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 59 per cent over the past 52 weeks, as of Thursday’s close. It hit a record of 1,413.69 on Jan. 29. The Russell 2000 in the U.S. is up about 16 per cent over the past 52 weeks. It hit a record of 2,735.10 on Jan. 22.
Small-cap summary:
Chorus Aviation Inc. (CHR-T) announced a dividend increase, an acquisition and mixed fourth-quarter financial results after markets closed on Thursday. It also increased its adjusted EBITDA and capital spending guidance and announced share buybacks.
The Halifax-based company reported net income from continuing operations of $16.7-million for the quarter ended Dec. 31, compared to a net loss of $49.4-million a year earlier.
Adjusted net income of $13.8-million or 57 cents per share compared to adjusted net income of $9.3-million or 34 cents a year earlier. The result was below expectations of 62 cents, according to S&P Capital IQ.
Adjusted EBITDA of $47.1-million was down from $51-million a year earlier and below expectations of $50.7-million.
Revenue of $320.2-million was below expectations of $340.3-million and down from $353.2-million a year earlier.
Chorus also increased its quarterly dividend by 38 per cent to 11 cents per share.
The company also announced the acquisition of Kadex Aero Supply Ltd., a privately held distributor of aircraft parts, supplies and repair and overhaul services, for $50-million in cash.
“This acquisition represents a significant step forward in our strategy to grow and diversify Chorus’ aviation, aerospace and defence services,” said Chorus CEO Colin Copp. “Kadex is a highly respected company with strong OEM and customer relationships and has a proven operating model with a growing revenue stream that is expected to enhance the durability of our earnings profile.”
In its outlook, the company increased its adjusted EBITDA forecast for fiscal 2026 to $185-million from $170-million and its free cash flow to $110-million from $100-million. It also increased its capital expenditure forecast to $51.5-million from $36.5-million.
Chorus also announced up to $100-million in planned common share buybacks over the next four years.
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Boston Pizza Royalties Income Fund (BPF-UN-T) reported fourth-quarter results that beat expectations.
Before markets opened on Friday, the fund reported revenue of $13-million, slightly ahead of expectations of $12.7-million and an increase from $12.4-million for the same quarter a year earlier.
Net income of $11.1-million or 52 cents per unit compared to $6.6-million or 28 cents a year earlier. The expectation was for EPS to come in at 36 cents, according to one analyst estimate provided by S&P Capital IQ.
“Boston Pizza delivered strong fourth quarter results to conclude a record-setting year, with our restaurants achieving the highest annual franchise sales in the brand’s history,” said Jordan Holm, president of BPI, in a release. “Strategic promotions and disciplined execution helped us successfully navigate macroeconomic challenges throughout the year while driving record-breaking performance. As we enter 2026, we remain vigilant in monitoring evolving economic and political uncertainties and their potential impact on our restaurants, adapting our strategies as needed.”
Acumen Capital analyst Nick Corcoran said same-restaurant sales growth of 3.7 per cent was above his estimate of 2 per cent and net earnings of $11.1-million were above his estimate of $7.7-million.
“Net earnings are not viewed as a meaningful indicator of BPF.UN’s financial performance due to the fair market value adjustments,” he wrote. “BPF.UN reported a payout ratio (including special distribution) of 127.3% for the quarter. Excluding the special distribution, the payout ratio would have been 97.5% for the quarter. For reference, cash at quarter end was $3.9M.”
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Interfor Corp. (IFP-T) reported lower sales and a wider loss for its fourth quarter ended Dec. 31 and warned of more volatility ahead in the lumber markets.
After markets closed on Thursday, the Burnaby, B.C.-based company reported sales of $600.6-million, down from $746.5-million a year earlier. The result was above expectations of $545.8-million, according to S&P Capital IQ.
Adjusted EBITDA was a loss of $29.2-million, above an estimated loss of $41-million and compared to positive adjusted EBITDA of $80.4-million for the same quarter last year.
