A look at some small-cap stocks making news - or about to. This file will be updated throughout the day on Tuesday, May 5.
Canada’s S&P/TSX Small Cap Index (TXTW-I) is up by about 77 per cent over the past 52 weeks as of Monday’s close. It hit a record 1,472.51 on March 2. The Russell 2000 in the U.S. is up about 40 per cent over the past 52 weeks. It hit a record of 2,826.41 on Monday.
Small-cap summary:
Cargojet Inc. (CJT-T) reported first-quarter revenue and adjusted EBITDA that beat expectations.
After markets closed on Monday, the company reported revenue of $254.7-million for the quarter ended March 31, an increase of $4.8-million or 1.9 per cent compared to the same period last year. The expectation was for revenue to come in at $244.2-million, according to S&P Capital IQ estimates.
The company said the increase was due to a 26-per-cent increase in charter revenues, partially offset by a decrease in aircraft, crew, maintenance, and insurance (ACMI) revenue “driven primarily by macroeconomic conditions and an increase in amortization of contract assets.” It said domestic revenue remained flat year-over-year.
Adjusted EBITDA was $81.9-million, up from $80.8-million a year earlier and ahead of expectations of $78.1-million.
Net earnings came in at $43.9-million, down from $48-million for the first quarter of 2025, which the company said was due to a gross margin decrease and higher selling, general and administrative expenses “mostly due to higher share-based compensation and an increase of $21.9-million in net finance costs and other gains and losses.”
Adjusted earnings came in at $8.9-million or 60 cents per share versus $25.3-million or $1.62 a year earlier. The expectation was for adjusted EPS of 83 cents.
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Thinkific Labs Inc. (THNC-T) reported first-quarter revenue and profit that was in line with expectations.
After markets closed on Monday, the company reported revenue of US$18.7-million for the quarter ended March 31, up 5 per cent from a year ago. The company said the revenue was within the guided range of US$18.6-million to US$18.9-million. The expectation was for revenue of $18.6-million, according to S&P Capital IQ estimates.
Its net loss was US$1.1-million or 2 cents US per share, which was in line with expectations and a decrease of US$1.5-million from net income of US$401,000 or a penny per share a year ago.
Adjusted EBITDA was negative US$509,000 or 3 per cent of revenue, a drop from a profit of US$922,000 a year earlier.
“We delivered a solid Q1 while instrumenting significant, AI-driven changes across our R&D teams,” said founder and CEO Greg Smith in a release.
In it outlook for the second quarter, the company said it expects revenue of US$18.2-million to US$18.5-million, which is at the lower end of expectations of $18.5-million, according to S&P Capital IQ estimates.
The company said adjusted EBITDA is expected to be in the range of negative 2 per cent to negative 5 per cent.
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Propel Holdings Inc. (PRL-T) reported record first-quarter earnings that beat expectations.
After markets closed on Monday, the Toronto-based fintech reported revenue of US$166.1-million, which it said was a quarterly record, and up from US$138.9-million a year ago. The expectation was for revenue to come in at $164-million, according to S&P Capital IQ estimates.
Adjusted EBITDA of US$42-million, also a quarterly record, was up from US$41.2-million a year earlier and ahead of expectations of US$39.5-million.
Profit of US$20.7-million was down from US$23.5-million last year. On an adjusted basis, net income of US$23-million or 54 cents US per share was in line with US$23.4-million or 55 cents US a year earlier. The expectation was for EPS to come in at 52 cents US.
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Wajax Corp. (WJX-T) reported first quarter results that missed expectations.
After markets closed on Monday, the industrial products and services company reported revenue of $502.1- million, down from $555-million in the first quarter of 2025. The result was below expectations of $531-million, according to S&P Capital IQ estimates.
Net earnings of $17.8-million or 82 cents per share compared to $13.1-million, or 60 cents per share in the same period of 2025. Adjusted net earnings of $14.6-million or 67 cents per share compared to $14.9-million or 69 cents per share last year. The expectation was for adjusted EPS of 76 cents.
“Our first quarter results reflect continued progress against our operational priorities, with improved margins, strong operating cash flow and further reduced leverage, despite lower year-over-year revenue,” said CEO George McClean.
