Unusual Machines, Inseego, and SES logos on rugged cases with networking gear. Key Points Small-cap defense stocks trading under $20 offer investors exposure to fast-growing areas such as military drones, battlefield connectivity, and next-generation batteries. Companies such as Unusual Machines and Inseego provide “picks-and-shovels” technology supporting defense modernization trends. SES AI represents a higher-risk play with massive upside potential if its AI-driven battery technology gains traction ...