A weekly look at some small-cap stocks making news - or about to.
Canada’s S&P/TSX Small Cap Index TXTW-I is up about 27 per cent over the past 52 weeks, as of Friday’s close. The index reached a record high of 955.18 on July 23. The Russell 2000 in the U.S. is up about 7 per cent over the past 52 weeks.
Small-cap summary
Canopy Growth Corp. (WEED-T) shares closed up 18 per cent on Friday after the cannabis company reported higher sales and trimmed its losses for its second quarter ended June 30.
Before markets opened on Friday, the company reported revenue of $72.1-million, up from $66.2-million a year ago.
Its net loss was $41.5-million or 22 cents per share compared to a loss of $127.1-million or $1.60 per share a year ago. The expectation was for a loss of 20 cents.
“We delivered strong top-line growth in the first quarter of fiscal 2026, led by momentum in our Canada adult-use cannabis business, where we’re gaining share in high-demand categories, and steady performance across our global medical cannabis business. This reflects the early impact of our focused commercial strategy and a more disciplined execution,” stated CEO Luc Mongeau in a release.
In the past 52 weeks, the stock has traded between a high of $9.89 and a low of $1.08.
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Black Diamond Group Ltd. (BDI-T) shares closed up more than 5 per cent on Friday after the company reported second-quarter results that beat expectations.
After markets closed on Thursday, the company reported revenue of $105.4-million, up 10 per cent from $95.5-million a year earlier. Analysts were expecting revenue of $97.9-million.
Profit came in at $12.6-million or 15 cents per share, up from $10-million or 12 cents a year ago. The expectation was for earnings to come in at 14 cents.
“Overall, management highlights a stable outlook near term with increasing opportunities expected in 2026 and beyond, driven by the proposed acceleration of nation-building projects in Canada,” Acumen Capital analyst Trevor Reynolds, who has a “buy” and $14.25 target on the stock, said in a first-look note.
Canaccord Genuity analyst Matthew Lee, who has a “buy” and $12 target price, said the company missed slightly on rental revenue but beat on EBITDA.
“We were impressed by the segment’s $120-million in contracted revenue, which grew by 12 per cent and supports our expectations for persistent double-digit rental growth for the remainder of [full-year] ’25,” he said in a note.
He added that contracted revenue grew by 2% year over year but declined from the first quarter,“We delivered strong top-line growth in the first quarter of fiscal 2026, led by momentum in our Canada adult-use cannabis business, where we’re gaining share in high-demand categories, and steady performance across our global medical cannabis business. “which may relate to seasonality in the order book.”
In the past 52 weeks, the stock has traded between a high of $12.40 and a low of $7.60.
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Leon’s Furniture (LNF-T) shares closed up nearly 6 per cent on Friday after the company reported an increase in revenue and profit for its second quarter that beat expectations. It also increased its dividend by 20 per cent.
After markets closed on Thursday, the retailer reported second-quarter revenue of $644.1-million, an increase of 4.3 per cent from $617.7-million last year. The company said the increase was driven by strong performance in the furniture category and commercial appliance business. The result was ahead of expectations of $630.8-million.
Same-store sales increased 4.3 per cent.
Adjusted net income for the quarter totaled $39.4-million or 57 cents per share up from $29.9-million or 44 cents last year. The expectation was for earnings to come in at 46 cents per share.
The company also increased its quarterly dividend from 20 cents to 24 cents.
“Given the Company’s strong and continuously improving financial position, our principal objective is to increase our market share and profitability,” the company stated in its outlook.
“We remain focused on our commitment to effectively manage our costs but to also continuously invest in the business to drive growth initiatives that will drive more customers to both our online e-commerce sites and our 300 store locations across Canada.”
Stifel analyst Martin Landry increased his target to $30 from $27 after the report and kept his “hold” recommendation.
“The beat vs our expectations was broad-based and is explained by higher revenues, higher gross profit margins and lower SG&A expenses than expected,” he wrote in a note. “The company is benefitting from a favourable mix, sourcing enhancement and efficiency programs implemented in the last year.”
Acumen Capital analyst Jim Byrne maintained his “buy” rating and raised his target price to $36 from $34 after the earnings release.
“The company continues to generate solid margins and strong cash flows,” he wrote in a note. While the outlook for consumer spending in the short term is uncertain (inflation, tariffs, etc.), we believe LNF is well-positioned to maintain or add to its market share.”
In the past 52 weeks, the stock has traded between a high of $30.64 and a low of $20.51.
