Small-cap “$5” names can move fast—especially when a clear catalyst (FDA/regulatory progress, financing clarity, new product cycles, or an inflection in revenue trends) hits the tape. Here are four tickers investors are keeping on 2026 watchlists, along with what could matter most next.

Ekso Bionics (NASDAQ: EKSO) — exoskeletons, rehab + industrial andsits in a niche that can swing sentiment quickly: wearable robotics that help restore mobility in medical rehab settings and augment strength/endurance in industrial environments. Heading into 2026, the bull case often centers on adoption momentum (new sites, expanding use cases, and improving unit economics) alongside any meaningful traction in higher-volume channels.

Investors will also watch balance-sheet strategy closely. In late 2025, the company announced a registered direct offering sized at $3.7 million, a reminder that capital markets activity can be part of the story for micro/small caps. The next leg for EKSO in 2026 is likely to depend on whether commercial execution starts translating into more consistent quarterly performance following its 2025 updates. 2026 watch items: recurring order cadence, new customer adds, product mix, and any margin/expense inflection that reduces reliance on financing.

ENDRA Life Sciences (NASDAQ: NDRA) — TAEUS® liver, FDA pathway focus is built around its TAEUS® technology aimed at earlier detection/measurement in liver disease—an area with a large clinical need if the company can prove performance and clear a viable U.S. regulatory path. The “make-or-break” factor for 2026 is execution on validation and regulatory alignment.

In December 2025, the company outlined next steps including further validation work and stated it plans to engage the FDA in 2026 around pivotal study design and the statistical plan, ahead of a potential De Novo submission. Capital is another key variable: ENDRA reported very limited cash as of Sept. 30, 2025, and noted a $4.9 million gross private placement completed after quarter-end. 2026 watch items: FDA interaction outcomes, pivotal study clarity/timing, evidence quality (multi-site performance), and financing runway.

ON24, Inc. (NYSE: ONTF) — digital engagement platform, “prove the turnaround.” ON24 operates in the enterprise digital engagement category—webinars, virtual events, and audience analytics—where the big debate is whether the business can stabilize and re-accelerate as budgets normalize and the product suite evolves. In 2026, ONTF’s upside case often hinges on demonstrating that new capabilities (including AI-driven features and partnerships) can lift retention and net revenue trends.

For context on near-term trajectory, ON24’s Q3 2025 update included Q4 expectations for total revenue of $33.9M–$34.5M and a non-GAAP operating loss range of $0.8M to $0.2M. That frames the 2026 question: can ON24 shift from “managing decline” to “returning to durable growth,” while keeping cost structure tight? 2026 watch items: net retention, subscription/platform revenue trends, operating leverage, and proof that product/partner motion is expanding demand.

Fly-E Group, Inc. (NASDAQ: FLYE) — e-mobility retail/wholesale + rental economics. Fly-E is a higher-volatility e-mobility name—exposed to consumer demand, pricing, and channel execution. What stands out heading toward 2026 is the company’s mix shift discussion: recent reporting highlighted pressure in retail sales and pricing, alongside growth in wholesale and the emergence of a rental contribution.

In its fiscal Q2 2026 results (ended Sept. 30, 2025), Fly-E reported $3.9M net revenues (down year-over-year), while noting wholesale revenue rose 91.3% and rental revenue began contributing; it also cited an extremely high 79.8% gross margin for the rental business in that quarter. If rental can scale sustainably—and if wholesale growth persists—2026 could become a narrative shift from “retail headwinds” to “mix-driven margin recovery.” 2026 watch items: unit economics and repeatability of rental margins, channel expansion without heavy dilution, and whether revenue volatility moderates.

Roadzen Inc. (NASDAQ: RDZN) — AI-Powered Insurance Platform and operates an AI-driven insurance technology platform focused on underwriting, claims automation, and risk analytics for insurers, fleets, and mobility providers. Heading into 2026, the investment case centers on scaling enterprise and fleet partnerships as insurers increasingly adopt automation to reduce losses and improve margins. Investors will be watching for continued customer expansion, recurring revenue growth, and evidence of operating leverage as deployments scale.

2026 Outlook: Roadzen enters 2026 focused on scaling its AI-driven insurance platform across carriers and fleet partners, with investors watching for accelerating recurring revenue and operating leverage as adoption expands.

Heading into 2026, these four roughly $5-and-under stocks each present a distinct re-rating pathway that investors will be watching closely. Ekso Bionics’ story centers on whether commercialization gains translate into consistent performance alongside reduced financing pressure. ENDRA Life Sciences hinges on achieving FDA and pivotal-study clarity while maintaining sufficient capital to execute its regulatory roadmap. ON24’s opportunity rests on proving stabilization can turn into renewed growth with visible operating leverage. Fly-E Group, meanwhile, will be judged on its ability to optimize channel mix and scale its rental model without sacrificing margins. Collectively, these names reflect different—but clearly defined—catalyst-driven paths that could shape their trajectories in 2026.

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