Virtual reality and augmented reality are two of the fastest growing industries in the areas of electronic gaming, entertainment, medical services and military applications. Just look at the success of Nintendo Co., Ltd (OTC: NTDOY)'s Pokémon Go.

While there are many companies involved in virtual and augmented reality, such as Adobe Systems Incorporated (NASDAQ: ADBE), Alphabet Inc (NASDAQ: GOOGL), Apple Inc. (NASDAQ: AAPL), Microsoft Corporation (NYSE: MSFT), Sony Corp ADR (NYSE: SNE), and Facebook Inc (NASDAQ: FB)’s Oculus, there are no true “pure plays." For all of these companies, virtual reality is currently only a small part of their business.

Check out a list of over 30 virtual reality and augmented reality stocks!

Despite this, there are a few smaller companies where VR can bring a substantial amount of money to the bottom line.

Immersion Corporation (NASDAQ: IMMR) is working on force feedback, the creation of the sense of touch to the user through the use of vibrations or motions. Immersion is one of the leaders in this technology, also known as kinesthetic communication and haptic technology. The stock has a nosebleed high trailing P/E earnings ratio of 901, but a more reasonable forward P/E of 26. The company is debt free and has $2.11 in cash per share.

Kopin Corporation (NASDAQ: KOPN) develops, makes and markets virtual and augmented reality gaming, training, and simulation products. The company is currently generating negative earnings but is debt free with $1.42 in cash per share.

Microvision Inc. (NASDAQ: MVIS) makes PicoP scanning technology for three-dimensional sensing and image capture. This company, like Kopin, also generates negative earnings, but is also debt free. It has 22 cents in cash per share. On the positive side, Microvision's quarterly revenues jumped 311% year over year.

These three stocks are all small caps, so they should be viewed relatively speculatively. But they could provide under the radar opportunities for investors interested looking to make VR and AR gains a reality.

Fred Fuld is a contributor to Stockerblog.

Disclosure: Author owned AAPL and MSFT at the time the article was written.

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