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Western Forest Products Inc. (WEF-T) shares closed down on Friday after the company reported a wider loss and lower revenues for its second quarter ended June 30.
After markets closed on Thursday, the company reported a net loss of $17.4-million or $1.62 per share versus a net loss of $5.7-million or 40 cents per share in the second quarter of 2024. The expectation was for a loss of $1.00 in the most recent quarter, according to S&P Capital IQ.
Revenue of $289.1-million was down from $309.5-million last year. The expectation was for revenue of $265.5-million.
“Markets in North America are expected to be volatile through the third quarter of 2025 as softwood lumber duties have increased significantly,” the company stated. “Persistently high interest rates, low consumer confidence and general economic uncertainty are leading to a slower pace in repairs and renovations, and housing activity. Expectations are for this trend to continue throughout the third quarter of 2025, and as a result, lumber markets will be challenged for both commodity and specialty products with demand and pricing expected to remain weak across most species and product categories.”
It said demand remains strong for specialty products, with anticipated price increases for western red cedar, hemlock and fir species throughout the third quarter of 2025.
“In Japan and China, housing activity continues to trend downwards, however, market lumber inventories remain low. Because of the lower lumber inventory levels, pricing remains stable with price gains expected on key products in Japan, Taiwan, and Hong Kong,” the company stated.
In the past 52 weeks, the stock has traded between a high of $17.40 and a low of $10.80.
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Interfor Corp. (IFP-T) shares closed up nearly 4 per cent in Friday trading after the company reported earnings for its second quarter ended June 30.
After markets closed on Thursday, the company reported net earnings of $11.1-million 22 cents per share compared to a net loss of $75.8-million or $1.47 per share for the same quarter last year. The expectation was for a loss of 44 cents, according to S&P Capital IQ.
Adjusted EBITDA was $17.2-million versus a loss of $16.7-million last year.
Sales of $780.5-million were up slightly from $771.2-million last year. The expectation was for revenue of $757.4-million.
“North American lumber markets over the near term are expected to remain volatile as the economy continues to adjust to changing monetary policies, tariffs, labour shortages and geopolitical uncertainty, and as industry-wide lumber production continues to adjust to match demand,” the company stated, adding that
“Near-term volatility is likely to be amplified by the significantly higher duty rates on Canadian lumber exports to the U.S., and by any tariffs or other trade restrictions if imposed.”
Interfor said the company is well-positioned to weather the volatility with a diversified product mix across North America, adding that about 60 per cent of its total lumber is produced and sold within the U.S. It said only about 25 per cent of its total lumber production is exported from Canada to the U.S. and exposed to duties and any potential tariff.
In the past 52 weeks, the stock has traded between a high of $21.44 and a low of $12.15.
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Maple Leaf Foods Inc. (MFI-I) shares hit a 52-week high on Thursday after the company reported strong second-quarter earnings that beat expectations and boosted its adjusted EBITDA outlook.
Before markets opened on Thursday, the consumer-packaged meats and food production company reported sales of $1.36-billion for the second quarter, compared to $1.26-billion for the same period last year, driven by sales in the prepared foods, poultry, and pork operating units. The expectation was for sales of $1.34-billion.
Adjusted EBITDA grew to $181.6-million, a 29-per-cent increase from the second quarter of last year and above expectations of $170.9-million.
Earnings came in at $58-million or 47 cents per share compared to a loss of $26-million or 21 cents last year. Adjusted earnings came in at 56 cents per share compared to 18 cents last year and beat expectations of 46 cents for the latest quarter.
In its fiscal 2025 outlook, the company said it expects revenue growth in the mid-single-digit range and adjusted EBITDA in the range of $680-million to $700-million, up from its previous outlook of $634-million or greater.
The company also said it’s continuing to work on the approved spin-off of its pork operations to create Canada Packers Inc. as a stand-alone public company.
Stifel analyst Martin Landry increased his target by $4 to $40.50 after the earnings, which he described as a "resounding" beat with adjusted EPS of 56 cents, higher than his forecasts of 43 cents.
"The increase in our target price stems from both higher forecasts and higher valuation multiples,“ he wrote in a note. ”Our 2026 EPS forecasts increase by 10 per cent to reflect the current profitability trends which we believe are sustainable. We have also increased our valuation multiple to reflect the company’s strong momentum and improving balance sheet."
In the past 52 weeks, the stock has traded between a high of $32.05 (as of early trading Thursday) and a low of $19.61.
