A look at some small-cap stocks making news - or about to. This file will be updated throughout the day on Wednesday and Thursday.
Canada’s S&P/TSX Small Cap Index (TXTW-I) is up by about 53 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 a high of 3,048.85 on Aug. 5.
Small-cap summary:
Calian Group Ltd. (CGY-T) shares jumped on Thursday after the company reported results for its latest quarter that beat expectations.
Before markets opened on Thursday, the Ottawa-based infrastructure technology company reported revenue of $230-million for its third quarter ended June 30, a record quarterly result and up from $192-million a year earlier. The result also surpassed expectations of $215.3-million, according to S&P Capital IQ.
Adjusted EBITDA increased 35 per cent to $25.6-million and was ahead of expectations of $20.2-million.
Net profit was $5.9-million or 51 cents per share, compared to $600,000 or 5 cents last year and ahead of expectations of 22 cents.
Adjusted EPS of $1.10 per share was up from 79 cents last year and beat expectations of 85 cents.
“We view the results as positive for the shares as they were well ahead of our estimates,” Acumen Capital analyst Jim Byrne said in a note. “The company’s results in the next few years will be driven by increases in global defence spending, and we view CGY as one of the best-positioned companies in the Canadian space, and we highlighted the company as a Top Pick for 2026.”
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Mattr Corp. (MATR-T) shares were down on Thursday after it reported second-quarter results and updated its 2026 guidance.
After markets closed on Wednesday, the company reported revenue of $396.2-million, up from $321-million a year earlier. The result was ahead of expectations of $385.3-million.
Adjusted EBITDA from continuing operations was $62.8-million, up from $42.5-million last year and ahead of expectations of $60.1-million.
Net income of $19.8-million or 32 cents per share was a big improvement from a loss of $7-million or 11 cents last year. Adjusted EPS of 39 cents compared to 12 cents a year ago. The expectation was for EPS of 40 cents.
In its outlook, the company said it expects revenue and adjusted EBITDA in 2026 to be higher than last year. Cash from operating activities “will be modestly higher” this year versus last year, “as strengthening profitability is partially offset by necessary investments in working capital, including to de-risk critical raw material supply chains,” it stated.
It also expects adjusted EBITDA for the third quarter to be similar to the second quarter, while the fourth quarter is expected to “exhibit normal seasonal slowing,” it added.
TD analyst Michael Tupholme said the revenue and adjusted EBITDA results were consistent with the preliminary ranges the company announced in mid-July.
“Still, encouraging, as both segments showed strong y/y topline and margin growth,” he wrote.
He also said the company provided updated 2026 guidance slightly above his expectations.
“Growth momentum looks set to continue. We remain constructive,” he wrote.
National Bank Financial analyst Nathan Po said in a note that it was no surprise the 2026 outlook has been positively revised, given the preliminary release of earnings in July.
“Despite the recent price action of oil (WTI +30% since pre-war), no material changes to customer buying patterns in North American O&G end markets have manifested. North American O&G activity is anticipated to increase slightly in Q3, however, as a few customers accelerate capex plans,” he wrote.
“To date, MATR has not suffered from material input supply disruptions stemming from the Middle East conflict, though the company flags rising pressure on certain petroleum-derived raw material costs, as well as higher uncertainty surrounding the logistics of products (both finished and in transit).”
Added Mr. Po: “MATR’s direct exposure to the most recent slate of 50% tariffs on Canadian goods is limited, restricted to certain wire and cable SKUs manufactured in Canada for sale into the United States. We estimate these products account for 2-3% of consolidated sales.”
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Telesat Corp. (TSAT-T) were down in Thursday trading after the satellite operator reported lower revenue and swung to a loss in the second quarter.
Before markets opened on Thursday, the Ottawa-based company reported revenue of $79.5-million, down from $106.1-million last year. The result was roughly in line with expectations of $79.7-million, according to S&P Capital IQ.
“The revenue decline was driven primarily by non-renewals of certain broadcast contracts in 2025 and, to a lesser extent, reductions in services for fixed broadband customers, partially offset by new contracts in our aviation vertical,” the company stated.
Its net loss of $558.6-million or $10.89 per share compared to net income of $75.5-million or $1.38 a year ago.
“The net loss was primarily due to non-cash losses associated with an increase in the fair value of the Telesat Lightspeed Financing Warrants and, owing to a weakening of the Canadian dollar relative to the U.S. dollar, an increase in the Canadian dollar value of our U.S. dollar-denominated debt,” the company stated.
