Canada’s S&P/TSX Small Cap Index (TXTW-I) is up by about 63 per cent over the past 52 weeks, as of Tuesday’s close. It hit a record of 1,413.69 on Jan. 29. The Russell 2000 in the U.S. is up about 17 per cent over the past 52 weeks. It hit a record of 2,735.10 on Jan. 22.
Small-cap summary:
Cineplex Inc. (CGX-T) shares fell in Wednesday trading after the entertainment company reported lower revenues and adjusted EBITDA that missed expectations.
Before markets opened on Wednesday, the company reported revenue of $334.8-million for its fourth quarter ended Dec. 31, down from $340.9-million a year earlier. The result was below expectations of $340.8-million, according to S&P Capital IQ.
Its net loss from continuing operations was $3.3-million or 5 cents per share, wider than the loss of $631,000 or a penny per share a year earlier.
Adjusted EBITDA of $75.5-million was down slightly from $76.4-million a year earlier and below expectations of $83-million.
“While the 2025 film slate offered depth across genres, it lacked mega-blockbuster films,” the company stated. “This will certainly change with the 2026 slate shaping up to be much stronger, with multiple major tentpoles and an even deeper lineup that will attract a broad base of Canadian moviegoers. This expanded slate signals the strength and opportunity within both the industry and our business, and we remain focused on leveraging this environment to advance our strategic priorities and deliver growth.”
TD analyst Derek J. Lessard described the results as “neutral” in a note on Wednesday, but sees a more promising 2026:
“Although the Q4/25 box office (BO) (pre-released on Jan 13) was soft, CGX’s January BO was up 14% from year-ago levels. This is a strong start to the year, and we believe the upcoming release schedule, highlighted by several potential blockbuster titles (which management noted were lacking in 2025), should allow CGX to build on this momentum through the year,” he wrote.
“Box office and concession per patron (BPP and CPP) both reached annual records, driven by higher premium mix (i.e. 43.4%, up 200bps y/y), increased purchase incidence, and higher average guest spend. In our view, this reflects sustained consumer interest in premium movie experiences when quality content is available (i.e. premium formats were particularly successful with films such as Avatar: Fire and Ash, Wicked: For Good, and Zootopia 2).”
He also said the company’s loyalty programs now have more members, “which should help drive y/y [year over year] theatre attendance growth,” and said alternative programming is finding success.
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Stingray Group Inc. (RAY-A-T) reported third-quarter results that beat expectations.
After markets closed on Tuesday, the Montreal-based company reported that its revenue grew 15.4 per cent to $124.8-million in the third quarter ended Dec. 31, up from $108.2-million in the same period a year earlier. The result was ahead of expectations of $121.6-million, according to S&P Capital IQ.
Adjusted EBITDA improved 5.7 per cent to $44.5-million from $42.1-million in the same period a year earlier. The result beat expectations of $43.5-million.
Net income totaled $7.5-million or 11 cents per share compared to $15.7-million or 23 cents a year earlier. Adjusted net income amounted to $26.3-million or 38 cents per share versus $23.4-million or 34 cents a year earlier. The adjusted EPS result was ahead of expectations of 37 cents.
The company said its revenues, adjusted EBITDA and adjusted free cash flow reached record levels.
“This highlights the significant positive impact of its recent TuneIn acquisition and continued expansion in high-growth areas like FAST channels and in-car entertainment,“ the company stated. ”FAST channels in particular drove our robust financial results as we leveraged Stingray’s Premium Ad Network to monetize unsold inventory and benefitted from new deployments across the LG television platform.”
Canaccord Genuity analyst Aravinda Galappatthige said the results “were generally positive and a little ahead of expectations with strong 8.5% organic recurring revenue growth in the BCM [broadcasting and commercial media] segment, led by FAST channels. Radio was up 2% y/y.”
Added Mr. Galappatthige: “Overall, revenue was up +15.4% y/y, also supported by the recent TuneIn acquisition as well as other prior acquisitions (DMI, Singing Machine). Meanwhile, adjusted EBITDA was up 5.7%, and FCF was up 21.5% y/y. Additionally, the company repurchased and cancelled 303,700 shares, totalling $3.8 million during the quarter.”
He has a “buy” rating and an $18.50 target price on the stock.
The company also announced that both of its share classes will trade under a single ticker as of Feb. 13.
“This is designed to improve the liquidity for the variable subordinate voting shares, which have historically had lower trading volumes,” National Bank analyst Adam Shine said in a note.
