Profiting from high-risk, high-reward stocks is a feat easier said than done. Luck can often make a big difference between a total loss and stumbling upon an unforeseen windfall. Yet, while you never know if you’ll end up being “early” in the next big meme stock, there are quite a few high-upside stocks you can identify based on fundamentals.

Keep in mind, however, that most of these opportunities probably will not come solely from the use of a stock screener. Rather, they can be found via deep dives into the underlying companies. That said, not all of the best high-potential payoff stocks are hiding under unturned rocks.

Even among some popular growth stocks are some names with the potential to appreciate in value tenfold from current price levels. With all of this in mind, let’s take a closer look at the following seven high-risk, high-reward stocks. Each of them falls into either one of these two categories.

AmBase (ABCP)

AmBase (OTCMKTS:ABCP) is no stranger to litigation. In the early 2010s, this holding company settled a lawsuit against the U.S. Federal Government dating back to the Savings & Loan Crisis, then invested a fair amount of this $180.65 million windfall into a New York City condominium project.

However, in 2017, the project fell into foreclosure, and AmBase’s equity was wiped out. That was bad news for ABCP stock investors at the time, but flashing forward seven years later, it appears there’s hope yet for speculators in this high-risk, high-reward stock. Per a February 2024 writeup from Substack publisher Under the Radars, AmBase has a stronger-than-expected chance of prevailing in its suit against the developer behind this ill-fated real estate investment.

The potential payoff could be massive. Even when accounting for litigation funding and related dilution, ABCP could experience a triple-digit percentage jump in price. Factoring in the potential for proceeds from litigation against the lenders on the project, a ten-fold jump may be within the realm of possibility. Although AmBase will be a total loss if it fails to see a favorable outcome in this case, for those who can handle the risk, ABCP is worth a closer look.

Archer Aviation (ACHR)

Archer Aviation (NYSE:ACHR) is one of the more high-profile, high-risk, high-reward stocks currently out there. As you may already know, Archer is one of several publicly traded companies looking to become a leader in the emerging vertical takeoff and landing (eVTOL) industry.

These stocks, sometimes referred to as “air taxi stocks” or “flying car stocks.” have experienced brief waves of speculative frenzy. ACHR stock is no exception. Shares went from around $2 to as much as $7.49 per share last summer but have since pulled back to around $3.50 per share. In the near term, sideways or even negative price performance could persist. However, Archer did just recently gain regulatory approval to operate as a commercial airline operator.

That bit of progress means the company is one step closer to launching its air taxi services in major markets across the world. According to analysts at JPMorgan (NYSE:JPM), this nascent industry could be worth $1 trillion annually by 2040. Even if industry growth falls far short of this forecast, chances are ACHR, which currently has a market cap of just $1.1 billion, could eventually be worth ten times what it is worth today.

Barfresh Food Group (BRFH)

Barfresh Food Group (NASDAQ:BRFH) is a high-upside stock I’ve talked bullishly about recently, in my coverage of top undiscovered stocks. In a nutshell, Barfresh Food Group is a purveyor of pre-made smoothies and juices, focused primarily on serving the school lunch market.

After some past setbacks, the situation with Barfresh Food Group is improving rapidly. Not only is demand from its primary end-user market bouncing back in a big way, but the company could be on the verge of moving into other food service verticals. Recent news and increased attention to this stock from the online value investing community have already led to a big rebound for BRFH.

In a little over two months, shares have soared in value more than threefold. Even so, another many-fold move higher may not be out of the question. Reaching 10x from its current price may be somewhat of a stretch goal, yet another two or threefold run is certainly nothing to sneeze at. Consider shares worthy of a speculative buy at current prices. If Barfresh sells off after this recent rally, consider it an even stronger opportunity among high-risk stocks.

Lithium Americas (LAC)

With lithium stocks moving from super hot to out of favor among investors, now may be the right time to make a “lottery ticket” wager on Lithium Americas (NYSE:LAC). The company’s primary asset is its full ownership of the Thacker Pass lithium mining project, located in northern Nevada.

