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 76 per cent over the past 52 weeks as of Wednesday’s close. It hit a record 1,472.51 on March 2. The Russell 2000 in the U.S. is up about 35 per cent over the past 52 weeks. It hit a record of 2,888.62 last Wednesday.
Small-cap summary:
Bird Construction Inc. (BDT-T) shares could be active on Thursday after the company reported first-quarter results that beat expectations.
After markets closed on Wednesday, the company reported construction revenue of $783.4-million, up from $717.6-million in the same quarter last year. The result was ahead of expectations of $742.7-million, according to S&P Capital IQ.
Net income of $11.4-million or 21 cents per share compared to $9.4-million or 17 cents a year ago. Adjusted earnings came in at $13.9-million or 25 cents per share, beating expectations of 19 cents and compared to $12.9-million or 23 cents a year earlier.
Adjusted EBITDA of $37.1-million compared to $34.1-million a year ago. That beat expectations of $36.7-million.
“Bird delivered a strong start to 2026, with organic revenue growth, stable margins and solid cash flow that reflect the resilience of our diversified One Bird platform,” said CEO Teri McKibbon. “Record contracted backlog and a sizable pending backlog provide clear visibility into future activity and demonstrate continued demand across our key strategic sectors.”
Commenting on the company’s outlook, National Bank Financial analyst Maxim Sytchev said the “revenue runway is better than ever” in a note.
“Despite the mix-driven miss on margins (more Buildings work, which requires a higher proportion of subcontracted commitments), revenues rebounded notably more than expected on strong organic growth in the Buildings, which offset previously mentioned delays in Industrial volumes (Infra saw positive org. growth as well),” he wrote.
“More importantly, the backlog hit a new record of almost $5.4 [billion] as BDT won an additional $1.08 [billion] of work in the quarter, with higher embedded margins providing incremental confidence in the 8.0% margin target for next year.”
Added Mr. Sytchev: “Revenue growth is expected to accelerate further for the remainder of the year, leading to a double-digit y/y increase for 2026E. Management is seeing broad-based momentum, with defence, health care, nuclear, transportation and infrastructure work benefiting from accelerated Federal spending on nation-building projects.”
He has an “outperform” (buy) recommendation and a $48 price target.
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North American Construction Group Ltd. (NOA-T) reported first-quarter revenue and adjusted EBITDA that beat expectations, but earnings per share missed.
After markets closed on Wednesday, the company reported revenue of $319.2-million, down from $340.8-million a year earlier. The result was ahead of expectations of $317.2-million, according to S&P Capital IQ.
Adjusted EBITDA of $99.5-million was down slightly from $99.9-million a year ago, but ahead of expectations of $88.8-million.
Adjusted earnings per share came in at $10.2-million or 37 cents per share, down from $14.5-million or 52 cents a year earlier. The expectation was for adjusted EPS of 43 cents.
The company said the adjusted EPS result in the latest quarter was a “significant improvement” from the adjusted net loss of 14 cents in the fourth quarter of 2025.
National Bank Financial analyst Maxim Sytchev maintained his “outperform” (buy) and $28 target on the stock.
“Bottom line – reset of expectations [and] challenging uptime appear to be behind in the rearview mirror, strong margin performance in the quarter," he wrote.
He noted that some Canadian construction stocks have been “on absolute fire” so far this year, while NOA has been flat, “presenting a material re-rate opportunity in our view as investors are searching for asset-heavy, commodity-friendly names at valuations that are not implying a cyclical peak.”
He added that the company’s valuation isn’t expensive and “as a result, we continue to be patient with NOA and see a catch-up trade in the making.”
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Pollard Banknote Ltd. (PBL-T) reported a drop in sales and profit for its first quarter, results that also missed expectations.
After markets closed on Wednesday, the company reported revenue of $141.7-million, down 3 per cent from $146.2-million in the first quarter last year. The expectation was for revenue to come in at $154.1-million, according to S&P Capital IQ.
Net income of $3.5-million or 13 cents per share fell from $11.7-million or 43 cents a year earlier and was below expectations of 39 cents, according to S&P Capital IQ.
Adjusted EBITDA of $21.5-million was down 29.7 per cent from $30.6-million in the first quarter of 2025. The expectation was for adjusted EBITDA of $31.4-million in the latest quarter.