In its outlook, Wajax said expects to see more customer demand in the mining and energy sectors and that it continues to maintain a strong balance sheet and a solid backlog.
“Inventory levels are within a normal operating range, while margin improvement and cost control remain key focus areas,” it stated. “Although demand visibility varies across end markets, the Corporation’s diversified exposure and focused execution position it to manage current market conditions effectively.”
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InterRent REIT (IIP-UN-T) reported a drop in revenue and adjusted funds from operations for its first quarter.
After markets closed on Monday, the REIT reported revenue of $61.3-million for the quarter ended March 31, down from $63.1-million a year ago. The result was below expectations of $62.5-million, according to S&P Capital IQ.
The REIT said the drop was due to lost revenue from dispositions completed over the past 12 months. Same-property revenue was up 1 per cent to $60.7-million.
Its net loss was $4-million versus a profit of $9.8-million a year earlier.
Adjusted funds from operations (AFFO) were $3.8-million or 3 cents per unit compared with $18.5-million or 13 cents a year earlier.
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Flagship Communities REIT (MHC-UN-T), which owns and operates residential properties in the U.S., reported higher revenue that beat expecations for its first quarter.
After markets closed on Monday, the REIT reported revenue of US$29.9-million, an increase of 20.6 per cent compared to US$24.8-million a year earlier. The expectation was for revenue to come in at $28.5-million, according to S&P Capital IQ estimates.
Net income of US$22.1-million compared to US$10.5-million a year ago.
Adjusted funds from operations (AFFO) of US$8.6-million or 34 cents US per unit compared to AFFO of US$7.8-million or 31 cents US a year ago. The expectation was for adjusted AFFO of 35 cents US.
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Transcontinental Inc. (TCL-A-T) announced the sale of its warehouse located in Boucherville, Qué. to Placements Carrousel inc., the parent company of Emballages Carrousel, for $34.9-million.
“This transaction is part of our plan to monetize real estate assets announced in December 2023,” CFO and executive vice-president Donald LeCavalier said in a release after markets closed on Monday.
He said the net proceeds from the sale will be used to help reduce debt and “continue our strategic growth investments.”
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Sienna Senior Living Inc. (SIA-T) announced two purchase agreements, including a retirement residence in the Greater Ottawa Area and a long-term care community in the Greater Toronto Area, for total of about $109-million.
CEO Nitin Jain said in a release that the acquisitions are “an excellent example of the broad range of opportunities available to Sienna to expand our portfolio in both the government-funded long-term care and the private-pay retirement segments.”
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Richards Group Inc. (RIC-T) shares fell on Monday after the comapny reported first-quarter earnings that missed expectations.
Before markets opened on Monday, the packaging company reported revenue of $105.7-million, up from $100.7-million a year earlier. The expectation was for revenue to come in at $110-million, according to S&P Capital IQ estimates.
Net income of $6-million or 53 cents per shares compared with $5.1-million or 37 cents a year earlier. The expectation was for 70 cents.
Adjusted EBITDA was relatively flat at $12-million year-over-year and below expectations of $14.2-million.
In a note, Acumen Capital analyst Jim Byrne said the revenue results were below his estimate of $107.6-million.
“Packaging revenue contracted, driven primarily by lower volumes in the U.S. business amid ongoing macroeconomic pressure in food and beverage end markets,” he wrote. “Management highlighted that the Packaging segment continues to face challenges due to macro-economic factors.”
Added Mr. Byrne: “While organic growth remains limited, the company’s acquisitions have added to the revenue growth and we believe the headwinds should ease in the coming quarters, which will add to organic growth.”
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American Hotel Income Properties REIT LP (HOT-UN-T) shares closed up 9 per cent on Monday after the company announced today that its board initiated a review of strategic alternatives “to maximize unitholder value” that includes “a range of alternatives.” The Vancouver-based REIT invests in hotel real estate properties across the U.S.
“AHIP has been making good progress on our plan to sell assets, reduce debt and strengthen our balance sheet,” said CEO John O’Neill in a release. “As dispositions completed in 2025 and 2026 to date continue to demonstrate value for our portfolio beyond AHIP’s current unit price, the Board is exploring strategic alternatives to bridge that gap.”
The REIT said it hasn’t set a definitive timeline to complete the review or any potential transaction and that “no decisions have been reached at this time.”
