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 77 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 46 per cent over the past 52 weeks. It hit a record of 2,888.62 in Wednesday trading.
Small-cap summary:
Kinaxis Inc. (KXS-T) shares could be active on Thursday after the company reported first-quarter results that beat expectations.
After markets closed on Wednesday, the software company reported revenue of US$165.6-million, up from US$132.8-million a year earlier. The result was ahead of expectations of US$156.3-million, according to S&P Capital IQ.
Profit of US$29.4-million or US$1.04 per share compared to US$15.9-million or 55 cents US a year ago.
Adjusted EBITDA came in at US$53.6-million up from US$33.1-million last year. The expectation was for US$43.5-million.
TD analyst John Shao described the results as “positive” in a note.
“Q1 was a strong beat across the board, likely driven by a pull-forward in STL [subscription term licence] revenue,” he wrote.
“Even outside this timing, we believe Q1 would have still been a decent beat, particularly considering the SaaS [software as a service] strength. Alongside the beat and evident growth momentum, the unchanged F26 guide appears conservative. Also, commentary on early AI monetization adds on another positive development in the quarter.”
**
Ag Growth International Inc. (AFN-T) reported lower revenue and a wider loss for its fourth quarter, results which one analyst described as “not a disaster vs. scaled down expectations.”
After markets closed on Wednesday, the company announced revenue of $282.2-million for the quarter ended March 31, down from $286.7-million a year earlier. The result was ahead of expectations of $270.2-million, according to S&P Capital IQ.
Adjusted EBITDA of $25.2-million was down from $31.3-million a year earlier and roughly in line with expectations of $24.5-million.
Its adjusted loss was $5.4-million or 29 cents per share versus a loss of $4.8-million or 26 cents a year ago.
In its outlook, the company said its order book was down 19 per cent year over year to $589-million as of March 31.
The company said its farm segment order book improved year over year. “Although encouraging, it remains below historic levels and market conditions remain challenging,” it stated.
It also said its commercial segment order book was down year over year, “driven by cautious customer behaviour and fewer project awards in North America and internationally, with a partial offset from momentum in traditional equipment‑only project wins in Brazil."
National Bank analyst Maxim Sytchev described the results as “not a disaster vs. scaled down expectations,” in a first-look note after the results.
“Bottom line – with so much leverage and farm economics under pressure, we would rather sit this one out,” said the analyst, who has a “sector perform” (hold) and a $24 price target on the stock.
“Farming is a cyclical business and saying, ‘just wait for the sun to shine and fertilizer pricing to come down’ is easy if we did not have the balance sheet pressure,” he wrote. “The backlog decline (despite the q/q movement up) is real, so is the lack of FCF, multitude of adjustments on EBITDA, etc. makes this a very tough situation to get a good read on to have any type of conviction of a positive risk/reward skew.”
Added Mr. Sytchev: “Some are clearly hoping for a takeout but don’t forget that Kepler is technically still available, providing the best exposure to Brazil without the operational / balance sheet pressure.”
TD analyst Michael Tupholme described the results as “slightly positive for share price near term,” in a note.
“While broader ag market challenges persist, encouragingly, Brazil A/R monetization and AFN’s restructuring are progressing well,” he wrote. “Post-Q1/26, AFN saw ~$105mm of Brazil A/R released from escrow; will support debt reduction. Meanwhile, AFN now expects its restructuring efforts to yield at least $30mm of annualized cost savings (vs. $20mm prior).”
He has a “buy” and a $22 target on the stock
**
Savaria Corp. (SIS-T) reported first-quarter results that were largely in line with analyst expectations.
After markets closed on Wednesday, the company reported revenue of $235.5-million, up from $220.2-million a year earlier. The result was above expectations of $234.9-million, according to S&P Capital IQ.
Net earnings came in at $22.7-million or 31 cents per share, which was in line with expectations and compared to $12.5-million or 17 cents per share in 2025.
Adjusted EBITDA was $48.1-million, roughly in line with expectations and up from $40.6-million last year.
National Bank analyst Zachary Evershed said there were “no surprises” after the results.
“Q1 results were tightly in line with preliminary results released April 14, which indicated ~$235 million in revenue and ~$48 million in Adj. EBITDA,” he wrote.
**
Canfor Corp. (CFP-T) shares rose on Wednesday after the company reported better-than-expected results for the first quarter.
Before markets opened on Wednesday, the comapny reported sales of $1.359-billion, down from $1.417-billion a year earlier. The result was ahead of expectations of $1.310-billion, according to S&P Capital IQ.
Its net loss of $72.1-million or 62 cents per share compared to a loss of $390.5-million or $3.35 a year earlier. The expectation was for a loss of 68 cents.
The company said global lumber markets “remained challenging” throughout the first quarter, " argely reflecting relatively subdued demand and ongoing trade and geopolitical pressures; however, periods of supply tightness contributed to some improvement in North American benchmark lumber pricing."
**
Sprott Inc. (SII-T) shares rose 20 per cent on Wednesday after the company reported earnings that beat expectations.
Adjusted EPS of $1.12 was ahead of the consensus of 93 cents, according to a note from TD analyst Graham Ryding and above his estimate of 99 cents.
