Focus Minerals demonstrates what successful execution looks like in the penny stock space. The gold producer reported half-year sales of 77.73 million dollars and swung to profitability with net income of 221.4 million dollars, reversing last year's loss. The company operates debt-free, which strengthens its financial position considerably in an industry where leverage can become problematic during gold price volatility.

What makes Focus particularly interesting is gold's strong performance, trading around 4,100-4,150 dollars per ounce in November 2025 despite recent volatility. This provides a favourable operating environment for profitable producers. The company's experienced management team and robust liquidity position it to capitalise on current prices while maintaining operational stability. However, investors should note that the company's 6.1% return on equity remains modest, and share price volatility is high, typical characteristics of gold penny stocks.

Alcidion represents a different opportunity, a healthcare software business that recently achieved profitability. With a market cap of 141 million dollars, Alcidion develops and licenses healthcare software across Australia, New Zealand, and the United Kingdom. The company generated 40.79 million dollars in revenue for the year ended June 30, 2025, while reporting net income of 1.65 million dollars, a meaningful milestone demonstrating that the business model works.

The company's debt-free status removes interest payment concerns and ensures operational cash flow can fund growth rather than service liabilities. Healthcare software benefits from recurring revenue models and high switching costs once implemented in hospital systems, creating potential for steady growth. For investors seeking exposure to digital health without biotech risk, Alcidion offers an interesting profile combining profitability, recurring revenue, and international expansion opportunities.

Wagner's Holding capitalises on construction demand in Southeast Queensland ahead of the 2032 Olympics. The company produces construction materials and has surged 120% year-to-date through November 2025 as investors recognise the infrastructure spending opportunity. Recent earnings showed sales of 431.27 million dollars with net income climbing to 22.72 million dollars, reflecting profit margins expanding from 2.1% to 5.3%, a sign the business model is achieving operational leverage as it scales.

Broker Morgans upgraded the stock to accumulate with a $3.10 price target, noting the combination of underlying demand and Olympics-related projects positions the company well for future contract wins. The company's satisfactory debt management and improving margins suggest management is executing effectively. However, with shares trading near the price target, new investors should assess whether the current valuation already reflects much of the Olympics opportunity.