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 56 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 36 per cent over the past 52 weeks and reached an all-time intraday high of 3,048.85 on Wednesday.
Small-cap summary:
Sprott Inc. (SII-T) shares rose on Wednesday after the company reported “a clean quarter,” according to one analyst.
Before markets opened on Wednesday, the Toronto-based asset management company reported net income of $34.3-million or $1.33 per share, up from $13.5-million or 52 cents a year earlier.
“Our net income performance was primarily due to higher average AUM in our exchange-listed products and managed equities segments, as well as carried interest crystallization in our private strategies segment in the first quarter,” the company stated.
Adjusted EBITDA was $50.8-million, up from $25.5-million a year ago.
Assets under management were $55.6 billion as of June 30, 2026, down 15 per cent from $65.1-billion as of March 31 and down 7 per cent from $59.6-billion as at December 31,
“After a spectacular run, gold and silver prices corrected during the second quarter, accounting for the majority of the decline in our AUM,” stated CEO Whitney George. “We expect this pullback to be short-lived. Any moderation in rate-hike expectations, renewed liquidity support from policymakers, or a sustained recovery in sovereign-related gold purchases could each serve as important catalysts for a rebound. As a result, we see the potential for gold’s cyclical trend to realign with its longer-term secular uptrend in the quarters ahead.”
He added: “Our critical materials strategies performed better and delivered positive net sales during the period. We remain constructive on the sector as the growing emphasis on energy security, grid reliability and rising electricity demand continues to reinforce the long-term investment case for critical materials, while supply constraints in many key materials provide additional support for prices and related equities.”
TD analyst Graham Ryding described it as a “clean quarter, with a lower level of share-based compensation and adjustments.”
He added: “Stronger-than-expected base management fees and average AUM (ending AUM in line), and lower compensation, drove an adjusted EBITDA and adjusted EPS beat vs. us (albeit in line with consensus which looks stale). In our view a slightly positive result with flows and AUM in line, but an earnings beat vs. us.”
He said adjusted EPS of $1.30 was above his $1.11 estimate and consensus of $1.33, “though we believe this estimate may be stale,” he wrote. “The adjusted EPS beat reflects lower than expected net compensation, while revenue was in line (higher base management fees offset by nil performance fees). The reported net management fee rate of 45 bps was in line and flat q/q,” he wrote.
Adjusted EBITDA of $50.8-million was above his $47.9-million estimate. “Base management fees were stronger than expected and net compensation was lower than forecast. Adjustments related to share-based compensation and other items were low this quarter (well received),” he wrote.
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Canada Packers Inc. (CPKR-T) shares dropped on Wednesday after the company reported second-quarter results that missed expectations.
Before markets opened on Wednesday, the company reported sales of $431.7-million, down from $473.2-million last year and below expectations of $434.1-million. The company said last year’s result included operations that were not acquired by the company in connection with the spin-off from Maple Leaf Foods.
Its loss of $28.4-million or 95 cents per share for the quarter includes $48.3-million non-cash decrease in fair value of biological assets. The result compares to earnings of $23.4-million or 79 cents last year.
Adjusted earnings came in at 34 cents per share, below expectations of 42 cents and down from 93 cents a year ago.
Adjusted EBITDA was $34.9-million, down from $51.4-million last year and below expectations of $36.6-million.
TD analyst Derek Lessard described the results as “neutral” in a note.
“Q2 adjusted EBITDA was 4% below consensus but 2% above our estimate. The 22% y/y decline reflected unfavourable pork market conditions that more than offset solid operating execution,” he wrote. While we see only LSD [low single digit] % long-term EBITDA growth, a 12%-14% FCF [free cash flow] yield should support attractive share-price upside given CPKR’s low EV/EBITDA valuation."
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Gran Tierra Energy Inc. (GTE-T) stock surged on Wednesday after it announced agreement to sell its Colombian and Ecuadorean oil operations to France’s Maurel & Prom for US$1.33-billion, including debt.
The Calgary-based oil and gas producer said it expects to receive net proceeds of about US$315-million from the transaction, comprising US$250-million in cash and a US$65-million unsecured note.