Its net loss was $104.6-million or $1.59 per share compared to a net loss of $49.9-million or 97 cents per share a year earlier. The result was below expectations of $1.11.
“North American lumber markets over the near term are expected to remain volatile as the economy continues to adjust to changing monetary policies, tariffs, labour shortages and geopolitical uncertainty, and as industry-wide lumber production continues to adjust to match demand,” the company stated.
It said benchmark lumber prices rebounded late last year and into early 2026, but noted that “winter weather in North America, industry-wide market curtailments and seasonal demand factors are expected to drive ongoing price fluctuations in early 2026. ”
Interfor said near-term volatility “is likely to be amplified by the significantly higher duty rates on Canadian lumber exports to the U.S., the Section 232 tariff and by any additional tariffs or other trade restrictions, if imposed.”
It said the company is “well positioned to navigate this volatility with a diversified product mix in Canada and the U.S., with approximately 60% of its total lumber produced and sold within the U.S.”
It said only about 25 per cent of its total lumber production is exported from Canada to the U.S. and exposed to duties, the Section 232 tariff and other potential trade measures.
“Over the mid-term, Canadian lumber is expected to remain a key source of supply to meet U.S. needs, as growth in U.S. lumber manufacturing capacity will likely be limited by labour constraints, lengthy equipment lead-times, residual offtake constraints and extended project ramp-up schedules,” the company said. “Over the same period, the North American lumber market is expected to continue to benefit from favourable underlying demand fundamentals, including the advanced age of the U.S. housing stock, a shortage of available housing and various demographic factors.”
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Tucows Inc. (TC-T) reported higher sales but a wider adjusted net loss for its fourth quarter ended Dec. 31.
After markets closed on Thursday, the Toronto-based communications service technology, domain services and fibre-optic internet infrastructure company reported revenue of US$98.7-million, up from US$93.1-million for the fourth quarter of 2024, which it said was driven by revenue gains from all three of its businesses.
Its net loss of US$22-million or US$1.98 per share compared with a net loss of US$42.5 million or US$3.86 per share a year earlier. Its adjusted net loss was US$19.2-million or US$1.73 versus US$15.8-million or US$1.43 a year earlier.
Adjusted EBITDA of US$11.1-million was down from $12.8-million a year ago. “The year-over-year difference was driven primarily by obligations associated with our legacy mobile business,” it stated
The company also said its board approved a stock buyback program to repurchase up to $40-million of its common stock in the open market.
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StorageVault Canada Inc. (SVI-T) reported higher revenue and trimmed its loss in the fourth quarter compared to the same period a year earlier.
After markets closed on Thursday, the Toronto-based company reported revenue of $86.7-million, up from $80.2-million a year earlier. The expectation was for revenue of $87.6-million, according to S&P Capital IQ.
Its net loss of $15.5-million was greater than a net loss of $6.6-million a year ago.
StorageVault currently owns and operates 265 storage locations across Canada.
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Mullen Group Ltd. (MTL-T) shares fell 9 per cent on Thursday after the Alberta-based company reported mixed earnings for its latest quarter and a cautious outlook.
Before markets opened on Thursday, the transportation logistics provider reported adjusted net income of $13.5-million or 15 cents per share, which was down from $28.5-million or 33 cents a year earlier. The result was below the expectations of 21 cents for adjusted EPS.
Revenues of $533.8-million were up from $499.1-million a year ago and above expectations of $526.2-million. The company said the increase was driven by acquisitions, specifically Cole International Inc. and Pacific Northwest Moving (Yukon) Ltd., offset by lower revenues from its existing business units.
“The fourth quarter was, in many respects, like previous quarters in 2025. Incremental revenues from acquisitions accounted for all of the increase in revenues. We identified this trend as the only plausible way to grow when the Canadian economy was underperforming, the lack of capital investment by the private sector remained a significant headwind, and the consumer continued to struggle from the after-effects of inflation and the rise in the cost of basic needs,” stated chair Murray Mullen.
