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 50 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 and reached an all-time intraday high of 3,048.85 on Aug. 5.
Small-cap summary:
Jamieson Wellness Inc. (JWEL-T) surged nearly 10 per cent on Friday after the company announced an agreement to be taken over by Japanese alcohol and beverage conglomerate Kirin Holdings Company Ltd. in an all-cash deal valued at $2.5-billion.
After markets closed on Thursday, the Toronto-based natural health products company said the offer is for $45.75 per share. It noted the price is a 27 per cent and 32 per cent premium to the 20-day volume-weighted average price and 60-day VWAP on the Toronto Stock Exchange, respectively, since June 24, when it confirmed a potential transaction. The offer price is also a 10-per-cent premium to the stock’s closing price of $41.50 on Thursday.
“Today marks an exciting new chapter for our company and for our iconic 104-year-old brand,” said Jamieson CEO Mike Pilato.
Kirin is a $22-billion beverage, natural health, and consumer health company, which Mr. Pilato said has the “expertise, reach, and resources to help take our brands to the next level while preserving what has made Jamieson successful for more than a century.”
“We are delighted to welcome Jamieson Wellness to the Kirin Group,” Takeshi Minakata, Kirin’s chief operating officer said in the release. “This transaction represents an important milestone in Kirin’s long-term growth strategy and a significant step in expanding our health science business into North America, the world’s largest vitamins and dietary supplements market.”
The deal requires approval from two-thirds of Jamieson shareholders. A special meeting is expected to be held in September, the company stated. The deal is also subject to court and regulatory approvals and clearances. If the transaction is completed, Jamieson will be delisted from the TSX.
The agreement includes customary terms and conditions, including a non-solicitation covenant for Jamieson. Also, Kirin has a right to match any superior proposal. A termination fee of $70-million (equal to approximately 3.5 per cent of the equity value) would be payable by Jamieson to Kirin in certain circumstances, including if Jamieson Wellness terminates the deal, the company stated.
The transaction values Jamieson at about $2-billion on a fully diluted equity value basis and approximately $2.5 billion on an enterprise value basis.
“We see the offer as fair, provided the global nature of JWEL and uniqueness of the China segment, suitable for a narrower set of potential acquirers,” Stifel analyst Justin Keywood said in a note.
“Paired with a $70mm break-fee (3.5% of equity value) and provided other recent take-out processes in our coverage, we believe the vote and transaction should proceed, leading to our hold rating and aligned target price.”
The company also reported second-quarter results that beat expectations. Revenue of $233.8-million was up 17 per cent from a year earlier and ahead of expectations of $223-million.
Adjusted EBITDA increased by 12 per cent to $39.4-million and beat expectations of $37.5-million.
Adjusted net earnings came in at $19.9-million or 46 cents per share versus $17.3-million or 40 cents last year. The expectation was for adjusted EPS of 41 cents.
“Q2 was another strong quarter for Jamieson Wellness, with revenue growth of nearly 19% across our brands and contributions from all of our key markets,” said Mr. Pilato, President and CEO of Jamieson Wellness.
Stifel’s Mr. Keywood said the results “showed continued strength .. and exceptional management execution, reflective in slight estimate changes.”
He said revenue beat his and consensus estimates by 4.7 per cent. “China was again the standout segment, growing 46.6% on a constant currency basis to $54.3mm, driven by a successful June promotional program, continued digital-platform growth and increased consumption in the Club channel.”
He said adjusted EBITDA and EPS also beat.
“FCF [free cash flow] was a miss, slipping to -$0.2mm during the quarter on a higher-than-anticipated $24.1mm working cap investment. Our 2026 estimates are mostly unchanged beyond Q2 movement. Guidance for FY2026 has been withdrawn, given the announced Kirin arrangement.”
TD analyst Cheryl Zhang described the deal as “positive” but undervalued.
“We are surprised that the offer price was not higher. Despite what we view as a high-quality asset, highlighted by JWEL’s strong growth outlook (11% 2025-28E revenue CAGR), leading market share in Canada, robust FCF, consistent earnings profile, and healthy balance sheet, the $45.75/share offer came in below our expectations,” she wrote. “The transaction implies 14.9x LTM EBITDA and 14.1x 2026E EBITDA (based on midpoint guidance), below the 16-22x range seen in precedent transactions (ex-outliers). The strong Q2 results - a 5% beat to consensus and exceeding the high-end of guidance range on both revenue and adj. EBITDA - also support our view that JWEL’s earnings power is still in the early innings.”
