There are penny stocks to buy that represent purely speculative bets. In a meme frenzy, these stocks can deliver multibagger returns in the blink of an eye.

However, some high-risk but extremely promising penny stock ideas represent businesses with good fundamentals and a robust growth outlook. These penny stocks can be the quality growth stocks of tomorrow if investors buy and hold with patience.

This column discusses three businesses at an early-growth stage. If these companies grow in the coming years, revenue and cash flow upside will likely be multi-fold. Therefore, these are the penny stocks to buy with millionaire-maker potential.

There is an important point to make related to holding penny stocks. It’s essential to understand that penny stocks have high volatility. Even if there is an intermediate correction of 20% to 30%, investors should avoid panic selling. The focus should be on how the business is progressing rather than looking at short-term volatility.

Let’s discuss three quality penny stocks to buy for multibagger returns.

Joby Aviation (JOBY)

The flying car industry is estimated to touch $29 billion by 2030. Further, the market size is expected to swell to $1 trillion by 2040. Without a doubt, quality companies in the industry have millionaire-make potential. With multiple companies on track to commercialize eVTOL aircraft in 2025, it’s a good time to consider exposure.

Among penny stocks to buy, Joby Aviation (NYSE:JOBY) looks attractive after a correction of 33% in the last 12 months. In May, the flying car company announced progress to the next phase of the certification program. Joby will be preparing “for-credit flight testing” and seems positioned for commercialization next year.

Earlier this month, Joby announced the acquisition of Xwing. The latter is in the development of autonomous technology for aviation. The acquisition is likely to provide Joby with a technology edge. With the acquisition, the eVTOL company expects to widen its partnership with the U.S. Department of Defense.

Overall, with a strong cash buffer of $924 million, inroads in the Middle East, and a manufacturing ramp-up, Joby is positioning for stellar growth and value creation.

Entera Bio (ENTX)

Entera Bio (NASDAQ:ENTX) stock has surged over 150% in the last 12 months. I, however, believe the best part of the rally is still to come. With ENTX stock having corrected from 52-week highs, it’s a good time to buy.

As an overview, Entera Bio is a clinical-stage biotech company with a focus on orally delivered peptide and protein therapeutics for unmet medical needs. The company’s most advanced product candidate, EB613, is for high-risk post-menopausal osteoporosis treatment. Further, EB612 treats hypoparathyroidism.

With EB613 entering the third phase of clinical trials, the next 24 months will likely be exciting for Entera Bio. In terms of market potential, the biotech company estimates that 200 million women globally are afflicted by osteoporosis.

Further, no new osteoporosis therapy has been approved since 2019. So, there is a big addressable market, and EB613 is a potential blockbuster drug candidate. Multi-fold returns are, therefore, likely in ENTX stock.

Solid Power (SLDP)

Solid Power (NASDAQ:SLDP) is a high-risk bet worth considering after a significant correction. As an overview, the company is focused on commercializing solid-state batteries. If commercialization is achieved, 20x to 30x returns would not be a surprise.

A big positive related to the company is the backing of major automotive players. That includes BMW (OTCMKTS:BMWYY) and Ford (NYSE:F). As a matter of fact, BMW is pursuing parallel research and development by licensing the company’s design and cell technology. That can potentially help in speeding the path to commercialization.

Earlier this year, the battery maker also deepened its partnership with SK On. As a part of the agreement, SK On will “license Solid Power’s solid-state cell designs and manufacturing processes.” Further, a “new cell manufacturing line” will be installed at SK On’s Korea facility.

In terms of business progress, Solid Power delivered A-1 cells to automotive partners in 2023. This year, the target is to deliver an “A-2 cell that incorporates planned improvements and addresses known challenges from the A-1 design.”

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Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Faisal Humayun 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.