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 69 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 34 per cent over the past 52 weeks. Its record is 2,888.62.
Small-cap summary:
Lightspeed Commerce Inc. (LSPD-T) reported mixed results for its fourth quarter ended March 31.
Before markets opened on Thursday, the company reported revenue of US$290.8-million, an increase of 15 per cent from US$253.4-million in the same quarter last year. The result was ahead of expectations of US283-million, according to S&P Capital IQ.
Its net loss of US$28.6-million or 20 US cents per share compared to a net loss of US$575.9-million, or US$3.79 per share a year ago. The net loss in the comparable period included a non-cash goodwill impairment charge of US$556.4-million, the company stated.
Adjusted income of US$11.5 million or 8 US cents per share compared to adjusted income of US$15-million or 10 US cents last year. The result in the latest quarter was below expectations of 12 US cents.
Adjusted EBITDA of US$15.1-million was up from US$12.9-million last year. The expectation was for it to come in at US$15.9-million.
**
Sucro Ltd. (SUGR-X) reported a drop in revenue and profit in its first quarter ended March 31.
Before markets opened on Wednesday, the company reported revenue of US$149.2-million on sugar deliveries of 179,764 metric tons compared with US$155.7-million on deliveries of 176,319 metric tons a year earlier.
Net income of US$5.4-million or 22 cents US per share was down from US$12-million or 50 cents US a year ago.
“Our first quarter results reflect both the continued strength of our integrated platform and the near-term market pressures impacting the broader U.S. sugar industry,” said founder and CEO Jonathan Taylor.
“Most importantly, we achieved record refinery production volumes as our new Hamilton and University Park facilities continue their ramp-up. These assets are beginning to materially shift our business mix toward higher value refining operations, which we expect will drive long-term margin expansion.”
He added: “While margins in the quarter were impacted by lower market prices, higher logistics costs, and tariffs that could not be fully passed through to customers, our ability to maintain volumes, expand refining throughput, and grow our forward book demonstrates the resilience and flexibility of our model. As these new assets scale, we expect improved operating leverage and stronger financial performance.”
**
Dye & Durham Ltd. (DND-T) reported mixed results for its third quarter ended March 31.
Before markets opened on Tuesday, the company reported revenue of $91.2-million, down 12 per cent from $103.4-million a year ago. The result was below expectations of $94.8-million, according to S&P Capital IQ.
“The decrease in revenue was primarily driven by a combination of market downturn and the impact of lower volumes and pricing from customer losses affecting practice management and data insights platforms,” it stated.
Net income of $66-million was an improvement from a net loss of $23.5-million for the equivalent period in the prior year.
“The higher income for the three months ended March 31, 2026 was primarily driven by the gain on the disposal of Credas, improved gross margin, lower stock-based compensation recovery, rather than expense, as a result of the forfeitures of stock options by the Company’s former CEO, and lower amortization and depreciation expense, offset by lower revenue, higher finance cost and higher acquisition, restructuring and other costs,” the company stated.
Adjusted EBITDA of $42.9-million was down from $52.9-million last year and slightly ahead of expectations of $42.4-million.
“Our third quarter results reflect the progress we are making to stabilize the business,” said CEO George Tsivin. “While market headwinds continue to affect parts of our portfolio, we reduced debt and improved net income in the quarter. We are executing against our transformation program, driving cost savings and reinvesting in the core business.”
CIBC analyst Erin Kyle noted that revenue was below consensus, while adjusted EBITDA was slightly above consensus.
“Volume declines and softer pricing continue to impact results, with total revenue down 12 per cent year-over-year,” she wrote in a note. “While declines in the Legal Software business continued to accelerate, management noted it is shifting from a retention-only strategy and is seeing improvements in new customer acquisitions, win-backs and renewals.”
The analyst added that cost-saving initiatives have helped offset revenue declines, with adjusted EBITDA margins now stable at 47 per cent over the past two quarters.
“Following the sale of Credas, the company finished Q3 with a net leverage of 5.5x, below its covenant maximum threshold of 5.8x,” Mr. Kyle wrote. " We maintain our Neutral rating and $4.00 price target."