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Altus Group Ltd. (AIF-T) shares jumped on Friday after the commercial real estate intelligence company reported second-quarter results that beat expectations and increased its guidance.
After markets closed on Thursday, the company reported revenue of $112.7-million, up from $105.6-million a year earlier and ahead of expectations of $111-million, according to S&P Capital IQ.
Adjusted EBITDA of $29.6-mllion was up from $21.9-million last year and ahead of expectations of $28.4-million.
Adjusted net income of $19.4-million or 53 cents per share compared to $17.3-million or 39 cents last year. The expectation was for EPS of 51 cents.
The company also introduced guidance for the third quarter of 2026 and refreshed its fiscal 2026 outlook for continuing operations on an organic basis.
“Revenue growth expectations increased by 25 basis points, reflecting current business momentum, while Adjusted EBITDA margin expansion increased by 60 basis points, supported by a stronger margin trajectory as certain cost actions were delivered ahead of plan,” the company stated.
CEO Mike Gordon said “positive client engagement with our latest innovations and improved sales execution are also driving larger deal wins. We are entering the second half of the year with strong momentum, enabling us to raise guidance for the year ... .”
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Goeasy Ltd. (GSY-T) shares were higher on Friday after the company reported second-quarter results that beat expectations.
After markets closed on Thursday, the consumer lending company reported revenue of $393.9-million down from $431.3-million last year. The expectation was for revenue to come in at $389.1-million, according to S&P Capital IQ.
Adjusted net income was $16.8-million or $1.02 per share, down from adjusted net income of $73.4-million or $4.40 in the second quarter of 2025. The expectation was for a loss of $1.11, according to S&P data.
“The decrease in adjusted net income was primarily driven by lower adjusted operating income from lower total yield on consumer loans (including ancillary products), elevated credit losses and a higher cost of borrowing,” it stated.
The company said it funded $272.1-million in gross loan originations, down 70% compared to $903.7-million in the second quarter of 2025.
“The decrease in lending, consistent with the Company’s six-point action plan, was primarily due to a reduction in merchant-originated automotive and powersports loan originations attributable to the implementation of tighter credit underwriting measures as those portfolios continued to exhibit unfavourable credit risk performance, and a moderation in direct-to-consumer loan originations, implemented to manage the Company’s liquidity,” it said.
Related from March 10: Goeasy shares dive 57% on surging loan losses, suspended dividend
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NFI Group Inc. (NFI-T) shares were higher in mid-Friday trading after it reported better-than-expected second quarter earnings and increased guidance for fiscal 2026.
After markets closed on Thursday, the company reported revenue of US$1.03-billion, up nearly 19 per cent from US$868.2-million a year ago. The result was ahead of expectations of US$965.6-million, according to S&P Capital IQ estimates.
Net earnings of US$17.4-million or 15 cents US per share compared to a loss of US$160.8-million or US$1.35 a year ago. Adjusted net earnings of US$27.5-million or 23 cents US per share were an improvement from US$10.7-million or US$1.35 a year ago and above expectations of 22 cents US.
Adjusted EBITDA of US$104-million increased 47 per cent from US$70.8-million a year ago.
The company also increased its fiscal 2026 guidance, including revenue expected to be in the range of US$4-billion to US$4.2-billion, up from US$3.9-billion to US$4.2-billion. Adjusted EBITDA is expected to be between US$385-million to US$415-million up from a range of US$370-million to US$410-million.
“The second quarter marked another period of positive momentum as we increased vehicle deliveries and capitalized on improved margins within our manufacturing and aftermarket segments. Outperformance in aftermarket was a bright spot, as the team delivered record quarterly revenue and earnings, driven by increased purchases to support
“With a strong backlog, improving operational performance, and healthier supply chain conditions, we are entering the second half of the year with confidence, allowing for an increase to our full year guidance range... .”
National Bank Financial analyst Cameron Doerksen maintained his “outperform” (buy) and $29 target in a first-look note.
“Although given that the new EBITDA guidance mid-point is consistent with our current forecast, we do not expect to make major changes to our estimates,” he wrote.
Added Mr. Doerksen: “Our positive view on the stock is based on the following: (1) NFI has a $12.5 billion backlog that should facilitate bus delivery growth through 2027; (2) the company’s margins should benefit from ongoing tailwinds from better pricing in backlog as well as higher throughput; (3) supply chain issues, particularly around seats, appear to be behind the company (noting that materially higher deliveries both y/y and sequentially suggest a more stable supply chain); (4) higher EBITDA and cash flows will bring leverage down, leading to lower interest expense (leverage at 2.8x at the end of Q2).”