The divested business includes all of the company’s South American assets, which produced about 29,000 barrels of oil per day in the first half of 2026, the Canadian energy producer said.
Gran Tierra expects to return a portion of the proceeds to shareholders through share repurchases.
The divestment is part of the company’s strategic portfolio review, after which it aims to focus capital on its retained assets.
The company said the deal would eliminate most of its interest costs, generating annual savings of about US$80-million.
The company also announced second-quarter net income of US$25-million or 70 cents US per share compared to a net loss of US$13-million or 36 cents US per share in the second quarter of 2025.
Adjusted EBITDA was US$85-million, ahead of expectations of US$86-million and compared to US $74-million a year ago.
“Our second quarter results benefited from a stronger commodity price environment, reduced total operating costs and the continued strength of our portfolio, with production within our guidance range and improved margins and cash generation across the business,” said CEO Gary Guidry. “During the Quarter, we advanced several priorities that make our portfolio more durable.”
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Canada Goose Holdings Inc. (GOOS-T) shares were higher on Wednesday after the company announced an agreement to sell Baffin Limited, the Canadian performance footwear brand, to L.P. Royer Inc., which makes work and military footwear.
“This transaction is about focus. We’ve made meaningful progress evolving Canada Goose into a year-round lifestyle brand, and this gives us the opportunity to continue that momentum by simplifying our operating model, focusing resources on our highest-priority opportunities and drive long-term profitable growth,” said CEO Dani Reiss.
Canada Goose said it bought Baffin in 2018. The transaction is expected to close in August, subject to customary closing conditions. A price wasn’t disclosed.
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Allard, Allard & Associés, a significant shareholder of Andrew Peller Ltd. (ADW-A-T), said it plans to vote against the proposed plan of arrangement with Fairfax Financial Holdings Ltd. (FFH-T) announced in June.
“Following a thorough analysis, Allard, Allard & Associés believes that the proposed transaction does not provide fair value to Class A shareholders and raises significant concerns regarding both the relative treatment of share classes and the overall valuation of the company,” it said in a statement released Wednesday.
Allard, Allard & Associés, an independent Montréal-based investment management firm, said it holds 1.7 million shares, including 4.8 per cent of Class A shares and 3.9 per cent of total shares outstanding.
The shareholder vote on the deal is scheduled for Aug. 11.
On July 28, Andrew Peller said that the proxy advisory firm Institutional Shareholder Services Inc. recommended that holders of the company’s Class A Shares vote in favour of the deal. Under the arrangement, shareholders will receive cash consideration of $8 per Class A Share and $12 per Class B Share.
Related: Fairfax signs deal to buy wine producer Andrew Peller
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Kits Eyecare Ltd. (KITS-T) shares soared on Wednesday after the eyeglasses company reported record revenue for its second quarter and results in line with expectations.
Before markets opened on Wednesday, the Vancouver-based company reported revenue rose 17.8 per cent to a record $58.4-million compared to $49.6-million last year. The result was led by glasses revenue that grew 54 per cent, the company said, and now represents nearly one-fifth of the business
The result was in line with expectations of $58.2-million, according to S&P Capital IQ estimates.
Adjusted EBITDA of $2.9-million was above expectations of $2.6-million and compared to $2.6-million last year.
Net income increased by $2.2-million to $1.5 million or 4 cents per share compared to a net loss of $700,000 or 2 cents a year ago.
For the third quarter of 2026, management said it expects revenue to be in the range of $62-million to $64-million, in line with expectations of $63.2-million.
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Aurora Cannabis Inc. (ACB-T) reported mixed results for its first quarter.
Before markets opened on Wednesday, the Edmonton-based cannabis company reported revenue of $67.6-million for the quarter ended June 30, as compared to $74.1-million in the prior year period. It said the drop was mainly due to lower quarterly net revenue in Canadian medical cannabis and the wind down in consumer cannabis, offset by higher net revenue in international medical cannabis and wholesale bulk cannabis.
The result was roughly in line with expectations of $67.4-million, according to S&P Capital IQ estimates.
Adjusted net income was $3.8-million compared to $6.6-million for the prior year period.
