A look at some small-cap stocks making news - or about to. This file will be updated on Thursday.
Canada’s S&P/TSX Small Cap Index (TXTW-I) is up by about 25 per cent over the past 52 weeks. It hit a record 1,496.55 on June 2. The Russell 2000 in the U.S. is up about 15 per cent over the past 52 weeks and reached a high of 3,069.71 on Aug. 14.
Small-cap summary:
Firan Technology Group Corp. (FTG-T) shares soared on Thursday after the company reported third-quarter earnings that beat expectations.
After markets closed on Wednesday, the Toronto-based company reported revenue of $64.1-million for the quarter ended Aug. 31, up 34 per cent from $47.7-million for the same period last year. The result surpassed expectations of $52.3-million, according to S&P Capital IQ estimates.
Adjusted EBITDA of $15.1-million nearly doubled from $7.7-million a year ago and ahead of expectations of $9.6-million.
Net earnings of $10-million or 41 cents per share was up from $3-million or 12 cents last year. The expectation was for earnings to come in at 17 cents per share in the latest quarter.
Acumen Capital analyst Nick Corcoran described the results as “positive” in a first-look note.
“Management indicates: (1) record results were supported by operational improvements at several Aerospace and Circuit locations; (2) strategic initiatives pursued in 2025 have positioned FTG to benefit from industry tailwinds; and (3) the Company continues to see elevated input costs on raw materials from outside of North America,” he wrote.
He also said the company had a record backlog at the end of the quarter of $220.7-million and record bookings of $90.2-million.
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Tilray Brands Inc. (TLRY-T) share fell on Thursday after the company reported first-quarter results that missed expectations.
Before markets opened on Thursday, the cannabis company reported revenue of US$257.1-million for the quarter ended Aug. 31, up 23 per cent compared to US$209.5-million a year ago. The result was below expectations of US$266.8-million, according to S&P Capital IQ estimates.
Its net loss of US$40-million or 32 US cents per share compared to a profit of US$1.5-million or nil per share a year ago. The expectation was a loss of 18 US cents per share.
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Richelieu Hardware Ltd. (RCH-T) shares surged on Thursday after the company reported third-quarter results that beat expectations.
After markets closed on Wednesday, the Montreal-based specialty hardware company reported sales of $562-million for the quarter ended Aug. 31, up from $499.2-million last year. The result beat expectations of $534.1-million, according to S&P Capital IQ estimates.
Net earnings of $29.2-million were up 22.4 per cent from a year ago. Net earnings per share came in at 53 cents versus 43 cents last year and ahead of expectations of 46 cents.
“The strong growth and strategic expansion we have achieved once again demonstrate the relevance of our business model, which enables us to meet our customer needs, take advantage of excellent acquisition opportunities and continue driving the Corporation’s future growth,” CEO Richard Lord said in a release.
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Velan Inc. (VLN-T) shares fell on Thursday after the company reported lower sales and a wider second-quarter loss than in the same period last year.
After markets closed on Wednesday, the Montreal-based industrial valve maker reported sales of US$57.5-million for its second quarter ended Aug. 31, down from US$67.6 million last year, “as the timing and complexity of certain production orders shifted shipments into later periods.”
The company said also said that “uncertainty around changing tariff regulations and ongoing geopolitical tension also weighed on customer demand and order timing during the period.”
Its net loss of US$15.1-million or 70 US cents per share compared to a loss of US$1.7-million or 8 US cents per share last year. It said the higher loss mainly reflects US$14.9-million of transaction-related costs related to the sale by its controlling shareholder, Velan Holding Co. Ltd., of its controlling interest in the company in June.
“Velan is entering a new phase focused on stronger execution, improved business performance and profitable growth,” said CEO Rishi Sharma.
“Our second quarter results reflect challenges to the business we are actively working to meet. The demand environment in our core nuclear, defence and energy markets remains solid – the softness in results was driven by execution and delivery timing as well as volatility relating to tariffs, trade disputes and geopolitical uncertainty in the Middle East.”
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Profound Medical Corp. (PRN-T) shares jumped on Thursday after the company reported preliminary third-quarter results that it said were above expectations.
After markets closed on Wednesday, the Mississauga-based medical device company said revenue is expected to be in the range of US$9.8-million to US$10-million for the quarter ended Sept. 30. The company said the growth is expected to increase approximately 85 to 89 per cent compared with US$5.3-million in the third quarter of 2025 and about 292 to 300 per cent compared with US$2.5-million in the second quarter of 2026.
It said the expected revenue is approximately 45 to 47 per cent above the Bloomberg mean analyst consensus of US$6.78-million.