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Canaccord Genuity Group Inc. (CF-T) reported first quarter results that beat expectations.
After markets closed on Thursday, the company reported revenue of $577.4-million for the quarter ended June 30, an increase of 29 per cent over the same period in the prior fiscal year. The result was ahead of expectations of $537-million, according to S&P Capital IQ.
Net income of $39.8-million or 36 cents per share compared to $13.5-million or 13 cents last year. The expectation was for 29 cents.
“Our first quarter results reflected strong execution across the organization, with year-over-year revenue growth in wealth management and capital markets and improved operating leverage contributing to strong profitability growth,” said CEO Dan Daviau. “Record client assets in wealth management reflected continued progress against our strategic growth priorities and positive client activity, capital markets benefited from a stronger business mix and robust activity across our core focus sectors, including continued strength in the mining sector. While client engagement remains constructive, uncertainty surrounding geopolitical and macroeconomic conditions continues to limit visibility into the pace and timing of future financing activity, and we remain focused on supporting our clients and executing with discipline.”
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ATS Corp. (ATS-T) shares sank 27 per cent on Thursday, then regained some ground on Friday, after the company announced first-quarter results that missed expectations and a major cost-cutting program, which at least one analyst said likely came as a surprise to the Street.
Before markets opened on Thursday, the Cambridge, Ont.-based company reported revenue of $693.7-million or nil per share for the quarter ended June 28, down about 6 per cent from $736.7-million a year ago. The expectation was for revenue of $724-million, according to S&P Capital IQ estimates.
Its net loss was $300,000 compared to net income of $24.3-million or 25 cents a year ago. Adjusted EPS of 35 cents compared with 41 cents last year and was below expectations of 42 cents for the latest quarter.
Adjusted EBITDA was $92.9-million compared to $101.5-million a year ago and below expectations of $99.2-million.
The company also announced that it had identified a “significant opportunity” to improve profitability, returns and capital efficiency, including an 18-month “Fixed cost transformation program.”
“[The program] is expected to represent approximately half of the margin expansion required to achieve its current long-term adjusted earnings from operations margin target of 15%,” the company stated.
It said the first phase will focus on Europe, where it is consolidating certain facilities and transferring select capabilities to other ATS locations “to better align the company’s operating footprint and capacity with customer requirements.”
TD analyst Cherilyn Radbourne said in a note written before market open that she expected investors to be surprised by the announcement of a major cost reduction program “at what has been considered a growth company, but perhaps there were hidden inefficiencies.”
She added: “More ST [short term] pain for LT [long-term] gain, it appears. Concern about ATS’ ability to achieve modest top-line growth despite a slowdown in GLP-1 capex will be exacerbated by weak bookings and a rare miss vs. revenue guidance.”
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Cascades Inc. (CAS-T) shares rose on Thursday and were higher again in Friday trading after the company announced second-quarter earnings that beat expectations. It also said proposed new U.S. tariffs were “manageable.”
Before markets opened on Thursday, the paper and packaging company reported sales of $1.219-billion, up from $1.187-billion a year earlier. The result beat expectations of $1.204-billion, according to S&P Capital IQ.
Net earnings of $21-million or 21 cents per share compared to a net loss $-million or 3 cents per share a year ago. Adjusted EPS of 24 cents compared with 19 cents last year and surpassed expectations of 10 cents.
Adjusted EBITDA of $140-million was ahead. expectations of $114-million and up from $137-million last year.
“Our second quarter results exceeded expectations, driven by a stronger performance in Packaging, reflecting continued solid production and demand levels across our paper mill network, meaningful progress in onboarding new customers and a more favourable economic environment than initially anticipated,” stated CEO Hugues Simon.
“Packaging volumes tracked ahead of our forecasted assumptions, contributing to stronger profitability in the quarter. In Tissue, the results came in slightly ahead of our expected range. Performance benefited from improved productivity and sales volumes and the positive impact of ongoing cost reduction initiatives. The operational improvements achieved over the past several quarters are translating into greater efficiency and a stronger cost structure across the business. Overall, our leverage ratio remained stable during the quarter, while net debt decreased modestly despite unfavourable exchange rate movements.”
In its outlook, the company said it could be hit by some proposed new 50 per cent U.S. tariffs announced recently on certain products.