“The first quarter was a very challenging quarter, generating poor financial results,” stated co-CEO John Pollard. “While we are disappointed, we are very confident the factors are temporary in nature and the outlook for the remainder of 2026 is very positive.”
He added: “Our instant ticket average selling price was significantly lower than in the first quarter of last year due to a change in the mix of products sold. The number of specialty and higher-value tickets including such products as our Scratch FX option was much lower than last year and our historic average. This is primarily due to the timing of the customer orders and not a systemic change in our underlying business or loss of customers."
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High Liner Foods Inc. (HLF-T) reported higher sales but lower profit in its latest quarter.
After markets closed on Wednesday, the company said sales volume increased by 10.6 per cent to 73 million pounds compared to 66 million pounds a year earlier, while sales increased to US$334.9-million compared to US$268.4-million a year ago. The expectation was for sales of US$299.5-million, according to S&P Capital IQ.
Adjusted net income decreased to US$11.4-million or 39 cents US per share compared to US$16.6-million or 55 cents US last year. The expectation was for EPS of 44 cents.
Adjusted EBITDA decreased to US$29.3-million, slightly below expectations of US$29.5-million and compared to US$32.1-million.
“We experienced strong demand and top-line growth in the first quarter, supported by the timing of the Lenten period and enhanced promotional activity,” said CEO Paul Jewer. “However, global supply limitations--particularly in key whitefish species--and challenges with fully passing through higher costs during the Lenten period put pressure on margins and plant performance, impacting our bottom line.”
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Automotive Properties REIT (APR-UN-T) reported higher revenue and profit for its first quarter.
After markets closed on Wednesday, the REIT reported rental revenue of $29.1-million, up from $23.9-million a year earlier. The result was ahead of expectations of US$28.5-million, according to S&P Capital IQ.
Net income of $24.4-million was up significantly from $7.7-million a year earlier.
Adjusted funds from operations (AFFO) of $14.8-million, or 26 cents per unit, was in line with expectations and above $12.4-million or 25 cents last year.
“Our strong first quarter performance reflects the positive impact of the 13 property acquisitions we completed in 2025 and the partial contributions of two additional property acquisitions we completed during the quarter,” said CEO Milton Lamb.
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AutoCanada Inc. (ACQ-T) reported lower revenue and swung to a loss in the first quarter.
After markets closed on Wednesday, the Edmonton-based company reported revenue of $1.19-billion, down from $1.24-billion in the prior year’s quarter. The result was ahead of expectations of $1.11-billion according to National Bank Financial analyst Maxim Sytchev and his expectation of $1.125-billion.
The company’s net loss of $3.3-million or 15 cents per share, compared to net income of $9.7-million or 37 cents last year. The consensus expectation was for a loss of 25 cents, according to Mr. Sytchev. His forecast was for a loss of 23 cents.
“Canadian automotive demand remained soft into the early part of the second quarter amid macroeconomic uncertainty,” the company stated in a release, but added there were “early signs of stabilization in dealership operations observed following leadership changes implemented in mid-February 2026, including sequential improvement in used vehicle performance through March and into April.”
It also said its collision operations “continued to demonstrate resilient demand and margin characteristics.”
National Bank’s Mr. Sytchev described the results as “still a work in progress” in a note.
He said “resilient pricing” helped offset “significant declines in new volumes and the broader macro backdrop deteriorated further with much higher fuel prices compounding existing affordability challenges.”
He maintained his “sector perform” (hold) and $22 target.
“It feels like every five years we have a major reset with ACQ, predicated on some macro event that compounds any internal issues,” he wrote. “The company is clearly in stabilization mode and some metrics did indeed get less bad q/q (revenue at -4% y/y was still better vs. -12% in Q4/25, while gross profit and EBITDA margins declined at lower rates, sequentially). At the same time, we need to be mindful of the task at hand whereby the turnaround needs to be undertaken amid spiking gasoline costs and deteriorating consumer sentiment, and this is before the USMCA renegotiations that could add an additional layer of gloom. Overall, we would like to see a glimpse of better macro before having a more constructive skew on the name.”
