Been digging through the sub-$3 stock space lately and found some interesting plays worth discussing. The thing about ultra-cheap stocks is most of them are garbage, but if you narrow your focus to NYSE and NASDAQ listings instead of OTC stuff, you actually get some decent opportunities with better liquidity and regulatory oversight.

Let me break down seven stocks under $3 that caught my attention:

Golden Minerals (AUMN) is a mining play that actually has solid fundamentals compared to typical penny mining stocks. Revenue was jumping hard — 66% quarter-over-quarter at one point. They're expecting to turn profitable by end of year and sustain it through 2022 based on their projections. The catch? Free cash flow has been rough, which is normal for mining expansion but something to monitor closely.

Tilt Holdings (TLLTF) operates in the cannabis consulting space, which is a different angle than typical weed stocks. Instead of growing, they help cannabis businesses scale up. Underlying cash profits hit $16.9 million last year versus a loss the year prior, and they cut operating expenses by 17.7% while bumping revenue up 35.4%. Still, OTC stocks carry extra risk no matter how promising they look.

Motus GI (MOTUS) makes specialized medical devices for colonoscopy prep — not sexy but practical. The company's balance sheet is actually solid with $19.7 million in net cash, and while free cash flow is still negative, it's trending the right direction. Analysts see potential upside over 100% if things work out.

Waitr Holdings (WTRH) is a food delivery platform mainly operating in the Southeast. The delivery space is crowded as hell, but that's exactly why WTRH could be interesting — it's big enough to be valuable but small enough to be an acquisition target for the major players. They're carrying net debt of $12.4 million and the business generates cash despite profitability struggles.

Blue Hat Interactive Entertainment Technology (BHAT) is rare in the penny stock world because it's actually profitable. This China-based AR gaming company showed 26.7% revenue growth, though underlying profits dipped slightly. They've got $9.9 million in net cash, putting them ahead of most peers in this category.

Castor Maritime (CTRM) operates shipping vessels for dry bulk and tanker transport. At 42 cents a share this one looked cheap, but the financials are messy — revenue nearly doubled to $12.5 million but they posted a $1.8 million loss due to higher operating costs. Shipping should benefit from economic recovery though, making this a higher-risk play with potential upside.

Biolase (BIOL) makes dental and medical laser systems. They're not profitable yet but losses are narrowing down to $16.8 million and they're getting closer to positive free cash flow each year. Balance sheet looks reasonable with more cash than debt.

The common thread with all stocks under $3 in this space? High risk but some have genuine business momentum. Do your own research before jumping in — these aren't for everyone.