3 Under Radar ASX AI Stocks, Likely to Unfold Strong Upside Potential

These shares are showing stable performance with growth in earnings, ongoing investments and positive outlook across key business areas.

Macquarie Technology Group Ltd (ASX: MAQ)

Macquarie Technology Group Ltd (ASX: MAQ) on 11 March 2026 announced that it has secured A$200M from the National Reconstruction Fund Corporation through hybrid securities.

This funding is structured in two stages, with the first issued by June 2026 and the second by March 2027. The capital will support secure digital infrastructure and cyber services mainly in cloud and AI solutions for government, defence and critical sectors. It strengthens financial flexibility without diluting ownership and supports long term expansion.

EBITDA reached $57.9 million for the half-year ended 31 December 2025, continuing from $56.2 million in the previous corresponding period. Operating cash flow for the same half year was $42.2 million with strong cash conversion.

A new $50 million debt facility was added to support faster capacity expansion. Total capital spending reached $142.1 million, mainly for growth projects and infrastructure development. This includes major allocation toward IC3 SuperWest and smaller portions for customer and maintenance needs.

For FY26, Expected EBITDA is between $114 million and $117 million across business segments. Construction of IC3 SuperWest Phase 1 is on track for September 2026. Additional funding options are being considered for future data centre expansion including a large Sydney campus project.

Objective Corporation Ltd (ASX: OCL)

Objective Corporation Ltd (ASX: OCL) on 26 February 2026 declared its outcomes for the half year finished on 31 December 2025. The revenue grew by 9% totaling $66.7 million from $61.3M. Net profit after tax raised 10% to $18.7 million from $17.0 million.

The Annualised Recurring Revenue touched $120.0 million at 31 December 2025 improved 12% from previous year. Information Intelligence ARR rose to $84.4 million. 

Research and development spending was $16.6 million with $8.7M capitalised. The operating cash flow for the half year was $21.7 million. Cash balance stood at $95.1M. There were no external borrowings.

An interim unfranked dividend of 13 cents per share was declared for the dated ended 31 December 2025. Total dividends paid in the half were $12.4M. 

Appen Ltd (ASX: APX)

Appen Ltd (ASX: APX) announced its FY25 results for the year ended 31 December 2025 along with FY26 outlook. Group revenue was $230.8 million, increased 4.5% from FY24. Appen Global revenue was $127.9 million whereas Appen China delivered $102.9 million with strong growth from AI related work.

Gross margin improved to 40.3% due to a higher share of generative AI projects. Underlying EBITDA before FX reached $12.2 million rising sharply from the previous year. EBITDA margin for the year was 5.3% with a strong finish in the final quarter.

The cost savings of about $10 million were achieved through efficiency actions. Cash balance at 31 December 2025 stood at $59.8M. Growth in China operations and new project wins and supported overall performance during the year.

For FY26, the revenue is expected to be between $270 million and $300 million. The underlying EBITDA margin before FX is guided to be around 5% to 10% supported by demand for AI data and continued cost control.

(Source: Company Report)