“The significant increase in revenue we expect to report this quarter represents a historic milestone for Profound, reflecting the strong commercial momentum building behind our technology,” said CEO Arun Menawat. “The expected year-over-year and sequential growth in the third quarter reflects increased commercial activity across our installed base and new customer accounts.”
The company said it intends to report full third-quarter financial results after market close on Nov. 5.
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Algoma Central Corp. (ALC-T) shares jumped on Wednesday, and were also higher in early Thursday trading, after the marine transportation company announced a near-50-per-cent dividend increase alongside a special dividend.
Before markets opened on Wednesday, the St. Catharines, Ont.-based dry and liquid bulk carrier company said it has increased the regular quarterly dividend by 10 cents per common share, or approximately 48 per cent, to 31 per common share from 21 cents. The board also declared a special dividend of $1 per common share.
The regular quarterly dividend will be paid on Dec. 1 to shareholders of record at the close of business on Nov. 17. The special dividend will be paid on Oct. 21 to shareholders of record at the close of business on Oct. 15.
CEO Gregg Ruhl said the quarterly dividend increase demonstrates confidence in the business and its future outlook.
“We continue to strengthen Algoma through disciplined investments, positioning the company for sustainable long-term growth,” he stated in a release. “The increase in our regular dividend, together with the special dividend announced today, enables us to provide a meaningful return to shareholders while continuing to invest in the future of our business.”
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Kits Eyecare Ltd. (KITS-T) shares rose on Wednesday after the Vancouver-based eyeglasses company reported preliminary third-quarter results, including revenue that beat expectations.
Before markets opened on Wednesday, the company said revenue for the quarter ended Sept. 30 grew 21.6 per cent year over year, to about $63.7-million. The result beat expectations of $63-million, according to S&P Capital IQ estimates.
The company also said preliminary adjusted EBITDA exceeded 4.5 per cent of revenue, or $2.9-million as it continued to invest in glasses growth, its Toronto retail store and marketing.
“Our growth accelerated this quarter, and it came from the parts of the business that matter most for the long term,” said co-founder and CEO Roger Hardy. “Glasses revenue grew nearly 60% and is becoming a second growth and gross margin engine alongside contacts, and our customer cohorts continue to compound. We are growing profitably with a strong balance sheet and no debt, which gives us flexibility to keep investing in our momentum.”
The company said it expects to report final results in early November.
Canaccord Genuity analyst Luke Hannan reiterated his “buy” rating and $26.50 target price after the report.
“Our target represents 3.0x our 2027 revenue estimate of $297 million (from $295 million),” he wrote. “While there are no perfect public comparable companies to KITS, we believe the broader eyewear retail peer set is an appropriate benchmark, with the group trading at an average of 2.8x FY +2 sales. In our view, KITS’ position at an earlier stage in its growth cycle, coupled with its strong unit economics ... healthy balance sheet, and strong management team, makes for a compelling investment opportunity.”
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Titan Mining Corp. (TI-T) announced a preliminary agreement with the U.S. Department of the Army outlining commercial terms for a proposed graphite processing facility in Alabama.
On Wednesday, the Vancouver-based company said the agreement, made through its Empire State Mines LLC subsidiary, includes a facility developed on about 97 acres of underutilized Army property at Anniston Army Depot in the state.
It said the facility would produce purified micronized graphite (PMG)— used in industrial, defence and battery applications — and later coated spherical purified graphite (CSPG), a key material in lithium-ion battery anodes.
The proposed lease framework includes an initial 50-year term with two 25-year renewal options, providing potential operating tenure of up to 100 years.
The Army would have a right of first offer on certain uncommitted PMG and CSPG output, capped at 10 per cent of annual facility production.
CEO Rita Adiani described the commercial framework with the U.S. Army as “a significant milestone in Titan’s strategy to build a fully integrated American graphite supply chain.”
She added: “Developing within an existing Army installation provides important infrastructure and strategic advantages and creates a pathway to establish large-scale domestic graphite processing without having to develop an entirely new industrial site from the ground up.”
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Aurora Cannabis Inc. (ACB-T) is advising shareholders to “take no action” on the increased hostile takeover offer from Curaleaf Holdings Inc. (CURA-T).
Earlier this week, Stamford, Conn.-based Curaleaf increased the offer to US$5 per Aurora share. The offer will be comprised of 0.4013 Curaleaf shares plus US$1 cash, based on Curaleaf’s Oct. 2 closing share price.
Over the summer, Curaleaf made a bid for the Edmonton-based company that was worth US$4 per Aurora share. That bid included 0.3463 of a Curaleaf subordinate voting share plus 75 cents US in cash, based on its closing share price on Aug. 10.
