A look at some small-cap stocks making news - or about to. This file will be updated throughout the day on Thursday.
Canada’s S&P/TSX Small Cap Index (TXTW-I) is up by about 90 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 50 per cent over the past 52 weeks, as of Wednesday’s close. It hit a record of 2,735.10 on Jan. 22.
Small-cap summary:
G2 Goldfields Inc. (GTWO-T) shares soared on Thursday after it announced a takeover offer from G Mining Ventures Corp. (GMIN-T) valued at about $3-billion.
Under the agreement announced before markets opened on Thursday, G2 shareholders will receive 0.212 GMIN shares for each G2 share held, which implies a price $10.84 per G2 share based on GMIN’s closing price on April 8. The exchange ratio represents a 72-per-cent premium based on the 30-day volume-weighted average prices of both companies’ shares, according to a release.
In addition to shares in the combined company, G2 shareholders will receive shares in a newly formed exploration company.
The companies said the deal will combine two adjacent gold projects in Guyana: G2’s Oko-Ghanie Project and GMIN’s fully permitted and fully financed Oko West Project, “creating a large-scale, low-cost gold mining hub in one of the most prospective emerging gold districts in the world.”
The transaction needs approval from two-thirds of G2 shareholders at a special meeting. Shareholders representing approximately 37 per cent of G2’s outstanding shares have agreed to vote in favour of the deal, the companies stated.
“Strategically, the deal makes a lot of sense as it consolidates the Oko district into a single integrated mining complex, with the assets effectively part of the same mineralized system, positioning GMIN as the natural acquirer,” TD analyst Steven Green said in a note.
He also views the likelihood of a competing bid as low, “given the high premium paid and the strategic fit, with GMIN the natural acquirer of what is effectively the same mineralized system.”
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Richelieu Hardware Ltd. (RCH-T) shares were down on Thursday after the company reported lower-than-expected first-quarter earnings.
During market hours on Thursday, the company reported sales of $463.6-million for the quarter ended Feb. 28, up 5 per cent year over year, including 2 per cent internal growth and 3 per cent from acquisitions. The result was below expectations of $471.5-million, according to S&P Capital IQ.
Net earnings attributable to shareholders of $14.4-million or 26 cents per share compared to 25 cents a year earlier. The expectation was for 30 cents in the most recent quarter.
EBITDA of $43.2-million was up nearly 2 per cent year over year, below expectations of $47.1-million.
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Roots Corp. (ROOT-T) reported higher sales for its recent holiday quarter and swung to a profit. The results for the quarter ended Jan. 31 also beat analyst expectations.
Before markets opened on Thursday, the retailer reported sales of $115.5-million for the quarter, up from $110.8-million a year ago. The result surpassed expectations of $107.1-million, according to S&P Capital IQ estimates.
Adjusted EBITDA totaled $25.1-million, as compared to $25.3-million a year earlier.
Profit of $14.7-million or 37 cents per share compared with a loss of $21.7-million or 54 cents a year earlier, when it took a non-cash impairment charge.
Adjusted earnings came in at 42 cents, ahead of expectations of 39 cents and compared with 40 cents in the same quarter last year.
Related: Iconic retailer Roots could be for sale as it launches strategic review
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BlackBerry Ltd. (BB-T) shares rose sharply on Thursday after the company reported stronger-than-expected fiscal fourth quarter earnings and laid out a brighter outlook than analysts had anticipated.
The Waterloo, Ont.-based company said revenue for the quarter ended Feb. 28 was US$156-million, up 10 per cent year-over-year. That exceeded analyst consensus expectations by US$10-million and the company’s prior guidance.
Operating earnings for the quarter increased by 71 per cent over last year’s fourth quarter, coming in at US$36.1-million, well above consensus analyst expectations of US$29-million. Adjusted earnings of 5 US cents per share was a penny ahead of expectations.
Read the full Globe story here
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Dynacor Group Inc. (DNG-T) announced that its CEO Jean Martineau will retire after the company’s annual meeting in June. He has served as president and CEO since 2007. Daniel Misiano, who has served as the chief operating officer since 2024, will assume the role of president & CEO.
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Calfrac Well Services Ltd. (CFW-T) announced the appointment of Scarlett Crockatt as the company’s new chief financial officer effective today (April 9). Ms. Crockatt succeeds Mike Olinek, who is retiring, the company said in a release late Wednesday.