Adjusted EBITDA was $3.4-million compared to $10.8-million for the prior year period. The result beat expectations of $2.4-million.
It said the drop was mainly due to a decrease of $8.3 million in adjusted gross profit before fair value adjustments partially offset by a decrease in adjusted selling, general and administration expenses of $1-million.
The company said its fiscal 2027 outlook is unchanged.
“We are encouraged by ACB’s execution after its Q4 reset,” TD analyst Derek Lessard said in a note. “Lower Canadian reimbursement remains a near-term drag, but accelerating international demand, resilient medical margins, and disciplined cost control should support DD% revenue and EBITDA growth in 2028E. With the shares down 37% over the past year versus their peer group average of +1%, we see meaningful catch-up potential.”
He described the results as “slightly positive,” due to the EBITDA beat and year-over-year international growth.
“We still see a path for ACB to achieve meaningful revenue/EBITDA growth in 2028E as it laps domestic market headwinds (i.e. lower medical cannabis reimbursement in Canada) and benefits from international momentum,” he wrote.
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Goodfood Market Corp. (FOOD-T) shares dropped to an all-time low on Wednesday after the company announced it had filed for court protection under the Companies’ Creditors Arrangement Act (CCAA).
In a release before markets opened on Wednesday, the Montreal-based mealkit company also said it appointed Raymond Chabot Inc. as monitor if the court grants the requested relief.
Later in the day, the company announced that the Superior Court of Quebec (Commercial Division) has granted an initial order under the CCAA.
“The initial order provides the stability and flexibility needed to continue implementing our turnaround plan and advance our financial restructuring,” said Donald Olds, lead independent director.
The company said it plans to continue operating across Canada while the restructuring proceeds.
Earlier this week, the company announced that CEO Selim Bassoul resigned effective Aug. 3. Najib Maalouf, the company’s president and chief operating officer since March, has replaced him.
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K-Bro Linen Inc. (KBL-T) reported second-quarter results that largely beat expectations.
After markets closed on Tuesday, the Edmonton-based laundry services company reported revenue rose 33 per cent to $150.4-million compared to $113.1-million a year earlier. It said health care revenue increased by nearly 50 per cent year over year, while hospitality revenue increased 15.4 per cent.
The results were in line with expectations of $150.6-million, according to S&P Capital IQ estimates.
Adjusted EBITDA rose by 25.6 per cent to $29.8-million, ahead of expectations of $28.1-million and compared to $23.7-million last year.
Net earnings increased to $7.7-million, up from $5.4-million a year earlier. Adjusted earnings were $10.1-million or 78 cents per share, which beat expectations of 59 cents and was up from $7.7-million or 70 cents a year ago.
“We’re pleased with our strong second quarter results, which were consistent with management’s expectations,” said CEO Linda McCurdy. “We’ve had a strong start to 2026, and we see a positive outlook in both Canada and the UK amid the evolving macro landscape. Management’s near-term focus is on the business integration of Stellar Mayan. However, K-Bro evaluates potential strategic acquisitions that may complement its platform. K-Bro has a strong cash flow profile, and our post-acquisition debt and leverage levels have been consistent with our expectations.”
In a first-look note, National Bank Financial analyst Ahmed Abdullah described the results as positive.
“The beat was driven by better profitability than expected in KBL’s Canadian division which saw margins hold despite elevated cost pressures which were partly offset by pricing,” he wrote. “UK results were largely as expected with KBL on track to realize synergies related to the Stellar Mayan transaction within its guided timeframe (12 to 24 months, acquisition closed June 11, 2025).”
Added Mr. Abdullah: “Outlook largely unchanged; management reiterated steady demand across healthcare and hospitality with warranted caution around geopolitical/macro uncertainties, while still referring to ongoing volatile energy prices and a potential modest impact on margins if annualized (i.e., if current diesel prices continue, the full-year impact would be ~0.5% on Adj. EBITDA margins). If we presume Canadian division margins continue to hold y/y, upside to our and street estimates exists, which could drive shares higher.”
Acumen Capital analyst Jim Byrne said in a note he expects the results to be neutral for the shares, as they were generally in line with expectations.
