A look at some small-cap stocks making news - or about to
Canada’s S&P/TSX Small Cap Index (TXTW-I) is up by about 30 per cent over the past 52 weeks as of Wednesday’s close. It hit a record of 1,179.02 on Oct. 15. The Russell 2000 in the U.S. is up 11 per cent over the past 52 weeks. It hit a record 2,541.67 on Oct. 15.
Small-cap summary
Boyd Group Services Inc. (BYD-T) shares rose in early Thursday trading after the company announced a US$780-million bought-deal initial public offering in the U.S., an acquisition and preliminary third-quarter estimates.
The Winnipeg-based collision repair franchise company said it has an agreement with a syndicate of underwriters led by RBC Capital Markets, CIBC Capital Markets, National Bank Capital Markets and TD Securities Inc., which will buy 5.53 million common shares for US$141 each.
In connection with the IPO, Boyd Group said it has been approved to list its common shares on the New York Stock Exchange under the symbol “BGSI.” Trading is expected to start on Oct. 31. The company said its shares will continue to trade on the Toronto Stock Exchange under the symbol “BYD.”
Boyd Group said it intends to use the net proceeds from the offering to partially fund the US$1.3-billion acquisition of Joe Hudson’s Collision Center (JHCC), which it also announced on Wednesday.
JHCC operates auto repair shops in 18 U.S. states, primarily across the southeast, and posted US$722-million in sales for the 12 months ended June 30.
Boyd Group it expects to save US$35-million to US$45-million in annual savings from the deal.
The company also announced preliminary third quarter financial results. Sales were in the range of $787-million to $792-million, up approximately 5 per cent year-over-year, driven by same-store sales growth of 2 to 2.5 per cent and sales from new locations. Boyd said it added 24 location repair shops, including 17 through acquisitions and seven start-ups in the third quarter, bringing its total to 1,015 locations.
The expectation is for sales of $786.4-million, according to S&P Capital IQ.
Based on claims processing platform data for the third quarter, Boyd estimates that repairable claims across the collision repair industry were down about 3 to 5 per cent, an improvement over the prior quarter.
Boyd also expects to report an increase of 21 to 23 per cent in adjusted EBITDA compared to the third quarter of 2024 and 12.3 to 12.5 per cent in adjusted EBITDA margin compared to 10.7 per cent in the third quarter of 2024.
The company is scheduled to release its third-quarter earnings on Nov. 12.
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Spin Master Corp. (TOY-T) shares soared in early Thursday trading after the company’s third-quarter earnings largely beat expectations.
Before markets opened on Thursday, the toy and entertainment company reported revenue of US$734.7-million, down 17 per cent from US$885.7-million a year ago, primarily driven by a decrease in toy revenue. The result was below expectations of US$738.24-million, according to S&P Capital IQ.
Net income was US$106.8-million or US$1.03 per share compared to US$140.1-million or US$1.36 per share a year ago. Adjusted net income of US$115.2-million or US$1.11 per share compared to US$169.7-million or US$1.60 per share last year. The expectation was for US$1.07 per share.
Adjusted EBITDA was $195.5-million, ahead of expectations of US$178.75-million and down from US$277.5-million a year ago.
“The decrease was primarily driven by the Toys segment, with lower Toy revenue primarily due to global market uncertainties resulting in part from ongoing changes to tariff policies, including a continued slowdown in U.S. retailer orders, partially offset by the Digital Games segment driven by revenue generated from strategic partnerships, continued growth in subscriptions across Piknik and higher in-game purchases in Toca Boca Worldfrom continued user engagement," the company stated.
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Algoma Steel Group Inc. (ASTL-T) shares slid in early Thursday trading after the company reported lower revenue and wider loss for its third quarter compared to the same period last year. It also announced its CEO Michael Garcia will retire at the end of the year.
After markets closed on Wednesday, the Sault Ste. Marie-based steel producer reported a net loss of $485.1-million for the quarter ended Sept. 30, compared with a net loss of $106.6-million during the same period a year earlier. The wider loss was driven primarily by the non-cash impairment loss of $503.4-million, losses from operations and foreign exchange, the company stated.
