Looking to explore the stock market without a hefty upfront investment? Penny stocks offer an affordable entry point with exciting possibilities for those willing to embrace the risks. In this blog, we’ll uncover some of the best Australian shares under $1 currently catching the attention of market watchers. Featuring a mix of emerging companies and lesser-known gems, these stocks are among the best penny stocks ASX has to offer. If you’re searching for cheap stocks to buy today or curious about the good penny stocks to buy now, this guide will help you identify potential options that align with your investment strategy. Dive in as we explore discover the best penny stocks to buy now that could be worth a closer look.

These are the Best Australian Shares under $1:

1. Kingsgate Consolidated Limited (ASX: KCN)

Kingsgate Consolidated Ltd. engages in the exploration, development, and mining of gold, silver, and precious metals. It operates through the following segments: Chatree, Nueva Esperanza, and Corporate. The company was founded in 1970 and is headquartered in Sydney, Australia.

5-Year Financial Snapshot:

The company has achieved a remarkable financial turnaround in recent years following its commercialization phase. Revenue surged from $27 million in 2023 to an impressive $133 million in 2024, showcasing robust growth. Despite challenges with operational profitability due to elevated production costs, the company reported net profits of $199 million in 2024, primarily driven by substantial non-operating income from recent divestitures. This inflow has significantly bolstered the company’s cash and liquid reserves, ensuring strong support for future capital expenditures and working capital needs. Furthermore, the expansion of the company’s asset base coupled with reduced liabilities has led to a notable improvement in shareholder equity, with the book value per share soaring from $0.19 in 2023 to $0.96 in 2024.

2. Cogstate Limited (ASX: CGS)

Cogstate Ltd. is a global cognitive science company, which engages in delivering software services to optimize the measurement of cognition in clinical trials, academic research, healthcare and brain injury. It operates through the following segments: Clinical Trials, Healthcare, and Administration. The Clinical Trials segment provides solutions to optimize clinical outcome assessments to better measure drug efficacy and safety. The Healthcare segment offers tools to detect patient cognitive impairment and change throughout the continuum of care. Cogstate was founded by David Gordon Darby and Paul Maruff on December 17, 1999, and is headquartered in Melbourne, Australia.

5-Year Financial Snapshot:

The company has successfully executed a significant operational transformation and experienced substantial financial growth over the last five years. Revenue increased from $33.9 million in 2020 to $66 million in 2024. Additionally, the company reversed its previous losses, moving from a deficit of $2.92 million in 2020 to achieving a profit of $7 million in 2021. This profitability continued to rise, reaching $8.32 million in 2024, with a peak exceeding $10 million in 2020.

3. Cog Financial Services Limited (ASX: COG)

COG Financial Services Ltd. engages in the provision of equipment finance, funds management, and lending sector. It operates through the following segments: Finance Broking and Aggregation; Funds Management and Lending; and All Other. The Finance Broking and Aggregation segment comprise business units on the aggregation of broker volumes through scale, and finance broking focused on a range of finance products and asset types. The Funds Management and Lending segment is focused on the management of investment funds and providing financing arrangements to commercial customers for essential business assets. The All Other segment includes equity investment of in the associate Earlypay Limited, and corporate office function provided by the ultimate parent entity. The company was founded on June 11, 2002 and is headquartered in Chatswood, Australia.

5-Year Financial Snapshot:

The company has demonstrated exceptional financial growth over recent years, with revenues rising significantly from $215 million in 2020 to $498 million in 2024. Earnings have also shown a substantial turnaround, shifting from a loss of approximately $10 million in 2020 to a profit of $12 million in 2024, though this remains below the peak profit of $19 million achieved in 2022. Despite the moderation in net earnings, operating income has steadily increased, reaching record highs. However, elevated interest expenses in 2024 have tempered overall profitability. The company’s balance sheet has also strengthened considerably, with total assets growing from $326 million in 2020 to $593 million in 2024. This growth has significantly enhanced book value, reinforcing financial stability and driving shareholder value.