“While this represents a notable development, we believe the potential impact is manageable,” the CEO said. “We are actively pursuing several tactical initiatives that we expect will materially mitigate the potential financial impact of these tariffs over the coming months. In addition to the direct effects of this announcement, some customers whose products are subject to these tariffs may experience weaker demand or reduce production levels, which could negatively affect volumes in certain segments. Based on our current assessment and the mitigation actions underway, we remain confident in our ability to successfully manage these challenges.”
TD analyst Sean Steuart described the results as “positive” and anticipated a positive share reaction in a note written before market open.
“CAS Packaging segment results benefited from strong productivity (98% capacity utilization, a multi-year record) and the gradual flow-through of March and April containerboard price increases (no benefits from the June increase yet). Steady Tissue segment contributions were in-line with our forecasts (sequential volume gains offset a weaker sales mix),” he wrote.
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Premium Brands Holdings Corp. (PBH-T) shares fell 14 per cent on Thursday, then bounced back a bit on Friday, after the company reported second-quarter results that missed expectations and lower guidance.
Before markets opened on Thursday, the Vancouver-based specialty foods company reported revenue of $2.38-billion, up 26 per cent from $1.9-billion a year ago. The result was slightly below expectations of $2.48-billion, according to S&P Capital IQ estimates.
Adjusted EBITDA of $225-million was up nearly 30 per cent from $173.8-million last year. The expectation was for $245.5-million.
Adjusted earnings of $79.6-million or $1.53 per share compared to $58-million or $1.30 a year earlier. The result was below expectations of $1.88, according to S&P Capital IQ.
“Our second quarter results provide an early indication of our earnings and cash flow potential as the investments we have made in recent years to position our company to benefit from fundamental changes occurring in the food industry begin to generate returns,” stated CEO George Paleologou.
“On the acquisitions front, we are evaluating several attractive opportunities, however, any transaction we complete will be done within the context of continuing to strengthen our financial position.”
The company also reduced its 2026 revenue guidance based primarily on delays in certain new product launches, “including a customer’s decision to push several large promotions originally planned for the second half of 2026 out to early 2027,” exiting unprofitable sales in conjunction with the shutdown of a value-added beef processing facility in Ontario and “weakening consumer demand in certain segments of the foodservice channel.”
It also revised its 2026 adjusted EBITDA guidance, primarily based on its sales reforecast.
TD analyst Derek Lessard described the results as “positive” in a note.
“Our positive handle reflects better-than-expected revenue and EBITDA vs. consensus, free cash flow well above our original forecast, and good progress on leverage. We’re not particularly concerned by the lower guidance, which looks mostly timing related: sales and EBITDA midpoints fell 2% and 4%, respectively, but still imply 26% and 30% y/y growth.”
He added: “The lower guidance does not change the story. Management lowered its outlook for delayed product launches and promotions, the exit of unprofitable beef sales, and softer foodservice demand. Most of this looks timing related, while growth at the new midpoints remains at healthy double-digit levels.”
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Dorel Industries Inc. (DII-B-T) shares dropped 14 per cent on Thursday after the company reported second-quarter results that missed expectations.
After markets closed on Wednesday, the Westmount, Que.-based juvenile products company reported revenue of US$249.5-million, down from US$292.4-million a year ago. The result was below expectations of US$283.6-million, according to S&P Capital IQ estimates.
Its net loss was US$42.5-million or US$1.23 per share compared to US$44.9-million or US$1.38 per share last year.
Its adjusted net loss was US$23.5-million or 68 cents US per share compared to US$21.1-million or 65 cents per share last year. The expectation was for a loss of 43 cents.
“Dorel Juvenile enters the second half of 2026 confident in its strategic priorities and the strength of its global platform,” CEO Martin Schwartz said about the company’s outlook in a release.
“Building on solid performance in key international markets, the Company expects improved earnings in both the U.S. and Europe, supported by new product launches beginning in the fourth quarter of this year. As an early indicator, U.S. sales improved in July, and we expect that trend to continue. Dorel Juvenile remains focused on sustainable, profitable growth while further strengthening its position as a global leader in juvenile products.”
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AirBoss of America Corp. (BOS-T) shares were higher on Thursday and rose again on Friday after the company reported second-quarter results that beat expectations.
After markets closed on Wednesday, the rubber-based products company reported sales of US$107.9-million up from US$98.6-million a year earlier. The result surpassed expectations of US$103.6-million, according to S&P Capital IQ estimates.
Profit of US$2.5-million or 9 cents US per share was up from US$2.3-million or 8 cents US last year. The result beat expectations of 7 cents US.
Adjusted EBITDA was US$9.5-million versus US$10.2-million last year and ahead of expectations of US$8.6-million.