The loss amounted to $4.46 per share, versus a loss of 98 cents per share during the same period last year. The expectation was for a loss of 98 cents in the latst quarter, according to S&P Capital IQ.
Revenue of $523.9-million dropped from $600.3-million a year earlier although it was ahead of expectations of $481.5-million.
Adjusted EBITDA was a loss of $87.1-million, compared with a profit of $3.5 million for the prior-year quarter. The result in the most recent quarter was wider than the expected loss of $85.9-million.
The company says its direct tariff expense amounted to $89.7-million during the third quarter, a cost it didn’t have in the same quarter last year.
Algoma says its steel shipments amounted to 419,173 tons during the quarter, down from 520,443 a year earlier.
“Our third quarter results were largely in line with our previously announced guidance as we continue to navigate a challenging steel market environment,” Mr. Garcia stated in a release. “The U.S. steel market remains largely closed to us, and broader market conditions continue to present headwinds.”
Mr. Garcia said the company’s focus remains on advancing its electric arc furnace transition and improving its cost structure.
The company also announced that Mr. Garcia will retire from the company at the end of the year and will be succeeded by its current chief financial officer Rajat Marwah, effective Jan. 1. Algoma stated that Mr. Garcia, who took the job in June, 2022, had informed the board late last year that he was considering retirement.
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Aecon Group Inc. (ARE-T) shares hit a record high in early Thursday trading after the company reported record backlog alongside third-quarter earnings that beat expectations.
After markets closed on Wednesday, the construction and infrastructure development company reported revenue of $1.53-billion, up 20 per cent compared to $1.28-billion the same period in 2024. The result was ahead of expectations of $1.4-billion, according to S&P Capital IQ.
Adjusted EBITDA of $92.7-million compared $126.9-million last year and was ahead of expectations of $88.5-million. The company said the year-over-year decrease was largely due to negative gross profit on the fixed-price legacy projects of $20.9-million in the third quarter of 2025.
Profit of $40-million or 60 cents per share compared to profit of $56.5-million or 85 cents in the same period in 2024. Adjusted earnings of 53 cents compared to 86 cents a year ago. The expectation was for adjusted earnings of 45 cents per share.
Its backlog at Sept. 30, 2025 of $10.8-billion compared to a backlog of nearly $6-billion at Sept. 30, 2024. “The September 30, 2025 backlog represents the highest reported backlog in the history of Aecon and the third consecutive quarter reporting a record backlog level,” the comapny said.
National Bank Financial analyst Maxim Sytchev, who has an “outperform” and $26 target price on the stock, wrote in a note that the “better than expected top line leads to a beat, but margin is weighed down by write-off from the three fixed-price ‘legacy’ projects.”
"We live in a ‘thematic’/momentum market and when close to 50 per cent of the company’s top line is driven by nuclear/power and the backlog crests above $10-billion, it would be imprudent to harp on legacy projects that are almost complete,“ he wrote. ”As a result, we continue to be long the ‘nation building’ thematic in our coverage and Aecon resides squarely within this box."
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Methanex Corp. (MX-T) swung to a loss in its third quarter and reported lower revenues that also missed expectations. Still, shares rose in early Thursday trading after the company said it expects “meaningfully higher” adjusted EBITDA in the fourth quarter.
After markets closed on Wednesday, the Vancouver-based producer and supplier of methanol reported revenue of US$927-million, down from US$935-million a year earlier. The result was below expectations of US$967.6-million.
Adjusted EBITDA was US$191-million, down from US$216-million a year earlier and below expectations of US$203.7-million.
Its net loss of US$7-million or 9 cents US per share compared to a profit of US$31-million or 35 US cents a year earlier.
Adjusted net income was US$5-million or 6 cents US per share compared to US$82-million or US$1.21 a year ago.
The company said it expects “meaningfully higher” adjusted EBITDA in the fourth quarter compared to the third quarter, with higher produced sales combined with a slightly lower average realized price. “Based on our October and November posted prices, we expect that our average realized price range will be approximately US$335 to US$345 per tonne for these two months,” it stated.
National Bank Financial analyst Michael Doumet, who has an “outperform” and US$47 target, said investors are likely to see Methanex’s “new” earnings power in full in the fourth quarter.