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Upcoming small-cap earnings:
May 5: Curaleaf Holdings Inc.(CURA-T), Russel Metals Inc. (RUS-T), Sienna Senior Living Inc. (SIA-T), Flagship Communities REIT (MHC-UN-T), Ballard Power Systems (BLDP-T), Dream Industrial REIT (DIR-UN-T), Telesat Corp. (TSAT-T), Hammond Power Solutions Inc. (HPS-A-T), AirBoss of America Corp. (BOS-T), K-Bro Linen Inc. (KBL-T)
May 6: Western Forest Products Inc. (WEF-T), SmartCentres REIT (SRU-UN-T), Canfor Corp. (CFP-T), GO Residential REIT (GO-U-T), Green Thumb Industries Inc. (GTII-CN), Kits Eyecare Ltd. (KITS-T), Savaria Corp. (SIS-T), DIRTT Environmental Solutions Ltd. (DRT-T), 5N Plus Inc. (VNP-T), Sprott Inc. (SII-T), Taseko Mines Ltd. (TKO-T)
May 7: Maple Leaf Foods Inc. (MFI-T), Killam Apartment REIT (KMP-UN-T), Pason Systems Inc. (PSI-T), Altus Group Ltd. (AIF-T), Extendicare Inc. (EXE-T), NFI Group Inc. (NFI-T), Ag Growth International Inc. (AFN-T), MDA Space Ltd. (MDA-T), A&W Food Services of Canada Inc. (AW-T), Profound Medical Corp. (PRN-T), Trulieve Cannabis Corp. (TRUL-CN), Dream Office REIT (D-UN-T), Enerflex Ltd. (EFX-T), Medical Facilities Corp. (DR-T), Premium Brands Holdings Corp. (PBH-T), Leon’s Furniture (LNF-T), Ensign Energy Services Inc. (ESI-T), Dorel Industries Inc. (DII-B-T), Knight Therapeutics Inc. (GUD-T), Algoma Central Corp. (ALC-T)
May 8: Docebo Inc. (DCBO-T), CES Energy Solutions Corp. (CEU-T), Doman Building Materials Group Ltd. (DBM-T), Lassonde Industries Inc. (LAS-A-T)
May 11: Cineplex Inc. (CGX-T), CT REIT (CRT-UN-T), Minto Apartment REIT (MI-UN-T), Cineplex Inc. (CGX-T), Chemtrade Logistics Income Fund (CHE-UN-T), Cronos Group Inc. (CRON-T)
May 12: RFA Financial Inc. (RFA-T), Parex Resources Inc. (PXT-T), True North Commercial REIT (TNT-UN-T), BTB REIT (BTB-UN-T), Altius Minerals Corp. (ALS-T), Grown Rogue International Inc. (GRIN-CN), Goeasy Ltd. (GSY-T), Pet Valu Holdings Ltd. (PET-T), Terago Inc. (TGO-T), Algoma Steel Group Inc. (ASTL-T), AGT Food and Ingredients Inc. (AGTF-T)
May 13: Superior Plus Corp. (SPB-T), Bird Construction Inc. (BDT-T), Total Energy Services Inc. (TOT-T), BSR REIT (HOM-U-T), Pollard Banknote Ltd. (PBL-T), Automotive Properties REIT (APR-UN-T), Slate Grocery REIT (SGR-UN-T), Mattr Corp. (MATR-T), Dream Unlimited Corp. (DRM-T), AutoCanada Inc. (ACQ-T), Kneat.com Inc. (KSI-T), Aimia Inc. (AIM-T), North American Construction Group Ltd. (NOA-T), Boyd Group Services Inc. (BYD-T), Pro REIT (PRV-UN-T)
May 14: Corby Spirit and Wine Ltd. (CSW-A-T), H&R REIT (HR-UN-T), Interfor Corp. (IFP-T), Plaza Retail REIT (PLZ-UN-T), Velan Inc. (VLN-T), Vecima Networks Inc. (VCM-T), Canada Goose Holdings Inc. (GOOS-T)
May 15: HLS Therapeutics Inc. (HLS-T)
May 21: Lightspeed Commerce Inc. (LSPD-T)
May 27: EQB Inc. (EQB-T)
June 9: Stingray Group Inc. (RAY-A-B)