A look at some small-cap stocks making news - or about to.
Note: This file will be updated later this morning
Canada’s S&P/TSX Small Cap Index TXTW-I is up by about 37 per cent over the past 52 weeks as of Wednesday’s close. It hit a record of 1,179.02 on Oct. 15. The Russell 2000 in the U.S. is up about 2.5 per cent over the past 52 weeks. It hit a record 2,541.67 on Oct. 15.
Small-cap summary
Bird Construction Inc. (BDT-T) shares dropped sharply in early Thursday trading after the company warned of continued project delays into 2026 and a potential payment issue with a customer. The information came in its third-quarter results, which beat expectations. The company also reported its highest-ever backlog.
After markets closed on Wednesday, the Mississauga-based company reported revenue of $951.4-million, up from $898.9-million earned in the prior year quarter. The result surpassed expectations of $948.6-million.
“The growth was achieved despite the impacts of previously disclosed delays in the self-perform Industrial work program resulting from ongoing economic uncertainty,” the company stated.
Adjusted net income of $35.4-million or 64 cents per share compared to $39.3-million or 72 cents a year ago. The expectation was for adjusted EPS of 60 cents.
Adjusted EBITDA of $66.9-million, ahead of expectations of $66-million and compared to $70.1-million last year.
The company said it secured $1.3-billion in additional contracted work in the quarter, bringing its backlog to more than $5-billion for the first time in its history.
Bird also disclosed that, after quarter-end, it became aware that an unnamed customer’s creditworthiness could become an issue. It said the project work has been completed, so it’s not an ongoing issue, but at stake is $33-million in accounts receivable and $29-million in contract assets or about $1.10 per share in total.
“Not fatal by any means but bears watching,” Canaccord Genuity analyst Yuri Lynk wrote in a note.
“We believe Bird shares could underperform on the back of the Q3/2025 print and would use any weakness to add to positions,” he wrote in a note, adding that the company may be required to take a provision this quarter and management is presently in active discussions with the client. He noted that it appears to be an isolated issue.
He also noted that the company is guiding lower fourth-quarter revenue year-over-year.
Mr. Lynk lowered his target to target to $33 from $36 after the earnings.
“Management sees these impacts subsiding during Q2/2026 with momentum building through H2/2026. We take the guidance to mean Q1/2026 revenue is also down y/y and have adjusted our model accordingly,” he wrote.
National Bank Financial analyst Maxim Sytchev also expects the stock to be under pressure today.
"We were hoping for a clean quarter (which we got) but an already moderated revenue outlook (that we thought was already compressed enough) was further curtailed," he wrote in a note. “The market will not appreciate it (which we understand) but that needs to be counterbalanced by material backlog growth, suggesting to us that this is recalibration of timing, not slower structural growth; as we discussed at length in the past, nation-building projects and the recent Federal budget is materially accretive to future growth rates.”
He has an “outperform” (buy) and $34 target.
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North American Construction Group Ltd. (NOA-T) shares were modestly lower in early Thursday trading after the company reported higher revenue and earnings in the third quarter.
After markets closed on Wednesday, the Acheson, Alta.-based company, which provides mining and heavy civil construction services to customers in the resource development and industrial construction sectors, reported revenue of $317.2-million up from $286.9-million a year earlier. It said the increase was driven primarily by “incremental contract wins and commissioned growth assets in the Heavy Equipment - Australia segment.”
The result was below expectations of $325.2-million, according to S&P Capital IQ
Adjusted EBITDA was $99-million, above expectations of $95.8-million and down from $112.9-million last year.
Net income of $17.3-million or 56 cents per share compared to $14.5-million or 48 cents last year. Adjusted EPS of 67 cents was down from $1.19 a year ago and slightly below expectations of 68 cents.
The company said the lower adjusted EPS reflects the impact of a higher average share count of 29.2 million, up from 26.8 million a year ago, driven by the issuance of three million shares from convertible debentures in February, 2025, partially offset by share repurchases.