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GDI Integrated Facility Services Inc. (GDI-T) shares dropped 13 per cent in Thursday trading after the company’s second-quarter earnings missed expectations.
After markets closed on Wednesday, the company reported revenue of $610-million, down 5 per cent versus last year and below expectations of $649-million.
Adjusted EBITDA amounted to $34-million, similar to last year and below expectations of $39.4-million.
Its net loss was $1-million or 4 cents per share compared to net income of $2-million or 7 cents per share for the same quarter last year. The expectation was for earnings of 41 cents per share, according to S&P Capital IQ.
GDI said it recorded a $5-million unrealized foreign exchange loss in the second quarter this year due to the revaluation of a U.S. dollar intercompany loan in its Canadian operations. Without the expense and with a related income-tax benefit of $1-million, the company said its net income would have been $3-million or 12 cents per share in the most recent quarter.
In the past 52 weeks, the stock has traded between a high of $41 and a low of $29.39.
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Cargojet Inc. (CJT-T) reported stronger earnings for its second quarter that largely beat expectations, although revenue missed.
Before markets opened on Thursday, the air cargo company reported revenue of $238.2 million, an increase of 3.2 per cent compared to $230.8-million last year, driven by a 14-per-cent increase in domestic revenue and 22-per-cent growth in charter revenue. The expectation was for revenue of $248.3-million.
Adjusted EBITDA was $80.2-million, up 1.4 per cent compared to $79.1-million a year ago. The expectation was for $79.6-million.
Its net loss was $3.2-million or compared to a net loss of $25-million for the second quarter of 2024. Adjusted earnings of $15.4-million or $1.02 per share, ahead of expectations of 99 cents and compared to $16.4-million or 43 cents a year ago.
Earlier in the week, Cargojet announced a renewed agreement with a U.S. affiliate of DHL Group until March 31, 2033 with a revenue target of up to $3.2-billion
DHL will have two consecutive renewal options, each for an additional two-year term, potentially extending the term of the Agreement until March 31, 2037, the company stated.
Cargojet also said it’s terminating the warrants to acquire 1.6 million voting shares issued to DHL in March, 2022 and issue warrants to acquire up to one million of Cargojet’s outstanding voting shares, representing up to 6.63 per cent of Cargojet’s shares on a non-diluted basis for $93.61 each over eight years.
Canaccord Genuity analyst Matthew Lee said in a note that the revenue was in line with his forecast and adjusted EBITDA slightly above. He said the DHL contract extension, coming on the heels of its Amazon extension in early July, was the highlight of the week for the company.
“DHL contract includes a refresh of its warrants (1M shares), which fully vest if DHL brings $3.2B in revenue to CJT over the coming eight years, a significant step-up from current run rates,” he wrote. “In our view, the improved long-term visibility should be a key positive for investors and solidifies the firm’s position as Canada’s premier overnight cargo operator.”
He has a “buy” and $170 target on the stock.
In the past 52 weeks, the stock has traded between a high of $144.97 and a low of $69.60.
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Goeasy Ltd. (GSY-T) shares closed up nearly 10 per cent in Thursday trading after the consumer lender reported higher loan growth for its second quarter ended June 30 and record growth in its loan portfolio. Its revenue and earnings also came in higher than expected.
After markets closed on Wednesday, the company said it generated a record $904-million in loan originations, up 9 per cent compared to $827-million for the same period last year. It said the increase was driven by a record volume of credit applications.
“The company experienced strong performance across all our product and acquisition channels, including unsecured lending, automotive financing, home equity lending and point-of-sale financing,” it stated in a release.
Goeasy said the higher loan originations during the quarter led to record growth in the loan portfolio of $313-million, above its outlook range of between $275-million and $300-million.
It said the consumer loan portfolio was $5.1-billion, up 23 per cent from $4.14-billion in the second quarter of 2024.
Total annualized yield on average consumer loans receivable was 31.8 per cent in the quarter, down 310 basis points from the same period in 2024.
“The decrease in annualized yield was due to growth of secured loan products at lower rates of interest, a higher proportion of larger dollar value loans, which have reduced pricing on certain ancillary products, and the impact of the new interest rate cap,” the company stated.
It also said the growth in consumer loans led record revenue of $418-million in the quarter, up 11 per cent from $378-million last year. The expectation was for revenue of $408.3-million.
Interest income increased year over year by $41-million or 15 per cent.
