A recent breakdown highlighted two small-cap AI stocks with high revenue growth potential. Iren (IREN) builds data centers for hyperscalers like Microsoft and Nvidia. Their Q4 revenue dropped 27% to $137.2 million, but they expect to hit $4 billion in annual recurring revenue by the end of the year. They currently charge $20 to $25 million per megawatt and have a 5,800-megawatt pipeline. Netlist (NLST) is an OTC memory product stock trading around $5.50 after jumping over 500% this year. Their main growth driver right now is patent litigation against chipmakers. They secured a deal with Samsung that pays $27.5 million a quarter plus a $200 million upfront fee. They have a similar arrangement with SK Hynix and recently won a $445 million verdict against Micron.