It said interest expense of $18.5-million, including contingent liability accretion, reduced EPS by approximately 50 cents.
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K-Bro Linen Inc. (KBL-T) shares were up in early Thursday trading after the company reported higher third-quarter earnings that also beat expectations.
After markets closed on Wednesday, the Edmonton-based laundry and linen services company reported revenue of $155.9-million, up nearly 50 per cent compared to $104.5-million a year ago, driven by an increase in its health care and hospitality services. The result was ahead of expectations of $152.7-million, according to S&P Capital IQ.
Adjusted EBITDA increased by 45.9 per cent to $33.5-million compared to $23-million last year and ahead of expectations of $31.8-million.
Adjusted net earnings increased by 45.8 per cent to $12-million or 93 cents per share, up from $8.3-million or 78 cents a year ago.
“We view the results as positive for the shares,” Acumen Capital analyst Jim Byrne wrote in a note. “The company continues to execute its growth strategy and deliver solid financial results.”
He said management noted its sees steady volume trends for both health care and hospitality.
“The solid hospitality results should continue [to be] driven by improved business and leisure travel,” he wrote.
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Thinkific Labs Inc. (THNC-T) shares fell in early Thursday trading after the company reported third-quarter results that left analysts wanting to see more progress.
After markets closed on Wednesday, the Vancouver-based cloud-based learning platform company reported revenue increased 8 per cent to US$18.6-million from US$17.2-million a year earlier. The result was slightly ahead of expectations of US$18.2-million.
The company said the revenue result was ahead of its guided range of US$18.1-million to US$18.4-million.
Its net income was US$170,000, or nil per share, which was in line with expectations but down from US$579,000, or a penny per share, last year.
Adjusted EBITDA was US$1.1-million, up 14 per cent from US$930,000 a year ago.
CIBC analyst Todd Coupland said the results came in “modestly” above estimates and its fourth-quarter revenue guidance was in line with expectations.
“This confirms that it will take more time for Thinkific to implement its plans that focus on higher-value customers – both Plus (for enterprise) and Self-Serve (for SMBs),“ he wrote in a note. ”To succeed in these initiatives, Thinkific will need to make product enhancements and add to its go-to-market motion."
Mr. Coupland maintained his “neutral” rating and $2.50 target on the stock.
“While we believe Thinkific is an excellent company, in our view, it is too early to pay for this pivot in strategy. We would revisit our thesis with improved annual recurring revenue (ARR) growth,” he wrote in the note headlined “Q3 shows some progress, waiting for more.”
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Pollard Banknote Ltd. (PBL-T) shares dropped in early Thursday trading after the company reported third-quarter results that missed expectations.
After markets closed on Wednesday, the Winnipeg-based company, a lottery ticket and games provider, reported record quarterly revenue of $156.3-million, up 2 per cent from $153.2-million in the third quarter of last year. The result was below expectations of $162.5-million, according to S&P Capital IQ.
Adjusted EBITDA of $32-million was slightly below the $33.3-million in the same period last year and missed expectations of $34.1-million.
Net income of $10.3-million or 37 cents per share compared to $18.2-million or 66 cents a year ago. The company said the primary reason for the $7.9-million decrease in net income was a $3.3-million drop in gross profit “principally as a result of the increase in Pollard iLottery operational costs related to Kansas start-up and lower eTabs sales margins.”
Acumen Capital analyst Jim Byrne wrote in a note that demand for the company’s products “remains strong and the company is actively involved in RFPs and RFIs for potential iLottery opportunities that could act as significant catalysts for the shares.”
Canaccord Genuity analyst Robert Young said the results were “modestly light” of revenue and EBITDA expectations," but noted that iLottery was an area of strength, with profitability up 21.6% YoY and benefiting from large draw jackpot activity."
He noted that Pollard highlighted continued robust instant ticket retail demand and keen interest from lottery orgs on new iLottery.