Net income came in at $86.5-million or $5.19 per share, up 32 per cent from $65.4-million or $3.76 in the same period of 2024
Adjusted earnings came in at $4.11 per share, in line with $4.10 in the second quarter of 2024. The expectation was for earnings of $3.96 per share.
National Bank’s Jaeme Gloyn raised his target to $265 from $255, exceeding the $228.11 average, with an “outperform” rating. Other changes include: Raymond James’ Stephen Boland to $226 from $215 with an “outperform” rating and TD Cowen’s Graham Ryding to $210 from $205 with a “buy” rating.
In the past 12 months, the stock has traded between a high of $197.59 and a low of $134.01.
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North American Construction Group Ltd. (NOA-T) shares closed up nearly 6 per cent in Thursday trading after the Alberta-based company announced a $2-billion contract – the largest in its history.
The company said it has an amended and extended five-year contract with an existing coal producer client in Australia. The extension results in an $800-million increase to its backlog in relation to the original contract.
The company also said the incremental value results in total contractual backlog for the company of $4-billion as of March 31, 2025, compared to the $3.2-billion reported in the first quarter.
“This level of backlog sets another company record, surpassing the previous record of $3.5-billion reported on December 31, 2024,” it stated.
“With record-high backlog, including over $3-billion from Australia alone, we have exceptional revenue visibility through the decade and a rock-solid foundation for long-term growth,” CEO Joe Lambert stated in a release.
In the past 12 months, the stock has traded between a high of $31.66 and a low of $18.83.
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Canaccord Genuity Group Inc. (CF-T) shares fell nearly 7 per cent on Thursday after the company reported first-quarter results that missed expectations.
After markets closed on Wednesday, the financial services company reported revenue of $448.4-million, an increase of 4.5 per cent over the same period last year, but below consensus of $469.8-million, according to S&P Capital IQ. Wealth management revenue came in a a record $242.9-million, up 12.5 per cent versus last year, the company said.
Adjusted net income of $13.5-million or 13 cents per share was roughly the same as last year.
“Elevated trading volumes and a notable improvement in corporate financing activity helped offset a significant decline in advisory completions, which were affected by trade and policy uncertainty impacting smaller-cap companies in our core sectors,” CEO Dan Daviau stated in a release.
In the past 52 weeks, the stock has traded between a high of $11.50 and a low of $7.45.
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Thinkific Labs Inc. (THNC-T) reported higher-than-expected revenue for its second quarter.
After markets closed on Wednesday, the Vancouver-based learning commerce platform reported revenue of US$18.1-million, which it said was ahead of its guided range of US$17.7-million to US$18-million and above last year’s result of US$16.2-million.
The revenue number was also ahead of analysts’ expectations of US$17.9-million.
Net income was US$372,000 or a penny per share compared to US$930,000 or a penny last year.
For the third quarter of 2025, the company said it expects revenue of $18.1-million to $18.4-million, “while maintaining positive adjusted EBITDA.”
BMO Capital Markets analyst Thanos Moschopoulos downgraded his price target to $2.75 from $3.50 after the earnings and kept his “outperform” (hold) rating.
“THNC continues to execute on shifting its focus towards corporate clients, relative to creators; it seems to be showing encouraging traction on this front, but also called out the risk of accelerated churn from non-core clients,” he wrote in a note, citing the company’s ticker symbol. “While the stock’s valuation remains undemanding, we’d like to see better subscription growth, in aggregate, prior to taking a more constructive view, all else equal.”
The stock has traded between a high of $4.40 and a low of $1.93 on the TSX over the past 52 weeks.
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Savaria Corp. (SIS-T) closed up nearly 5 per cent in Thursday trading after the company’s second-quarter earnings largely beat estimates and it reported a stronger-than-expected fiscal 2025 revenue forecast.
After markets closed on Wednesday, the Montreal-based company reported revenue of $226.7-million, up 2.4 per cent compared to last year. The expectation was for revenue to come in at $227.4-million in the most recent quarter.
Adjusted EBITDA was $46.7-million, up 11.4 per cent year over year and ahead of expectations of $44.4-million.
Net earnings were $16.3-million or 23 cents per share compared to $11.4-million or 16 cents per share last year. Adjusted earnings came in at $20.8-million or 29 cents per share compared to $16-million or 23 cents last year. The expectation was for adjusted EPS of 20 cents.
In its outlook, the company said it expects fiscal 2025 revenue of $925-million, above expectations of $949-million, with an adjusted EBITDA margin of approximately 20 per cent.