“We view the higher-than-forecast adj. EBITDA, EPS and positive inflection in ARS [AirBoss Rubber Solutions] volume growth positively,” TD analyst Tim James said in a note.
“While there remain economic and trade uncertainties (not surprising), we think a third consecutive quarter of adj EBITDA (and margin %) improvement, long-term opportunities for defence revenue and stabilized balance sheet bode well for the share price and eventual multiple expansion.”
National Bank Financial analyst Ahmed Abdullah described the results as “positive” in a note.
He said the AirBoss Manufactured Products’ (AMP) defence business benefited from deliveries under previously awarded contracts, alongside improved volumes and mix in rubber-moulded products.
“This more than offset continued margin pressure at AirBoss Rubber Solutions (ARS), where higher volumes were tempered by unfavourable mix, tariff-related uncertainty and higher input costs,” he wrote.
“Management now expects ARS volume volatility to persist through most of 2026, with the timing and magnitude of further recovery dependent on general market conditions, geopolitical developments and potential tariffs or trade restrictions. AirBoss reiterated its strategic priorities of growing Rubber Solutions as the core compounding platform and positioning AMP’s advanced rubber-molded and defense products to capture opportunities with NATO and other partner customers.
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Rogers Sugar Inc. (RSI-T) reported mixed results for its third quarter.
Before markets opened on Thursday, the company reported revenue of $293.7-million down from $320.4-million a year ago. The result was below expectations of $298.8-million, according to S&P Capital IQ estimates.
Adjusted EBITDA of $35.6-million was down from $36.6-million a year earlier. The expectation was for $34.7-million.
Net earnings of $12.1-milion or 9 cents per share were below $14.4-million or 11 cents last year. On an adjusted basis, net earnings came in at $16.3-million or 13 cents, which was slightly above expectations of 12 cents and compared to $17-million or 13 cents last year.
“The third quarter was marked by meaningful progress on our operational foundations: reaching a new five-year collective agreement in Montréal and advancing our LEAP project into its commissioning phase,” said CEO Mike Walton. “With the achievement of these milestones, we are well positioned to continue serving our customers reliably and delivering steady financial performance.”
In its outlook, the company said it expects to deliver strong overall financial results for fiscal 2026.
“The contribution of the Sugar segment should exceed our expectations despite the current volatility in trade conditions related to U.S. tariffs on imports, which has impacted our export sales volume mainly in the first half of the year. In the Maple segment, we anticipate lower contribution as current global demand has decreased in recent months, reflecting the impact of food inflation,” it stated.
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Acadian Timber Corp. (ADN-T) reported lower sales and profit for its second quarter.
After markets closed on Wednesday, the Edmundston, N.B.-based company reported sales of $14.6-million down from $17.1-million in the second quarter of 2025. The result was below expectations of $18.6-million, according to S&P Capital IQ.
The company said revenue was lower than the prior-year period “due to reduced sales volumes, reflecting elevated customer softwood roundwood inventories and weaker softwood pulpwood demand. Sales volumes were also impacted by the scale-back of Maine internal harvesting operations. The weighted average selling price increased 19%, driven by stronger softwood lumber markets, higher fuel surcharges, and longer hauling distances.”
Net income of $1.3 million or 7 cents per share, in line with expectations and compared to $2.7-million or 15 cents last year. “Lower operating income and higher income tax expense were partially offset by higher non-cash fair value adjustments,” the company said.
Adjusted EBITDA of $1.3-million was down from $2.4-million a year ago.
“Our results reflect two trends: ongoing progress towards sustained profitability in Maine due to changes that were made during the quarter, and reduced sales volumes in New Brunswick due to elevated customer roundwood inventories,” said interim CEO Malcolm Cockwell. “We expect that Maine will continue delivering stronger results in 2026 compared to last year, and that New Brunswick will return to normal harvesting levels over the rest of the year.”
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Allied Gold Corp. (AAUC-T) reported higher revenue and profit for its second quarter.
After markets closed on Wednesday, the Toronto-based, Africa-focused miner reported revenue of US$366.3-million, up from US$252-million a year earlier.
Net earnings of US$48.9-million or 27 cents US per share compared to a loss of US$15.5-million or 22 cents US a year ago.
Adjusted EPS of 44 cents US compared to 14 cents US last year and beat expectations of 35 cents U.S.