“This was down slightly [quarter over quarter] but up 134% [year over year]. $52mm in performance fees and healthy base management fees drove the revenue beat,” he wrote.
He said adjusted EBITDA of $57.9-million came in well above his $46.9-million estimate.
Mr. Ryding increased his target to $205 from $190 and maintained his “hold” after the report.
“Q1/26 was a strong earnings beat (carried interest contributed), with solid AUM growth (+9% q/q), margin expansion, and healthy flows. New product launches are well received,” he wrote. “We have increased our estimates to reflect higher performance fees / carried interest and margin expansion.”
**
Hammond Power Solutions Inc. (HPS-A-T) shares rose on Wednesday after the company reported first-quarter results that beat expectations.
After markets closed on Tuesday, the company reported sales of $264.8-million up from $201.4-million a year earlier. The result was ahead of expectations of $236.3-million, according to S&P Capital IQ.
Net earnings of $19.6-million or $1.64 per share compared to $26.2-million a year earlier. On an adjusted basis, EPS came in at $2.08 up from $1.60 a year earlier and ahead of expectations of $1.78.
Adjusted EBITDA of $41-mllion rose from $30.9-million last year and was ahead of expectations of $34-million.
National Bank Financial analyst Baltej Sidhu increased his target to $325 from $235 and maintained his “outperform” (buy) rating.
“We are moving our multiple higher after re-evaluating HPS’ comparables average valuations, which have continued to re-rate and trade at a significant premium,” the analyst wrote.
“We are moving our multiple higher after re-evaluating HPS’ comparables average valuations, which have continued to re-rate and trade at a significant premium. HPS trades at ~17x vs. transformer/power peers at ~24x despite delivering superior returns (26% ROIC vs. 20%), comparable margins, and stronger near-term growth.”
The analyst also wrote that he sees “a disconnect between market expectations and the strength of HPS’s operating cash generation, supporting a compelling FCF-driven deleveraging story... ”
**
Kits Eyecare Ltd. (KITS-T) reported higher revenue and profit for its first quarter.
Before markets opened on Wednesday, the Vancouver-based company reported record quarterly revenue of $57.5-million, up from $46.6-million a year earlier. The result was in line with expectations of $57.4-million, according to S&P Capital IQ data.
Adjusted EBITDA of $4.1-million was up from $3.5-million last year and ahead of expectations of $3.5-million.
Net income of $2-million or 6 cents per share was in line with expectations and up from $1.6-million or 5 cents per share last year.
In its second-quarter outlook, the company said it expects revenue to be in the range of $57-million to $59-million. The forecast was on the lower end of expectations of $58.7-million, according to S&P Capital IQ estimates.
Adjusted EBITDA as a percentage of revenue is expected to be between 3 per cent and 5 per cent, the company stated.
**
Upcoming small-cap earnings:
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), Ag Growth International Inc. (AFN-T), MDA Space Ltd. (MDA-T), A&W Food Services of Canada Inc. (AW-T), Profound Medical Corp. (PRN-T), Trulieve Cannabis Corp. (TRUL-CN), Dream Office REIT (D-UN-T), Enerflex Ltd. (EFX-T), Medical Facilities Corp. (DR-T), Premium Brands Holdings Corp. (PBH-T), Leon’s Furniture (LNF-T), Ensign Energy Services Inc. (ESI-T), Dorel Industries Inc. (DII-B-T), Knight Therapeutics Inc. (GUD-T), Algoma Central Corp. (ALC-T)
May 8: Docebo Inc. (DCBO-T), CES Energy Solutions Corp. (CEU-T), Doman Building Materials Group Ltd. (DBM-T), Lassonde Industries Inc. (LAS-A-T)
May 11: Cineplex Inc. (CGX-T), CT REIT (CRT-UN-T), Minto Apartment REIT (MI-UN-T), Cineplex Inc. (CGX-T), Chemtrade Logistics Income Fund (CHE-UN-T), Cronos Group Inc. (CRON-T)
May 12: RFA Financial Inc. (RFA-T), Parex Resources Inc. (PXT-T), True North Commercial REIT (TNT-UN-T), BTB REIT (BTB-UN-T), Altius Minerals Corp. (ALS-T), Grown Rogue International Inc. (GRIN-CN), Goeasy Ltd. (GSY-T), Pet Valu Holdings Ltd. (PET-T), Terago Inc. (TGO-T), Algoma Steel Group Inc. (ASTL-T), AGT Food and Ingredients Inc. (AGTF-T), Organigram Global Inc. (OGI-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), Automotive Properties REIT (APR-UN-T), Slate Grocery REIT (SGR-UN-T), Mattr Corp. (MATR-T), Dream Unlimited Corp. (DRM-T), AutoCanada Inc. (ACQ-T), Kneat.com Inc. (KSI-T), Aimia Inc. (AIM-T), North American Construction Group Ltd. (NOA-T), Boyd Group Services Inc. (BYD-T), Pro REIT (PRV-UN-T)
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)
May 15: HLS Therapeutics Inc. (HLS-T)
May 21: Lightspeed Commerce Inc. (LSPD-T)
May 27: EQB Inc. (EQB-T), Coveo Solutions Inc. (CVO-T)
May 29: Laurentian Bank (LB-T)
June 9: Stingray Group Inc. (RAY-A-B)