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Looking for high-reward opportunities without breaking the bank? Penny stocks might be your answer. With their low price point and potential for explosive growth, these stocks have become favorites among investors seeking big gains on a tight budget.

In the stock market, a breakout is the holy grail for traders. It’s that exciting moment when a stock’s price breaks through a resistance level, indicating a possible upward surge in value. 

Here are four Penny stocks trading under a dollar to explore that could have the potential for a breakout.

Sparx Holdings Group, Inc. (OTC: SHGI) is reshaping the fire protection industry with its cutting-edge Sparx Smart Sprinkler System. This groundbreaking technology, unveiled on May 18, 2023, is designed to suppress highly challenging fires faster and more efficiently than ever before.

At the heart of the Sparx Smart Sprinkler System lies its advanced multi-sensing technology, which incorporates gas, flame, smoke, and digital temperature sensors. This sophisticated system enables rapid detection of fires and seamless communication between sprinklers, ensuring optimal response and maximum effectiveness.

Sparx Holdings Group’s latest achievement is the completion of Version 1 of its Sparx Smart Sprinkler System prototype, announced on July 26, 2023. This proof-of-concept prototype will be instrumental in testing, further development, and refinement of parts.

The Sparx Smart Sprinkler System aims to collaborate with conventional sprinkler systems to enhance their response times to fires, allowing sprinklers to communicate and work together to address fire hazards more effectively. Utilizing swift fire detection and leveraging software and electronics, the system makes informed decisions about which sprinklers to activate, where to direct water, and how much water to release.

The Sensing and Activation Units, a key element of the Sparx Smart Sprinkler System prototype, have undergone rigorous benchtop testing. These units quickly and accurately detect fires using temperature, gas, flame, and smoke sensors. The incorporation of multiple sensing methods enables the system to respond to fires at an earlier stage, resulting in less damage and expanding protection applications for challenging environments where conventional sprinklers may fall short.

Sparx Holdings Group, Inc. envisions the Sparx Smart Sprinkler System as a game-changer for the commercial storage and warehousing industry. It particularly addresses buildings with tall ceiling heights, intricate architectural designs, dense storage arrangements, and the storage of hazardous commodities.

As the company progresses, it is actively fine-tuning the prototype with small dimensional changes to mechanical designs, ensuring ease of installation and reliability. Additionally, the team is putting together a comprehensive test plan to verify the Sensing and Activation Units’ robustness, accuracy, and immunity to false alarms.

Sparx Holdings Group, Inc. is also working towards unveiling the full Base Station in the coming months. A planned demo with multiple Sensing and Activation Units coordinated with the Base Station will demonstrate how the system can activate a group of sprinklers surrounding a fire, showcasing its coordinated response in larger settings.

Having made significant strides with the Sparx Smart Sprinkler Prototype, Sparx Holdings Group, Inc. is enthusiastic and determined to continue its journey. The company remains committed to revolutionizing the fire suppression industry, presenting intriguing opportunities for investors seeking revolutionary technologies with immense growth potential.

With visionary leadership, pioneering partnerships, and a steadfast commitment to pushing the boundaries of fire protection technology, Sparx Holdings Group, Inc. is poised to make a lasting impact on the fire protection landscape.

iQSTEL Inc. (OTC: IQST) is a company on the rise focused on meeting essential human needs in today’s modern world. With its diverse business divisions encompassing telecommunications, fintech, electric vehicles, and metaverse AI, iQSTEL is positioning itself for substantial growth. Yesterday, IQST showed a 7.02% increase, as of  1:30 PM

On July 12, IQST announced Q2 revenue of $32.5 million, exceeding expectations by a remarkable 32% compared to Q1. CEO Leandro Iglesias expressed confidence in surpassing the company’s annual revenue forecast of $120 million, expecting 2023 to be a transformational year.

iQSTEL’s strong execution of its business strategies and emphasis on essential services like virtual banking, communications, and affordable mobility have been key drivers of its success. The company’s Q2 results indicate promising potential for further expansion.

Investors looking for undervalued stocks with significant growth potential should keep an eye on iQSTEL as it prepares for a Nasdaq up-listing and continues to solidify its position in the telecommunications, fintech, electric vehicles, and metaverse AI sectors.

Phunware Inc. (NASDAQ: PHUN) is a pioneering company in location-based SaaS that offers a fully integrated enterprise cloud platform for mobile, enabling brands to engage, manage, and monetize users anywhere. Their comprehensive Software Development Kits include various features such as location-based services, mobile engagement, content management, messaging, advertising, loyalty and analytics.

Recently, Phunware announced a series of strategic cost-saving measures aimed at improving its financial performance and positioning the company for sustainable, long-term success. These measures are expected to result in annual run-rate cost savings of more than $5.0 million. 

As part of the cost optimization efforts, Phunware made the difficult decision to implement a reduction in force, impacting around 33% of its workforce across all departments. The reduction was undertaken to refocus the company’s efforts on its most promising revenue-generating opportunities, particularly in healthcare, hospitality, and other areas within the rapidly evolving mobile technology landscape.

In addition to the reduction in force, Phunware is implementing several other cost-cutting measures to become a leaner and more efficient organization. These include streamlining operations, reducing non-essential expenses, and optimizing the use of existing resources to enhance efficiencies.

The company announced that its financial results for the second quarter ended June 30, 2023, will be discussed in an earnings call scheduled for Thursday, August 10, 2023, at 4:30 p.m. ET. Prior to the call, PHUN will release the financial results in a press release.

LumiraDx Limited (Nasdaq: LMDX) is a next-generation point-of-care diagnostics company focused on transforming community-based healthcare. The company utilizes actively controlled microfluidic technology to offer fast, high-performance, and accessible diagnostic solutions at the point of need, allowing for unique testing options wherever the patient is located. 

LumiraDx provides a comprehensive menu of lab-comparable tests on a single portable platform, with more than 30 assays available on the market and in various stages of development. These tests cover a wide range of health conditions, including infectious diseases, cardiovascular diseases, diabetes, and coagulation disorders.

On July 31, 2023, LumiraDx announced a significant commercial expansion through a distribution agreement with Axon Lab AG (Axonlab) to enhance the reach of its LumiraDx Platform and diagnostic tests. The partnership grants Axonlab exclusive distribution rights in Switzerland and additional non-exclusive distribution rights in other European countries, starting with Germany. Axonlab, with its established commercial network and strong presence in the countries covered by the agreement, is well-positioned to accelerate the commercial success of the LumiraDx Platform in these regions.

David Walton, LumiraDx’s Chief Commercial Officer, expressed enthusiasm about the partnership with Axonlab, highlighting that it adds two crucial markets, Switzerland and Germany, to their distribution portfolio. This collaboration is expected to accelerate the commercial rollout of the LumiraDx Platform, complementing the company’s existing strong commercial presence.

LumiraDx’s diagnostic testing solutions have gained global deployment, with governments and healthcare institutions utilizing them across various settings, including laboratories, urgent care facilities, physician offices, pharmacies, schools, and workplaces.

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