“The company continues to deliver strong financial results as they work toward the full integration of the Stellar Mayan deal,” he wrote. “We believe the company is well positioned to continue its strong financial performance in the coming quarters.”
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Chorus Aviation Inc. (CHR-T) shares rose on Wednesday after the company reported second-quarter results that beat expectations.
After markets closed on Tuesday, the Dartmouth, N.S.-based contract, charter services and aircraft leasing company reported revenue of $349.4-million, up 7.6 per cent from $324.6-million last year. The result was ahead of expectations of $329.3-million, according to S&P Capital IQ estimates.
Adjusted net income of $19.1-million or 83 cents per share was up from $14.1-million or 54 cents a year ago and beat expectations of 53 cents.
Adjusted EBITDA of $50.7-million was down from $51.3-million and ahead of expectations of $46.2-million.
“We ended the quarter with a leverage ratio of 1.5x and liquidity of $203.6 million, providing the financial flexibility to execute our long-term capital allocation plan of $500 to $550 million between 2026 and 2029, supported by expected free cash flow and asset sale proceeds as detailed within our quarterly investor presentation,” said CEO Colin Copp in a release. “With this, we have the flexibility to fund dividend growth, share repurchases and disciplined investments in aviation, aerospace and defence, including acquisitions that meet our target mid-teens returns while continuing to diversify the business.”
In its outlook, the company said it expects adjusted EBITDA to be in the range of $170-million to $185-million for the year. The expectation was for $180.6-million.
In a first-look note, National Bank analyst Cameron Doerksen said his initial take on the results was positive.
“We maintain our ‘outperform’ [buy] rating and $28 target on Chorus Aviation shares while we review our model, but with guidance mostly unchanged, we do not expect to make major forecast adjustments,” he wrote. “With cash flow visibility from its CPA with Air Canada and organic growth opportunities in its Voyageur Aviation subsidiary, we expect Chorus to continue prioritizing capital returns to shareholders with further upside from potential acquisitions in the aviation services segment.”
Stifel analyst Daryl Young described the result as positive.
“The aviation services portfolio performed well this quarter with Voyageur and KADEX contributing an incremental $6.5mm of adj. EBITDA y/y, more than offsetting the contractual declines in CPA-related revenues with Air Canada,” he wrote. “We are encouraged to see the rebound in performance at Voyageur following the parts sales slippage that occurred in Q4/25 and Q1/26; Voyageur and the broader services portfolio remain the key growth engine. Also, aircraft sales were completed at attractive valuations, with gains to book value.”
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Martinrea International Inc. (MRE-T) shares jumped on Wednesday after the company reported mixed second-quarter results and maintained full-year guidance.
After markets closed on Tuesday, the Vaughan, Ont.-based auto parts maker reported sales of $1.2-billion, down about 6 per cent from $1.28-billion a year ago. The expectation was for sales of $1.23-billion, according to S&P Capital IQ estimates.
Adjusted EBITDA of $147.2-million was down 11 per cent from $165.4-million a year ago. The result beat expectations of $146.3-million.
Net income of $43.1-million or 61 cents per share compared with $38.1-million or 52 cents last year. Adjusted net income of $43-million or 61 cents per share beat expectations of 58 cents and compared with $47-million or 66 cents last year.
The company also reaffirmed its 2026 outlook.
“We continue to execute well, both operationally and financially in the face of ongoing industry dynamics pertaining to trade, tariffs, electric vehicle volumes, and the Middle East conflict,” stated executive chair Rob Wildeboer.
“We are doing well managing what’s in our control. We take a balanced approach to capital allocation which includes investing in the business, maintaining a strong balance sheet, and returning capital to shareholders through dividends and share repurchases.”
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Sienna Senior Living Inc. (SIA-T) shares were higher on Wednesday after the company reported second-quarter results that beat expectations. It also announced a joint venture with Fiera Infrastructure for long-term care (LTC) redevelopments.
After markets closed on Tuesday, the Markham, Ont.-based retirement and LTC company reported revenue of $288.2-million up from $253.6-million a year ago. The result was ahead of expectations of $287.2-million, according to S&P Capital IQ estimates.