“All that said, we think investors should focus on large new contract wins,” he wrote, citing two major contracts won during the third quarter, adding that they should “provide confidence on competitive position and support growth in 2026.”
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Birchcliff Energy Ltd. (BIR-T) shares rose in early Thursday trading after the company reported higher revenue and adjusted funds flow for the third quarter and adjusted some of its full-year guidance.
After markets closed on Thursday, the Calgary-based oil and natural gas company reported revenue of $149.6-million up from $122.8-million a year earlier.
Adjusted funds flow of $87.1-million or 32 per share compared to $45.2-million or 17 cents a year ago.
It said the increase was primarily driven by higher natural gas production and a stronger average realized natural gas sales price. Cash flow from operating activities was $78.5-million, a 19-per-cent increase from a year ago.
Birchcliff reported a net loss of $14.1-million or 5 cents per share compared to a loss of $10.5-million or 4 cents a year ago.
The company increased its 2025 annual average production guidance to 79,000 to 80,000 barrels of oil equivalent per day (boe/d), up from 76,000 to 79,000 boe/d “as a result of its asset outperformance and strong operational execution, which have been driven by strong base production and new well performance, shorter cycle times for the drilling and completions of new wells, the timing of production additions and lower than forecasted downtime,” it stated.
Birchcliff said it’s tightening its 2025 F&D (finding and development) capital expenditures guidance range to $290-million to $300-million “to reflect actual spending and cost savings achieved year-to-date and the anticipated costs for activities to be completed prior to year-end.”
It said the efficiencies and cost savings have enabled it to drill three additional wells that will be brought on production in the fourth quarter and advance other activities in preparation for its 2026 capital program.
The company also reduced its average commodity price forecast for 2025 “to reflect actual prices year-to-date and lower forecast prices for the remainder of the year.”
That led it to lower its adjusted funds flow guidance, “which is expected to result in lower free funds flow and higher total debt at year-end 2025 than previously forecast,” it stated.
Birchcliff now expects to exit 2025 with total debt of $455-million to $465-million, which represents a reduction of approximately 14 per cent from its total debt at year end 2024 of $535.6-million.
National Bank Financial analyst Dan Payne maintained his “outperform” (buy) and $9 target after the earnings, describing it in a note as a “very solid quarter, reflecting resilience and stability through low gas prices, while positioning for augmented value initiatives in the medium term.”
Canaccord Genuity analyst Mike Mueller reiterated his “buy” rating and increased his target price to $9 from $8 after the results, citing in part the production increase and a “significant increase” in its quarterly free cash flow in the fourth quarter.
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Total Energy Services Inc. (TOT-T) reported mixed results for the third quarter.
After markets closed on Wednesday, the company reported revenue of $260.7-million, up 8 per cent from $241.9-million a year ago. The result was below expectations of $264-million, according to S&P Capital IQ.
Net income of $14.6-million or 38 cents per share was down from $19.7-million or 50 cents a year ago.
“Total Energy’s financial results for the third quarter of 2025 reflect improved Australian financial results following the upgrade and reactivation of several drilling and service rigs, continued strong North American demand for compression and process equipment and competitive North American drilling and completion market conditions,” the company stated.
“Negatively impacting 2025 third quarter results was a $1.8-million year-over-year change in foreign currency exchange impact on Compression and Process Services segment financial results and a $1.5 million year-over-year increase in share-based compensation expense due to share price appreciation.”
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Flagship Communities REIT (MHC-UN-T) reported higher revenue and profit for its third quarter.
After markets closed on Wednesday, the REIT, which includes a portfolio of income-producing manufactured housing communities and related assets, reported rental revenue and related income of $26.1-million, an increase of 12.3 per cent compared to $23.2-million a year earlier. The result beat expectations of $25.4-million, according to S&P Capital IQ.
Net income of $24.6-million was up about 3 per cent versus $23.8-million last year.
Adjusted funds from operations came in at $8.4-million or 33 cents per unit, which beat expectations of 32 cents and compared to $7.9-million or 28 cents a year earlier.
