As the spotlight stays fixed on mega-cap tech, a select group of under-the-radar small caps—dubbed the "Mag 7 Undercard"—is quietly gaining steam. These emerging players span next-gen communications, health and wellness, retail tech, and critical infrastructure, each showing unique catalysts as Q4 approaches.
Peraso Inc. (NASDAQ: PRSO) delivers battlefield-proven mmWave communications technology, with Q2 revenue up 76% and Q3 guidance of $2.8M–$3.1M. Its secure, 60GHz beamforming systems are deployed in active defense environments, validated by real-world conditions—not concepts. With 82 customer engagements, a defense TAM exceeding $500M, and U.S. policy tailwinds from the CHIPS and BEAD Acts, Peraso is executing with precision.
Zeta Network Group (NASDAQ: ZNB) is rearchitecting the digital backbone for Web3 with a high-throughput blockchain protocol stack, positioned to support next-gen decentralized infrastructure at scale.
Concorde Intl Group Ltd (NASDAQ: CIGL) is modernizing global logistics with tech-enabled supply chain solutions. As re-shoring and secure transport rise to geopolitical prominence, Concorde's niche model gains relevance.
Duluth Inc. (NASDAQ: DLTH) With strong brand equity in workwear and utility apparel, Duluth is expanding its omni-channel reach, tapping into the rugged lifestyle economy and return-to-work consumer trend.
Power Metallic Inc. (OTCQB: PNPNF | TSX.V: PNPN) Power Metallic is advancing critical mineral exploration in North America. The addition of former Canadian Energy Minister Seamus O’Regan to its board underscores its political alignment and clean energy focus.
BrilliA Inc. (NYSE: BRIA) is rapidly growing its presence in the non-prescription wellness space, offering focus and anxiety support products that are gaining traction across digital health and consumer retail platforms.
Bolt Projects Inc. (NASDAQ: BSLK) A disruptor in consumer electronics and lifestyle tech, Bolt Projects is building momentum with early adopters and a retail channel strategy targeting next-gen home and personal devices.
The “Mag 7 Undercard” Matters
These companies are not just speculative plays—they’re each executing on validated strategies. From Peraso’s (NASDAQ: PRSO) military-grade connectivity to BrilliA’s (NYSE: BRIA) rise in functional wellness, and Power Metallic’s (OTCQB: PNPNF | TSX.V: PNPN) critical minerals positioning, these stocks are building momentum under the surface. They represent a shift in investor interest toward real-world solutions, defensible niches, and megatrends like national security, digital transformation, consumer health, and clean energy. As 2025 unfolds, the Mag 7 Undercards may offer asymmetrical upside long before institutional money takes notice.
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