• Garmin (GRMN) achieved record FY2025 revenue of $7.245B, up 15% year over year, with all five segments posting record results and pro forma EPS of $8.56, while the company authorized a new $500M share repurchase program and increased its dividend 17% to $4.20 annually. Synaptics (SYNA) reported Q2 FY2026 revenue of $302.5M, up 13% year over year, with core IoT product sales surging 53% and the company already sampling edge AI solutions for humanoid robots. QuantumScape (QS) generated its first-ever customer billings of $19.5M in full-year 2025 after opening its Eagle Line pilot production facility, expanded its PowerCo deal to 85 GWh of annual capacity, and extended its cash runway through the end of the decade.

• Garmin, Synaptics, and QuantumScape represent three distinct tiers of opportunity: Garmin is a diversified tech compounding machine with strong fundamentals, Synaptics is riding the edge AI hardware wave with direct humanoid robotics exposure, and QuantumScape has crossed from pre-revenue into commercial production with real customer wins and expanded capacity.

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Most investors chasing AI plays are staring at the same handful of mega-caps. Meanwhile, three companies are quietly putting up results worth a closer look: a GPS and wearables giant printing record revenues, a semiconductor firm riding the edge AI wave, and a pre-revenue battery startup that just crossed its first commercial milestone. Ranked from most speculative to most established.

QuantumScape (NYSE:QS) is the highest-risk name on this list, and the price action reflects it. The stock is down 35.41% year to date, sitting at $6.73 as of March 13, 2026, well off its post-SPAC highs.

But the story underneath is more interesting than the chart suggests. QuantumScape is building solid-state lithium-metal batteries using a proprietary ceramic separator, and it just inaugurated its Eagle Line pilot production facility on February 4, 2026. More importantly, it generated $19.5 million in first-ever customer billings for full-year 2025, a small but symbolically significant number for a company that has never had product revenue.

READ: The analyst who called NVIDIA in 2010 just named his top 10 AI stocks

Cobra-based QSE-5 cells have been shipped to Volkswagen Group’s PowerCo, and the PowerCo deal was expanded to allow up to 85 GWh of total annual production, including for non-Volkswagen customers. Two additional major global automotive OEMs signed on in 2025.

The losses remain significant. Full-year 2025 net loss came in at $435 million, improved from $477.9 million in 2024. The company guided for an adjusted EBITDA loss of $250 million to $275 million in 2026, with total liquidity of $970.8 million and cash runway extended through the end of the decade.

CEO Siva Sivaram framed it plainly: “This quarter is a major inflection point in our journey, and we are now firmly in the commercialization phase of our company.” Whether the technology scales is still an open question, but the milestones are real, though the path to profitability remains long.

Synaptics (NASDAQ:SYNA) doesn’t get much attention in the AI conversation, despite having direct exposure to one of its fastest-growing hardware themes. The company makes chips that bring AI inference to edge devices — IoT sensors, industrial equipment, automotive systems, and increasingly, humanoid robots.

In its most recent quarter, Synaptics reported Q2 FY2026 revenue of $302.5 million, up 13% year over year, marking five consecutive quarters of double-digit revenue growth. Core IoT product sales were the standout, up 53% year over year. Non-GAAP EPS came in at $1.21, beating the $1.17 estimate.

CEO Rahul Patel put the thesis plainly: “The accelerating shift toward physical and edge AI aligns well with our differentiated portfolio…we are sampling our solutions in humanoids.” Humanoid robotics is one of the fastest-growing hardware categories in tech, and Synaptics is already in the room.

The stock has pulled back 18.6% over the past month to $73.87 even as the business continues to execute. Operating cash flow jumped 163% year over year to $60 million in Q2. The company bought back $43.6 million of its own stock in the first six months of FY2026, signaling management conviction in their own trajectory.

The risk is that Synaptics is still posting GAAP losses, and Q3 guidance of $290 million plus or minus $10 million in revenue suggests a slight sequential step-down. But Synaptics has direct exposure to the edge AI theme through its chip portfolio.

Garmin (NYSE:GRMN) is the rare tech company that doesn’t need a narrative. It just needs you to look at the numbers.

Full-year FY2025 revenue hit a record $7.245 billion, up 15% year over year. All five business segments delivered record revenue. The Fitness segment alone grew 42% in Q4. Pro forma EPS for the full year came in at $8.56, beating estimates by 4.64%. The company carries $4.10 billion in cash and marketable securities with zero debt.

CEO Cliff Pemble kept it straightforward: “2025 was another year of remarkable growth and achievement for Garmin with record consolidated revenue, record revenue in all five of our segments, and record consolidated operating income.”

The capital return story is equally strong. The board proposed a 17% dividend increase to $4.20 per share annually and authorized a new $500 million share repurchase program. FY2026 guidance calls for $7.9 billion in revenue and $9.35 in pro forma EPS.

The stock is up 15.56% year to date, yet still trades at a reasonable multiple for a company growing revenue at 15% with no debt. The Auto OEM segment is the one soft spot, with legacy programs winding down, but it’s a small piece of a very healthy whole.

These three names sit at very different points on the risk spectrum. Garmin is a compounding machine that rarely gets the credit it deserves. Synaptics is a semiconductor play on edge AI that pulled back despite strong fundamentals. QuantumScape is a long-duration bet on battery technology that has cleared its first real commercial hurdles. For a diversified watchlist of under-the-radar tech names, all three present distinct profiles worth researching further.

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