Adjusted EBITDA of $22.1-million was down from $58.7-million a year earlier. Excluding the impact of higher expenses related to its Telesat GEO debt refinancing process, adjusted EBITDA decreased 45 per cent the company stated. The expectation was for adjusted EBITDA of $31.4-million.
“In our GEO business, our efforts to drive resilient cash flow from our existing GEO satellite fleet resulted in contract signings that led to a sequential expansion of our GEO backlog,” stated CEO Dan Goldberg. “We continue to be focused on maintaining strict cost discipline to mitigate revenue pressures.”
Added Mr. Goldberg: “Finally, we continue to work to optimize the company’s capital structure and toward refinancing the Telesat GEO debt that starts to mature later this year. We recently borrowed US$120 million to be used for general corporate purposes at a subsidiary of Telesat GEO, providing us with further financial resources to support the business.”
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Bird Construction Inc. (BDT-T) shares rose on Thursday after the company reported second-quarter results that beat expectations.
After markets closed on Wednesday, the company reported revenue of $1.043-billion up about 23 per cent from $850.8-million a year earlier. The result beat expectations of $956.2-million, according to S&P Capital IQ estimates.
Net income of $30.3-million or 55 cents per share compared to $20.3-million or 37 cents last year.
Adjusted earnings of $38.6-million or 70 cents per share compared to $27.6-million or 50 cents a year earlier. The result beat expectations of 59 cents for the latest quarter.
Adjusted EBITDA of $73.9-million was ahead of consensus of $67.2-million compared to $54.9-million last year.
Stifel analyst Ian Gillies said in a note that organic growth showed up a quarter earlier than expected.
“Guidance would suggest there will be a 4-5% lift to estimated 2026 consensus revenue and EBITDA, and 2Q26 was a 10.5% adj. EBITDA beat versus consensus on stronger revenue and margins,” he wrote, adding that he believes the quarterly beat “will put a bid back into the stock,” which is down 16 per cent from its July 15 peak. He believes it reflects investors realizing profits given that the stock is still up 126 per cent year to date.
BMO analyst John Gibson raised his target to $85 from $75 after the earnings and kept his “outperform” (buy) rating.
“Bird reported strong Q2/26 results, with revenue rising over $1 billion (up 23% y/y) for the first time in its history. Note the midpoint of guidance implies this pace keeps up well into 2027,” he wrote. “The company’s backlog also remains robust enough to support a multi-year runway of revenue and margin growth.”
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North American Construction Group Ltd. (NOA-T) reported mixed second-quarter results.
After markets closed on Wednesday, the company reported revenue of $456.1-million, up from $370.6-million a year ago. The result easily beat expectations of $345.5-million.
Adjusted EBITDA of $93.5-million was up from $80.1-million a year ago and ahead of expectations of $89.3-million.
Net income of $9.4-million or 34 cents per share was down from $10.3-million or 33 cents a year ago. Adjusted net earnings of $8.5-million or 32 cents was up from $806,000 or 2 cents a year ago. The expectation was for 37 cents in the latest quarter.
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AutoCanada Inc. (ACQ-T) shares jumped on Thursday after the company reported higher-than-expected revenue and overall results, prompting at least one analyst price target increase.
After markets closed on Wednesday, the company reported revenue of $1.42-billion up 6 per cent from $1.34-billion in the prior year. The company said the increase was primarily due to increases in new and used vehicle sales and finance and insurance, partially offset by decreases in parts and service and collision repair services.
The result was ahead of expectations of $1.26-billion, according to S&P Capital IQ.
Net income from continuing operations of $12.1-million or 46 cents, compared to net income of $18.9-million or 72 cents a year ago. The drop was due to lower gross profits and higher finance costs, the company said. The result was below expectations of 68 cents per share, according to S&P Capital IQ.
Adjusted EBITDA from continuing operations of $52.1-million was ahead of expectations of $49.6-million and compared to $64.4-million in the prior year.
Canaccord Genuity analysts increased their target on the stock to $25 from $22.50 and maintained their “buy” rating after the earnings.
“We expect GPUs to remain compressed in the near term as management sells through aged inventory while navigating a tougher macro backdrop,” wrote analysts Luke Hannan, Eric Zhu and James Stevenson in a note.
“We recognize that there is significant embedded value in ACQ shares when considering the collision platform, though we do not believe investors are likely to reward the stock with a higher multiple until management can demonstrate its ability to generate operating leverage off a lower cost base, which we don’t expect to take shape until 2027 at the earliest. Accordingly, we expect the stock to remain range-bound until then. We have increased our target price as a result of rolling forward our valuation methodology to 2027, reflecting the passage of time, while leaving our model relatively unchanged.”
