A look at some small-cap stocks making news - or about to. This file will be updated with additional stocks to watch later today.
Canada’s S&P/TSX Small Cap Index TXTW-I is up by about 30 per cent over the past 52 weeks as of midday Thursday. It hit a record of 1,179.02 on Oct. 15. The Russell 2000 in the U.S. is up about 2 per cent over the past 52 weeks. It hit a record 2,541.67 on Oct. 15.
Small-cap summary
Canada Goose Holdings Inc. (GOOS-T) shares sank in Thursday trading after the luxury coat company swung to a loss in its latest quarter and reported earnings that missed expectations.
Before markets opened on Thursday, Canada Goose reported revenue of $272.6-million for its second quarter ended Sept. 28, up from $267.8-million a year ago. However, the result was below expectations of $274.1-million, according to S&P Capital IQ estimates.
Its loss of $15.2-million or 16 cents per share compared with a profit of $5.4-million or 6 cents a year ago.
On an adjusted basis, Canada Goose says it lost 14 cents per share compared with an adjusted profit of 5 cents a year ago. The expectation was for adjusted EPS loss of 11 cents.
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Lightspeed Commerce Inc. (LSPD-T) shares surged in Thursday trading after the company reported better-than-expected earnings and increased its guidance.
Before markets opened on Thursday, the company reported revenue of US$319-million for its second quarter ended Sept. 30, an increase of 15 per cent versus the same quarter last year and ahead of expectations of US$308.2-million.
Its net loss of US$32.7-million or 24 cents US per share compared to a net loss of US$29.7-million or 19 cents US per share last year.
Adjusted net income of US$22.2-million or 16 cents US per share compared to adjusted income of US$19.9-million or 13 cents US per share a year ago. The result beat expectations of 12 cents US per share
Adjusted EBITDA of US$21.3-million rose from US$14-million last year.
“Lightspeed’s second consecutive quarter of outperformance demonstrates that our transformation is delivering as planned,” CEO Dax Dasilva stated in a release.
For the third quarter, the company said it expects revenue to be about US$309-million to US$312-million, which is on the higher end of expectations at $309.4-million, according to S&P Capital IQ. Gross profit growth is expected to be at least 15 per cent year-over-year, while adjusted EBITDA is expected to be approximately US$18-million to US$20-million, in line with expectations of US$19.2-million.
In its outlook for the 2026 financial year, Lightspeed says it now expects year-over-year revenue growth of at least 12 per cent, up from its earlier 10 to 12 per cent range. Its expectations for gross profit growth were also raised to at least 15 per cent year over year, up from earlier guidance of about 14 per cent.
Adjusted EBITDA is now expected to be at least US$70-million compared with earlier expectations for US$68-million to US$72-million.
Read the full Globe story here, including an interview with Mr. Dasilva.
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Cineplex Inc. (CGX-T) shares fell in Thursday trading after the company reported a drop in revenues that also missed expectations.
Before markets opened on Thursday, Cineplex reported revenue of $348.9-million for the third quarter ended Sept. 30, down from $382.3-million a year ago when moviegoers packed theatres for Deadpool & Wolverine. The result was below expectations of $372-million, according to S&P Capital IQ.
Theatre attendance totalled 12.1 million patrons, down from 13.3 million in the same quarter last year. Box office revenue per patron was $13.23 in the quarter, up from $13.19 a year ago, while concession revenue per patron was $9.65, down from $9.85 in the same quarter last year.
Profit of $1.2-million or 2 cents per share compared with a loss of $24.7-million or 39 cents a year ago.
Adjusted EBITDA came in at $73-million, down from $88-million a year ago and was below expectations of $90.1-million.
Last month, Cineplex announced a deal to sell digital signage subsidiary Cineplex Digital Media, which offers signage for a wide range of businesses including retailers and banks as well as digital menu boards for restaurants, to U.S.-based Creative Realities Inc. for $70-million.
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Well Health Technologies Corp.(WELL-T) shares dropped in Thursday trading after the company reported earnings below expectations. Before markets opened on Thursday, the company reported record quarterly revenue of $364.6-million, up 56 per cent from $234.1-million in the same quarter last year. The result was below expectations of $368.1-million.Its net loss of $2.7-million improved from a loss of $88.4-million a year ago. Adjusted net income of $41-million or 16 cents per share compared to adjusted net income of $4.1-million or 2 cents last year.