The company said it expects to incur certain one‑time costs to facilitate the transition.
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The North West Company Inc. (NWC-T) reported fourth-quarter results that beat expectations.
On Wednesday, the Winnipeg-based company reported revenue of $675.5-million for its fourth quarter ended Jan. 31, up from $674.9-million a year earlier. The expectation was for revenue of $658.1-million, according to S&P Capital IQ.
Same-store sales growth was 0.5 per cent year over year.
Adjusted EBITDA came in at $94-million up from $92.8-million a year earlier and ahead of expectations of $92.3-million.
Net earnings of $37.5-million or 78 cents per share were down from $41.1-million or 85 cents a year earlier. Adjusted EPS of 90 cents was above expectations of 85 cents, according to S&P Capital IQ.
“Our results this quarter reflect a challenging operating environment with less money in market in our Canadian operations and comparing against very strong earnings in the fourth quarter last year,” stated CEO Dan McConnell, President & CEO.
“Looking ahead, we remain focused on the disciplined execution of our Next 100 initiatives and driving performance within this increasingly uncertain economic environment, including the impact of significantly higher oil prices and fuel costs, and another quarter of comparing against higher money in market in the first quarter last year.”
In a note, TD analysts said settlement payments to some of the company’s core customers in northern communities “are not ramping up as quickly as initially anticipated, so we were a little puzzled by the ~6% jump in the share price [on Wednesday]. Nevertheless, we are still confident that payments will be coming through in a more material way, but our forecasts now reflect a slightly delayed ramp-up in 2026.” He maintained his “buy” and $63 target.
CIBC analyst Ty Collin described the quarter as “better-than-feared” due to outperformance in its international segment.
“We continue to see meaningful near- and long-term catalysts for NWC, including ongoing settlement payments and significant infrastructure/military investments being made in the Canadian North,” the analyst wrote.
“While NWC has some exposure to higher oil costs, overall we believe the company is well positioned given its food-focused offering and pricing power.”
He said the first quarter presents a final challenging comparable “before it gets easier, and with settlement payments and Next 100 benefits expected to continue building, we view NWC’s outlook positively.
He maintained his “outperformer” rating and increased his price target to $63 from $57.
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Firan Technology Group Corp. (FTG-T) reported first-quarter results that beat expectations.
After markets closed on Wednesday, the company that manufactures and sells aerospace and defence electronic products reported revenue of $47.3-million, up 10 per cent form $42.8-million a year earlier. The results beat analyst expectations of $45-million, according to S&P Capital IQ.
Adjusted EBITDA of $7.3-million was down from $8.4-million last year but ahead of expectations of $45-million.
Adjusted net earnings came in at $3.5-million or 14 cents per share, ahead of expectations of 10 cents and up from $3.3-million or 13 cents a year earlier.
Acumen Capital analyst Nick Corcoran described the results as “positive” in a note.
“FTG posted strong Q1/FY26 results (quarter ended February 27, 2026) that beat our estimates and consensus,” he wrote. “We were high on the street for adjusted EBITDA. A record backlog is expected to support strong organic growth.”
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Blackline Safety Corp. (BLN-T) shares closed up 26 per cent on Wednesday after the company struck a deal to be taken over by technology investment firm Francisco Partners Management, L.P. in a deal valued at up to $850-million.
Before markets opened on Wednesday, the Calgary-based safety technology company said Francisco Partners will pay up to $9.50 per share for the company
“As Blackline transitions to a private company, this new partnership with Francisco Partners provides the financial strength, sector expertise and shared vision to continue our growth and strengthen our technology leadership,” stated CEO Cody Slater.
The stock closed at $8.93 on Wednesday.
Read the full story from Reuters here
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Kits Eyecare Ltd. (KITS-T) reported mixed preliminary first-quarter results on Wednesday.
Before markets opened on Wednesday, the Vancouver-based company said revenue rose 23 per cent year over year to approximately $57.4-million.
Canaccord Genuity analyst Luke Hannan said the revenue was below his and consensus estimates of $59.1-million, and management’s guidance of $58-million to $60-million going into the quarter.
“That said, glasses revenue in Q1/26 increased ~61% YoY to $10.8 million, well above the >50% growth rate management had called for,” he wrote.
Adjusted EBITDA increased quarter-over-quarter to exceed 6 per cent of revenue. Mr. Hannan said the estimate implies an excess of $3.4-million, exceeding his $2.9-million and consensus of $3-million or about 5.1 per cent margin, and management guidance of 4 per cent to 6 per cent EBITDA margin.