LAC stock has fallen considerably since last October when Lithium Americas split off from its former corporate parent, Lithium Americas (Argentina) (NYSE:LAAC). Chalk up LAC’s tremendous tumble to the big drop in spot lithium prices. With spot lithium at a 35-month low, it makes sense that there’s not much bullishness about the potential upside from the Thacker Pass project.

However, as signs emerge that the recent EV sales slump may be little more than a short-lived blip, demand for lithium, used in the production of EV batteries, could be headed for a rebound as well. That could mean big profits for LAC once Thacker Pass comes online three years from now. As InvestorPlace’s Faisal Humayun pointed out last month, Thacker Pass could have an after-tax net present value of $5.7 billion. LAC’s current $577 million market cap could mean an eventual tenfold move higher for shares.

Midwest Energy Emissions (MEEC)

Midwest Energy Emissions (OTCMKTS:MEEC) was already one of the top high-risk, high-reward stocks when I last wrote about it back in April, but at current prices, the potential for it to rise by 10x may now be far greater. Similar to AmBase, Midwest Energy Emissions is another litigation windfall stock.

In the case of MEEC stock, a cash windfall from litigation isn’t merely a potential catalyst: It has already happened. Back in March, a federal court awarded a $57 million patent infringement verdict in favor of the company. Better yet, there may be a path to further gains, thanks to additional catalysts on tap. Midwest Energy Emissions has already started to de-lever its balance sheet, thanks to this cash infusion.

Also, according to Seeking Alpha commentator 1035 Capital Management, there’s a big opportunity for Midwest Energy to use this cash to pursue growth opportunities in areas like forever chemicals and rare earth elements. Per the commentators, the litigation and growth catalysts, combined with the present value of MEEC’s assets, could make this stock eventually worth up to $5 per share. If the stock pulls back further in the near term, the opportunity to buy in for possible 10x gains could emerge.

SurgePays (SURG)

SurgePays (NASDAQ:SURG) is a fintech and telecom provider targeting what it calls the “underbanked and underserved.” So far this year, shares have taken a big dive due to uncertainty surrounding a U.S. Federal Government program that is material to the company’s business and future growth prospects.

That is, SurgePays is a major Affordable Connectivity Program (ACP) vendor. This program subsidizes low-cost mobile internet service. However, due to a lapse in funding from Congress, ACP has been put on hiatus. Yet, while uncertainty regarding a resolution runs high, making a “lottery ticket” wager on SURG stock could lead to a big payoff if federal funding resumes.

In the event this happens, sentiment for SurgePays could turn on a dime. Prior forecasts called for the company to earn as much as 80 cents per share in 2025. Hence, a positive turn of events would likely send this $3.19 per share stock back to double-digit price levels. Add in other catalysts, like SurgePays’ move into prepaid wireless, and there may be a longshot chance of an eventual tenfold move higher. With SURG, keep in mind the high risk, but don’t discount the potential high rewards.

Zomedica (ZOM)

Zomedica (NYSEAMERICAN:ZOM) is another of the better-known high-risk, high-reward stocks, if only due to its brief time as a meme stock in 2021. However, unlike then, when shares went “to the moon” due to hope, hype and promotion from none other than Tiger King’s Carole Baskin, today’s bull case for the veterinary diagnostics company is a lot more substantive.

At current prices, ZOM stock trades at a 38% discount to book value. As research firm Buyside Report tweeted back in May, former executives from Idexx Laboratories (NASDAQ:IDXX) and Heska (NASDAQ:HSKA) have joined the company’s board and management. These insiders have also been consistently making insider purchases of the stock.

Last year, Zomedica acquired Qorvo Biotech, the developer of its famed Truforma veterinary diagnostics platform. Sales have steadily increased since the new management team took over. Eyeing further growth, Zomedica continues to make bolt-on acquisitions of new product offerings and just recently announced it was ramping up production capacity. While it may not happen as rapidly as it did during 2021’s “meme mania,” if fundamentals keep improving for ZOM, a tenfold climb higher may just well be within reach.

On the date of publication, Thomas Niel held ABCP, MEEC and ZOM. He did not hold (either directly or indirectly) any positions in the other securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.