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Knight Therapeutics Inc. (GUD-T) shares rose in Thursday trading after it reported a jump in revenues for its third quarter that also beat expectations. Before markets opened on Thursday, the specialty and generic drug manufacturing company reported a 32-per-cent increase in third quarter revenue to $121.5-million versus $92.3-million a year ago. The result was ahead of expectations of $107-million.The company said the increase was primarily driven by “incremental revenues” from its Paladin and Sumitomo transactions and growth of its key promoted products. Its net loss was $3.8-million or 4 cents per share, compared to net income of $85,000 or nil per share in the same period last year.
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Medical Facilities Corp. (DR-T) shares rose in Thursday trading after the company reported revenue that beat expectations.
Before markets opened on Thursday, the company that owns a portfolio of surgical facilities in the U.S., reported revenue rose 7.5 per cent to US$82.6-million in the quarter ended Sept. 30 versus the same period last year. The result exceeded expectations of US$78.5-million.
Net income of US$12.9-million or 44 cents US per share, which beat expectations of 27 cents US and compared to US$14-million or 23 cents US a year ago.
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Goeasy Ltd. (GSY-T) shares plummeted on Thursday after the company reported higher delinquencies and increased loan-loss provisions in its latest quarter.
After markets closed on Wednesday, the consumer lending company said its allowance for future credit losses increased to 8.13 per cent, compared to 7.92 per cent in the second quarter of 2025 in response to elevated use of borrower assistance programs and higher early-stage delinquencies attributable to persistent weak macroeconomic conditions.
Goeasy said it net charge-off rate - the annualized percentage of a lender’s loans that are considered uncollectible – was 8.9 per cent, down 30 bps from 9.2 per cent in the third quarter of 2024 “primarily due to an increase in secured loans in the product mix and ongoing optimization of credit, underwriting and collection practices.”
The company said it generated $946-million in loan originations, up 13 per cent compared to $839-million produced in the third quarter of 2024, driven by “a robust volume of applications for credit,” which were up 22 per cent over the prior year.
Revenue of $440-million was up from $383-million a year ago and slightly ahead of expectations of $436.1-million.
Net income of $33.1-million or $1.98 per share compared to net income of $85-million or $4.88 a year ago.
Adjusted net income of $68.9-million or $4.12 per share compared to $75.1-million or $4.32 last year. The expectation was for adjusted EPS of $4.72.
National Bank’s Jaeme Gloyn dropped his target to $245 from $264 with an “outperform” rating, while Raymond James’ Stephen Boland reduced his target to $208 from $226 with an “outperform” rating. The average is $229.80.
“We expect a negative share price reaction to the deteriorating delinquency performance, rising provisioning rate, and flat interest receivables balances. Moreover, the additional interest receivable disclosure didn’t really help explain why those balances continue to rise, though we believe increased utilization of borrower assistance programs and tighter collection practices (i.e., not waiving interest payments) are the likely drivers beyond simply portfolio growth. On the other hand, the company reported continued strong loan growth, revenue growth, revenue yields, opex containment, and even stable net charge-off performance. Management’s Q3-25 mini-guidance largely aligned with our prior forecasts as well. Nonetheless, we are compelled to take a more conservative view of credit performance in the near term,” said Mr. Gloyn.
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Badger Infrastructure Solutions Ltd. (BDGI-T) shares slid on Thursday after it reported higher-than-anticipated capital expenditures, despite third-quarter results that beat expectations.
After markets close on Wednesday, the Calgary-based company revenue of US$237.3-million, up 13 per cent from US$209.4-million for the same quarter last year, which was above consensus of US$231.8-million.
Adjusted EBITDA rose to US$66.8-million from US$58.3-million in 2024, which was ahead of consensus of US$65.8-million
Adjusted net earnings of US$30.8-million or 91 cents US per share were up from US$25.1-million or 73 cents US a year ago.
“Badger’s end markets have largely recovered from the period of uncertainty we experienced in the second half of 2024 and the first half of 2025,” the company stated.
The company also lowered the planned number of refurbishments for the year due to limited third-party facility capacity and increased costs.
