A look at some small-cap stocks making news - or about to. This file will be updated throughout the day.
Canada’s S&P/TSX Small Cap Index (TXTW-I) is up by about 78 per cent over the past 52 weeks as of Tuesday’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 2,846.67 in Tuesday trading.
Small-cap summary:
K-Bro Linen Inc. (KBL-T) reported first-quarter results that beat expectations.
After markets closed on Tuesday, the laundry services company reported revenue of $139.1-million, up 53 per cent from $91-million a year ago. The result beat expectations of $127.8-million, according to S&P Capital IQ estimates.
Adjusted EBITDA was up 50.4 per cent to $22.6-million year over year and beat expectations of $18.5-million.
Adjusted earnings were $4.6-million or 36 cents per share versus $3.4-million or 33 cents a year ago.
“We’re delighted to report our eighth consecutive quarter of record results, highlighting the benefits of our strategic national platforms in both Canada and the UK,” stated CEO Linda McCurdy. “Our Stellar Mayan integration is progressing as expected, and we continue to anticipate run-rate cost synergies will be realized over the 12 to 24 months guided.”
**
Sienna Senior Living Inc. (SIA-T) reported higher revenue and net operating income for its first quarter.
After markets closed on Tuesday, the company said its revenue increased by 17.3 per cent to $286.3-million in the first quarter compared to last year. The result was below expectations of $300-million, according to S&P Capital IQ.
“In the Retirement segment, the increase is primarily attributable to acquisitions, occupancy growth, rental rate increases, as well as higher care revenue. In the LTC [long-term care] segment, the increase is primarily due to higher flow-through funding for direct care, increased private accommodation revenue, acquisitions and $1.1-million of retroactive funding from Government of British Columbia related to 2025, recognized in Q1 2026,” it stated.
Net operating income (NOI) increased by 26.6 per cent to $58.1-million. Same property NOI increased by 7.9 per cent to $47.4-million year over year.
Net income of $16.6-million or 16.5 cents per share compared to $15.8-million or 18.3 cents a year earlier.
Adjusted funds from operations came in at $35.1-million or 34.7 cents, above expectations of 30 cents, according to S&P Capital IQ and compared to $24.2-million or 28.1 cents a year earlier.
Adjusted EBITDA of $48.7-million were below expectations of $49.7-million and up from $37.1-million a year earlier.
TD analyst Jonathan Kelcher described it as “an operationally strong quarter” in a note.
“SIA continues to execute well in a favourable operating environment,” he wrote.
He said that operating funds from operations (OFFO) came in at 36.7 per cent, or 21 per cent higher, beating his estimate of 34 cents and consensus of 33 cents.
“The beat was on current taxes (~+$0.06/share), partially offset by higher G&A owing to the increased share price. NOI was largely in line with our forecast,” he wrote.
He also said he expects the company to remain active with acquisitions in 2026.
Earlier in the week, Sienna 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 a 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.”
**
Telesat Corp. (TSAT-T) reported lower revenue and a wider loss for its first quarter.
Before markets opened on Tuesday, the company reported revenue of $87-million, down 25 per cent from $116.7-million a year earlier. The result was roughly in line with expectations of $87.3-million, according to S&P Capital IQ estimates.
Adjusted EBITDA of $35-million was down 48 per cent from $67.4-million a year earlier. The expectation was for $37.3-million.
Its net loss for the quarter was $151-million or $3.04 per share compared to a loss of $51-million or $1.08 per share a year ago. “The increased net loss was primarily due to lower revenue and a non-cash goodwill impairment loss in our GEO segment,” the company stated.
“I’m pleased with Telesat’s performance in the first quarter of 2026, as the company made significant strides on a number of fronts,” stated CEO Dan Goldberg in a release. “Our GEO results are tracking to our expectations, and we continue to make strong progress on the development of the Telesat Lightspeed constellation.”
**
Ballard Power Systems (BLDP-T) shares soared in Tuesday trading after the fuel-cell company reported higher revenue and trimmed its loss in the first quarter.