“This revenue forecast is driven by volume and price increases, new product launches, and favourable foreign exchange effects across the accessibility and patient care segments,” it stated.
In the past 12 months, the stock has traded between a high of $23.92 and a low of $14.97.
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Extendicare Inc. (EXE-T) reported an increase in second-quarter earnings for the period ended June. 30.
After markets closed on Wednesday, the company reported revenue of $383.4-million, up from $348.5-million for the year-earlier period. The expectation was for revenue of $385.7-million.
Net earnings of $31.9-million or 37 cents per share compared to $25.8-million or 29 cents last year.
In the past 12 months, the stock has traded between a high of $15.24 and a low of $7.49
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Premium Brands Holdings Corp. (PBH-T) shares closed up 7 per cent on Wednesday after the specialty foods company reported record second-quarter earnings that beat expectations.
Before markets opened on Wednesday, the company reported record revenue of $1.9-billion, a 12.5-per-cent increase from $1.7-billion in the second quarter of 2024. The expectation was for revenue of $1.87-billion.
Earnings of $27.9-million or 62 cents per share compared to $52.5-million or $1.18 a year ago. Adjusted earnings came in at $59.4-million or $1.33 per share compared to $56.9-million or $1.28 last year. The expectation was for earnings to come in at $1.31 per share.
Adjusted EBITDA was a record $177.1-million, up 7.6 per cent from last year “despite significant protein cost inflation challenges.” The expectation was for $173.7-million.
The company also stated that it remains “very active” with acquisitions and continues “to enjoy an especially robust deal pipeline,” including “several transactions that we could potentially complete this year.”
The stock has traded between a high of $97.10 and a low of $72.57 in the past 12 months.
Related: See Thursday’s analyst upgrades and downgrades for analyst reaction to the earnings.
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Aurora Cannabis Inc. (ACB-T) shares closed down 8 per cent on Wednesday after the cannabis company reported a loss in its fiscal first quarter ended June 30 and despite higher sales that beat expectations.
Before markets opened, the company reported revenue of $98-million, up from $83.4-million a year ago. The expectation was for revenue of $96.8-million.
It said the 17-per-cent increase in revenue from the prior year period was mainly due to 37-per-cent growth in its global medical cannabis business and 4-per-cent growth in its plant propagation business, which was slightly offset by lower quarterly revenue in its consumer cannabis business.
Its net loss from continuing operations was $19.4-million compared to a net income of $3.5-million for the prior-year period.
The company said the higher net loss was driven by lower gross profit and higher operating expenses.
Adjusted EBITDA increased 209 per cent to $10.8-million compared to $3.5 million last year.
In the past year, the stock has traded between a high of $9.90 and a low of $4.95 on the TSX.
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Telesat Corp. (TSAT-T) shares closed up 3.5 per cent on Wednesday after the company reported second-quarter earnings that beat expectations.
Before markets opened on Wednesday, the satellite operator reported net income for the quarter was $76-million or $1.38 per share compared to $129-million or $2.45 per share for the same period in the prior year. Analysts were expecting a loss of $2.09 per share in the latest quarter, according to S&P Capital IQ.
Adjusted EBITDA for the quarter was $59-million, down 43 per cent from a year earlier and ahead of expectations of $49.7-million.
Revenue of $106-million was down 30 per cent from a year ago and below expectations of $109.4-million. It said the decrease was primarily due to “a lower rate on the renewal of a long-term agreement with a North American direct-to-home television customer” and reductions in services for certain other customers.
In its fiscal 2025 outlook, the company said it expects revenue of between $405-million and $425-million. The expectation was for annual revenue to come in at $418.3-million.
Adjusted EBITDA is expected to be between $170-million and $190-million. Expectations were for $188.5-million.
The stock is up more than 200 per cent over the past year and has traded between a high of $40.34 and a low of $10.57.
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Total Energy Services Inc. (TOT-T) shares closed up 2 per cent on Wednesday after the Calgary-based company reported second-quarter earnings that beat expectations.
After markets closed on Tuesday, the company reported revenue of $250.4-million up 17 per cent from $213.3-million a year earlier. The expectation was for revenue of $232-million.
Net income of $17.1-million or 45 cents per share compared to $15.5-million or 39 cents last year. The expectation was for earnings of 30 cents per share.
In its outlook, the company noted that oil prices remained “relatively weak” during the second quarter due to global economic uncertainty.
“Such uncertainty continues to impair North American drilling and completion activity levels, particularly in the United States,” it stated. “Offsetting such weakness is continued strong North American demand for compression and process equipment and stable Australian industry conditions.”
