Key Highlights

● Digital Turbine's fiscal first-quarter 2027 Revenue rose 27% year over year to $166.0 million, with adjusted EBITDA up 69% to $42.5 million, prompting management to raise full-year guidance to $670 million in revenue.

● Keel Infrastructure, the former Bitfarms, reported second-quarter 2026 revenue of $30.4 million, down 50% as Mining wound down, while citing roughly 2.2 gigawatts of AI and high-performance-computing development capacity and about $819 million of liquidity.

● SOPHiA GENETICS reported roughly 27% second-quarter 2026 revenue growth, including about 80% growth in liquid biopsy, and raised full-year 2026 revenue guidance to $96 million despite a net loss of roughly $80.88 million on a trailing basis.

● InnovAge, the one non-technology name in the group, is a healthcare services provider whose trailing twelve-month revenue reached roughly $989.7 million, up about 15.9%, with fiscal 2027 guidance pointing to $115 million in adjusted EBITDA.

Five very different Nasdaq names, a micro-cap identity AI firm, a rebounding mobile-ad platform, a Bitcoin miner reborn as an AI data-center developer, a genomics software company and a senior-care provider that quietly leans on technology, offer a candid map of where AI and software actually lives in September 2026.

Five Tickers, Five Very Different Stories

Lumping stocks together under an AI and software banner is easy; verifying what each one really does is harder. Before anything else: four of these five companies sit squarely in technology, software or technology-enabled infrastructure, while one, InnovAge, is a healthcare services provider that uses technology rather than sells it. That distinction is flagged plainly below rather than dressed up.

What binds the group is not a shared Business model but a shared moment. Each is small or mid-cap, each carries real execution risk, and each has had a genuinely eventful 2026, a rebrand, a guidance raise, a reverse split, a new chief executive. Every figure below is dated, and where a number comes from a data aggregator rather than a filing, that is noted.

The Backdrop: AI Spending Is Real, Profitability Is Selective

The September 2026 tape rewards two things unevenly. Large-scale AI infrastructure, power, data centers, compute, continues to attract capital, which is why a former crypto miner can be worth more than a profitable software peer. Meanwhile, application-layer software companies are being judged on a stricter test than in prior AI-hype cycles: not just growth, but a credible path to positive cash flow.

That split runs right through this list. Digital Turbine and, arguably, InnovAge are being re-rated on improving fundamentals. Keel Infrastructure is a capital-intensity bet on AI Demand it has not yet monetized. SOPHiA GENETICS is growing fast but still loss-making. And T Stamp is a genuine micro-cap where the technology may be more interesting than the balance sheet. Small companies like these can move sharply on a single filing, financing or contract, so position sizing and skepticism matter more than usual.

T Stamp Inc. (NASDAQ:IDAI): AI Identity at Micro-Cap Scale

T Stamp Inc., which operates as Trust Stamp, is a genuine AI and software company, but an unusually small one. It builds AI-powered identity and authentication tools, including biometric tokenization, computer vision and Fraud detection for government, enterprise and financial clients.

The scale is the headline caution. As of September 14, 2026 the stock traded around $3.26 with a market Capitalization near $18.4 million and a 52-week range of $1.17 to $5.28. Trailing-twelve-month revenue was roughly $3.44 million, with a net loss of about $9.38 million reported. This is a story stock, not an Earnings story.

It is also one with compliance history investors should know: Trust Stamp executed a Reverse Stock Split effective January 6, 2025 to satisfy Nasdaq's minimum bid-price rule, at a ratio reported as 15-for-1 by an aggregator, and later regained compliance. Recent 2026 items flagged by aggregators include an expanded ID Dataweb partnership, selection tied to an EU semiconductor initiative and a roughly $5.51 million June 2026 financing. What to watch: cash runway, dilution and whether partnerships convert into recurring revenue.

Digital Turbine, Inc. (NASDAQ:APPS): A Mobile Platform Finding Its Feet

Digital Turbine, Inc. is the most conventional software name here, and in 2026 the clearest turnaround. It runs a mobile growth platform connecting advertisers, publishers, carriers and device makers, split across on-device app delivery and its App Growth Platform Advertising business.

The fiscal first-quarter 2027 report, released August 4, 2026, was the catalyst. Revenue rose 27% year over year to $166.0 million, with App Growth Platform net revenue up 56% to $56.6 million and On Device Solutions up 15% to $110.0 million. The GAAP net loss narrowed to $3.2 million, or $0.03 per share, while adjusted EBITDA jumped 69% to $42.5 million. Management raised full-year fiscal 2027 guidance to $670 million in revenue and $155 million in adjusted EBITDA.

The market responded emphatically, with the stock rising sharply on the report. As of September 14, 2026 shares traded near $11.73, a market cap of roughly $1.42 billion. The caution: this is still a GAAP-loss-making advertising business exposed to a cyclical ad market and platform dependencies. Analyst optimism, with aggregators showing a bullish consensus and a target well above the price, assumes the guidance holds. What to watch: whether App Growth Platform momentum sustains and losses keep shrinking.