In a conference call with analysts, Mr. Murray said that demand in Canada remains sluggish, with customers “sitting on their hands.”
National Bank Financial analyst Cameron Doerksen wrote in a note that the company’s outlook is unchanged from recent guidance, including growth from acquisitions completed in 2025.
“Although there are early signs that capacity in Canada could tighten, management indicates that it is not seeing a meaningful improvement yet, but expects the overall supply/demand picture to improve at some point this year which could be a positive tailwind for rates,” wrote the analyst, who maintained his “outperform” (buy) rating and $19 target price following the earnings report.
“We remain positive on the stock as we are more optimistic that a positive rate backdrop for trucking will materialize in 2026 and also see Mullen as well-positioned to capitalize on new business related to the advancement of ‘nation-building’ and other infrastructure projects in Western Canada,” he wrote.
TD analyst Tim James maintained his “buy” and $21 target on the stock.
“Our positive investment thesis is unchanged based on low valuation, troughing industry conditions, prudent capital allocation and material upside to fundamentals (2027+) and investor appeal (2026) from nation-building project opportunities,” he wrote.
“We believe improving industry backdrop and return to y/y growth will serve as the catalyst for the share price to move towards our target.”
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Calian Group Ltd. (CGY-T) reported first-quarter results that beat expectations and prompted some analyst upgrades.
Before markets opened on Thursday, the Ottawa-based company reported revenue of $208-million for the quarter ended Dec. 31, up 12 per cent from $185-million for the same period a year ago. The result exceeded expectations of $203.1-million.
Adjusted EBITDA rose 28 per cent year over year to $22.8-million and exceeded expectations of $19.6-million.
Adjusted profit of $11.8-million or $1.03 per share was up from $8.4-million or 71 cents a year earlier and ahead of consensus of 91 cents.
Canaccord Genuity analyst Doug Taylor hiked his target to $80 from $63 and reiterated his “buy” recommendation after the earnings.
“Calian began its FY26 with its second consecutive quarterly beat across key metrics,” he wrote. The results reflect accelerating defence-related momentum, driving 10% mostly organic Y/Y growth. The company has continued momentum with recent material space-related bookings.“
He also said the U.S. commercial business is showing “signs of recovery, with further improvement expected over the balance of the year.”
Added Mr. Taylor: “Ultimately, as Canadian and other NATO partner defence programs shift from planning to procurement, we anticipate that Calian will benefit from both growth and improving sentiment, lifting what is currently a discounted valuation (9.7x NTM EBITDA).”
CIBC analyst Stephanie Price increased her target to $76 from $65 and kept her “outperformer” (buy) rating.
“Calian introduced a new structure with FQ1 results that includes two segments: Defence & Space and Essential Industries. Defence & Space drove organic growth in the quarter, with the segment up 10% Y/Y (mostly organic). The new segmentation better highlights Calian’s exposure to defence spending tailwinds, in our view,” she wrote.
“Margins beat in the quarter as Calian executes on cost optimizations, and we expect that Calian will focus on taking more costs out of the business going forward.”
Ventum Capital Markets’ Rob Goff increased his target to $84 from $72 with a “buy” rating. Other changes include: RBC’s Paul Treiber to $78 from $66 with an “outperform” rating and Acumen Capital’s Jim Byrne to $85 from $70 with a “buy” rating.
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Precision Drilling Corp. (PD-T) reported fourth-quarter earnings that missed expectations.
After markets closed on Wednesday, the company reported fourth-quarter revenue of $479-million compared to $468-million in the same quarter a year earlier, noting that higher rig activity in the U.S. was partially offset by lower international activity. The result was below expectations of $487.3-million, according to S&P Capital IQ.
Adjusted EBITDA was $126-million versus $121-million a year earlier.