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Pollard Banknote Ltd. (PBL-T) shares were higher on Thursday after the lottery products company reported second-quarter revenue and adjusted EBITDA that were above analysts’ expectations.
After markets closed on Wednesday, the Winnipeg-based company reported revenue of $154.8-million, up 8.5 per cent from $142.7-million in the second quarter of last year. The result was ahead of expectations of $152.9-million, according to S&P Capital IQ estimates.
Adjusted EBITDA came in at $31.1-million, up 6.5 per cent from $29.2-million in the second quarter of 2025. The result was ahead of expectations of $29.4-million.
Net income of $8.7-million or 32 cents per share was up from $8-million or 30 cents a year earlier. The result was below expectations of 44 cents, according to S&P Capital IQ.
“Pollard reported an in-line Q2, with a broad-based rebound from a weaker Q1 as instant-ticket volumes and product mix normalized, manufacturing efficiencies improved, the Belgium project transitioned into early development, and Minnesota eTab revenue reached record levels,” Canaccord Genuity analysts Robert Young and Janet Yang wrote in a note.
“Looking into H2/26, management remains positive, supported by scheduled instant-ticket volumes above Q2 levels, favourable Q3 seasonality, continued Belgium and California ramp-up, the recent Colorado iLottery win, and strength in eTab, although the expiry of Michigan and pending Kansas renewal remain near-term offsets.”
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Linamar Corp. (LNR-T) shares were down on Thursday after the company reported mixed second-quarter results.
After markets closed on Wednesday, the Guelph, Ont.-based auto parts maker said sales rose 18.8 per cent to reach a record $3.14-billion in the quarter, up from $2.6-billion a year earlier. The result was ahead of expectations of $3.01-billion, according to S&P Capital IQ estimates.
Net earnings of $183-million or $3.08 per share were up from $168.4-million or $2.81 a year earlier. The expectation was for earnings of $3.12 per share.
“Q2 was another strong quarter for us despite a challenging environment with record sales overall and notably record sales and earnings in our important Mobility segment,” said executive chair Linda Hasenfratz. “New business wins are tracking ahead of target as we continue to win in a dynamic marketplace and our outlook is positive for continued growth top and bottom line this year and next.”
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Western Forest Products Inc. (WEF-T) shares were higher on Thursday after the company swung to a profit in its latest quarter.
After markets closed on Wednesday, the company reported revenue of $239.6-million, down from $289.1-million a year earlier. The result was below expectations of $249-million, according to S&P Capital IQ.
Adjusted EBITDA of $400,000 was down from $500,000 last year.
Net income of $10.5-million or $1.10 per share compared with a loss of $17.4-million or $1.62 a year earlier.
“North American lumber markets are expected to be relatively stable through most of the third quarter of 2026,” the company stated in its outlook. “Housing affordability continues to be the most significant issue leading to reduced housing demand. Elevated interest rates, higher fuel costs, and broader economic uncertainty are contributing to subdued consumer confidence. Despite these headwinds, reduced lumber supply across North America has helped to offset weaker demand and support price stability across key product categories and market segments.”
It also said lumber demand in Japan has improved “as housing starts gained momentum through the second quarter of 2026 while lumber inventories at the ports decreased.” It also said the Japanese lumber market is expected to be stable through the third quarter of 2026.
“Demand for softwood lumber in China is anticipated to soften in the third quarter of 2026, as seasonal weather and high temperatures reduce construction activities,” the company added.
In a note, TD analyst Sean Steuart said the company’s margins are improving.
“The q/q improvement in EBITDA/Mfbm outpaced the sector average, although the company started from a relatively deep loss base as prices for most specialty and niche lumber grades have lagged the broader lumber market upswing since Q4/25,” he wrote. “WEF’s balance sheet is strengthening, bolstered by non-core asset sales and insurance claims. We expect cautious capital deployment.”
He has a “hold” and $19 target on the stock.
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Maple Leaf Foods Inc. (MFI-T) shares fell on Wednesday after the company reported mixed results for its second quarter.
Before markets opened on Wednesday, the company reported sales of $1.02-billion, up 1.6 per cent versus $1-billion a year earlier. The result was below expectations of $1.03-billion, according to S&P Capital IQ estimates.
