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 80 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 47 per cent over the past 52 weeks. It hit a record of 2,817.96 on April 21.
Small-cap summary:
Mullen Group Ltd. (MTL-T) shares rose in early Thursday trading after the company reported higher sales and profit for its first quarter.
Before markets opened on Thursday, the company reported revenue of $547.7-million, up from $497.1-million a year ago. The result was roughly in line with expectations of $547.4-million, according to S&P Capital IQ.
Adjusted net income of $19.3-million or 20 cents per share was in line with expectations and compared with $18-million or 21 cents a year earlier.
“The year is off to a good start for our organization with acquisitions continuing to drive revenue growth in the quarter,“ Murray Mullen, chair and senior executive officer, stated in a release.
“We all know one month is not a trend, but in March there was growing evidence that the long-awaited freight recession was near the needed inflection point. Demand was solid and supply was tightening. Under this scenario, if it continues, pricing will improve.”
Acumen Capital analyst Trevor Reynolds described the results as “generally in line to slightly below our estimates, but directly in line with consensus.”
He added: “Notably, management highlights growing evidence that the long-awaited freight recession was nearing an inflection point in March with solid demand and tightening supply.”
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StorageVault Canada Inc. (SVI-T) shares were higher in early Thursday trading after the company reported higher revenue in its latest quarter and a small dividend increase.
After markets closed on Wednesday, the company reported revenue of $85.2-million for the quarter ended March 31, up from $76.3 million a year earlier.
Its net loss of $13.5-million was wider than the loss of $11.4-million a year earlier. Adjusted funds from operations were $18.3-million up from $17-million a year ago.
The company also said it’s increasing its second-quarter dividend by 0.5 per cent to $0.003021 per common share.
Raymond James analyst Brad Sturges trimmed his target to $5.50 from $5.75 with an “outperform” rating. The average is $5.81.
“Institutional investor interest remains strong for direct Canadian storage real estate, as illustrated by recent larger portfolio transactions executed by large, reputable buyers in key Canadian urban markets. Notable portfolio transactions have occurred at valuations well above StorageVault’s implied valuation at current trading levels. We believe StorageVault remains undervalued, while the company could be in position to generate relatively higher 2026E AFFO/share growth year-over-year,” said Mr. Sturges.
Canaccord Genuity analyst Mark Rothschild kept his “buy” rating and $5.75 price target.
“StorageVault’s Q1/26 results showcased improved operating performance, marked by the strongest same-property NOI [net operating income] growth in four years,” he wrote in a note. “While part of this growth reflects a rebound from a weaker Q1/25 when occupancy troughed, we expect continued mid-single-digit SPNOI [same property net operating income] growth driven largely by higher rents.”
Added Mr. Rothschild: “Though operating performance improved, StorageVault’s Q1/26 results were slightly below expectations due to greater-than-anticipated operating expenses.”
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Pollard Banknote Ltd. (PBL-T) announced its CFO Rob Rose will retire on Dec. 31.
“Over the last thirty-one years, Mr. Rose has been an integral member of Pollard Banknote’s executive management team, helping guide the company through tremendous growth and strategic transformation with professionalism and steady leadership,” the company stated, adding that a search is underway for a successor.
Canaccord Genuity analyst Robert Young described the news as “incrementally negative given Mr. Rose’s long tenure and strong record,” but added that he’s confident of a smooth transition given the long notice period.
“Mr. Rose’s career with Pollard Banknote spans 31 years. He helped the company scale from $40M in revenue to $600M, guiding the company through its IPO, a conversion from an income trust, and several acquisitions and financings,” he wrote. “In our view, an eight-month transition period before Mr. Rose’s departure allows for a relatively seamless hand-over to his successor. Importantly, Mr. Rose will remain in place through the end of 2026, a key year considering multiple landmark contracts won recently, including California instant ticket primary, Kansas iLottery, and Belgium omnichannel lottery. An overlap period with the successor CFO will allow continuity in execution and financial oversight during a critical period for revenue ramp and margin recovery.”
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Altius Minerals Corp. (ALS-T) reported preliminary first-quarter revenues this week that were higher than expectations.