“We expect AAUC shares to trade in line with peers with the mixed financials offset by an expected completion of the power line at Kurmuk for the ramp-up,” National Bank Financial analyst Mohamed Sidibé wrote in a note. “Following termination of the Zijin acquisition, the main focus remains on Kurmuk’s start-up and ramp-up, cost performance and upcoming updated 2026 guidance.”
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Ero Copper Corp. (ERO-T) reported higher sales and profit for its second quarter. One analyst described the results as “neutral.”
After markets closed on Wednesday, the Vancouver-based, Brazil-focused company reported revenue of US$284.3-million up from US$163.5-million a year earlier.
Adjusted EBITDA was US$144-million, up from US$82.7-million last year.
Net income attributable of US$89.5 million or 85 cents US per share compared to US$70.5-million or 68 cents US last year. Adjusted EPS of 83 cents US beat expectations of 71 cents US and compared to 46 cents US a year ago.
“Ero delivered a solid second quarter, generating strong cash flow and continuing to deliver on our commitment to deleverage the balance sheet. The progress we have made over the past 18 months has materially strengthened the Company’s financial position and is delivering true value to our business - core commitments we made to our shareholders in early 2025,” said CEO Makko DeFilippo.
TD analyst Craig Hutchison described the quarter as “roughly in-line” and “neutral” in a note.
He said adjusted EBITDA of US$144-million was slightly below his US$150-million estimate and consensus of US$148-million. Adjusted EPS of 83 cents US was ahead of his 61-cent US estimate and above consensus of 71 cents US on lower depreciation and other non-core adjustments.
“While 2026 gold C1 cash cost guidance at Xavantina was raised, our estimate already tracks near the revised midpoint,” he wrote. “More positively, operations remain 2H-weighted, on better grades and throughput and ERO continues to deleverage the balance sheet with net debt improving ~$38mm q/q.”
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Corby Spirit and Wine Ltd. (CSW-A-T) announced late Wednesday that it has sold its Lamb’s rum brand and certain assets for $39.2 million.
The buyers are Maison des Futailles, L.P., a subsidiary of Phildan Inc., and Glen Turner Company Limited, a subsidiary of COFEPP SAS. Under the agreement, Phildan acquired the North American rights to the brand, while COFEPP acquired the rights to the brand in the rest of the world outside North America.
“The sale of Lamb’s is a disciplined portfolio management decision that supports Corby’s long-term strategy,” said Corby CEO Florence Tresarrieu. “It allows us to further focus our resources on higher-priority categories, strengthen our financial position, and continue investing behind the brands and innovations that will drive Corby’s next chapter of growth.”
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Propel Holdings Inc. (PRL-T) shares rose on Thursday after the company announced a 6-per-cent dividend increase and record quarterly results that beat expectations.
After markets closed on Wednesday, the Toronto-based financial technology company reported revenue of US$179.6-million, which it said was a quarterly record and up 26 per cent from US$142.9-million a year earlier. The result beat expectations of US$177.3-million, according to S&P Capital IQ estimates.
Adjusted EBITDA increased by 24 per cent to US$43.7-million, which the company said was a record. The result also beat expectations of US$38.2-million.
Net income of US$16.2-million or 38 cents US per share compared to US$15.1-million or 36 cents US last year.
Adjusted EPS of 58 cents US was up 29 per cent from a year earlier and also a record, the company said. The result was also above expectations of 48 cents.
Propel also said its quarterly dividend will rise to 25.5 cents per share (Canadian) from 24 cents, payable on Sept. 3 to shareholders of record as of Aug. 14.
“We continue to see strong momentum across the business and remain well positioned to advance our mission of expanding access to credit for underserved consumers while delivering profitable growth in 2026 and beyond,” said CEO Clive Kinross.
TD analyst Graham Ryding described the results as “slightly positive” in a note.
“Slightly positive; strong portfolio growth, originations, and revenue were somewhat offset by higher expenses and PCLs. Delinquencies improved q/q. Adjustments were material and reduced earnings quality somewhat.”
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Kinaxis Inc. (KXS-T) reported second-quarter earnings that beat expectations and raised its revenue guidance for fiscal 2026.
After markets closed on Wednesday, the Ottawa-based subscription software-as-a-service (SaaS) for supply chain operations company reported revenue of US$158.8-million, up from US$136.4-million a year earlier.
The result was ahead of expectations of US$153.4-million, according to S&P Capital IQ estimates.
SaaS revenue increased 20 per cent year-over-year to US$106.5-million.
Adjusted EBITDA of US$41.4-million was up 23 per cent year-over-year and surpassed expectations of US$36.9-million.