The company said poultry sales increased by 7.1 per cent driven by higher volumes, improved channel mix, and pricing, which were partially offset by increased trade promotion spending.
Prepared foods sales decreased by 2 per cent driven by lower volumes and increased trade promotion spending. These factors were partially offset by pricing, related party revenue, and improved product mix, the company stated.
Adjusted EBITDA of $137-million was up 4.8 per cent from the same period last year.
Earnings from continuing operations of $40.8-million or 33 cents per share was up from $39-million or 31 cent a year ago. Adjusted EPS of 44 cents was up from 33 cents last year and ahead of expectations of 42 cents.
TD analyst Derek Lessard described the results as “slightly positive” in a note.
“Our ‘slightly positive’ handle reflects the strong margin performance despite pricing pressure in the Prepared Foods segment. We expect this to be transitory,” he wrote.
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Boyd Group Services Inc. (BYD-T) shares were higher on Wednesday after the company reported strong same-store sales growth in its latest quarter.
Before markets opened on Wednesday, the collision repair centers company reported sales of US$1.013-billion for the quarter, up 30 per cent from US$780.4-million a year ago. It said the increase was driven by 340 new locations that were not in operation for the full comparative quarter and 2.9 per cent same-store sales growth.
The expectation was for sales of US$1.017-billion, according to S&P Capital IQ estimates.
Adjusted EBITDA increased 45 per cent to US$135.9-million, which was slightly ahead of expectations of US$135.2-million.
Net earnings were US$1.3-million, compared to US$5.4-million in the same period of the prior year. The company said net earnings were impacted by higher depreciation and amortization costs from new location growth, as well as higher finance costs related to the Joe Hudson’s acquisition.
Adjusted net earnings increased 46.7 per cent to US$22.4-million.
Adjusted earnings per share came in at 80 cents US, up from 71 cents US last year and below expectations of 90 cents US.
“These are solid results, in our view,” TD analyst Derek Lessard wrote in a note. “All eyes have been on SSS [same store sales], which beat consensus on strong share gains. We’ve also been highlighting the margin story for a number of quarters now, with the company delivering a print 40bps ahead of our estimate. BYD shares are down ~35% YTD, which we think is overdone considering the quality of ongoing improvement. We expect shares to react positively today.”
Stifel analyst Daryl Young, in a note, said the company delivered a “good operating quarter.”
“SSSG of 2.9% was slightly better than our 2.5% and accelerated from 1.7% in Q1/26 (Boyd’s fourth consecutive quarter of positive organic growth),” he wrote. “We are encouraged by continued macro improvement, with industry claims activity continuing to stabilize and SSSG trending LSD into Q3/26. Amid this environment, Boyd continues to take market share and is poised for a return to long-term trends of 3-5% SSSG once TCOR [Total Cost of Repair] inevitably normalizes. In the meantime, Boyd is delivering on the items it can control, including the integration of JHCC with accelerated expense rationalization, balance sheet deleveraging, and tuck-in M&A.”
Added Mr. Young: “We continue to think Boyd is attractively valued at an ~7% FCF yield and will emerge as a net winner of the current challenging market dynamics.”
CIBC analyst Krista Friesen raised her target to $208 from $205 and kept her “outperformer” (buy) rating.
“The broader operating environment appears more stable than it was a year ago, with repairable claims volumes holding in the flat-to-down-2% range and total loss trends no longer worsening, but it is equally clear that the industry has not fully returned to normal,” she wrote. “Management continues to see limited benefit from total cost of repair growth, a dynamic that has historically been an important contributor to industry growth. Against that backdrop, we view the quarter as further evidence that BYD’s market share initiatives, Project 360 execution and Joe Hudson integration efforts are producing results.”
Added Ms. Friesen: “While we are not prepared to call this a full recovery story, we continue to believe the current valuation provides an attractive risk/reward proposition.”
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HLS Therapeutics Inc. (HLS-T) shares were higher in Wednesday trading after the company reported second-quarter results that beat expectations.
Before markets opened on Wednesday, the Toronto-based company reported revenue of $14.7-million, up from $14.2-million a year earlier. The expectation was for $14.2-million, according to S&P Capital IQ.
Adjusted EBITDA of $4.7-million was down from $5.1-million a year earlier and ahead of expectations of $4.4-million.
Its net loss of $1-million or 3 cents per share was improved from a loss of $2.7-million or 9 cents a year ago. The expectation was for a loss of 8 cents.
The company also reaffirmed its 2026 financial targets.