He also increased his target to $21 from $18 after the earnings report and maintained his “outperform” (buy) recommendation.
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Computer Modelling Group Ltd. (CMG-T) shares dropped in Wednesday trading after the company reported third-quarter results that missed expectations.
After markets closed on Tuesday, the Calgary-based company reported that its revenue for the third quarter ended Dec. 31 fell by 9 per cent to $32.7-million. The result was below expectations of $34.4-million, according to S&P Capital IQ.
Adjusted EBITDA decreased by 30 per cent to $9.7-million year over year. The result was below expectations of $10.7-million. Its adjusted EBITDA margin was 30 per cent, compared to 39 per cent in the comparative period.
Net income of $6-million was down from $9.6-million a year earlier. Earnings per share came in at 7 cents, which was in line with expectations but down from 12 cents a year earlier.
“Market conditions remain challenging, as cautious customer outlooks continue to drive conservative spending behaviours,” the company stated. “This continues to extend sales cycles for new software contracts, as customers are taking longer to advance purchasing decisions.”
The company added that it remains focused on positioning the company for long-term success, “including moving decisively towards profitability with CoFlow, delivering speed-focused enhancements across our reservoir simulation software portfolio, and driving sales and growth alignment within our recently acquired companies.”
It added: “We continue to build a robust process and discipline around our acquisition strategy. This quarter saw our highest level of activity to date in identifying and evaluating potential acquisitions, with advanced-stage discussions underway.”
National Bank analyst Richard Tse maintained his “sector perform” and $6 target post-earnings.
“Macro challenges impacted results where a prior (announced) lost contract, along with extended sales cycles, weigh[ed] on organic growth,” he wrote in a note.
“Compounding that effect is the fact that recent acquisitions are still early in their growth/profitability trajectories. That also suggests there’s potential for the results to improve looking ahead, with organic recurring revenue growth turning positive in the upcoming FQ4 supported by the recent multi-year software licensing agreement with Shell (in Nov. 2025).”
He also noted that the company highlighted, “again,” that it’s looking at a record number of acquisition opportunities.
“Notably, its Sharp Reflections acquisition from Nov. 2024 has seen its software revenue grow more than 20% above pre-acquisition levels and its Adj. EBITDA margin expand[ed] from low double digits (pre-acquisition) to 17% across the same period – reflecting execution on early transactions, which builds confidence in future transactions.“
Added Mr. Tse: “With CMG’s M&A engine still gearing up, we believe the Company is well capitalized ($20 mln in cash, $2 mln in debt and $98 mln in available credit capacity) to pursue targets.”
Canaccord Genuity analyst Doug Taylor has a “hold” and $5.75 target on the stock, writing in a note that “we believe the current software backdrop demands a more definitive rebound in growth to guide valuation higher.”
CIBC analyst Erin Kyle, who has a “neutral” (hold) and $5.50 target on the stock, said in a note that the third-quarter results fell short of expectations, “with revenue 5% below consensus and adjusted EBITDA 9% below. While the underlying reason for the weaker performance – the loss of a major customer earlier in the year – was anticipated, the magnitude of the shortfall was greater than expected."
The analyst added: “Despite a challenging quarter, churn remains relatively stable and management continues to guide for a return to recurring organic revenue growth in FQ4. The outlook is supported by expected contribution from the Shell Coflow contract beginning in Q4/F26 and an anticipated strong renewal cycle for Sharp Reflections. However, the demand environment for CMG’s core reservoir simulation solutions remains challenging, with cautious customer outlooks continuing to drive conservative spending behaviours. We anticipate that new logo wins will remain subdued in the current environment. While recent M&A activity has been limited, it remains the most likely driver of incremental growth and upside for CMG.”
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Andrew Peller Ltd. (ADW-A-T) reported higher revenue and earnings for its third quarter ended Dec. 31.
After markets closed on Tuesday, the company reported revenue of $108.8-million for the quarter, up from $105.4-million a year ago.
Net earnings improved to $7.9-million or 18 cents per Class A share, compared to $7.7-million or 18 cents per Class A share a year ago.
“These results reflect positive trends across multiple trade channels and regions, including a strong quarter in Western Canada and sustained momentum in emerging channels in Ontario,” said CEO Paul Dubkowski. “With our strong balance sheet and continued momentum, we are making targeted investments in growth aimed at continuing to gain share in core markets, while positioning the company for success in high-growth product segments.”
Acumen Capital analyst Nick Corcoran said the sales were above his estimate of $107-million and the consensus of $105.5-million.