Before markets opened on Tuesday, the B.C.-based company reported revenue of US$19.4-million, up from US$15.4-million a year earlier. The expectation was for revenue of US$20.2-million, according to S&P Capital IQ estimates.
Adjusted EBITDA was a loss of US$11.4-million, an improvement from a loss of US$27.5-million a year earlier, driven by better margin and operating cost improvements, the company stated. The expectation was for a loss of US$17-million.
Its net loss was US$11.4-million or 4 cents per share compared with a loss of US$21-million or 7 cents a year earlier. The expectation was for a loss of 6 cents US per share.
“In Q1, we made continued progress toward positive cash flow. Quarterly revenue grew 26% year over year, driven by increased engine shipments during the period. Disciplined cost management also contributed to an improvement in gross margins, which rose to 14%,” said CEO Marty Neese in a release. “These results build on the momentum established in 2025 and reinforce that we are on the right path.”
Shares were up 31 per cent.
**
Cargojet Inc. (CJT-T) shares rose in Tuesday trading after the company 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.
National Bank Financial analyst Cameron Doerksen maintained his “outperform” (buy) recommendation and $104 target in a first-look note late Monday.
“Domestic air cargo demand remains stable for Cargojet, and while ACMI operations will continue to face some end market-driven headwinds, the company has successfully won new charter business that has more than offset the loss of revenue from the recent end of the company’s China e-commerce contract,” he wrote.
“Although near-term catalysts are limited, valuation remains attractive with the stock currently trading at 6.5x EV/EBITDA based on our 2026 forecast, which is well below the long-term historical average for the stock at 10.5x and also below the post-COVID (last three years) average of 7.6x. CJT shares are also trading at a discount to the P&C peer group (8.1x 2026 EV/EBITDA).”
Stifel analyst Daryl Young, who has a “buy” and $120 target on the stock, described the results as “neutral.”
“Management provided limited outlook commentary, but did reiterate fuel is largely a pass-through and that it remains focused on maintaining recent margin performance, he wrote in a note.
**
Thinkific Labs Inc. (THNC-T) shares sank on Tuesday amid some analyst target price cuts following its first-quarter earnings report.
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.
Thinkific also said it appointed Leigh Ramsden, former CFO of Trulioo, as the incoming CFO effective June 1.
Canaccord Genuity analyst Robert Young lowered his target to $1.75 from $2 and maintained his “hold” after the earnings.
“Thinkific delivered Q1 results broadly in line with expectations as the company progresses through multiple elements of transition. Q2 guidance, however, was weaker than expected, reflecting lower growth in Plus and Commerce alongside anticipated deceleration in Self-Serve,” he wrote. “We continue to have limited visibility on the timing and pace of growth re-acceleration.”
CIBC analyst Todd Coupland lowered his price target to $2 from $2.25 and maintained his “neutral” (hold) rating after the results.
“Thinkific posted an in-line Q1 on revenue and a modest profitability beat, reinforcing tighter execution and cost discipline,” he wrote in a note. “Visibility into a durable re-acceleration is still limited as the company works through its pivot to higher-value customers. The next leg requires incremental AI/product investment and a sharper go-to-market motion (i.e., proof that the strategy is translating into improving ARR, customer adoption and retention).”
Added Mr. Coupland: “We like the company but view the turn as not yet investable; we would revisit with clear evidence of accelerating growth and or retention from the new AI agents like Thinker that confirms the pivot is working.”
**
Propel Holdings Inc. (PRL-T) shares jumped on Tuesday after the company reported record first-quarter earnings that beat expectations. It also increased its dividend.
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.
Propel also announced that it raised its quarterly dividend by 7 per cent to 24 cents, which amounts to 96 cents per share from 90 cents on an annualized basis.
Stifel analyst Suthan Sukumar described the results as “positive” in a first-look note.