“While MEOH shares continue to track methanol prices/sentiment (up and down), we believe there is an opportunity in the medium term for a sizable re-rate,” he wrote in a note.
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Cogeco Communications Inc. (CCA-T) reported lower profit and revenue for its fourth quarter ended Aug. 31. The company also hiked its quarterly dividend by 7 per cent.
Revenue dropped 5.2 per cent to $708.7-million from $747.8-million a year ago. The result was below expectations of $724-million, according to S&P Capital IQ.
Adjusted EBITDA decreased by 3.2 per cent to $358.6-million year over year and was below expectations of $359.8-million.
Profit of $81.7-million, of which $77.4-million, or $1.82 per diluted share, was attributable to owners of the corporation compared to $85.5-million, $82-million, and $1.94 per diluted share, respectively, in the comparable period of fiscal 2024.
Adjusted profit attributable to owners of the corporation was $88.6-million, or $2.09 per share compared to $99.1-million, or $2.35 per share last year, the company stated. The expectation was for earnings of $1.94 per share.
“Last quarter, we stated we were expecting strong continued Canadian customer growth, combined with some improvement in the U.S.,” stated CEO Frédéric Perron. “We are pleased to be delivering on that expectation.”
Mr. Perron said the Canadian business is “firing on all cylinders, achieving its best Internet subscriber growth in 13 years with 16,988 new subscribers, and our wireless rollout is ahead of schedule.”
He also pointed to improving customer metrics in the U.S. “We expect continued improvements in our subscriber trends over the coming quarters,” he stated.
In its outlook, Cogeco Communications said it expects fiscal 2026 revenue to decrease by 1 to 3 per cent on a constant currency basis, “resulting mostly from a growing Internet subscriber base, a decline in video and wireline phone subscriptions, as well as a competitive pricing environment.”
Adjusted EBITDA is expected to decrease by up to 2 per cent “as we continue to face revenue pressures in the U.S., and are investing into new sales and marketing capabilities, especially in the U.S., as part of our three-year transformation program, while generating additional operational efficiencies.”
The company said the fiscal 2026 adjusted EBITDA reflects operating costs and investments to scale wireless in Canada.
The company also increased its quarterly dividend by 7 per cent to $0.987 per share or $3.95 annualized.
Canaccord Genuity analyst Aravinda Galappatthige, who has a “buy” and $77 target on the stock, described the results as “mixed, with quarterly results and guidance impacted by weakening US cable, despite a strong showing in Canada.”
However, he said free cash flow generation and guidance for 2026 were ahead of expectations.
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Corus Entertainment Inc.(CJR-B-T) reported lower revenue and profit for its fourth quarter and fiscal year, citing slowing advertising revenue, as lenders to the debt-heavy company attempt to arrange a possible debt restructuring.
Revenue for the television and radio media company dropped 14 per cent for the quarter ended Aug. 31 and 11 per cent for the year.
Profit declined 39 per cent for the quarter and 33 per cent for the year, and its consolidated profit margins by 5 per cent annually, the company reported Thursday morning.
The company posted a net loss attributable to shareholders of $328-million for the year, a result which included non-cash impairment charges of $263.6-million but was a smaller loss than last year, when the company lost $772-million.
This represents a $1.65 loss per share for the year.
Read the Globe’s full story here
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Almonty Industries Inc. (AII-T), a tungsten concentrate producer, announced a deal with privately held U.S. Tungsten Inc. to acquire the exclusive right to explore, develop and mine certain unpatented tungsten mining claims located in Beaverhead County, Montana for US$9.75-million.
“The Gentung Browns Lake Tungsten Project is among the most advanced undeveloped tungsten assets in the U.S. and is positioned for near-term production as early as the second half of 2026,” the company stated.
Almonty said its has agreed to pay US$750,000 in cash and issue US$9-million of its common shares issued at a price per common share determined on the day of signing and converted into U.S. dollars.
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5N Plus Inc. (VNP-T), which makes specialty semiconductors and performance materials, announced the appointment of Richard Perron as president, effective Nov. 1, in addition to his current role as chief financial officer.
