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 48 per cent over the past 52 weeks. It hit a record 1,496.55 on June. 2. The Russell 2000 in the U.S. is up about 35 per cent over the past 52 weeks. It hit a record of 3,046.59 on July 1.
Small-cap summary:
Electrovaya Inc. (ELVA-T) shares surged on Wednesday after the lithium-ion battery technology and manufacturing company announced a commercial agreement and a warrant transaction with Amazon.com Inc. (AMZN-Q) that could see the U.S. tech giant own more than 20 per cent of its stock.
“This relationship is expected to support the continued deployment of Infinity Battery Technology in material handling operations and potential expanded engagement on robotics and energy storage,” the Mississauga, Ont.-based company said in a release.
As part of the agreement, Amazon will receive warrants to purchase up to 13,880,345 common shares, which become fully vested upon Amazon achieving cumulative future purchases of US$280-million. Electrovaya said a portion of the warrants will vest immediately upon execution of the agreement, and an exercise price based on the five-day volume-weighted average trading price immediately prior to the date of the agreement.
Read the full story from the Globe’s Sean Silcoff here
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Blue Ant Media Corp. (BAMI-T) shares were higher on Wednesday after the company reported higher revenue that beat expectations.
Before markets opened on Wednesday, the entertainment company reported revenue of $125.6-million for the quarter ended May 31, up from $56-million in the prior-year period. The company said the significant increase was mostly in its production and distribution segment from both proprietary and service production and reflects its recent production acquisitions.
The result beat expectations of $123.4-million, according to S&P Capital IQ.
Adjusted EBITDA of $16.8-million was roughly in line with expectations of $17-million and up from $14.6-million a year ago.
Its net loss attributable to shareholders of $17.9-million was wider than its loss of $11.8-million in the prior year period, which the company said was due to a non-cash impairment in the Canadian Media segment. On a per-share basis, the loss was 64 cents versus a loss of 73 cents last year.
The company recently announced some “structural changes,” including the consolidation of its Rights and Global Channels teams into a single content monetization unit.
“This positions us to maximize the value of our growing portfolio of owned and partner IP globally while streamlining our operations,” the company stated. “As we move into the fourth quarter of our fiscal year, we remain well capitalized, modestly levered, with the financial flexibility to invest in our business and pursue further strategic acquisition opportunities at a time when many in our industry are capital-constrained.”
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Altius Minerals Corp. (ALS-T) shares sank on Wednesday after the company announced a $181.5-million bought deal public offering.
After markets closed on Tuesday, the St. John’s-based mineral and renewable royalties company said it has an agreement with National Bank Financial Inc., Scotia Capital Inc., and TD Securities Inc. acting as co-bookrunners, on behalf of a syndicate of underwriters, to buy three million common shares for $60.50 each. The stock closed at $66.04 on Tuesday, before the announcement.
The net proceeds will be used to “strengthen” its balance sheet following the completion and announcement of several acquisitions to date in 2026 as well as for general corporate purposes, the company stated.
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Canfor Corp. (CFP-T) shares fell on Wednesday after the Vancouver-based company announced it’s permanently closing its Northwood pulp mill in Prince George, B.C., resulting in the loss of 300 jobs and an annual reduction of 300,000 tonnes of northern bleached softwood kraft lumber.
“The pulp and paper sector continues to face significant challenges, including a structural shift in global pulp markets,” the comapny said in a release late Tuesday. “Substantial additional pulp production capacity has come online globally, creating an oversupply in the market and downward pressure on global pulp prices. Combined with the persistent challenges accessing fibre, these factors have resulted in a prolonged period of unsustainable financial losses for Canfor Pulp. With no foreseeable improvement in the outlook, Canfor has made the difficult decision to close its Northwood facility.”
It said the mill is expected to close later this year.
TD analyst Sean Steuart said in a note the closure was “unsurprising” given poor markets and fibre shortage. Mr. Steuart, who has a “buy” and $18 target on the stock, said the closure “will support better economics for CFP’s remaining pulp mill (i.e., more residual fibre available for the Intercon pulp mill).”
He added: “We believe that restructuring costs will be largely offset by working capital sell-downs.”
The analyst said Northwood is a large operation and estimates maintenance capex at the site of about $20-million per year, “was relatively high. The asset also faced a potential recovery boiler (RB1) rebuild, which could have been prohibitively expensive.”
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Cannara Biotech Inc. (LOVE-T) reported third quarter results that beat expectations.
Before markets opened on Wednesday, the cannabis company reported revenue of $31.8-million for the quarter ended May 31, up from $27.3-million a year earlier. The expectation was for revenue of $31.2-million, according to S&P Capital IQ.
Net income was $4.8-million or 5 cents per share compared to $4.1-million or 5 cents a year ago. Adjusted EBITDA increased by 11 per cent to $8.5-million year over year. The expectation was for EPS of 3 cents.
TD analyst Derek Lessard described the results as “solid.”