Profit of US$21.2-million or 76 cents US per share was up from US$18.4-million or 64 cents a year earlier. The expectation was for profit of 57 cents US.
In its outlook, the company raised its fiscal 2026 revenue guidance to a range of US$625-million to US$640-million from US$620-million to US$635-million.
It also raised its SaaS revenue growth to a range of 18 to 20 per cent year-over-year, up from from 17 to 19 per cent.
It also reaffirmed its Adjusted EBITDA margin to be in the range of 25 to 26 per cent.
“Q2 results landed above our Street-high estimate, suggesting that prior momentum remains intact,” TD analyst John Shao said in a note. “While FX headwinds may create some near-term noise, we appreciate the newly provided guidance on the expected FX impact. Under a refreshed management team, we believe the stock is gradually building the right catalysts, and tomorrow’s earnings call should count as one of them.”
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Thinkific Labs Inc. (THNC-T) reported second-quarter results that beat expectations.
After markets closed on Wednesday, the Vancouver-based learning commerce platform reported revenue of US$18.6-million, up from US$18.1-million a year earlier. The expectation was for revenue of US$18.4-million, according to S&P Capital IQ estimates.
Thinkific said the revenue result was above its guided range of $18.2-million to $18.5-million.
Its net loss was US$334,000 or nil per share compared to a profit of $372,000 or 1 cent US a year ago. The expectation was for a loss of 2 cents US.
Adjusted EBITDA was US$273,000 down from US$1-million a year earlier. The expectation was for an adjusted EBITDA loss of $600,000.
For the third quarter of 2026, the company said it expects revenue of US$18.6-million to US$18.9-million. The expectation is for US$18.6-million.
“We are pleased to report Q2 results that demonstrate improving performance on our strategic focus to move upmarket, driven by sharper go-to-market execution and accelerated product and feature innovations,” said founder and CEO Greg Smith.
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Savaria Corp. (SIS-T) reported second-quarter results that beat expectations.
After markets closed on Wednesday, the Montreal-based maker of accessibility products such as in-home elevators and stairlifts reported revenue of $245.8-million up 8.4 per cent from $226.7-million a year ago. The result was ahead of expectations of $242.6-million, according to S&P Capital IQ.
Net earnings were $25.2-million or 34 cents per share compared to $16.3-million or 23 cents per share a year earlier. Adjusted earnings of 35 cents per share were ahead of expectations of 33 cents and more than 29 cents a year ago.
Adjusted EBITDA was $51.8-million, up 11 per cent from a year ago and ahead of expectations of $50.6-million.
“We continued our momentum in the second quarter, delivering our best-ever Adjusted EBITDA at $51.8 million, driven in part by our strong gross margin that reached 39.6 per cent. Altogether, our Patient Care and Accessibility segments posted 8.4 per cent revenue growth, fueled by growth in both North America and Europe,” stated CEO Sébastien Bourassa.
National Bank analysts Zachary Evershed and Nathan Po said Savaria reiterated its five-year growth plan unveiled at its recent investor day, targeting about 12 per cent annual revenue growth through 2030
“Q2 provided further support for the organic growth target, with organic revenue growth accelerating to 6.6% from 5.7% in Q1, bringing YTD organic growth to 6.1%,” they wrote. “The acquisition target is supported by ~$300 million available on the company’s revolver and ~$33 million in cash, totalling ~$333 million in available funds, alongside approximately $100 million in annual FCF, more than enough to bankroll the M&A playbook while continuing to repay debt.”
They have a $37 target and “outperform” (buy) on the stock, citing the company’s “strong high single-digit organic growth profile and balance sheet optionality, in combination with its defensive attributes. SIS remains our top pick for 2026.”
TD analyst Cheryl Zhang increased her target to $37 from $35 and maintained her “buy” recommendation after the earnings.
“SIS delivered another quarter of strong execution, highlighted by HSD [high single digit]% organic growth across segments and solid margin expansion led by Accessibility,” she wrote. “While shares are up 33% YTD, we still see scope for further valuation multiple expansion as SIS executes on its multi-year transformative growth strategy and continues to demonstrate the durability of its growth and margin profile.”
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Doman Building Materials Group Ltd. (DBM-T) reported mixed results for its second quarter.
After markets closed on Wednesday, the Montreal-based company reported record revenue of $904.5-million, up from $886.7-million in 2025. It said the increase was largely due to higher year-over-year pricing in certain construction material categories.
The result was below expectations of $908.8-million, according to S&P Capital IQ estimates.