Canaccord Genuity analyst Mark Rothschild said the earnings beat was driven by “continued strong demand for affordable housing across all of the REIT’s core markets.”
In a note, he added that stronger-than-expected net operating income growth, along with the REIT operating with greater leverage, were the key drivers of the beat to his forecast.
“Additionally, G&A costs were lower than expected as professional fees and payroll costs dropped sequentially,” he wrote. “With extremely limited new supply, and rising costs for home ownership, demand for MHCs has only increased. This allowed Flagship to generate same-property NOI growth of 10.2% in the quarter. We note that Flagship continues to outperform its peers, and its NOI growth was notably better than the peer average of 5.4%.”
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Ballard Power Systems (BLDP-T) shares fell early Thursday after the company’s third-quarter results.
Before markets opened on Thursday, the Vancouver-based fuel-cell company reported revenue of US$32.5-million for the quarter ended Sept. 30, up 120 per cent from US$14.8-million for the same quarter last year, driven by bus and rail deliveries. The result beat expectations of US$25-million, according to S&P Capital IQ.
Adjusted EBITDA came in at negative US$31.2-million, an improvement from negative US$60.1-million last year, “driven primarily by the improvement in gross margin, lower cash operating costs and by lower impairment losses on trade receivables,” the company stated. The result was below expectations of an adjusted EBITDA loss of US$28.5-million.
Its net loss of US$28.1-million or 9 cents US per share improved from a loss of US$204.5-million of 68 cents US last year. The expectation was for a loss of 10 cents US in the latest quarter.
“Overall, we had a positive quarter, with year-over-year gains in revenue, gross margin expansion, significant progress in our cost reduction activities, and positive reception of our newest product, the FCmove®-SC,” said Marty Neese, Ballard President and CEO. “We are seeing sustained interest in bus, rail and material handling, as well as “green shoots” in stationary markets as more low carbon and renewable hydrogen projects pass final investment decision, a key enabler for fuel cell market growth.”
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Morguard Corp. (MRC-T) and its subsidiaries, Morguard Real Estate Investment Trust (MRT-UN-T) and Morguard North American Residential REIT (MRG-UN-T), announced after markets closed on Wednesday that Angela Sahi will be appointed president and CEO, effective immediately. She previously served as president and chief operating officer of Morguard Corp. K. Rai Sahi, who has served as Morguard’s CEO and chairman, becomes executive chair.
“This transition marks the next phase of Morguard’s planned leadership succession and builds on its 50-year legacy of integrated real estate ownership, management and investment,” the company stated.
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Yellow Pages Ltd. (Y-T) reported a drop in revenue and profit for its third quarter ended Sept. 30. Before markets opened on Thursday, the company reported revenue of $48.3-million, down from $52.6-million for the same period last year.
“The decrease in revenues is mainly due to the decline of our higher margin digital media and print products and to a lesser extent our lower margin digital services products, thereby creating pressure on our gross profit margins,” the company stated. It also said print revenues were negatively impacted by the Canada Post workers’ strike, which delayed distribution of certain print directories and direct-mail items in September.
Adjusted EBITDA decreased to $10-million or 20.6 per cent of revenues compared to $12.5-million or 23.8 per cent of revenues for the same period last year. Net income amounted to $4-million or 29 cents per share compared to net income of $6.3-million or 46 per share for the same period last year.
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Upcoming small-cap earnings:
Nov. 14: Conifex Timber Inc. (CFF-T), Neo Performance Materials Inc. (NEO-T), MDA Space (MDA-T), Ag Growth International Inc. (AFN-T),
Nov. 20: Real Matters Inc. (REAL-T), Sucro Ltd. (SUGR-X)
Nov. 27: Rogers Sugar Inc. (RSI-T)
Dec. 3: EQB Inc. (EQB-T)
Dec. 5: Laurentian Bank (LB-T)
Dec 10: Transcontinental Inc. (TCL-A-T)