“We are reducing our 2025 refurbishment range to 30 to 40 units from the original 50 to 60 units,” it stated, adding that it plans to develop its own refurbishment facility in the central U.S. “to better control the pace and cost of this program.
The company also said its 2025 capital spending will increase to between US$115-million US$130-million from the original US$95-million to US$115 million range.
Canaccord analyst Yuri Lynk raised his target to $81 from $71 and maintained his “buy” rating on the stock following the earnings.
“We continue to view Badger as one of the most compelling organic growth stories within our coverage universe, as hydrovac excavation remains underpenetrated in the U.S.,” he wrote in a Nov. 5 note.
“The company’s operating leverage was on full display with 13% revenue growth translating into 15% EBITDA growth and 25% adjusted EPS growth. With 21% adjusted EPS growth on tap in 2025 and 25% in 2026, Badger’s valuation is not overly expensive at 20x 2026E P/E, just above its 10-year average of 19x NTM [next 12 months].”
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Cascades Inc. (CAS-T) shares soared in Thursday trading after the packaging and tissue products company reported third-quarter results that beat expectations.
Before markets opened on Thursday, the company reported sales of $1.24-billion compared to $1.2-billion for the same quarter last year. The result was ahead of expectations of $1.19-billion.
Net earnings of $29-million or 29 cents per share compared with net earnings of $1-million or a penny per share a year ago. Adjusted EPS of 38 cents beat expectations of 30 cents and compared with 27 cents a year ago.
Adjusted EBITDA of $159-million compared with $140-million last year and ahead of expectations of $147.5-million.
The company said it now expects to achieve $120-million from the monetization of redundant assets by mid-2026, up from $80-million previously.
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High Liner Foods Inc. (HLF-T) shares plunged on Thursday after the company reported earnings that largely missed expectations and said it no longer expects to deliver year-over-year adjusted EBITDA growth for 2025.
After markets closed on Wednesday, the company reported net income dropped by nearly 74 per cent to US$4.8-million compared to US$18.3 million.
EPS fell to 16 cents US from 61 cents US last year. Adjusted EPS of 14 cents US was below expectations of 30 cents US and down from 20 cents US last year.
Sales volume for the 13 weeks ended Sept. 27 fell 1.8 per cent to 55.8 million pounds compared to 56.8 million pounds for the same period last year, “due mainly to customer and consumer pullback and uncertainty related to the global trade environment, as well as timing on the United States Department of Agriculture contract,” the company stated.
Sales of US$248.6-million were up from US$228.9-million, “driven by increased pricing reflecting inflationary markets.” The result was above expectations of US$247.7-million.
Adjusted EBITDA fell to US$15.2-million compared to US$21.5-million and below expectations of US$22.5-million.
“During the third quarter, a combination of challenging macroeconomic factors, including tariffs and related uncertainty, soft consumer sentiment, and reduced foodservice traffic, put greater pressure on margins and volumes than anticipated and led to a decline in adjusted EBITDA compared to the prior year,” said CEO Paul Jewer in a release.
He said the company is taking “targeted actions - including pricing adjustments, continuous improvement initiatives, and disciplined cost management - to help offset short-term pressures on the business.”
Mr. Jewer added that, “due to the higher than anticipated impact of the persistent macro headwinds previously outlined, we no longer expect to deliver year-over-year adjusted EBITDA growth for 2025.”
However, he said management is confident that the steps it’s taking on “pricing, efficiencies and innovation now will position the business for long-term success.”
The company also announced a dividend increase of $0.005 per share, or 2.9 per cent, to $0.175.
Upcoming small-cap earnings:
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)
Nov. 7: Chorus Aviation Inc. (CHR-T), Boralex Inc. (BLX-T), Exchange Income Corp. (EIF-T)
Nov. 10: Ascend Wellness Holdings, Inc. (AAWH-U-CN), Westport Fuel Systems Inc. (WPRT-T), Boston Pizza Royalties Income Fund (BPF-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), Martinrea International Inc. (MRE-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)
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), Auxly Cannabis Group Inc. (XLY-T)
Nov. 14: Conifex Timber Inc. (CFF-T), Neo Performance Materials Inc. (NEO-T), MDA Space (MDA-T), Ag Growth International Inc. (AFN-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)
Dec. 5: Laurentian Bank (LB-T)
- with files from The Canadian Press and Dave Leeder