Meantime, the board approved a $19.5-million increase to its capital expenditure budget to $102.4-million, to be directed primarily towards the expansion of its compression fabrication capacity. It said the planned expansion will increase the company’s U.S. plant capacity by at least 75 per cent and is expected to be completed by the first quarter of 2027.
It also said an idle Australian service rig will be upgraded and put into service by the end of the first quarter of 2026 under a minimum 12-month contract.
“Including this increase, approximately 70 per cent of the company’s 2025 capital budget is targeting growth opportunities. Total Energy intends to finance the remaining $58.2-million of 2025 capital expenditure commitments with cash on hand and cashflow,” it stated.
In the past 12 months, the stock has traded between a high of $12.44 and a low of $8.40.
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Chorus Aviation Inc. (CHR-T) shares closed down 1 per cent on Wednesday after the Halifax-based company reported mixed second-quarter earnings.
After markets closed on Tuesday, the Canadian holding company that owns regional airlines Jazz Aviation LP and Voyageur Airways, reported adjusted earnings of $17.2-million or 66 cents per share compared to $10.9-million or 7 cents a year ago. The expectation was for earnings to come in at 59 cents.
Adjusted EBITDA of $51.3-million compared to $50.5-million last year. The expectation was for $51.7-million.
Revenue was $324.6-million, below expectations of $350.1-million and down from $351.2-million a year earlier
The stock has traded between a high of $24.08 and a low of $16.87.
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Stingray Group Inc. (RAY-A-T) shares closed down 5 per cent on Wednesday trading after the music and media technology company reported mixed earnings for its fiscal first quarter ended June 30.
After markets closed on Tuesday, the company reported revenue of $95.6-million, up from $89.1-million a year earlier. The result was below expectations of $96.4-million.
Net income increased to $16.8-million or 24 cents per share compared to $7.3-million or 11 cents per share a year ago.
Adjusted net income grew 53 per cent to $21.3-million or 31 per share versus $13.9-million or 20 per share a year ago. The result was above expectations of 27 cents per share in the latest quarter.
Canaccord Genuity analyst Aravinda Galappatthige, who has a “buy” rating and $13 target, said the results were “broadly in line” with his expectations.
In the past 52 weeks, the stock has traded between a high of $11.25 and a low of $6.76.
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Kneat.com Inc. (KSI-T) shares closed down 6.5 per cent on Wednesday after the company reported second-quarter earnings that missed expectations.
After markets closed on Tuesday, the data and document management software company reported revenue of $15.4-million compared to $11.7-million a year earlier. The expectation was for revenue of $16.2-million.
Its net loss was $379,142 or nil per share compared with a net loss of $3.1-million or 4 cents for the second quarter of 2024.
Canaccord Genuity analyst Doug Taylor, who has a “speculative buy” and $8.50 target on the stock, described it as a “rare miss despite record new customer adds.”
He said the earnings “featured a slower revenue build than we and the Street had anticipated, despite the company quoting a record number of new customer wins in the quarter.”
He said annual recurring revenue growth and associated revenue growth “can be lumpy as the timing of contract expansions (versus relatively small initial deployments) is challenging to predict.
Adjusted EBITDA came in at $430,000 in the quarter, below estimates of $2.4-million.
“We note a number of management additions and changes in the quarter as Kneat invests to support scale, including a new chief innovation officer and a new CFO,” the analyst wrote.
In the past 52 weeks, the stock has traded between a high of $7.25 and a low of $4.40.
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CT REIT (CRT-UN-T) reported second-quarter revenue that was below expectations.
After markets closed on Tuesday, the REIT reported revenue of $149.8-million, up 3.7 per cent from $144.4-million a year earlier, but below expectations of $150.3-million.
Net income of $103-million or 37 cents per share compared to $103.3-million or 35 cents last year.
Adjusted funds from operations came in at $76.1-million or 32 cents per unit, which was in line with expectations and compared to $74.3-million or 32 cents per unit last year.
In the past 52 weeks, the trust’s units have traded between a high of $16.48 and a low of $13.42.
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Kits Eyecare Ltd. (KITS-T) reported second-quarter earnings that were in line with expectations after being telegraphed by the company in a preliminary report weeks earlier.
After markets closed on Tuesday, the Vancouver-based company stated that its revenue rose 31 per cent to a record $49.6-million, which was in line with expectations and compared to $37.9-million a year earlier.
