for people looking to invest in retailers selling tech gear as shoppers start spending more again. This company mainly operates in the U.K., and with promising economic figures coming out from there, it looks like the right time to invest here.

The company said “like-for-like” sales were up about 2% in the most recent four months, much better than the declines earlier this year and last.

I’m especially hopeful about how things are going in Scandinavia – profits there should more than double compared to last year and beat analysts’ estimates. Their stores in the U.K. and Ireland also appear to have stabilized, with earnings expected to match what experts predicted.

Curry’s deserves credit for tightly controlling costs, as those savings are covering rising prices. This, combined with higher margins, should help profits going forward. They now expect full-year adjusted earnings before taxes (excluding Greece) to land between £115-120 million, above their previous forecast of around £105 million.

With sales momentum improving and a year-end cash balance projected around £95 million, Curry’s seems well-equipped to navigate the tricky retail environment.

Goodness Growth Holdings (GDNSF)

Goodness Growth (OTCMKTS:GDNSF) is a cannabis company. These companies are notorious for their cash burn and riskiness, but I think good times may come sooner here. Q1 brought some highs and lows, and the company came up one cent short of analysts’ estimates for earnings per share, but revenue grew solidly by 26% YOY to $24.09 million, beating Wall Street’s forecast.

What especially piqued my interest was the leadership’s update on their ongoing legal matters with Verano. As CEO Josh Rosen pointed out, the analysis is clear-cut – and the expert-calculated damages of over $400 million shouldn’t be dismissed lightly. I concur with Rosen that Verano likely took a calculated gamble by possibly breaking their agreement to merge, and Goodness Growth seems well-set to benefit greatly if justice is served.

The team also appears to be making progress with its “FIRE” strategy, with operational and financial performance improvements driven by the start of adult-use sales in Maryland. However, the lack of investment compared to competitors in Minnesota and New York as those markets transition to adult use is still a cause for concern. The stock is up 259% in the past year and I expect the recovery to continue.

Pacific Health Care (PFHO)

Pacific Health Care Organization (OTCMKTS:PFHO) operates in the healthcare industry, as you may have guessed from its name. The company helps oversee various medical organizations. PHCO’s most recent financial results for the first quarter of 2024 showed continued progress, with total annual revenue increasing nearly 7% YOY. Revenue reached $1.4 million. It also has positive margins.

The part of the business focused on utilization reviews led the way with growth of almost 12%, generating $498,654 in revenue. Other areas like managed care, medical provider networks, and bill reviews also saw increases. The only segment that remained relatively flat was medical case management.

PHCO grew its top line while also keeping a lid on costs, which edged down a slight 0.6% to $1.22 million. This allowed income from operations to more than double to $175,193. PHCO’s balance sheet remains sound, with $2.84 million in available cash funds and no long-term debt obligations. Plus, profitable companies rarely disappoint, so I expect shares to make a turnaround in the coming quarters if the execution remains good.

QuoteMedia (QMCI)

QuoteMedia (OTCMKTS:QMCI) is a company that provides financial data and software tools. It is not the fastest-growing company here, but I still think the stock is worth a look, as it could bottom out in the coming months after a 25% decline in the past year.

Their revenue declined 1.5% in Q1 YOY, but I see more growth once the broader economy cooperates.

On the bright side, they had $1.87 million in current assets like cash and accounts receivable to cover $4.23 million in current liabilities owed to suppliers and for expenses. They also continued investing in their future by spending $4.68 million to further develop new software capabilities.

I hope to see them better handle rising costs and return to growth in revenue in the coming reporting periods. But with solid finances, they have the means to work on improving their results. It’s a wait-and-see situation.

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.