“Sales benefitted from strong performance in Western Canada and growth in wine club sales, partially offset by expected softness in owned retail stores,” he wrote in a note.
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Western Forest Products Inc. (WEF-T) shares slipped in Wednesday trading after the company reported a drop in revenue and a wider loss for its fourth quarter ended Dec. 31.
After markets closed on Tuesday, the company reported revenue of $201.9-million, down from $273.2-million a year earlier.
Its net loss was $17.5-million or $1.55 per share compared to a net loss of $1.2-million or 5 cents a year earlier.
“Lumber markets remain challenged heading into 2026,” the company said in its outlook. ”Economic uncertainty and a slowing U.S. housing market led to reduced lumber demand through 2025 in North America.“
The company added that there “will not be significant market improvements in the first half of 2026. Operating curtailments from lumber producers over the last half of 2025 are expected to decrease available supply at the end of the first quarter of 2026 and could lead to upward price pressure as demand improves.”
TD analyst Sean Steuart wrote in a note that the losses were smaller than expected, “but, in our view, these results, and tempered guidance, do not warrant the extent of recent share price outperformance (+64% since late November versus an average gain of 44% for peers during that time).”
Mr. Steuart, who has a “hold” and $14 target on the stock, added that the company “has low leverage and robust liquidity - the latter bolstered by 2025 non-core asset sales - but absent a clear growth path, lacks clear catalysts.”
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Lassonde Industries Inc. (LAS-A-T) announced a nearly 14-per-cent hike to its quarterly dividend.
On Tuesday, the company said its dividend would rise to $1.25 per share, from $1.10, payable on March 13 to shareholders of record on Feb. 20.
“The declared dividend represents a 13.6% raise versus the prior $1.10 quarterly rate (an increase of $0.15/share), and 7.8% above our modelled expectation of $1.16 (a $0.09/share upside),” National Bank analyst Ahmed Abdullah wrote in a note.
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Propel Holdings Inc. (PRL-T) announced a 7-per-cent increase to its annual dividend to 90 cents per share from 84 cents. The dividend is paid quarterly and will be 22.5 cents per common share, up from 21 cents previously.
The dividend will be payable on March 4 to shareholders of record as of the close of business on Feb. 20.
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Organigram Global Inc. (OGI-T) shares fell this week after the cannabis company reported earnings that missed expectations.
Before markets opened on Tuesday, the company said its revenue increased 49 per cent to $63.5-million for the quarter ended Dec. 31, from $42.7-million year earlier. It said the increase was primarily driven by contributions from the Motif Labs Ltd. acquisition and increased international sales. The result was below the $73.2-million expectation, according to S&P Capital IQ.
Net income was $20-million compared to a net loss of $27.5-million a year earlier. “The increase in net income from the prior period is primarily attributable to higher fair value changes recognized in relation to the preferred shares and top-up-rights held by British American Tobacco plc and other financial instruments,” it stated.
Adjusted EBITDA was $5.3-million compared to $1.4-million a year earlier and below expectations of $6.8-million.
Adjusted gross margin was $23.9-million, or 38 per cent of net revenue, compared to $14.3-million, or 33 per cent a year earlier.
Chief financial officer Greg Guyatt said adjusted gross margin remained elevated “due to greater operational efficiency, higher flower yields, synergies gained from the integration of Motif, and higher international sales.
He added: “We expect this trend to continue throughout fiscal 2026, where we project further international sales growth.”
Canaccord Genuity analyst Kenric Tyghe maintained his “buy” rating and $3 target on Organigram.
“We believe that investors should look through the Q1/F26 miss – and focus on the unchanged F2026 guidance - given that it was largely driven by a temporary issue (since largely addressed) of some microbial growth in the flower on hand on the back of a very rapid increase in yields," he wrote in a note.
“The changes are modest and for F2026 reflect our expectations that the impact of the recovery in Europe (Germany) will be concentrated in H2/F26, resulting in modest negative revisions to our Q2/F26 estimates (partially offset by a more pronounced ramp in the H2/F26).”
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Aimia Inc. (AIM-T) announced on Monday an agreement to sell its interest in Giovanni Bozzetto S.p.A, its specialty chemicals business, to One Equity Partners. The transaction is expected to generate net proceeds in the range of $265-million to $271-million, the company stated.
“The sale of Bozzetto is further progress in our three-step strategy to drive shareholder value creation, which we launched in March 2025,” said Rhys Summerton, Aimia’s executive chair.
“We look forward to allocating the net proceeds of this transaction towards value accretive investments with the ultimate goal of utilizing of $1.1-billion of tax losses.”