Adjusted EBITDA amounted to $78.8-million, ahead of expectations of $77.3-million and compared with $80-million a year ago.
Net earnings came in at $31.2-million versus $27.7-million a year earlier.
“Our second-quarter results reflect the resilience of our business against a mixed economic backdrop. Financial performance was broadly in line with the same period last year, supported by disciplined execution, operational efficiency and the strength of our diversified platform,” chairman Amar Doman stated.
“While we have seen some improvement in lumber pricing and pockets of firmer demand across certain end markets, broader market conditions remain uncertain, with ongoing variability in housing starts and regional market performance, as well as continued high energy prices and broader inflationary pressures. We remain focused on managing the business prudently, maintaining strong customer service and positioning the Company to respond as conditions evolve.”
National Bank analysts Zachary Evershed and Nathan Po said the revenue was ahead of their $901.5-million estimate, “with the uptick in revenue driven primarily by pricing in certain categories.”
Adjusted EBITDA was below their $83.2-million forecast while EPS was ahead of their 33-cent forecast.
“Our long-term constructive outlook remains intact, as we continue to believe new residential construction has trailed household formation on both sides of the border, leading to pent-up demand,” they wrote. “Overall, lumber prices remain higher than 2025, likely overcoming constrained demand as supply has materially contracted from permanent mill closures and curtailments.”
They added: “Management maintained the same outlook as in Q1, flagging tightening supply and “cautious but improving” demand leading to price stability, with potential for upside in H2/26 indicated by gradually improving affordability and seasonality in construction."
TD analysts Kasia Trzaski Kopytek and Sean Steuart described the results as neutral to their target price of $13.
“Inflationary cost headwinds exceeded our estimates, but DBM’s Q2 results were broadly in line,” they wrote. “The company continues to demonstrate strong free cash flow generation ($1.03/share LTM; 9% yield), highlighting upside potential as earnings recover through the cycle. Management remains active on its M&A pipeline.”
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Xanadu Quantum Technologies Ltd. (XNDU-T) reported mixed second-quarter earnings.
After markets closed on Wednesday, the Toronto-based photonic quantum computing company reported revenue of US$1.5-million, up from US$1.1-million in the second quarter of 2025. The expectation was for revenue of US$2-million, according to S&P Capital IQ estimates.
Its net loss was US$42.1 million or 14 cents US, compared to a loss of US$15.1-million or 27 cents a year earlier. The expectation was for a loss of 17 cents US.
Its adjusted EBITDA loss was US$21.3-million, compared to a loss of US$13.4-million a year ago. The expectation was for a loss of US$24.7-million.
The company said its research and development expenses came in at $19.7-million in the quarter, up from $13-million a year earlier.
“Every decision at Xanadu comes back to one mission: building quantum computers that are useful and available to people everywhere,” said founder and CEO Christian Weedbrook. “This quarter, we made real progress on that mission. We set new performance records across some of our core photonic components, and we’re pairing that hardware progress with software breakthroughs that we believe make quantum algorithms more efficient today.”
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Upcoming small-cap earnings:
Aug. 10: Cargojet Inc. (CJT-T), Silvercorp Inc. (SVM-T), Altius Minerals Corp. (ALS-T), AGT Food and Ingredients Inc. (AGTF-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), Hemlo Mining Corp. (HMMC-T), Westport Fuel Systems Inc. (WPRT-T), Cipher Pharmaceuticals Inc. (CPH-T), Organigram Global Inc. (OGI-T), Aimia Inc. (AIM-T), Bragg Gaming Group Inc. (BRAG-T)
Aug. 12: Maple Leaf Foods Inc. (MFI-T), Western Forest Products Inc. (WEF-T), BSR REIT (HOM-U-T), AutoCanada Inc. (ACQ-T), North American Construction Group Ltd. (NOA-T), Ascend Wellness Holdings, Inc. (AAWH-U-CN), Sagicor Financial Company Ltd. (SFC-T), HLS Therapeutics Inc. (HLS-T), Diversified Royalty Corp. (DIV-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), RFA Financial Inc. (RFA-T), Pro REIT (PRV-UN-T), Calian Group Ltd. (CGY-T), Boston Pizza Royalties Income Fund (BPF-UN-T), Quarterhill Inc. (QTRH-T), Auxly Cannabis Group Inc. (XLY-T)
Aug. 14: Beyond Oil Ltd. (BOIL-T)
Aug. 26: Corby Spirit and Wine Ltd. (CSW-A-T), EQB Inc. (EQB-T)
Sept. 14: High Tide Inc. HITI-X