“Cannara continues to deliver across the key pillars of our thesis: sustained market share gains, robust consumer demand across core categories, strong momentum in higher-margin vape formats, and EBITDA margins that meaningfully exceeded expectations despite ongoing investments behind growth,” he wrote.
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NFI Group Inc. (NFI-T), which makes buses and motorcoaches, announced a $350-million senior unsecured notes offering.
After markets closed on Tuesday, the Winnipeg-based company also announced that it had amended and extended its senior revolving credit facilities to include “more favourable” pricing.
“The new notes, along with the amended credit facilities, increase our overall financial flexibility and support the continued execution of our deleveraging strategy,” Brian Dewsnup, NFI’s CFO stated in a release. “We remain focused on maintaining a resilient capital structure that supports our long-term growth and this unsecured financing is an important milestone in advancing those objectives.”
TD analyst Tim James described the announcements as “prudent and positive for its balance sheet as it clears maturities through 2029.”
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Bird Construction Inc. (BDT-T) shares surged 11 per cent on Wednesday after the company announced $1-billion in recent project awards and agreements.
“The awards span nuclear, civil, marine and mine infrastructure, industrial, industrial maintenance, and buildings, reflecting demand across Bird’s target end markets and the strength of its diversified, self-perform platform,” the comapny stated in a release after markets closed on Tuesday. The awards also reflect Bird’s continued emphasis on collaborative delivery models, balanced risk allocation, and disciplined project selection across its national work program."
Stifel analyst Ian Gillies said the announcement supports a multi-year 8 to 12 per cent organic revenue growth outlook.
“The volume of awards suggests book-to-burn was a healthy 1.0x in 2Q26 prior to considering other smaller awards and potential awards tied to Bird’s partnership with Bell for data centre development,” he wrote. “Moreover, it would add 9.1% of gross additions to 1Q26 backlog of $11.0 bn (none of the awards are pending backlog converting to backlog). Combined with other recent wins and potential large wins, this reaffirms our thesis that Bird’s growth outlook can significantly compress the multiple as earnings compound.”
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Mattr Corp. (MATR-T) shares rose this week after the company reported preliminary second-quarter results that were better than expected, prompting several analyst upgrades.
After markets closed on Monday, the Vaughan, Ont.-based materials technology company said it expects revenue to range from $390-million to $400-million. Adjusted EBITDA is expected to be between $60-million and $65-million
“While we remain mindful of ongoing economic and geopolitical uncertainty, our second quarter performance reflects the benefits of the strategic investments and portfolio actions undertaken over the past several years,” stated CEO Mike Reeves. “We continue to see encouraging momentum in a number of critical infrastructure markets and remain focused on disciplined execution, operational excellence, and long-term value creation.”
Stifel analyst Ian Gillies said the adjusted EBITDA numbers were 45 per cent above consensus, while revenue was nearly 20 per cent above consensus before the announcement.
“We do not believe this was a demand pull-forward, and we expect a step change in y/y [year over year] financial performance from here,” he wrote.
He also increased his price target to $23 from $15.25 and maintained his “buy” rating.
TD analyst Michael Tupholme upgraded the stock to “buy” from “hold” after a “very strong” preliminary second-quarter update. He also hiked his target to $23 from $14.
“While encouraged by MATR’s recent execution, slower organic revenue growth has held us back. Q2/26 midpoint rev. guide implies a sharp inflection (+23% y/y), while the Q2 margin guide is also strong,” he wrote. “We expect momentum to continue (raised our 2026/2027 estimates) and we see value in MATR despite today’s strong move.”
Canaccord analyst Yuri Lynk reiterated his “buy” on the stock and hiked his target price to $23 from $13 after the preliminary results were released.
“The company is seeing a rebound in demand for its wire and cable products while its Xerxes business benefits from strong demand for its fibreglass-reinforced plastic (FRP) fuel and water storage tanks as well as manufacturing efficiencies,” he wrote. “As highlighted in past research, the company has significant revenue and upside potential from here, as its recently modernized facilities appear to be hitting their stride.”
National Bank analyst Natan Po increased his target to $18 from $14.50 with an “outperform” (buy) rating and BMO analyst John Gibson raised his price target to $22 from $16.
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Aecon Group Inc. (ARE-T) announced on Monday that TerraMarine, an Aecon consortium that it has a 30-per-cent interest in, has been selected by the Vancouver Fraser Port Authority as the preferred proponent for the Roberts Bank Terminal 2 – Landmass and Wharf progressive design-build project in Delta, B.C.
“The Roberts Bank Terminal 2 project is a priority nation-building undertaking that will enhance trade resilience, build critical capacity and support economic security, while delivering lasting national and local benefits,” said Aecon CEO Jean-Louis Servranckx.
He said the project will increase container capacity at the Port of Vancouver by 30 per cent, delivering a new three-berth marine container terminal at Canada’s largest port and creating 320 acres of new waterfront industrial land.
Stifel analyst Ian Gillies described the news as “positive” and said it could add another $1-billion in backlog in early 2028.