Keel Infrastructure Corp. (NASDAQ:KEEL): A Bitcoin Miner Reborn as AI Infrastructure

Keel Infrastructure Corp. is the boldest reinvention on this list. Formerly Bitfarms Ltd., the company officially rebranded to Keel Infrastructure and completed a U.S. redomiciliation on April 1, 2026, repositioning from Bitcoin Mining toward high-performance computing and AI data-center development. It remains dual-listed on Nasdaq and the TSX.

This is technology infrastructure, not application software, and the financials still reflect a business mid-transition. Second-quarter 2026 results, reported August 10, 2026, showed revenue of $30.4 million, down 50% year over year as mining wound down, a net loss of $0.11 per share and negative adjusted EBITDA of $23.7 million. The bull case is the pipeline: management cited roughly 2.2 gigawatts of development capacity across priority sites including Panther Creek and Sharon in Pennsylvania and Moses Lake in Washington, plus a conditional 96 MW arrangement in Sherbrooke, Quebec, and Liquidity of about $819 million.

As of September 14, 2026, Keel Infrastructure traded near $3.45 with a market cap around $2.13 billion, a valuation resting on future leasing, not current earnings. Management's refrain, power is the constraint, captures the thesis and the risk. What to watch: signed hyperscaler leases and construction timelines converting megawatts into contracted revenue.

SOPHiA GENETICS SA (NASDAQ:SOPH): AI-Driven Genomics Software, Still Pre-Profit

SOPHiA GENETICS SA is a cloud-based software and analytics company applying AI to multimodal genomic and clinical data for hospitals, labs and biopharma, with a strong oncology focus. It is classified under health information services, but the model is fundamentally SaaS, recurring platform usage, which places it firmly in the AI-software conversation.

Growth is the attraction. The company reported roughly 27% revenue growth in the second quarter of 2026, including about 80% growth in liquid biopsy, and raised full-year 2026 revenue guidance to $96 million. Trailing-twelve-month revenue was around $86.17 million, up 23.6%, but the net loss of roughly $80.88 million underscores that this is a growth-over-profit story. As of September 11, 2026 shares traded near $7.61 with a market cap around $647.8 million.

Two 2026 developments stand out: a reported precision-oncology joint venture involving Memorial Sloan Kettering Cancer Center, and the appointment of Ross Muken as chief executive effective July 2026. A roughly $57.5 million public offering closed in June 2026. What to watch: whether the liquid-biopsy and U.S. momentum can outrun cash burn and narrow losses without repeated dilution.

InnovAge Holding Corp. (NASDAQ:INNV): Healthcare Services, Framed Honestly

InnovAge Holding Corp. is included here for verification, and the verification is clear: this is not an AI or software company. It is a healthcare services provider operating the Program of All-Inclusive Care for the Elderly model, primary care, therapy, nursing, dental and social services for frail seniors, classified under medical care facilities. Technology supports its coordinated-care operations, but InnovAge sells care, not code.

It is included here as an honest correction to the tech framing while still covering the fundamentals, which have been improving. Trailing-twelve-month revenue was roughly $989.7 million, up about 15.9%, with a near-breakeven net loss of $2.54 million as of the September 11, 2026 data. The company released fiscal fourth-quarter 2026 results on September 8, 2026, and aggregators noted a KeyBanc upgrade to Overweight with a $14 price target. Management guidance points to $115 million in adjusted EBITDA for fiscal 2027, and Jennifer Browne was appointed president and chief operating officer in June 2026.

As of September 11, 2026 shares traded near $10.75 with a market cap of about $1.47 billion. For investors screening specifically for AI or software exposure, this one does not fit, a point worth stating plainly.

What Investors Should Watch

The near-term catalysts are specific. For Digital Turbine, the next Quarterly Report against raised fiscal 2027 guidance is the test of whether the turnaround is durable. For Keel Infrastructure, the signal that matters most is a signed hyperscaler or AI tenant Lease putting contracted revenue behind its gigawatt pipeline; until then, the market cap runs ahead of the fundamentals. For SOPHiA GENETICS, watch cash burn against the raised revenue outlook and any dilution following June's offering. For T Stamp, the questions are survival-level: runway, dilution and revenue traction. For InnovAge, watch enrollment in its care program, regulatory conditions and Margin recovery, a healthcare, not technology, thesis.

Across all five, small and micro-caps like these can swing hard on financings, filings and single contracts. Position size and source discipline matter.

One Label, Four Technology Stories and a Healthcare Outlier

Genuine, verifiable AI and software exposure here runs through T Stamp, Digital Turbine and SOPHiA GENETICS, and as infrastructure, Keel Infrastructure. InnovAge is a well-run healthcare services company that does not belong in an AI bucket, and treating it as one would misstate what actually drives its numbers.

Two names in this group are re-rating on improving numbers, two are betting on future demand, and one is a micro-cap wildcard. The distinctions between them, growth versus infrastructure, proven revenue versus a gigawatt pipeline, matter far more than the shared AI label.