“Following the release, we have adjusted our model to reflect the preliminary Q1/26 results while leaving the rest of our model mostly unchanged,” he wrote, while reiterating his “buy” rating and maintaining his $23 target price.
“While there are no perfect public comparable companies to KITS, we believe the broader eyewear retail peer set is an appropriate barometer, with the group trading at an average of 3.2x FY+2 sales,” he wrote. “In our view, KITS should trade at a premium to the group given its earlier stage in the growth cycle, higher expected revenue growth, healthy balance sheet, and strong management team.”
After markets closed on Wednesday, the company announced the promotion of Tai Silvey to president, effective immediately. He joined the company in January, 2022 as senior vice-president, operations, and later served as chief business development officer.
Before markets opened on Thursday, the company announced the promotion of Ibrahim Kamar to chief financial officer, effective April 24. Mr. Kamar currently serves as senior vice-president of finance, a job he’s had since April, 2024. It said Mr. Kamar succeeds Zhe Choo, who is departing “to pursue a new opportunity.”
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Algoma Steel Group Inc. (ASTL-T) shares rose on Wednesday after the company said it signed a deal to form a joint venture with Canadian armoured vehicle company Roshel Inc.
The company says Roshel Algoma Defence will enable production of ballistic steel for military vehicles as well as other industries. The partnership will include metal fabrication, forming, welding, and machining in Canada.
Stifel analyst Ian Gillies described the news as “modestly positive” in a note.
“Algoma revealed its second defence-related announcement today as it has formed a JV with Roshel (private), one of the largest manufacturers of smart armored vehicles for commercial and government organizations in North America and abroad,” he wrote. “We view the announcement as another positive data point that reaffirms our view that Algoma is a key supplier participating in Canada’s defence spending growth.”
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Yellow Pages Ltd. (Y-T) announced on Tuesday that its board approved a distribution to shareholders of approximately $25-million via a share repurchase from all shareholders.
The company said it will repurchase from shareholders about two million common shares for $12.27 each. As part of the arrangement, the company will also voluntarily contribute $2-million to the pension plan before June 19.
The arrangement still requires shareholder approval.
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Upcoming small-cap earnings:
April 9: Reitmans (Canada) Ltd. (RET-X), Roots Corp. (ROOT-T), Richelieu Hardware Ltd. (RCH-T)
April 10: Corus Entertainment Inc. (CJR-B-T)
April 14: AGF Management Ltd. (AGF-B-T), Blue Ant Media Corp. (BAMI-T)
April 16: Kraken Robotics Inc. (PNG-X)
April 23: Mullen Group Ltd. (MTL-T)
April 29: Precision Drilling Corp. (PD-T)
April 30: Canada Packers Inc. (CPKR-T), Allied Properties REIT (AP-UN-T), Badger Infrastructure Solutions Ltd. (BDGI-T), Spin Master Corp. (TOY-T)
May 1: Real Matters Inc. (REAL-T)
May 4: Cargojet Inc. (CJT-T)
May 5: Curaleaf Holdings Inc.(CURA-T), Russel Metals Inc. (RUS-T), Sienna Senior Living Inc. (SIA-T), Flagship Communities REIT (MHC-UN-T), Ballard Power Systems (BLDP-T)
May 6: Western Forest Products Inc. (WEF-T), SmartCentres REIT (SRU-UN-T)
May 7: Maple Leaf Foods Inc. (MFI-T), Killam Apartment REIT (KMP-UN-T), Pason Systems Inc. (PSI-T), Altus Group Ltd. (AIF-T), Extendicare Inc. (EXE-T), NFI Group Inc. (NFI-T)
May 8: Docebo Inc. (DCBO-T)
May 9: Roots Corp. (ROOT-T)
May 11: Cineplex Inc. (CGX-T), CT REIT (CRT-UN-T), Minto Apartment REIT (MI-UN-T), Cineplex Inc. (CGX-T)
May 12: RFA Financial Inc. (RFA-T)
May 13: Superior Plus Corp. (SPB-T), Bird Construction Inc. (BDT-T), Total Energy Services Inc. (TOT-T), BSR REIT (HOM-U-T), Pollard Banknote Ltd. (PBL-T)
May 21: Lightspeed Commerce Inc. (LSPD-T)