Before markets opened on Tuesday, Altius said it expects to report first-quarter attributable royalty revenue of approximately $26.4-million compared to $15-million a year earlier.
Canaccord Genuity analyst Carey MacRury said the preliminary result is “notably higher” than his team’s forecast of $19.3-million and up from $20.9-million in the fourth quarter, “on the back of the now closed acquisition of Lithium Royalty Corp.”
BMO analyst Rene Carter increased his target to $44 from $43 “on rounding” after the release.
“Base metals were a bit ahead, offset by weaker results in potash and electricity. Lithium results were stronger; however, we only incorporated the post-transaction closure revenue into our estimates,” the analyst wrote in a note.
The company said it will report full results on May 12.
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Goodfood Market Corp. (FOOD-T) announced a drop in sales and wider loss for its second quarter.
After markets closed on Tuesday, Goodfood said sales came in at $22.5-million for its second quarter ended March 7, down from $30.5-million for the same quarter last year.
Its net loss of $6.7-million or 7 cents per share compared to a loss of $2.4-million or 3 cents in the same period last year,
“Second quarter results reflect the impact of a temporary disruption and softer demand. More importantly, CFIA [Canada Food Inspection Agency] clarified what needed to change—and we are acting on it decisively,” said CEO Selim Bassoul in a release. “We have simplified our cost structure, reduced complexity, and refocused the business on its core economics. At the same time, we are improving our product with better quality, larger portions and greater convenience to align with what customers value most.”
Ms. Bassoul also said that he and the company president, Najib Maalouf, have decided to forgo their base salaries for fiscal year 2026.
“Our employment agreements remain unchanged, but we believe that in this phase of the Company’s transformation, accountability needs to start at the top. This is not a signal that we expect others to do the same. Our priority is to build a stronger, more resilient company — one that creates long-term opportunities for our teams, delivers for our customers, and earns the trust of our shareholders,” Mr. Bassoul stated.
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D2L Inc. (DTOL-T) confirmed this week that it received an unsolicited, non‑binding proposal from a third party regarding a take-private transaction.
“The proposal was not initiated or solicited by the company and the company is not in discussions or negotiations with any party regarding a transaction of the nature described in the media report,” it stated in a release.
Bloomberg reported on Tuesday that Investment firm 2717 Partners has made a non-binding offer to acquire the company in a deal that would value the education technology provider at $572-million on an equity basis. The media report said the firm proposed to buy D2L for $10.50 a share in cash.
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Canadian gold miner Agnico Eagle Mines Ltd. (AEM-T) is bulking up in northern Finland, unveiling three acquisitions worth roughly $3.8-billion.
Toronto-based Agnico on Monday announced it has reached agreements to buy Rupert Resources Ltd. (RUP-T) for up to $2.9-billion in stock and cash, Aurion Resources Ltd. (AU-X) for $481-million in cash, and B2Gold Corp.’s (BTO-T) 70-per-cent stake in Fingold Ventures Ltd. for US$325-million.
Read the full Globe story here
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Upcoming small-cap earnings:
April 23: Westport Fuel Systems Inc. (WPRT-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), Foraco International SA (FAR-T)
May 1: Real Matters Inc. (REAL-T)
May 4: Cargojet Inc. (CJT-T), Thinkific Labs Inc. (THNC-T), Propel Holdings Inc. (PRL-T), InterRent REIT (IIP-UN-T), Richards Group Inc. (RIC-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), Dream Industrial REIT (DIR-UN-T), Telesat Corp. (TSAT-T), Hammond Power Solutions Inc. (HPS-A-T), AirBoss of America Corp. (BOS-T), K-Bro Linen Inc. (KBL-T)
May 6: Western Forest Products Inc. (WEF-T), SmartCentres REIT (SRU-UN-T), Canfor Corp. (CFP-T), GO Residential REIT (GO-U-T), Green Thumb Industries Inc. (GTII-CN), Kits Eyecare Ltd. (KITS-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), 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)
May 8: Docebo Inc. (DCBO-T), CES Energy Solutions Corp. (CEU-T), Doman Building Materials Group Ltd. (DBM-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), 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)
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),
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)
May 21: Lightspeed Commerce Inc. (LSPD-T)
-with files from Dave Leeder