Its net loss attributable to shareholders was $42-million. The company said that sum included a non-cash asset charge of $67-million related to decommissioning drilling rigs and a non-cash charge of $17-million related to drill pipe. A year earlier, net earnings attributable to shareholders came in at $15-million. Earnings per share came in at a loss of $3.23 for the quarter, compared to a profit of $1.06 the year before.
In its outlook, the company said near-term expectations for global energy demand growth “remain tempered by persistent geopolitical uncertainties and continued signs of oversupply. However, this narrative has started to soften as demand indicators stabilize, particularly in natural gas markets, where accelerating LNG supply growth and strengthening consumption in key regions, including Asia and Europe, are expected to support a more constructive demand outlook in 2026.”
National Bank analyst Dan Payne raised his target to $140 from $120 and kept his “sector perform” (hold) rating after the report.
“Very sound & stable earnings reflect the resilience of returns, and underlying value, in a stock that continues to present very compelling value within a sector where multiple expansion is increasingly evident,” he wrote.
CIBC analyst Jamie Kubik increased his target on the stock to $140 from $120 with an “outperformer” (buy) rating.
“We have increased our expectations for U.S. activity levels in 2026, which raises our 2026E EBITDA estimate to $538MM from $521MM previously,” he wrote. “We believe Precision’s balance sheet deleveraging and accelerating return of capital to shareholders should continue to bode well for the shares.”
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Birchcliff Energy Ltd. (BIR-T) reported higher revenue and cash flow but lower profit for its fourth quarter ended Dec. 31.
After markets closed on Thursday, Birchcliff reported that production averaged 83,028 barrels of oil equivalent per day (boe/d) in Q4 2025, a 7-per-cent increase from a year earlier and exceeding its own guidance of 81,500 boe/d.
Revenue of $194.5-million was up from $153.7-million a year earlier.
Net income to common shareholders of $27.2-million or 10 cents per share was down from $35.2-million or 13 cents a year earlier.
“The decreases were primarily due to an unrealized mark-to-market loss on financial instruments of $9.9-million in Q4 2025 as compared to an unrealized mark-to-market gain of $42.5 million in Q4 2024, partially offset by higher adjusted funds flow,” the company stated.
Adjusted funds flow was $116.7-million or 43 cents per share compared to $71.8-million or 27 cents a year earlier.
Cash flow from operating activities was $93.5-million in the quarter, a 105-per-cent increase from $45.6-million a year earlier.
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Wajax Corp. (WJX-T) announced on Thursday the appointment of George McClean as president and CEO, effective March 3. The appointment follows a CEO succession process initiated in October, 2025, the company stated.
Mr. McClean has three decades of senior leadership roles at The Master Group, Sonepar Canada Inc., National Tire Distributors Inc., General Motors and W.W. Grainger Inc.
TD analyst Patrick Sullivan described the news as “slightly positive” in a note.
“The appointment of Mr. McClean provides clarity and prepares WJX for its next phase. Based on previous board statements, significant changes in strategic direction are not anticipated, as the intent is to continue building on the foundation established by the current management team,” wrote the analyst, who has a “hold” and $28 target on the stock. “With the CEO position now resolved, a major source of uncertainty has been addressed, and investors are likely to be interested in learning about Mr. McClean’s vision and new perspective for WJX’s future.”
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Allied Properties REIT (AP-UN-T) has raised $560-million in an equity offering that will help the property owner pay down debt, but at the expense of diluting the REIT’s existing investors.
Toronto-based Allied, one of the country’s largest office building owners, announced late Wednesday that it sold 40 million units at $10 each to public investors. The $400-million offering exceeded the company’s $350-million target, set earlier this week.
Allied also sold $160-million of units to the Alberta Investment Management Corp. (AIMCo) at the same price. On Tuesday, the REIT said AIMCo would invest at least $150-million.
In a conference call on Wednesday, Allied executives said they decided to raise money to pay down loans and avoid a credit rating downgrade, knowing they were diluting existing unit holders. Allied announced this week that it missed targets on occupancy rates and property sales last year.
