Are micro-cap stocks the same as penny stocks?

No. Penny-stock tests typically involve share price and quoting venue. Belvedere does not publish live prices and does not classify issuers as penny stocks.

Does thin disclosure mean a weak business?

No. A Limited or Insufficient Research Profile means the public record is hard to research, not that the operating business is weak.

Research focus

Micro-Cap Equity Research

Micro-cap research requires extra care around disclosure quality, the difference between a thin public record and a weak business, and liquidity—which Belvedere does not estimate without licensed market data.

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What is micro-cap equity research?

Fundamental analysis of very small public companies. Index providers usually draw micro-cap lines with market capitalization. Belvedere does not currently apply those lines. The table on this page uses latest quarterly SEC revenue below $50 million as a disclosure-size proxy.

How is a micro-cap different from a small-cap on Belvedere?

The small-cap proxy is latest quarterly revenue from $5 million to $250 million. The micro-cap proxy is latest quarterly revenue above $0 and below $50 million. Issuers can appear on both pages when revenue is between $5 million and $50 million. Neither band is a market-cap index.

Belvedere does not currently display licensed market capitalization. The screens below use latest reported quarterly revenue from SEC XBRL as a disclosure-size proxy, not as a market-cap category. Current micro-cap proxy: latest quarterly revenue below $50 million, excluding zeros and missing revenue. Data date Sep 21, 2026. 15 issuers currently match.

How Belvedere analyzes these companies

Work starts with identity, filings, and tagged financial facts: revenue, cash, debt, shares, and subsequent events. Operating KPIs appear only when disclosed. Valuation multiples that need a live price are omitted. Research Profile bands flag how usable the public record is—not whether the shares are attractive.

Companies (disclosure-size proxy)

Public companies in the Belvedere universe
Company	Ticker	Industry	Revenue	Growth	Belvedere FCF	Latest filing	Research
AEHR TEST SYSTEMSNasdaq: AEHR	AEHR	Instruments For Meas & Testing of Electricity & Elec Signals	$10.3M	-43.7%	—	DEF 14A · Sep 9, 2026	Universe
ALICO, INC.Nasdaq: ALCO	ALCO	Agricultural Production-Crops	$9M	+7.7%	—	10-Q · Aug 10, 2026	Universe
APARTMENT INVESTMENT & MANAGEMENT CONYSE: AIV	AIV	Real Estate Investment Trusts	$6.2M	—	—	10-Q · Aug 7, 2026	Universe
BANNER CORPNasdaq: BANR	BANR	State Commercial Banks	$11.4M	+9.5%	—	10-Q · Aug 4, 2026	Universe
CENTERSPACENYSE: CSR	CSR	Real Estate Investment Trusts	$1.2M	-11.9%	—	10-Q · Aug 3, 2026	Universe
CEVA INCNasdaq: CEVA	CEVA	Services-Computer Programming, Data Processing, Etc.	$29M	+13.1%	—	10-Q · Aug 10, 2026	Active research
Easterly Government Properties, Inc.NYSE: DEA	DEA	Real Estate Investment Trusts	$33.9M	—	—	10-Q · Aug 3, 2026	Universe
ENCORE CAPITAL GROUP INCNasdaq: ECPG	ECPG	Short-Term Business Credit Institutions	$18.2M	-18.3%	—	10-Q · Aug 5, 2026	Universe
Limoneira CONasdaq: LMNR	LMNR	Agricultural Production-Crops	$42.2M	-8.2%	—	10-Q · Sep 9, 2026	Universe
Outdoor Holding CoNasdaq: POWW	POWW	Services-Business Services, NEC	$14.5M	+22.1%	—	10-Q · Aug 10, 2026	Universe
PETMED EXPRESS INCNasdaq: PETS	PETS	Retail-Drug Stores and Proprietary Stores	$41M	-19.9%	-$8.3M	10-Q · Aug 13, 2026	Universe
PLEXUS CORPNasdaq: PLXS	PLXS	Printed Circuit Boards	$1.3M	+28.1%	—	10-Q · Aug 6, 2026	Universe

15 companies currently meet the revenue proxy. This is not a complete micro-cap market.

Published research in this proxy

CEVA, Inc. — Licensing Leverage Against a Still-Unprofitable Operating Line

Research Radar (subset)

8 recent filing-linked numerical changes among proxy companies. Not a buy list.

Limoneira CO (LMNR) — Revenue: -8.2% · Revenue declined -8.2% ($45.9M to $42.2M; Q3 2025 vs Q3 2026).
Limoneira CO (LMNR) — Revenue acceleration: +24.7 pp · Quarterly revenue YoY growth moved from -32.9% to -8.2% (+24.7 percentage points).
Limoneira CO (LMNR) — Margin change: $0.117 · Reported gross margin was +11.7% in the latest comparable period.
Limoneira CO (LMNR) — Share count: $18.1M · Shares outstanding were 18,132,007 as of the latest reported date.
SOUNDTHINKING, INC. (SSTI) — Revenue: -7.7% · Revenue declined -7.7% ($25.9M to $23.9M; Q2 2025 vs Q2 2026).
SOUNDTHINKING, INC. (SSTI) — Revenue acceleration: +7.0 pp · Quarterly revenue YoY growth moved from -14.7% to -7.7% (+7.0 percentage points).
SOUNDTHINKING, INC. (SSTI) — Margin change: $0.483 · Reported gross margin was +48.3% in the latest comparable period.
SOUNDTHINKING, INC. (SSTI) — Cash: $6.4M · Cash and cash equivalents were $6.4M as of the latest reported balance-sheet date.

Frequently asked questions

What is micro-cap equity research?: Fundamental analysis of very small public companies. Index providers usually draw micro-cap lines with market capitalization. Belvedere does not currently apply those lines. The table on this page uses latest quarterly SEC revenue below $50 million as a disclosure-size proxy.
How is a micro-cap different from a small-cap on Belvedere?: The small-cap proxy is latest quarterly revenue from $5 million to $250 million. The micro-cap proxy is latest quarterly revenue above $0 and below $50 million. Issuers can appear on both pages when revenue is between $5 million and $50 million. Neither band is a market-cap index.
Are micro-cap stocks the same as penny stocks?: No. Penny-stock tests typically involve share price and quoting venue. Belvedere does not publish live prices and does not classify issuers as penny stocks.
Does thin disclosure mean a weak business?: No. A Limited or Insufficient Research Profile means the public record is hard to research, not that the operating business is weak.

For public companies

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