# Watchlist Wire > Independent editorial research on U.S. micro-cap public companies. 20 permanent research dossiers, a weekly market roundup, a podcast, and briefings on Section 17(b) compliance and market structure. Sponsored coverage, where it exists, is disclosed on the report itself. Not investment advice. ## Research Dossiers - [BSEM: BioStem Technologies](https://watchlistwire.com/seo/BSEM.html): 94% gross margins on restated net revenue. Seven consecutive profitable quarters. FDA inspection with zero. - [NEOV: NeoVolta Inc.](https://watchlistwire.com/seo/NEOV.html): Revenue grew from $0.6M to $6.7M in six quarters. 333% year-over-year growth in Q1 FY2026. American-assembled battery. - [COSM: Cosmos Health Inc.](https://watchlistwire.com/seo/COSM.html): Revenue growing, gross margins expanding from 7% to 15% in two quarters, cash operating burn down 95% year-over-year.. - [ENTEF: ESE Entertainment Inc.](https://watchlistwire.com/seo/ENTEF.html): Bombee. ESE's core asset. Posted CAD $3.745M in a single quarter, 109% sequential growth. First positive EBITDA quarter. - [WEB: Web Travel Group Ltd.](https://watchlistwire.com/seo/WEB.html): WEB on the ASX is Web Travel Group, a B2B online travel marketplace (WebBeds) sourcing hotel inventory globally across. - [CXDO: Crexendo Inc.](https://watchlistwire.com/seo/CXDO.html): $68.2M in FY2025 revenue, 12% growth, GAAP net income of $5.1M; actually profitable. $31.4M in cash, up 72.5%. - [AEYE: AudioEye Inc.](https://watchlistwire.com/seo/AEYE.html): 40 consecutive quarters of record revenue. ARR at $40M growing 9% year-over-year. 131,000+ customers. DOJ enforcement. - [GLMD: Galmed Pharmaceuticals](https://watchlistwire.com/seo/GLMD.html): $19.2M in cash against a market cap in the same range. Aramchol Phase 3 open-label completed with 65% fibrosis. - [MDAI: Spectral AI Inc.](https://watchlistwire.com/seo/MDAI.html): $150M BARDA contract. DeepView FDA De Novo application submitted; determination pending. Revenue of $19.7M in FY2025. - [SNES: SenesTech Inc.](https://watchlistwire.com/seo/SNES.html): Revenue +20% to $2.2M in FY2025. Gross margin expanded 840 basis points to 62.5%. E-commerce revenue +88%; now more. - [PAPL: Pineapple Financial Inc.](https://watchlistwire.com/seo/PAPL.html): Agent network grew 82% year-over-year. A record. FY2025 gross billings $17.4M. Operating losses improved 22.9%. The. - [ACON: Aclarion Inc.](https://watchlistwire.com/seo/ACON.html): $13.3M cash, zero debt, runway into 2028. NOCISCAN scan volume +89% year-over-year for three consecutive record. - [PRPB: CC Neuberger Principal Holdings II](https://watchlistwire.com/seo/PRPB.html): PRPB is a Special Purpose Acquisition Company, a blank check vehicle formed to identify and merge with a private. - [XTIA: XTI Aerospace Inc.](https://watchlistwire.com/seo/XTIA.html): $32.2M in cash as of September 2025, up from $4.1M in December 2024. Engineering services generating real near-term. - [AREB: American Rebel Holdings Inc.](https://watchlistwire.com/seo/AREB.html): Going concern disclosed Q3 2025. Revenue declining. 9-month 2025 down 25% year-over-year. $22.5M in debt against $722K. - [GFAI: Guardforce AI Co.](https://watchlistwire.com/seo/GFAI.html): $36.35M in stable revenue. GDM segment growing 18.1% in H1 2025. $25M cash position. Government contract renewals with. - [CLPS: CLPS Technology Inc.](https://watchlistwire.com/seo/CLPS.html): $164.48M in FY2025 revenue, 15.2% growth. U.S. revenue +101.6% in H1 FY2026. International APAC revenue nearly doubled.. - [DPRO: Draganfly Inc.](https://watchlistwire.com/seo/DPRO.html): $84M in cash after a 2025 equity raise. FY2025 revenue $7.73M, up 17.8%. 25 years in commercial drone operations.. - [BTBT: Bit Digital Inc.](https://watchlistwire.com/seo/BTBT.html): Revenue grew 140% to $108M in FY2024. Q3 2025 revenue $30.5M. 33% year-over-year. HPC/AI cloud services generating. - [RVSN: Rail Vision Ltd.](https://watchlistwire.com/seo/RVSN.html): $22.4M cash. Binding MOU with Indian Railways via Sujan Ventures. $335K follow-on mining order from Latin America. R&D. ## Research & Compliance Briefings - [Is sponsored research legal?](https://watchlistwire.com/seo/is-sponsored-research-legal.html): Section 17(b) explained, the enforcement record, and what compliant disclosure looks like. - [Sponsored research vs. stock promotion](https://watchlistwire.com/seo/sponsored-research-vs-stock-promotion.html): the legal and structural differences. - [What is a Section 17(b) disclosure?](https://watchlistwire.com/seo/what-is-a-17b-disclosure.html): the four required elements, annotated. - [Issuer-paid research and conflicts of interest](https://watchlistwire.com/seo/issuer-paid-research-conflict-of-interest.html): how the conflict is managed by disclosure. - [How much does sponsored research cost?](https://watchlistwire.com/seo/sponsored-research-cost.html): pricing structures and red flags. - [Why analysts do not cover small caps](https://watchlistwire.com/seo/why-analysts-dont-cover-small-caps.html): the economics of the coverage desert. - [How micro-caps increase trading volume and liquidity](https://watchlistwire.com/seo/increase-micro-cap-trading-volume-liquidity.html): the levers that exist and the one that must never be pulled. - [OTCQB vs. Nasdaq vs. NYSE American](https://watchlistwire.com/seo/otcqb-vs-nasdaq-vs-nyse-american.html): listing tiers compared. ## Hubs - [Research Library](https://watchlistwire.com/seo/library.html): all 20 dossiers, searchable. - [The Weekly Roundup](https://watchlistwire.com/seo/roundup.html): 29 editions of weekly micro-cap analysis. - [Podcast](https://watchlistwire.com/seo/podcast.html): the research in audio, on Spotify, Apple, and Amazon. - [Subscribe](https://watchlistwire.com/seo/subscribe.html): free distribution list. - [Institutional Coverage](https://watchlistwire.com/seo/ir.html): how coverage works for public companies. ## Feed - [RSS](https://watchlistwire.com/seo/feed.xml)