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Three Artificial Intelligence Stocks Under $10

Artificial Intelligence is one of those technologies that is difficult to pin down: look for an AI sector and you probably won’t find one. But most lists of the best AI stocks include all the household names, including Google, Microsoft, Nvidia and Facebook. AI, whether it is Amazon’s Alexa. Google’s Waymo, or Facebook’s DeepText, has become table stakes.

AI Penny Stocks

But about some under-the-radar stocks in the sector? We highlight three of them here.

VIQ Solutions

Shares of VIQ Solutions (VIQ Solutions Stock Quote, Chart, News, Analysts, Financials TSX:VQS) have taken a major tumble over the past couple years, but is there value in the Canadian AI player?

VIQ, which is a provider of AI-based voice and video capture for compliance heavy sectors such as court systems and law enforcement, fell from a 2021 high of $9.79 to trade at mere pennies today.

In its most recent quarterly report, in which the company lost $3.6-million on revenue of $10.5-million (down 15 per cent over the same period a year prior) the company’s CEO acknowledged the difficult period but said things were looking up again.

“Revenue for the second quarter ending June 30, 2023, grew by 5 per cent sequentially from the previous quarter despite some delays in ramping up of new contracts,” said CEO Sebastien Pare. “When normalized to consider the 50-per-cent reduction of the Queensland contract from a year ago and negative foreign exchange impact due to the declining Australian dollar and British pound sterling relative to the U.S. dollar, revenues for the quarter would have increased by up by 3.6 per cent year over year. We are happy to report that our clients appear to be back on track to process evidentiary documentation to pre-COVID volumes after a difficult couple of years in 2021 and 2022 due to the pandemic and labour shortages.The company’s strong bookings, client renewals, current client volume trends combined with previously announced restructuring and the ongoing platform migrations in our Australian business, are expected to yield gains in gross margins to support a path to positive adjusted EBITDA in the second half of 2023.”

mCloud Technologies

A similar chart is the one that belongs to mCloud Technologies Corp (mCloud Technologies Corp Stock Quote, Chart, News, Analysts, Financials CSE:MCLD).

After peaking at $9.75 in 2021 the company is now “exploring strategic alternatives”, which is street-speak for trying to find a buyer.

mCloud, which uses AI to maximize results in “asset-intensive” industries such as wind energy and oil and gas last received coverage at Cantech in November of 2022 when analyst Martin Toner halved his price target on the stock.

Datametrex AI

Datametrex AI (Datametrex AI Stock Quote, Chart, News, Analysts, Financials TSXV:DM), which works in various verticals, including health care and electric vehicles, recently reported a difficult second quarter.

On August 29, the company’s Q2 results revealed a net loss of $4.32-million on revenue of $4.91-million, a topline that was down drastically from the $18.3-million in revenue it posted in the same period a year prior.

CEO Charles Park, however, was upbeat.

“”We stand at an exciting juncture as a company, with numerous long-term growth prospects set to be completed,” he said. “The imminent launch of our third Imagine Health Clinic underscores our commitment to extending health care services to more Canadians, ensuring their well-being remains a top priority, while also expanding business lines. Our impending AnalyticsGPT launch, coupled with the grand opening of our EV charging infrastructure, represents significant milestones that will propel us towards even greater achievements. These developments collectively chart a course for our company’s success,” said Marshall Gunter, chief executive officer of the company. The launch of AnalyticsGPT and the commencement of our EV charging operations serve as revenue strategies aimed at substituting the COVID-19-generated revenue and enhancing our overall profitability. With these initiatives nearing their final stages, the company is eagerly anticipating the opportunity to unveil these innovative ventures to the market. These endeavours mark significant steps forward in our pursuit of sustainable growth and expansion.”

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