Aurora has urged shareholders to reject Curaleaf’s initial hostile takeover bid, saying the offer undervalued Aurora and was not in shareholders’ best interests.
“The filing of a revised hostile bid is simply the next step in the process, not a deadline to make a decision. Investors deserve the chance to review the revised hostile bid and decide for themselves whether it reflects the full value of the company they already own,” stated Aurora CEO Miguel Martin in an Oct. 6 release. “Our board and special committee are commencing their review, and until Aurora’s formal recommendation is available, we urge investors to take no action.”
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Cenovus Energy Inc. (CVE-T) announced on Monday plans to buy rival producer Athabasca Oil Corp. (ATH-T) for roughly $5.7-billion in cash and stock.
The deal will initially add roughly 45,000 barrels a day of production to Cenovus’s books, but CEO Jon McKenzie said the company sees an opportunity to increase thermal production to approximately 115,000 barrels a day by 2032. (Thermal sites inject steam or solvents into the reservoir to lower the viscosity of crude so it can flow more easily into a well.)
Acquiring Athabasca adds “a high-quality oil sands resource base with decades of development potential ahead of it” to Cenovus’s portfolio, Mr. McKenzie said Monday on a conference call. “That represents one of the most significant organic growth opportunities available in Canadian oil sands today.”
Read the full story from the Globe’s Emma Graney here
For Athabasca, National Bank Financial analyst Dan Payne says the deal is a “strong culmination of value creation by the ATH team, with solid metrics and premium, a reflection of the significance of execution throughout the cycle in establishing a large, scalable resource with upside.”
He also sees the proposed deal as “a reflection of fair value” and changed his recommendation for Athabasca shares to “tender” from “outperform” previously.
“The outcome of the transaction is logical and reflects the strength of execution of the ATH management team throughout the cycle to establish large, scalable resource value and opportunity, which is significantly respected within this transaction,” said Mr. Payne. “Long term, ATH shareholders will continue to participate through equity consideration in a larger, scalable, integrated entity that should positively capitalize on forthcoming industry tailwinds (fiscal, regulatory, policy and egress support) and incremental synergies identified.”
Ahead of an expected shareholder vote in late November, 2026, and with Athabasca’s board of directors unanimously determining the transaction is in shareholders’ best interests, Mr. Payne moved his target for the company’s shares to $12 from $13.75. The average on the Street is $12.81.
Read more analyst commentary in Dave Leeder’s Tuesday analyst upgrades and downgrades
Related: As Cenovus buys Athabasca, a new generation of oil patch takeover targets emerges
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Upcoming small-cap earnings:
Oct. 9: MTY Food Group Inc. (MTY-T)
Oct. 21: Pulse Seismic Inc. (PSD-T)
Oct. 22: Mullen Group Ltd. (MTL-T)
Oct. 26: PrairieSky Royalty Ltd. (PSK-T)
Oct. 28: Canada Packers Inc. (CPKR-T), Cogeco Communications Inc. (CCA-T), Primaris REIT (PMN-UN-T)
Oct. 29: Aecon Group Inc. (ARE-T), Enerflex Ltd. (EFX-T), Centerra Gold Inc. (CG-T), Spin Master Corp. (TOY-T), Coveo Solutions Inc. (CVO-T)
Nov. 2: RioCan REIT (REI-UN-T)
Nov. 3: Curaleaf Holdings Inc.(CURA-T), Boardwalk REIT (BEI-UN-T), Alaris Equity Partners Income Trust (AD-UN-T)
Nov. 4: Maple Leaf Foods Inc. (MFI-T), Killam Apartment REIT (KMP-UN-T), Canfor Corp. (CFP-T), Russel Metals Inc. (RUS-T), SmartCentres REIT (SRU-UN-T), Stella Jones Inc. (SJ-T), Maple Leaf Foods Inc. (MFI-T), Canadian Apartment Properties REIT (CAR-UN-T)
Nov. 5: Western Forest Products Inc. (WEF-T), Chartwell Retirement Residences (CSH.UN-T), Cascades Inc. (CAS-T), Interfor Corp. (IFP-T), Profound Medical Corp. (PRN-T), Lightspeed Commerce Inc. (LSPD-T), Cronos Group Inc. (CRON-T)
Nov. 6: NFI Group Inc. (NFI-T), Cineplex Inc. (CGX-T), Pollard Banknote Ltd. (PBL-T)
Nov. 10: Superior Plus Corp. (SPB-T)
Nov. 11: Cargojet Inc. (CJT-T), Bird Construction Inc. (BDT-T)
Nov. 12: Sienna Senior Living Inc. (SIA-T)
Nov. 19: Real Matters Inc. (REAL-T)
- with files from Dave Leeder, Reuters and The Canadian Press