The company said it brought on a record new 111,300 customers in the quarter, an increase of 54.6 per cent year-over-year.
Adjusted EBITDA increased to $2.6-million, which was in line with expectations and compared to $1.3-million last year.
Its net loss was $700,000 or 2 cents per share, compared to net income of about $200,000 or a penny per share a year earlier.
Its adjusted net income, which excludes an $1.7-million non-operating exchange loss, was $1-million or 3 cents per share. “This impact stems primarily from the unrealized exchange loss from the revaluation of intercompany balances and long-term lease obligations,” it stated.
The expectation was for earnings of 4 cents per share in the latest quarter.
For the third quarter of 2025, Kits said it expects revenue to be in the range of $52-million to $54-million. The expectation before the release was for revenue to come in at $50.3-million in the third quarter.
Canaccord Genuity analyst Luke Hannan, who has a “buy” and $21 target on the stock, wrote that the earnings results were largely in line with preliminary expectations.
“Notably, glasses revenue increased by 44 per cent year-over-year to over $7-million, in part thanks to premium lens upgrades, which represented 46 per cent of Kits’ glasses revenue during the quarter, up from 40 per cent during Q1/25,” he wrote, adding that the company’s two-year active customer count grew to over 991,000, up 13 per cent year-over-year.
“Importantly, despite welcoming a record 113,000 new customers during the quarter, returning customers still represented 60.6 per cent of Kits’ overall revenue for the quarter.”
Beacon Securities analyst Doug Cooper maintained his “buy” rating and increased his target to $25 from $20.
“We believe Kits is one of Canada’s best growth companies,” he wrote in a note.
Stifel’s Martin Landry increased his target to $22 from $18 with a “buy” rating.
“The company’s balance sheet is getting stronger with a growing cash position and limited CAPEX needs in the near-term, providing management with ample flexibility,” he wrote. “We increase our target on higher forecasts and higher valuation multiples to reflect strong execution and increased visibility on our forecasts.”
The stock has traded between a high of $17.71 and a low of $7.13 in the past 52 weeks.
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Pet Valu Holdings Ltd. (PET-T) shares hit a 52-week high on Wednesday after the pet-store retailer reported a boost in revenue and earnings for its second quarter.
Before markets opened on Tuesday, the company reported revenue of $280.6-million, up 5.8 per cent from $265.2-million in the year-ago quarter. The result was slightly below expectations of $281.5-million.
Adjusted EBITDA was $60.2 million, up 4.2 per cent versus last year and ahead of expectations of $56.6-million.
Net income of $21.8-million was up from $17.8-million a year earlier.
Adjusted net income was $26.2-million or 38 cents per share, compared to $25.9-million or 36 cents last year. The expectation was for earnings of 33 cents per share.
For its fiscal 2025 outlook, the company said it expects revenue between $1.18-billion and $1.21-billion, compared to expectations of $1.19-billion. Adjusted EBITDA between $257-million and $262-million compares to expectations of $260.6-million, and adjusted net income between $1.63 and $1.68 per share compared to expectations of $1.67.
National Bank Financial analyst Vishal Shreedhar increased his target to $41 from $38 after the earnings came out and maintained his “outperform” rating.
“We hold a positive view on PET, reflecting its strong business positioning, attractive industry characteristics and high returns on capital,” he wrote in a note, referring to the company’s stock ticker. “We anticipate solid growth in revenue, EBITDA and FCF [free cash flow]. We believe that PET’s shares can continue to gain traction as it demonstrates consistent execution against its promise of steady sales and profit growth.”
CIBC analyst Mark Petrie increased his target to $42 from $33 after the earnings and maintained his “outperformer” rating.
“We expect same-store sales (SSS) growth should continue to improve in H2,” he wrote in a note. “Along with further supply-chain efficiencies and a continued balance of price and promo investments, we gain conviction in the outlook for much improved earnings growth in 2026.”
The stock has traded between a high of $36.41 and a low of $22.53 over the past 52 weeks.
Related: Greg Ramier to replace retiring Pet Valu CEO Richard Maltsbarger
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5N Plus Inc. (VNP-T) shares hit an all-time high on Wednesday after the Montreal-based company reported strong second-quarter earnings that beat expectations and increased its guidance for fiscal 2025.
The company also announced a new and expanded supply agreement with First Solar, Inc. that it said reflects “increased semiconductor compound volume commitments.”
Before markets opened on Tuesday, the specialty semiconductor and performance materials company reported that its revenue increased by 28 per cent to US$95.3-million compared to US$74.6-million a year ago. The result was ahead of expectations of US$86.4-million.