Prior to launching the financing late Tuesday, Allied units closed at $14.05, but dropped sharply to close at $10.14 on Wednesday. The sale of new units diluted existing owners by roughly 25 per cent.
Allied units ended Thursday at $9.16 on the Toronto Stock Exchange, down more than 9.6 per cent from the previous day’s close, prior to the announcement of the larger-than-expected financing.
Read the full Globe story here
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Upcoming small-cap earnings:
Feb. 13: Canaccord Genuity Group Inc. (CF-T) (after market close)
Feb. 16: Dye & Durham Ltd. (DND-T) (or before)
Feb. 17: CT REIT (CRT-UN-T), Dream Industrial REIT (DIR-UN-T)
Feb. 18: Gibson Energy Inc. (GEI-T), KP Tissue Inc. (KPT-T), Bausch Health Companies Inc. (BHC-T), Firan Technology Group Corp. (FTG-T)
Feb. 19: Sienna Senior Living Inc. (SIA-T), Dream Office REIT (D-UN-T), Altus Group Ltd. (AIF-T), Supremex Inc. (SXP-T), MTY Food Group Inc. (MTY-T)
Feb. 23: Winpak Ltd. (WPK-T)
Feb. 24: Cargojet Inc. (CJT-T), BTB REIT (BTB-UN-T)
Feb. 25: Chemtrade Logistics Income Fund (CHE-UN-T), Kneat.com Inc. (KSI-T), Timbercreek Financial Corp. (TF-T), Leon’s Furniture (LNF-T), Major Drilling Group International Inc. (MDI-T)
Feb. 26: Pason Systems Inc. (PSI-T), Enerflex Ltd. (EFX-T), Curaleaf Holdings Inc.(CURA-T), Plaza Retail REIT (PLZ-UN-T), EQB Inc. (EQB-T), Trulieve Cannabis Corp. (TRUL-CN), High Liner Foods Inc. (HLF-T), Cronos Group Inc. (CRON-T)
Feb. 27: Boralex Inc. (BLX-T), Laurentian Bank (LB-T)
March 3: Pet Valu Holdings Ltd. (PET-T), Wajax Corp. (WJX-T)
March 4: Minto Apartment REIT (MI-UN-T), Spin Master Corp. (TOY-T), Canada Packers Inc. (CPKR-T), Propel Holdings Inc. (PRL-T)
March 4: Minto Apartment REIT (MI-UN-T), Spin Master Corp. (TOY-T), Canada Packers Inc. (CPKR-T), MDA Space Ltd. (MDA-T), DRI Healthcare Trust (DHT-UN-T),
March 5: Aecon Group Inc. (ARE-T), Thinkific Labs Inc. (THNC-T), Maple Leaf Foods Inc. (MFI-T), Automotive Properties REIT (APR-UN-T), Doman Building Materials Group Ltd. (DBM-T), Badger Infrastructure Solutions Ltd. (BDGI-T), A&W Food Services of Canada Inc. (AW-T), Profound Medical Corp. (PRN-T)
March 6: Nexus Industrial REIT (NXR-UN-T), Canfor Corp. (CFP-T), Canfor Pulp Products Inc. (CFX-T)
March 10: Flagship Communities REIT (MHC-UN-T), Pollard Banknote Ltd. (PBL-T)
March 11: NFI Group Inc. (NFI-T), BSR REIT (HOM-U-T), Total Energy Services Inc. (TOT-T), Bird Construction Inc. (BDT-T), CES Energy Solutions Corp. (CEU-T)
March 12: TerrAscend Corp. (TSND-T), Ballard Power Systems (BLDP-T)
- with files from Dave Leeder
Editor’s note: A previous version of this article incorrectly stated that the net loss of $15.5-million reported by StorageVault Canada Inc. was an improvement from its net loss of $6.6-million a year ago. The $15.5-million net loss was greater than the net loss reported a year ago.