“In the Retirement segment, the increase is primarily attributable to acquisitions, occupancy growth, rental rate increases, as well as higher care revenue,” the company stated. “In the LTC segment, the increase is primarily due to higher flow-through funding for direct care, increased private accommodation revenue, acquisitions and $2.1-million of retroactive funding related to the prior year, recognized in 2026.”
Adjusted EBITDA was $58.7-million, up from $41.1-million last year and ahead of expectations of $52.6-million.
Adjusted funds from operations were $34.9-million or 33 cents per share, ahead of expectations of 31 cents and up from $24.1-million or 26 cents a year ago.
Average same-property occupancy in the retirement segment up 150 basis points year-over-year, to 94.1 per cent,
“Q2 2026 marked the 14th consecutive quarter of year-over-year growth from our retirement and long-term care operations – a trend that started in 2023,” said CEO Nitin Jain.
Sienna also announced a joint venture relationship with Fiera Infrastructure Inc. - a wholly owned subsidiary of Fiera Capital Corp. (FSZ-T), to speed up Sienna’s long-term care redevelopment projects in Ontario.
The joint venture is initially targeting investments in redevelopment projects totalling approximately $625-million in construction costs. Sienna said its Glen Rouge and Streetsville Communities in the Greater Toronto Area are among the joint venture’s first projects currently under consideration, representing aggregate development costs of approximately $375-million.
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Dominion Lending Centres Inc. DLCG-T shares jumped on Tuesday after the company announced it had acquired Filogix, a mortgage technology software platform for $58.5-million. It also announced preliminary second-quarter financial results that missed expectations and an amended credit facility.
“This is a highly strategic acquisition for the DLC Group,” said DLC Group CEO Gary Mauris. “Filogix expands our technology, connectivity and data capabilities and advances our strategy of strengthening DLC Group’s position across the Canadian residential mortgage market.”
The purchase was paid in cash and financed through existing liquidity and committed credit facilities. DLC Group entered into an amended and restated credit agreement with TD Bank, including a new $65-million term facility. Its revolving credit facility was reduced from $40-million to $30-million, while the existing pricing grid and other key terms remained unchanged.
“We view the Filogix transaction favourably both financially (huge accretion and enhances the recurring earnings and cash flow growth profile of DLCG) and strategically (adds market share to improve data insights, enhances technology and connectivity capabilities),” National Bank analyst Jaeme Gloyn wrote in a note. “On the other hand, Q2-26 pre-released data suggests the backdrop remains somewhat soft. Overall, we expect the massive 25-30% accretion from Filogix to significantly outweigh the soft Q2 data. The housing backdrop will turn, and when it does, DLCG is now better positioned to capture even more upside.”
The company said funded mortgage Volume is expected to grow approximately 5 per cent year-over-year in the second quarter of 2026 “as improvement in broker productivity and growth in the renewal market more than offset weakness in the Canadian residential housing market.”
It said revenue is expected to be between $24.7-million and $25-million, which is below expectations of $27-million, according to S&P Capital IQ.
Adjusted EBITDA is expected to be between $12.3-million and $12.6-million, below consensus of $15-million.
“Management noted that housing market activity remained softer than expected through H1 2026, but noted recent indicators suggest a gradual improvement for H2,” wrote Mr. Gloyn.
He maintained his “outperform” (buy) rating and $11 target.
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MDA Space Ltd. (MDA-T) shares surged on Tuesday after the comapny announced it will supply Telesat LEO ULC, a division of Telesat Corp. (TSAT-T), with more of its next-generation broadband satellites. The agreement came alongside Telesat’s announcement on Tuesday that it’s expanding the Telesat Lightspeed low Earth orbit constellation by 69 satellites, bringing the total number of fully funded satellites from 156 to 225. Telesat shares also soared on its news.
Telesat said in a release that it has signed a $2.3-billion Telesat Lightspeed services contract with Canada’s Defence Investment Agency to deliver secure Military Ka-band Arctic connectivity to the Canadian Armed Forces under the Enhanced Satellite Communications Project – Polar program. The contract also includes two five-year option periods valued at approximately $200-million each, the company said, bringing the total contract value to $2.7-billion.