“The increase is primarily attributable to higher sales in the terrestrial renewable energy and space solar power sectors under specialty semiconductors, and higher bismuth-based product pricing under performance materials,” the company stated.
It said adjusted EBITDA increased by 79 per cent to US$24.1-million, compared to US$13.5-million last year.
Net earnings of US$15.2-million or 17 cents US per share were ahead of expectations of 11 cents US and compared to US$4.8-million or 5 cents US last year.
Backlog stood at US$310-million, which the company said represented 297 days of annualized revenue as at June 30, which was 29 days higher than in the previous quarter.
The company said it expects demand for specialty semiconductors from the terrestrial renewable energy and space solar power markets to “accelerate, as customers look to secure advanced materials from trusted and reliable partners.”
It said volume in performance materials is expected to be slightly lower in the second half of the year, “consistent with historical trends,” but added that margins should improve, owing to its global footprint and sourcing capabilities.
The company increased its adjusted EBITDA guidance for 2025 to a range of $65-million to $70-million, up from a range of US$55-million to US$60-million.
National Bank Financial analyst Michael Doumet increased his price target to $17 from $11.25 after the news this week and maintained his “outperform” (buy) rating, citing in a note the company’s earnings “beat and raise” and the First Solar contract expansion.
Ventum Capital Markets analyst Amr Ezzat increased his target to $19 from $14 after the earnings and reiterated his “buy” rating.
“Q2 was another record print, but the more important story is how 5N+’s business model is evolving into one that is more entrenched, more strategically essential, and operating with unprecedented forward visibility,” he said in a note, adding that the expanded First Solar agreement does more than lift boost volumes but also “extends contractual visibility through 2028,” and “locks in growth with minimal incremental capex.”
He also said the performance materials division, “often dismissed as ‘steady state,’ is delivering outsized margin leverage from automation investments and a global supply chain that is proving to be a competitive moat.”
The stock is up more than 150 per cent over the past year and has traded between a high of $15.73 and a low of $4.90.
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Upcoming small-cap earnings:
Aug. 8: Boralex Inc. (BLX-T), Ensign Energy Services Inc. (ESI-T), Fiera Capital Corp. (FSZ-T), Canopy Growth Corp. (WEED-T), Dorel Industries Inc. (DII-B-T)
Aug. 11: K92 Mining Inc. (KNT-T), Ballard Power Systems (BLDP-T), Quipt Home Medical Corp. (QIPT-T)
Aug. 12: Westport Fuel Systems Inc. (WPRT-T), Sienna Senior Living Inc. (SIA-T), Superior Plus Corp. (SPB-T), Cineplex Inc. (CGX-T), Dream Unlimited Corp. (DRM-T), Grown Rogue International Inc. (GRIN-CN), Rogers Sugar Inc. (RSI-T), Martinrea International Inc. (MRE-T)
Aug. 13: H&R REIT (HR-UN-T), Bird Construction Inc. (BDT-T), Galiano Gold Inc. (GAU-T), Minto Apartment REIT (MI-UN-T), Pollard Banknote Ltd. (PBL-T), KP Tissue Inc. (KPT-T), AutoCanada Inc. (ACQ-T), Frontera Energy Corp. (FEC-T), K-Bro Linen Inc. (KBL-T), Pro REIT (PRV-UN-T), Boyd Group Services Inc. (BYD-T), Quarterhill Inc. (QTRH-T), Calian Group Ltd. (CGY-T)
Aug. 14: Automotive Properties Real Estate Investment Trust (APR-UN-T), Chemtrade Logistics Income Fund (CHE-UN-T), North American Construction Group Ltd. (NOA-T), DRI Healthcare Trust (DHT-UN-T), Bragg Gaming Group Inc. (BRAG-T), Profound Medical Corp. (PRN-T), Well Health Technologies Corp. (WELL-T), Boston Pizza Royalties Income Fund (BPF-UN-T), HLS Therapeutics Inc. (HLS-T), Aimia Inc. (AIM-T), Auxly Cannabis Group Inc. (XLY-T)
Aug. 20: Corby Spirit and Wine Limited (CSW-A-T)
Aug. 21: Sucro Ltd. (SUGR-X)
Aug. 27: EQB Inc. (EQB-T)
Aug. 29: Laurentian Bank (LB-T)
Sept. 24: AGF Management Ltd. (AGF-B-T)
- with files from Dave Leeder