**
Sylogist Ltd. (SYZ-T) shares jumped this week after the company announced on Tuesday that Joel Leetzow joined the company, effective immediately, as its new CEO.
Mr. Leetzow has more than 35 years of leadership experience building and scaling software and technology businesses across public and private markets, the company stated. He previously served as president of Aware360, a technology and response business and was CEO of Cortex Business Solutions Inc., a Calgary-based public company.
**
Beyond Oil Ltd. (BOIL-T) reported higher revenue and trimmed its loss for the first quarter ended March 31.
Before markets opened on Tuesday, the food-tech innovation company reported revenue of $1.3-million, up from $1-million a year earlier.
Its net loss was $1.9-million, an improvement from its loss of $11-million a year earlier. The prior year period included a non-cash finance expense of $9.1-million related to the fair value adjustment of derivative warrant liabilities, the company stated.
Its loss per share was 2 cents, up from a loss of 18 cents a year ago.
“Q1 2026 marked an important step in Beyond Oil’s transition from pilot activity to structured commercial rollouts, particularly in the U.S. market,” said CEO Jonathan Or. “We are now in advanced stages of rollout planning and implementation with several large, strategic customers across supermarkets, premium casual dining, fast-food chains and additional foodservice segments. While certain customer names cannot be disclosed at this stage, these programs involve well-established and widely recognized brands that we believe provide meaningful validation for our technology, commercial strategy and ability to scale.”
**
A Caisse de dépôt et placement du Québec unit has struck a deal to buy Information Services Corp. (ISC-T) in a $1.2-billion deal after emerging as the lone, final bidder for the Regina-based digital services company.
Caisse-owned infrastructure fund manager Plenary Americas, which is paying $51 per share, became the last bidder in April for ISC, a provider of registry and information management services for public data and records, after concerns about potential job losses eliminated another suitor. ISC stock was trading in the low $30s before it launched the strategic review last September that led to the sale.
Read the full Globe story here
**
Canfor Corp. (CFP-T) announced on Monday that its 77-per-cent-owned subsidiary, Vida AB, will permanently close its sawmill operations in Urshult and Orrefors, Sweden.
“While this was a difficult decision, the closures are necessary given the ongoing imbalance between production capacity and access to fibre in southern Sweden,” said Karl-Johan Löwenadler, CEO of Vida AB. “By concentrating production in fewer more productive and efficient facilities, we will strengthen Vida’s competitiveness and better position the business for the future.”
The closures will reduce Vida’s annual lumber production capacity by approximately 265,000 cubic metres.
Following the closures, Vida will operate 13 sawmills across central and southern Sweden, along with its other facilities in packaging, specialty finishing, and logistics, the company stated.
**
Pizza Pizza Royalty Corp. (PZA-T) fell this week after the company announced late Friday that it’s cutting its monthly dividend.
“Due to continuing pressure on consumer discretionary spending, softening demand, and a highly competitive promotional environment, System Sales for the Pizza Pizza and Pizza 73 brands have experienced a decline. This decrease in sales has led to a reduction in the Company’s royalty income,” the company stated in a release after markets closed on Friday.
The company said the dividend will be reduced from 7.75 cents per share to 6.75 per share beginning with the May 2026 dividend.
“The Board has made the decision to adjust the dividend to better align with current royalty income levels,” said Neil Lester, chair of Pizza Pizza Royalty Corp. “While we are closely monitoring the factors impacting system sales across all segments, the use of the company’s cash reserves over the past two years was a trend that could not be sustained indefinitely. This proactive measure ensures the Company remains on a stable financial footing while we navigate this challenging economic landscape.”
Upcoming small-cap earnings:
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 3: Transcontinental Inc. (TCL-A-T)
June 4: Canaccord Genuity Group Inc. (CF-T)
June 9: Stingray Group Inc. (RAY-A-B), D2L Inc. (DTOL-T)
June 10: Haivision Systems Inc. (HAI-T)