“This is the largest contract in Telesat’s history and will significantly expand the scale and capacity of the Telesat Lightspeed network, positioning the company for accelerated growth,” the company stated. “The expansion will be funded through milestone-based payments from the Government of Canada starting in Q3 2026.”
For MDA Space, the agreement represents an increase of 27 satellites to the previously announced 198 satellites being manufactured for the Telesat Lightspeed LEO constellation. As a result, MDA Space has increased the total value of the contract by $474-million, which includes the new satellites, the addition of 500 MHz of military Ka-band to Lightspeed satellites currently being built, replacing the same amount of commercial Ka-band spectrum, and other long-lead items.
MDA Space said the majority of the increase in contract value of $474-million will be added to the company’s backlog in the third quarter of 2026 as some long-lead-time items were previously added.
Related: Telesat wins $2.3-billion Arctic military satellite contract
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High Tide Inc. HITI-X jumped on Tuesday after the cannabis company said it expects to report record revenue earnings for its third fiscal quarter ended July 31.
The cannabis company said in a release that it expects record revenue, gross profit and adjusted EBITDA ahead of analyst forecasts.
The company said revenue is expected to come in between $195-million to $200-million. It said that’s ahead of consensus of $183.4-million, citing FactSet estimates.
It also said adjusted EBITDA is expected to be between $15.2-million to $16.5-million, ahead of consensus of $14-million.
“This quarter’s guidance demonstrates the growing earnings power of the global platform we have built,” CEO Raj Grover stated in a release. “We expect to set new company records for revenue, gross profit and Adjusted EBITDA, with year-over-year growth of at least 30%, 27% and 43%, respectively. Importantly, even the low end of our guidance exceeds the highest current analyst estimate across all three metrics. We believe this provides clear evidence that current market expectations have not yet caught up with the strength, scale and operating leverage of our business.”
The company said it plans to report full results for the quarter on Sept. 14.
“We view these developments as further evidence that HITI is driving significant share gains in the domestic and international market as it reaps the benefits of its scale. Still, shares are trading at 2-year lows,” TD analyst Derek Lessard wrote in a note.
He said investors should focus on three key themes: the company’s value proposition in a softer consumer spending environment, the strength of its Remexian business in Germany and the potential upside of international expansion.
“Management has identified the U.K. as a priority market. We view it as an attractive opportunity given HITI’s balance sheet flexibility and the operating experience it has gained through Remexian,” he wrote.
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Altus Group Ltd. (AIF-T) said it has an agreement to sell its development advisory business to an affiliate of Newmark Group, Inc.
The transaction, which is expected to close on Sept. 1, includes Altus’ Development Advisory operations in North America and Asia Pacific, the company said.
In connection with the transaction, Newmark has expanded its multi-year ARGUS Intelligence agreement with Altus Group.
“The sale of our Development Advisory business to Newmark marks the successful completion of our planned divestitures for the year and results in Altus being a much more focused company,” said CEO Mike Gordon. “Having already entrusted our Canadian Appraisal business to Newmark in March of 2026, we are confident the Development Advisory team and capabilities will continue to thrive under their ownership.
The development advisory business consists of approximately 335 employees across Canada, the US, Australia and Thailand.
TD analyst John Shao described the announcement as “slightly positive” in a note:
“We view today’s transaction as strategically consistent with management’s effort to simplify the business, which we believe leads to an improved growth mix, better margins, and identity as an AI-enabled CRE software company,” he wrote. “We also believe the accompanying expansion of Newmark’s ARGUS relationship, including adoption of ARGUS Assist, is an encouraging incremental datapoint of growing AI adoption.”
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5N Plus Inc. (VNP-T) shares fell on Tuesday after the company reported mixed second-quarter results and reduced backlog.
After markets closed on Monday, the Montreal-based specialty semiconductors and performance materials company reported revenue of US$122.4-million, up from US$95.3 million a year earlier. The results surpassed expectations of US$114.1-million, according to S&P Capital IQ estimates.