The company said the appointment is part of its CEO succession plan, with Mr. Perron expected to assume the role of president and CEO effective May 31, 2026.
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AutoCanada Inc. (ACQ-T) appointed its chief financial officer Sam Cochrane as interim CEO. It said Paul Antony is “transitioning out of his role” as the company’s executive chair and as a director.
The automobile dealership group company said Mr. Antony will support Mr. Cochrane and any CEO appointed by the board through the end of 2026 under an advisory agreement. It said Mr. Antony’s family office remains the second-largest shareholder of AutoCanada.
Chris Harris has been appointed chair of the AutoCanada Board.
The company also laid out a transition agreement it struck with Mr. Antony, which includes a lump-sum severance payment and accelerated vesting of stock units. AutoCanada also agreed to grant Mr. Antony an option to acquire a Porsche dealership in London, Ont., including associated lands and buildings and specific vacant lands in Windsor, Ontario. It also granted a company controlled by Mr. Antony a multi-year license to access collision and mechanical data.
“We have mixed views on the announcement,” Canaccord Genuity analyst Luke Hannan said in a note. “We believe Mr. Cochrane’s role in overseeing ACQ’s cost rationalization programs has earned him the right to be the company’s CEO while the board seeks to appoint a permanent one. With that said, the generous terms granted to Mr. Antony following his departure will, in our view, likely cause investors to call into question ACQ’s governance.”
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Labrador Iron Ore Royalty Corp. (LIF-T) announced its CFO Alan Thomas plans to step down effective Oct. 31. He was first appointed as a trustee of the corporation’s predecessor, the Labrador Iron Ore Royalty Income Fund, in 2004 and assumed the CFO role in 2007. Stephen Pearce, who has provided administration and financial services to the corporation since 2000, has been appointed by the board to succeed Mr. Thomas effective Nov. 1.
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Perpetua Resources Corp. (PPTA-T) announced this week that it has struck agreements to raise US$255-million in equity investments from Agnico Eagle Mines Ltd. and JPMorganChase.
The private placement comes days after the company broke ground on its Stibnite Gold Project in Idaho.
“The company believes the private placement is a better financing alternative for shareholders than pursuing a gold royalty or stream,” it stated.
Agnico Eagle has agreed to invest US$180-million in common shares and to receive warrants to purchase up to 2,861,229 common shares, priced at 35 per cent, 50 per cent, and 65 per cent premiums over one, two, and three-year periods, respectively, the company stated.
JPMorganChase has agreed to invest US$75-million in common shares and receive warrants to purchase up to 1,192,179 common shares priced at 35 per cent, 50 per cent, and 65 per cent premiums over one, two, and three-year periods, respectively.
The private placement was priced at US$23.30 per common share, which was the stock’s closing price on Nasdaq on Friday, Oct. 24.
“The investments from Agnico Eagle and JPMorganChase are a vote of confidence in the Stibnite Gold Project and America’s critical mineral strategy,” said CEO Jon Cherry.