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Birchcliff Energy Ltd. (BIR-T) reported higher revenue on increased production for its first quarter.
After markets closed on Wednesday, the company reported revenue of $220.7-million, up from $197.2-million a year earlier. Average production of 81,675 boe/d was up 6 per cent from last year and slightly ahead of expectations.
Adjusted funds flow of $152.7-million, or 56 cents per share was up 23 per cent and 22 per cent, respectively, the company said.
Net income of $70-million or 25 cents per share compared with $65.7-million or 24 cents a year ago.
TD analyst Aaron Bilkoski described the results as “neutral” in a note.
“Natural gas growth into what we believe to be a well-supplied basin is a point of contention for many investors. There is a growing consensus view that the WCSB [ Western Canadian Sedimentary Basin] will be in a near-perpetual state of <$3/mcf AECO [Alberta Energy Company] as a combination of financial diversification and high oil prices sustaining capex,” he wrote. “In the case of Birchcliff, we see near-term growth as rational while longer-term growth from its new Elmworth asset is more contentious - absent connecting Elmworth growth to markets outside the WCSB.”
The analyst also wrote that Birchcliff is “in sound financial condition,” having generated excess free cash flow in low-pricing environment in the quarter “which allowed it to repurchase shares at an attractive valuation (10% ’26E FCF yield). Market diversification is allowing BIR to reduce net debt, with YE-2026E D/CF [discounted cash flow] of 0.9x. The question in our mind isn’t whether they can fund further growth, it’s what conditions are required to proceed with it.”
National Bank Financial analyst Dan Payne described it as “an exemplary quarter for a gas-weighted producer, and validates the resilience of revenue (market diversification and liquids) in support of free cash and value.”
Added Mr. Payne: “Investors should acknowledge that reality in favour of its valuation.”
He maintained his “outperform” (buy) and $10.50 target.
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Superior Plus Corp. (SPB-T) reported lower revenue and profit for its first quarter and increased its adjusted EBITDA guidance for fiscal 2027.
After markets closed on Wednesday, the company reported revenue of US$897.4-million down from US$1-billion a year earlier.
Net earnings of US$126.9-million or 50 cents US per share compared to US$146.4-million or 54 cents US a year earlier. Adjusted EPS of 68 cents US compared to 67 cents US last year.
The company also increased its expected 2027 adjusted EBITDA growth rate to 5 per cent from 2 per cent, “reflecting the signing of multiple new agreements to provide delivered energy to hyperscale data center projects.”
Superior also said it continues to expect 2 per cent growth in 2026 adjusted EBITDA.
“We’re pleased with our first quarter performance, which reflects the commitment of our teams across North America to serving customers safely through a challenging winter,” said CEO Allan MacDonald. “In propane, we continued to modernize our operations, advancing delivery systems and technology that are improving visibility and execution across the network.”
TD analyst Aaron MacNeil described the results as “neutral,” saying in a note that Superior’s adjusted EBITDA was ahead of his estimate/consensus of US$238-million/US$236.5 million.
“This was primarily the result of stronger-than-anticipated gross margin (54.9% vs. our estimate of 50.5%) offsetting weaker-than-expected consolidated revenue (US$897.4 million vs. our estimate of US$925.6 million).
Overall, he said the quarter was a “beat and marks some stabilization after a string of challenges.”
He added: “Updated guidance is directionally consistent with our expectations following its shift toward capital-intensive capacity builds tied to shorter-duration contracts. While the DC opportunity is clear, we think investors will look for sustained execution and steps to mitigate risk before gaining confidence in the outlook.”
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Upcoming small-cap earnings:
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), Quarterhill Inc. (QTRH-T), American Hotel Income Properties REIT LP (HOT-UN-T), Westport Fuel Systems Inc. (WPRT-T)
May 15: HLS Therapeutics Inc. (HLS-T), Information Services Corp. (ISC-T)
May 21: Lightspeed Commerce Inc. (LSPD-T)
May 27: EQB Inc. (EQB-T), Coveo Solutions Inc. (CVO-T)
May 28: Champion Iron Ltd. (CIA-T)
May 29: Laurentian Bank (LB-T)
June 9: Stingray Group Inc. (RAY-A-B)
June 10: Haivision Systems Inc. (HAI-T)