“Over the last three months, Aecon has been shortlisted as the preferred proponent or won work for three large projects that could total $4.5 bn in backlog. By historical standards, Aecon’s valuation is expensive in 2027 at 10.2x EV/adj. EBITDA (10Y average: 5.2x). However, the recent string of large project wins plus potential nuclear wins to occur over the next number of years related to new large-scale nuclear reactors and SMRs supports our view that consolidated revenue growth could be 8-10% per annum through 2030 with associated margin expansion and lower contractual risk than previous years.”
Added Mr. Gillies: “We believe this growth outlook helps support the current elevated valuation and our positive view on the stock.”
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VitalHub Corp. (VHI-T) announced the acquisition of Finland-based Buddy Healthcare Ltd Oy for €8.6 million in cash and shares and potential future earn-out funds.
Before markets opened on Monday, Toronto-based VitalHub said the deal includes €8.3 million in cash and 75,000 common shares. It said the maximum amount payable under the all-cash earnouts is €4.5 million based on the achievement of performance-based targets at the end of the first two calendar years post-acquisition.
Buddy Healthcare is a care coordination platform widely used across Europe, including Finland and the United Kingdom, the company stated.
“The acquisition establishes a strategic beachhead in the Nordic healthcare market through a well-regarded platform and experienced local management team, who are fully committed to the future development of Buddy Healthcare and other VitalHub solutions,” it stated.
National Bank Financial analyst Doug Taylor described the deal as a “solid fit” with VitalHub’s existing portfolio.
“Buddy provides care coordination and care pathway software, building on and filling in gaps in VitalHub’s already extensive offering in this area,” he wrote. “The acquisition also establishes a presence for VitalHub in the Nordic region; Buddy had a presence in Finland and Germany, in addition to the U.K. where the Company already has a significant revenue base.”
Stifel analyst Justin Keywood noted that the acquisition follows VitalHub’s Novari acquisition in July last year and includes “regulatory-certified aspects for sensitive medical information and barriers to entry, including perceived AI threats.”
He added: “This highlights a sub-sector of healthcare/technology that warrants greater valuation as validated with Kneat.com (KSI) and FDA-compliant solutions at-scale, currently being acquired by Thoma Bravo for ~C$650mm at ~8x ARR. We believe VitalHub’s pipeline for related assets remains wide with ‘dry powder’ to execute, ~$105mm pro-forma cash, no debt and a share buy-back initiation could further support the undervalued aspects of VHI as margin expansion initiatives progress.”
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Upcoming small-cap earnings:
July 15: Cogeco Communications Inc. (CCA-T) after markets close
July 23: A&W Food Services of Canada Inc. (AW-T), Winpak Ltd. (WPK-T)
July 27: Gibson Energy Inc. (GEI-T)
July 28: Precision Drilling Corp. (PD-T), Allied Properties REIT (AP-UN-T)
July 29: Secure Waste Infrastructure Corp. (SES-T), Primaris REIT (PMN-UN-T). Timbercreek Financial Corp. (TF-T), Exco Technologies Limited (XTC-T), Ag Growth International Inc. (AFN-T)
July 30: Canfor Corp. (CFP-T), Real Matters Inc. (REAL-T), Champion Iron Ltd. (CIA-T), Lightspeed Commerce Inc. (LSPD-T)
July 31: Ballard Power Systems (BLDP-T), Parex Resources Inc. (PXT-T)
Aug. 4: Green Thumb Industries Inc. (GTII-CN)
Aug. 5: Chorus Aviation Inc. (CHR-T), Flagship Communities REIT (MHC-UN-T), Kinaxis Inc. (KXS-T), Doman Building Materials Group Ltd. (DBM-T), Propel Holdings Inc. (PRL-T)
Aug. 6: NFI Group Inc. (NFI-T), Enerflex Ltd. (EFX-T), Interfor Corp. (IFP-T), Cascades Inc. (CAS-T), Plaza Retail REIT (PLZ-UN-T), Rogers Sugar Inc. (RSI-T)
Aug. 7: Superior Plus Corp. (SPB-T), Docebo Inc. (DCBO-T), Trulieve Cannabis Corp. (TRUL-CN), Slate Grocery REIT (SGR-UN-T)
Aug. 10: Cargojet Inc. (CJT-T), Silvercorp Inc. (SVM-T)
Aug. 11: Neo Performance Materials Inc. (NEO-T), Pason Systems Inc. (PSI-T), Minto Apartment REIT (MI-UN-T), BTB REIT (BTB-UN-T), Cineplex Inc. (CGX-T), Pet Valu Holdings Ltd. (PET-T)
Aug. 12: Maple Leaf Foods Inc. (MFI-T), Western Forest Products Inc. (WEF-T), BSR REIT (HOM-U-T)
Aug. 13: Total Energy Services Inc. (TOT-T), Pollard Banknote Ltd. (PBL-T), Bird Construction Inc. (BDT-T), Automotive Properties REIT (APR-UN-T), True North Commercial REIT (TNT-UN-T)