Cipher Mining (CIFR) had the highest return in Q1 2023 by a small-cap US stock, returning 303.1%.

ASSET	QUARTER	% RETURN
Cipher Mining (CIFR)	Q1 2023	303.11%
BigBearai (BBAI)	Q1 2023	240.78%
Neuropace (NPCE)	Q1 2023	236.23%
Selectquote (SLQT)	Q1 2023	221.01%
Eos Energy Enterprises (EOSEW)	Q1 2023	200%
Innodata (INOD)	Q1 2023	177.27%
American Coastal Insurance (ACIC)	Q1 2023	158.69%
NGL Energy Partners (NGL)	Q1 2023	152.17%
Bit Digital (BTBT)	Q1 2023	148.39%
Sky Harbour (SKYH)	Q1 2023	145.39%
Clene (CLNNW)	Q1 2023	125%
Bitfarms (BITF)	Q1 2023	122.48%
HIVE Blockchain Technologies (HIVE)	Q1 2023	120.81%
Fastly (FSLY)	Q1 2023	112.19%
Redfin (RDFN)	Q1 2023	108.28%
Immunome (IMNM)	Q1 2023	107.92%
Tyra Biosciences (TYRA)	Q1 2023	107.89%
Dianthus Therapeutics (DNTH)	Q1 2023	104.82%
Navitas Semiconductor (NVTS)	Q1 2023	103.62%
Lions Gate Entertainment (LGF.A)	Q1 2023	99.82%
Daktronics (DAKT)	Q1 2023	98.25%
Omeros (OMER)	Q1 2023	97.87%
Hyster-Yale Materials Handling (HY)	Q1 2023	96.68%
D-MARKET Electronic Services & Trading ADR (HEPS)	Q1 2023	95.34%
Aurinia Pharmaceuticals (AUPH)	Q1 2023	94.33%

Small-cap stocks are treated as having a market cap between $300M and $2B.