TD Cowen analyst Brian Morrison lowered his rating for the Toronto-based company to “hold” from “buy” in response to Monday’s announcement of the deal and lowered his target to $3 down from $3.75.
“Taking into consideration its 94-per-cent equity interest, the proceeds are lower than what we had accounted for within our SOTP [sum-of-the-parts] valuation,” he wrote in a note.
Despite his downgrade, the analyst wrote that Aimia is “well positioned to allocate its notable cash proceeds to public assets.”
“This transaction is in line with its strategy to establish a permanent structure investment holding company, in an attempt to exchange privately held assets for ‘undervalued’ public assets and utilize its material ($573-million) net capital tax losses over time,” he said. “Management states the most compelling investment opportunities are in the U.K. presently.”
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Silvercorp Inc. (SVM-T) reported revenue of US$126.1-million for its third quarter ended Dec. 31, up from US$83.6-million a year earlier.
The result was ahead of expectations of US$122.6-million.
Adjusted net income of US$47.9-million or 22 cents US per share, ahead of expectations of 7 cents US per share and compared to US$22-million or 10 cents US per share a year earlier.
Upcoming small-cap earnings:
Feb 11: Killam Apartment REIT (KMP-UN-T), Primaris REIT (PMN-UN-T), First Capital REIT (FCR-UN-T), Cineplex Inc. (CGX-T), Slate Grocery REIT (SGR-UN-T), Russel Metals Inc. (RUS-T), Corby Spirit and Wine Ltd. (CSW-A-T)
Feb. 12: Interfor Corp. (IFP-T), Mullen Group Ltd. (MTL-T), Vecima Networks Inc. (VCM-T)
Feb. 13: Chorus Aviation Inc. (CHR-T), Interfor Corp. (IFP-T), Boston Pizza Royalties Income Fund (BPF-UN-T), Canaccord Genuity Group Inc. (CF-T)
Feb. 17: CT REIT (CRT-UN-T), Dream Industrial REIT (DIR-UN-T)
Feb. 18: Gibson Energy Inc. (GEI-T), KP Tissue Inc. (KPT-T), Bausch Health Companies Inc. (BHC-T), Firan Technology Group Corp. (FTG-T)
Feb. 19: Sienna Senior Living Inc. (SIA-T), Dream Office REIT (D-UN-T), Altus Group Ltd. (AIF-T), Supremex Inc. (SXP-T)
Feb. 23: Winpak Ltd. (WPK-T)
Feb. 24: Cargojet Inc. (CJT-T), BTB REIT (BTB-UN-T)
Feb. 25: Chemtrade Logistics Income Fund (CHE-UN-T), Kneat.com Inc. (KSI-T), Timbercreek Financial Corp. (TF-T), Leon’s Furniture (LNF-T), Major Drilling Group International Inc. (MDI-T)
Feb. 26: Pason Systems Inc. (PSI-T), Enerflex Ltd. (EFX-T), Curaleaf Holdings Inc.(CURA-T), Plaza Retail REIT (PLZ-UN-T), EQB Inc. (EQB-T), Trulieve Cannabis Corp. (TRUL-CN)
Feb. 27: Boralex Inc. (BLX-T), Laurentian Bank (LB-T)
March 3: Pet Valu Holdings Ltd. (PET-T)
March 4: Minto Apartment REIT (MI-UN-T), Spin Master Corp. (TOY-T), Canada Packers Inc. (CPKR-T), Propel Holdings Inc. (PRL-T)
March 4: Minto Apartment REIT (MI-UN-T), Spin Master Corp. (TOY-T), Canada Packers Inc. (CPKR-T), MDA Space Ltd. (MDA-T)
March 5: Aecon Group Inc. (ARE-T), Thinkific Labs Inc. (THNC-T), Maple Leaf Foods Inc. (MFI-T), Automotive Properties REIT (APR-UN-T), Doman Building Materials Group Ltd. (DBM-T), Badger Infrastructure Solutions Ltd. (BDGI-T), A&W Food Services of Canada Inc. (AW-T)
March 6: Nexus Industrial REIT (NXR-UN-T), Canfor Corp. (CFP-T), Canfor Pulp Products Inc. (CFX-T)
March 10: Flagship Communities REIT (MHC-UN-T)
March 11: NFI Group Inc. (NFI-T), BSR REIT (HOM-U-T), Total Energy Services Inc. (TOT-T), Bird Construction Inc. (BDT-T)
March 12: TerrAscend Corp. (TSND-T)