“Propel reported an upside FQ1, underscoring strength in loan growth alongside stable credit performance, on the back of the rebound in credit quality and subsequent new origination activity we saw exiting last quarter. Importantly, credit metrics PCLs and net-charge-offs normalized this quarter, supporting a recovery in ROE [return on equity] and fueling yet another bump in Propel’s quarterly dividend (11th consecutive raise at +6.7% to $0.24/share),” he wrote.
He has a “buy” and $32 target on the stock.
“Net/net – results further reinforce resilience in the non-prime consumer backdrop, in line with recent prints from US consumer credit peers,“ he added. ”FY [full year] guide is being maintained, reaffirming the growth trajectory ahead, while suggesting some conservatism amidst the current macro uncertainty.
**
Wajax Corp. (WJX-T) shares sank on Tuesday after the company 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 it 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.”
In a note, National Bank Financial analyst Maxim Sytchev wrote that the company reported weaker revenue but that margins and leverage are ahead of expectations.
“The company needs to get better when it comes to telegraphing delivery schedules of large-scale shovels,” he wrote in a note late Monday. " The vagueness of the time frames is not helping from a modelling perspective. That aside, margins were stronger than expected as mix and ERS helped the quarter.“
Added Mr. Sytchev: “From a more structural perspective, the balance sheet is no longer a risk, something that came to fruition faster than hoped for. Wajax rightfully does not sport the copper/gold/AI angle of larger peers, but we still believe that paying 1/3 of valuation for half the value creation is not a bad comparison vs. larger comps. Assuming project velocity improving on a going forward basis in Canada, WJX should benefit from the inflection point.”
He has an “outperform” (buy) rating on the stock and $37 target price.
Shares were down 13 per cent.
**
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.
**
Flagship Communities REIT (MHC-UN-T), which owns and operates residential properties in the U.S., reported higher revenue that beat expectations 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 US$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.
Canaccord Genuity analyst Mark Rothschild increased his target to US$24.50 from US$23.25 and maintained his “buy” after the earnings.
“With limited new supply, MHCs remain an attractive option for affordable homeownership, leading to sustained strong demand,” he wrote in a note. “Driven by both greater rental rates and improved occupancy, Flagship generated same-property NOI growth of 5.3% in the quarter. This is only slightly lower than the 5.9% achieved in Q4/25, and is similar to its larger peers, Equity Lifestyle Properties of 4.9% in the quarter, and Sun Communities at 6.3%.”
**
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.”
In a note, National Bank Financial analyst Adam Shine said management noted in recent months that it was expecting to sell a building for roughly $35-million prior to June, “with one or two other buildings to be sold for a total of $25M before the end of this calendar year. These sales are already included in our forecast.”
He has an “outperform” (buy) and $8 target on the stock.
“Our target is based on our f2026E NAV with implied EV/EBITDA of 4.3x f2026E & 3.8x f2027E based on the remaining businesses after the sale of Packaging on March 6 and the distribution of $20/share on March 20,” he wrote.
**
Richards Group Inc. (RIC-T) shares fell on Monday after the company 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 share 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.”
Canaccord Genuity analyst Luke Hannan reiterated his “buy” and cut his target price to $39 from $42.00 after the report.
“Our target represents 9.0x of our 2026E adjusted EBITDAal (Earnings Before Interest, Taxes, Depreciation, Amortization, after Leases) estimate of $57 million (previously 9.0x of our 2026E adjusted EBITDAal estimate of $59 million),” he wrote. “This represents a slight premium over consumer packaging and labelling peers’ ~8.1x EV/FY1 EBITDA, but a discount to Healthcare & cosmetics peers’ ~10-15x. Given RIC’s strategic repositioning to increase Healthcare and cosmetics exposure, its strong FCF generation, and its increased optionality surrounding capital allocation following its conversion from an income fund to a corporation, we believe RIC is on a compelling trajectory to generate attractive shareholder returns.”
**
American Hotel Income Properties REIT LP (HOT-UN-T) shares closed up 9 per cent on Monday and were higher again on Tuesday after the company announced 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 on Monday morning. “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.”
**
Upcoming small-cap earnings:
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)