Upcoming small-cap earnings:
Oct. 30: Secure Waste Infrastructure Corp. (SES-T), Black Diamond Group Ltd. (BDI-T), Spin Master Corp. (TOY-T), Coveo Solutions Inc. (CVO-T), Champion Iron Ltd. (CIA-T), Corus Entertainment Inc. (CJR-B-T)
Nov. 3: BTB REIT (BTB-UN-T), Ag Growth International Inc. (AFN-T), Gibson Energy Inc. (GEI-T), CT REIT (CRT-UN-T), 5N Plus Inc. (VNP-T)
Nov. 4: Minto Apartment Real Estate Investment Trust (MI-UN-T), Parex Resources Inc. (PXT-T), Cargojet Inc. (CJT-T), Propel Holdings Inc. (PRL-T), Information Services Corp. (ISC-T), Andrew Peller Ltd. (ADW-A-T), SNDL Inc. (SNDL-CN), Pet Valu Holdings Ltd. (PET-T), Dream Industrial REIT (DIR-UN-T)
Nov. 5: Curaleaf Holdings Inc.(CURA-T), BSR REIT (HOM-U-T), Killam Apartment REIT (KMP-UN-T), Canada Packers Inc. (CPKR-T), First Capital REIT (FCR-UN-T), Russel Metals Inc. (RUS-T), Alaris Equity Partners Income Trust (AD-UN-T), Badger Infrastructure Solutions Ltd. (BDGI-T), Trulieve Cannabis Corp. (TRUL-CN), Goeasy Ltd. (GSY-T), Aurora Cannabis Inc. (ACB-T), AirBoss of America Corp. (BOS-T), Green Thumb Industries Inc. (GTII-CN), Telesat Corp. (TSAT-T), Savaria Corp. (SIS-T), DIRTT Environmental Solutions Ltd. (DRT-T),
Nov. 6: Dentalcorp Holdings Ltd. (DNTL-T), Canfor Corp. (CFP-T), Canfor Pulp Products Inc. (CFX-T), Cascades Inc. (CAS-T), Pason Systems Inc. (PSI-T), Interfor Corp. (IFP-T), Enerflex Ltd. (EFX-T), TerrAscend Corp. (TSND-T), Lightspeed Commerce Inc. (LSPD-T), NFI Group Inc. (NFI-T), Slate Grocery REIT (SGR-UN-T), Source Energy Services Ltd. (SHLE-T), Cineplex Inc. (CGX-T), Doman Building Materials Group Ltd. (DBM-T), Kits Eyecare Ltd. (KITS-T), Canada Goose Holdings Inc. (GOOS-T), VitalHub Corp. (VHI-T), American Hotel Income Properties REIT LP (HOT-UN-T), Dream Office REIT (D-UN-T), Tucows Inc. (TC-T), Quarterhill Inc. (QTRH-T), Supremex Inc. (SXP-T), Cronos Group Inc. (CRON-T), Well Health Technologies Corp. (WELL-T), Supremex Inc. (SXP-T), Cipher Pharmaceuticals Inc. (CPH-T)
Nov. 7: Chorus Aviation Inc. (CHR-T), Boralex Inc. (BLX-T), Exchange Income Corp. (EIF-T), Ensign Energy Services Inc. (ESI-T)
Nov. 10: Ascend Wellness Holdings, Inc. (AAWH-U-CN), Westport Fuel Systems Inc. (WPRT-T), Boston Pizza Royalties Income Fund (BPF-UN-T), Premium Brands Holdings Corp. (PBH-T), InterRent REIT (IIP-UN-T)
Nov. 11: Extendicare Inc. (EXE-T), True North Commercial REIT (TNT-UN-T), Grown Rogue International Inc. (GRIN-CN), Dream Unlimited Corp. (DRM-T), Pro REIT (PRV-UN-T)
Nov. 12: Pollard Banknote Ltd. (PBL-T), Bird Construction Inc. (BDT-T), Thinkific Labs Inc. (THNC-T), North American Construction Group Ltd. (NOA-T), K-Bro Linen Inc. (KBL-T), Boyd Group Services Inc. (BYD-T)
Nov. 13: Superior Plus Corp. (SPB-T), Total Energy Services Inc. (TOT-T), Profound Medical Corp. (PRN-T), AutoCanada Inc. (ACQ-T), Ballard Power Systems (BLDP-T), KP Tissue Inc. (KPT-T), Corby Spirit and Wine Limited (CSW-A-T), Automotive Properties REIT (APR-UN-T), H&R REIT (HR-UN-T), GO Residential REIT (GO-U-T), Fiera Capital Corp. (FSZ-T), Plaza Retail REIT (PLZ-UN-T), HLS Therapeutics Inc. (HLS-T)
Nov. 14: Conifex Timber Inc. (CFF-T), Neo Performance Materials Inc. (NEO-T), Pizza Pizza Royalty Corp. (PZA-T), MDA Space (MDA-T), Alithya Group (ALYA-T)
Nov. 20: Real Matters Inc. (REAL-T), Sucro Ltd. (SUGR-X)
Nov. 27: Rogers Sugar Inc. (RSI-T)
Nov. 30: Richards Packaging Income Fund (RPI-UN-T)
Dec. 3: EQB Inc. (EQB-T)