Adjusted EBITDA in Q2 2026 increased by 10 per cent to US$26.6 million, compared to US$24.1-million last year. The result slightly missed expectations of US$26.8-million.
Net earnings were US$19.7-million or 22 cents US compared to $15.2-million or 17 cents a year ago.
The company said its backlog stood at $420-million, representing 313 days of annualized revenue as at June 30, 23 days lower than in the previous quarter and 16 days higher than as at June 30. The expectation was for earnings of 16 cents US per share.
“The second quarter reflected increased cost pressures as expected, as well as temporary reduced operational efficiencies associated with our ongoing capacity expansion initiatives to support future growth,” CEO Richard Perron stated in a release. “Despite these headwinds, our teams executed effectively, maintained strong customer deliveries, and continued to advance our growth initiatives. Supported by a robust demand pipeline and disciplined execution, we are reaffirming our full-year 2026 adjusted EBITDA guidance and remain focused on executing our long-term growth strategy.”
The company also reaffirmed its full-year 2026 adjusted EBITDA guidance of US$100-million to $105-million.
National Bank Financial analyst Baltej Sidhu said the backlog was driven by performance materials, where backlog fell to 99 days from 130 days “primarily due to the timing of contract signings and renewals, net of quarterly contract realization,” he wrote.
“Despite the moderation, backlog remains above the prior-year level at more than ten months of annualized revenue, supporting strong forward visibility. Importantly, VNP’s definition of backlog only includes orders expected to convert within the next 12 months and is capped at 365 days, meaning longer-dated customer commitments are not fully reflected in the reported metric.”
He said the company’s earnings beat his estimates. In a follow-up note, the analyst lowered his target to $45 from $50, citing the tempered outlook, but maintained his “outperform” (buy) recommendation.
Canaccord analyst Amr Ezzat said in a note that 5N Plus delivered “another strong demand quarter, although the quality of the beat was mixed.”
He said the reiterated full-year guidance implies second-half adjusted EBITDA of $44.2-million to $49.2-million, or 12 per cent to 21 per cent below the first half.
“At face value, the implied H2 step-down appears to leave some cushion if Specialty Semiconductors’ operating efficiency normalizes, although higher input costs and normalized Performance Materials margins remain the key swing factors,” he wrote. He has a “buy” and $48 target on the stock.
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Upcoming small-cap earnings:
Aug. 5: Flagship Communities REIT (MHC-UN-T), Kinaxis Inc. (KXS-T), Doman Building Materials Group Ltd. (DBM-T), Propel Holdings Inc. (PRL-T), Xanadu Quantum Technologies Ltd. (XNDU-T), Thinkific Labs Inc. (THNC-T), AirBoss of America Corp. (BOS-T), Galaxy Digital Holdings Ltd. (GLXY-T), Pizza Pizza Royalty Corp. (PZA-T), Savaria Corp. (SIS-T), Dorel Industries Inc. (DII-B-T), Sprott Inc. (SII-T)
Aug. 6: NFI Group Inc. (NFI-T), Enerflex Ltd. (EFX-T), Interfor Corp. (IFP-T), Cascades Inc. (CAS-T), Plaza Retail REIT (PLZ-UN-T), Rogers Sugar Inc. (RSI-T), Cronos Group Inc. (CRON-T), Profound Medical Corp. (PRN-T), TerrAscend Corp. (TSND-T), Premium Brands Holdings Corp. (PBH-T), Altus Group Ltd. (AIF-T), Goeasy Ltd. (GSY-T), Alaris Equity Partners Income Trust (AD-UN-T), Medical Facilities Corp. (DR-T), VitalHub Corp. (VHI-T), Knight Therapeutics Inc. (GUD-T), Dominion Lending Centres Inc. DLCG-T
Aug. 7: Superior Plus Corp. (SPB-T), Docebo Inc. (DCBO-T), Trulieve Cannabis Corp. (TRUL-CN), Slate Grocery REIT (SGR-UN-T), DRI Healthcare Trust (DHT-UN-T), Fiera Capital Corp. (FSZ-T)
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
- with files Reuters