Key Highlights

● monday.com reported second-quarter Revenue of $364.6 million, up 22% year over year, with ARR from AI products doubling from the first quarter and representing 17% of net new ARR.

● Sportradar Group raised full-year 2026 guidance to €1,518 million to €1,533 million in revenue after second-quarter revenue rose 19% to €378 million, aided by the IMG Arena Acquisition and new prediction-market partnerships.

● FTC Solar's second-quarter revenue rose 30.8% year over year to $26.2 million, but the company carries going-concern risk language in its quarterly filing after cash fell to $10.1 million.

● MakeMyTrip reported fiscal first-quarter gross bookings of about $2,854.7 million, up 19.9% year over year in constant currency, with its Myra 2.0 AI travel assistant handling more than 85,000 daily conversations.

A wobbly, AI-obsessed Nasdaq is forcing investors to ask harder questions about who is actually monetising the technology. These five very different listings, an InsurTech upstart, an Indian travel giant, a struggling solar-hardware maker, a sports-data specialist and a work-management leader, offer a revealing cross-section of that debate as the third quarter closes.

A Market That Suddenly Wants Proof, Not Promises

The mood on the Nasdaq shifted in early September 2026. After a summer led higher by Nvidia and the megacap complex, mid-September brought a sharp reversal: on 14 September, technology shares slid on what market commentary labelled dire AI warnings, with Micron among the notable decliners, while the 10-year Treasury Yield briefly touched 5%.

That backdrop makes for a useful lens. Rather than another look at the trillion-dollar names, the sections below examine five smaller and mid-cap Nasdaq listings whose most recent results all landed in early August 2026. Each shows a different way of touching AI, software and technology services, and a different risk profile. None of the figures below are projections unless flagged; every number traces to verified company or market disclosures.

The September 2026 Sector Backdrop

The through-line across Earnings season was a widening gap between AI narrative and AI revenue. Companies that could point to real, paid AI usage, rather than roadmap slides, were rewarded with more patience from investors, even where headline growth slowed.

That is the frame for the five names here. monday.com (NASDAQ: MNDY) and Sportradar Group (NASDAQ: SRAD) are software and data businesses embedding AI into products customers already pay for. MakeMyTrip (NASDAQ: MMYT) is applying conversational AI to a consumer-services platform at national scale. Health In Tech (NASDAQ: HIT) is an early-stage InsurTech trying to prove its automation model through a downturn in results. And FTC Solar (NASDAQ: FTCI) is the outlier, a clean-energy hardware maker whose technology story sits mostly in engineering software and tracker design, not artificial intelligence. Grouping them shows how loosely the AI, software and technology services label is now applied, and why discrimination matters.

Health In Tech (NASDAQ:HIT): A Small InsurTech Testing Its Automation Thesis

Health In Tech, Inc. describes itself as an AI-enabled InsurTech platform that streamlines Underwriting and quoting for self-funded health plans, connecting brokers, third-party administrators and carriers through automation. It began trading on the Nasdaq in December 2024.

For the second quarter ended 30 June 2026, the company reported revenue of $8.1 million, down from $9.3 million a year earlier, and swung to a net loss of $2.5 million, or $0.04 per diluted share, against a small profit in the prior-year period. First-half revenue was $16.8 million with a $4.1 million net loss, and adjusted EBITDA was negative $1.3 million for the quarter. The company said its distribution-partner count rose 19.9% year over year to 933 and pointed to pipeline revenue of $66.3 million as of 31 July 2026. Management reaffirmed full-year 2026 revenue guidance of $45 million to $50 million.

The story here is a young platform whose reported revenue is shrinking even as its partner network expands, a tension that matters more than the tiny absolute numbers. The planned second-half launch of its HiTRIX marketplace is the swing Factor bulls are watching; whether it converts pipeline into recognised revenue is unproven, and the guidance implies a meaningful second-half acceleration that has yet to be demonstrated.

MakeMyTrip (NASDAQ:MMYT): Conversational AI Meets India's Travel Boom

MakeMyTrip Limited is India's largest online travel company, listed on the Nasdaq as an American depositary receipt. It is a travel-technology outlier in this group, a consumer-services platform rather than a pure software vendor, but its AI push is real and quantified.

For the fiscal first quarter ended 30 June 2026 (Q1 FY2027), the company reported gross bookings of about $2,854.7 million, up 19.9% year over year in constant currency, and revenue of roughly $285.6 million, up 16.1% in constant currency, with adjusted operating profit of $51.4 million. The company said its AI travel assistant, Myra 2.0, now an end-to-end conversational booking tool, was handling more than 85,000 daily conversations, with 45% originating from smaller Tier II and III cities and voice support across eight Indian languages.

The Tier II/III data point is the interesting one. It suggests AI is functioning as a distribution tool into less digitally mature markets, not just a cost-saving chatbot. That aligns AI directly with the company's growth engine; hotels and packages and bus ticketing both grew faster than air. Sustaining nearly 20% booking growth depends on Indian discretionary travel Demand holding up, which is macro-sensitive and outside the company's control.

FTC Solar (NASDAQ:FTCI): The Hardware Outlier Fighting for Its Balance Sheet

FTC Solar, Inc. makes solar-tracker systems, plus the software and engineering services that go with them. It is deliberately included here as a contrast: this is clean-energy hardware, not an AI or SaaS story, and it carries the heaviest balance-sheet risk of the group. The company completed a 1-for-10 Reverse Stock Split in late 2024 to maintain Nasdaq listing compliance.

For the second quarter ended 30 June 2026, the company reported revenue of $26.2 million, up 30.8% year over year and 51.5% sequentially, but a GAAP net loss of $27.1 million, or $1.69 per diluted share, on a negative GAAP gross Margin of negative 8.5% and an adjusted EBITDA loss of $9.8 million. Cash and equivalents fell to $10.1 million at 30 June 2026 from $21.1 million at year-end 2025; the company established an Equity line of Credit of up to $20 million with Lincoln Park Capital and cited a contracted Backlog of roughly $560 million. The quarterly filing carries going-concern risk language.

Rapid revenue recovery against a large backlog is genuinely encouraging, but negative gross margins and thin cash mean the recovery is a race against liquidity. Management guided to roughly 24% sequential revenue growth in the third quarter, implying about $30 million to $35 million, yet the going-concern flag means execution risk is elevated and dilution is a live possibility.

Sportradar Group (NASDAQ:SRAD): Sports Data as an AI-Adjacent Platform

Sportradar Group AG supplies official sports data, odds and integrity services to sportsbooks and, increasingly, prediction-market platforms. Of the five, it is arguably the cleanest technology-services business, and it has been layering AI into its product set through tools such as its Alpha Odds pricing engine and computer-vision offerings.

For the second quarter of 2026, the company reported revenue of €378 million, up 19% year over year, and adjusted EBITDA of €76 million, also up 19%, at a 20.2% margin; it recorded a net loss of €3.5 million against a €49.1 million profit a year earlier. Betting & Gaming Content revenue rose 27% to €254 million, aided by the IMG Arena acquisition completed in late 2025, and the company raised full-year 2026 guidance to €1,518 million to €1,533 million in revenue and €360 million to €368 million in adjusted EBITDA. It also cited new partnerships with prediction-market platforms Kalshi and Polymarket.

The swing to a net loss looks alarming in isolation but reflects the prior-year comparison and acquisition-related costs rather than an operating collapse; adjusted EBITDA still grew. The prediction-market tie-ups could open a genuinely new addressable market, though regulatory treatment of those platforms remains fluid and could constrain the opportunity.

monday.com (NASDAQ:MNDY): The SaaS Name Putting AI Revenue on the Board

monday.com Ltd. sells a work-management platform and is, for many investors, the cleanest example in this group of software translating AI into paid usage rather than marketing.

For the second quarter ended 30 June 2026, the company reported revenue of $364.6 million, up 22% year over year, with non-GAAP Operating Income of $61.1 million, a 17% margin, and adjusted free Cash Flow of $52.3 million. Customers with more than $100,000 in ARR rose 37% to 2,019, and those above $500,000 rose 68% to 114; net dollar retention was 109% overall and 115% among larger customers. Crucially, the company said ARR from AI products doubled from the first quarter and represented 17% of net new ARR. For full-year 2026 it guided to revenue of $1,474 million, roughly 19% to 20% growth.

That 17%-of-net-new-ARR figure is the standout metric across all five companies; it is concrete evidence of AI monetisation, not a promise. Guidance implies decelerating growth, and market commentary noted the shares fell on the outlook, a reminder that in September 2026's jittery market even good AI numbers must clear a high bar.

What Investors Should Watch

Across these five, the near-term catalysts are specific. For Health In Tech, the HiTRIX marketplace launch and whether pipeline converts into recognised revenue in the second half. For MakeMyTrip, the durability of nearly 20% gross-booking growth and continued Myra adoption in smaller cities. For FTC Solar, cash runway, gross-margin recovery and any further reverse-split or compliance developments; the going-concern language is the dominant risk. For Sportradar Group, the ramp of prediction-market partnerships and the integration of IMG Arena. For monday.com, whether AI ARR keeps compounding as growth normalises.

The common risk is macro: rising yields and renewed AI scepticism, both visible in mid-September trading, compress valuations fastest for the smaller and less profitable names, which describes most of this group.

Proof of AI Revenue Separates the Five

Seventeen percent of net new ARR: that single monday.com figure does more to separate this group than any label could. monday.com and Sportradar Group show AI and data monetising inside already-profitable models. MakeMyTrip applies AI to a large, growing consumer platform where the payoff shows up in booking Volume rather than a line item. Health In Tech is an unproven small-cap whose numbers went backwards this quarter, and FTC Solar is a hardware turnaround with real backlog but real balance-sheet danger and no AI story to speak of. In a Nasdaq that has abruptly started demanding proof over promise, the gap between a company that can quantify its AI revenue and one that can only describe it is now the gap that matters most.