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Computer Modelling Group (CMG-T) reported mixed first-quarter results and outlook for its second quarter, alongside a share buyback.
After markets closed on Tuesday, the company reported revenue of $27.8-million, which was roughly in line with expectations and down 6 per cent from $29.6-million a year earlier.
Adjusted EBITDA decreased by 10 per cent to $6.4 million from $7.1-million a year earlier. The result was ahead of expectations of $5.5-million, according to S&P Capital IQ estimates.
Net income of $1.3-million or 2 cents per share was down from $3.3-million or 4 cents a year ago and below expectations of 4 cents.
The company said it expects recurring revenue to increase “sequentially” from the first quarter, driven by a higher renewal cycle in the second quarter relative to the first.
“Professional services revenue is expected to decline sequentially in the second quarter, and to represent the lowest quarter of the fiscal year,” the company stated. “This reflects the completion of the wind down of the non-core services at Bluware and lower activity levels during the summer months.”
It also said adjusted EBITDA and adjusted EBITDA margins are expected to decline sequentially in the second quarter “reflecting the trough in professional services revenue and an expected increase in sales and marketing expense tied to agent commissions paid on contract renewals that happen regularly in Q2.”
The company also updated its outlook for professional services revenue in fiscal 2027, which it said is now expected to decline between $6-million to $7-million relative to fiscal 2026. It was previously expected to be down $6-million, the company stated.
“For fiscal 2027, relative to the prior year and excluding the impact of future acquisitions, we continue to expect organic recurring revenue to be stable, no decline in adjusted EBITDA, and improved free cash flow,” the company stated.
The company also announced it plans to buy back $20-million of its common shares through a “modified Dutch auction.”
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Pason Systems Inc. (PSI-T) shares jumped on Wednesday after the company reported second-quarter results that beat expectations.
After markets closed on Tuesday, the company reported revenue of $100.8-million up from $96.4-million a year earlier. The result was ahead of expectations of $96.8-million, according to S&P Capital IQ.
Adjusted EBITDA of $35.7-million was up from $31.6-million a year ago and ahead of expectations of $32.2-million.
Net income of $14.1-million or 18 cents per share was up from $12.6-mllion or 16 cents a year ago and ahead of expectations of 14 cents.
Funds from operations of $33.5-million or 43 cents per share compared to $26.5-million or 34 cents last year.
Canaccord Genuity analyst Dan Payne maintained his “sector perform” rating and $15.50 target after the results.
“A very solid quarter, while the business continues to orient for long-term opportunity and upside through ongoing entrenchment of its high-value technological offerings, while valuation is increasingly defensible (again, risk/reward improved in the context of a higher long-term floor),” he wrote.
Mr. Payne also said management commentary points to “constructive optimism in the long-term market opportunity.”
Added Mr. Payne: “Rig counts are already pushing 5-10% higher, while seasonality is abating, and the noted operating leverage of the business should compound with resonance (as the industry presses forward through ongoing volatility).”
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BTB REIT (BTB-UN-T) units were higher on Wednesday after it reported higher revenue and profit for its second quarter ended June. 30
After markets closed on Tuesday, the real estate investment trust reported rental revenue of $31.9-million for the quarter, up nearly 5 per cent from $30.5-million a year earlier.
Adjusted net income of $7.5-million or 8.4 cents per unit was up from $5.8-million or 6.5 cents last year.
Adjusted funds from operations of $8.7-million or 9.8 cents per unit was up from $8.4-million or 9.5 cents a year earlier.
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Cipher Pharmaceuticals Inc. (CPH-T) shares sank on Wednesday after the company reported lower revenue and profit compared to a year ago.
After markets closed on Tuesday, the company reported revenue of US$12.1-million, down 10 per cent from a year ago.
Net income of US$4-million or 15 cents US per share, compared to US$5.9-million or 22 cents US per share a year ago.
Adjusted EBITDA was US$6.8-million, down from US$7.6-million a year ago.
“While this quarter was a departure from the significant growth we have delivered in recent quarters, our original expectations for the U.S. business, led by Natroba, continue to remain in place, despite market dynamics that may emerge over time, both within the product indication and in Medicaid programs,” stated CEO Craig Mull. “We expect performance to improve in future quarters as certain programs we are implementing take effect.”
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Bonterra Energy Corp. (BNE-T) reported higher revenue and swung to a profit for its second quarter.
After markets closed on Tuesday, the Calgary-based company reported revenue of $97.2-million, up from $64.2-million.
Net income totalled $20.7-million or 56 cents per share, including a $16.9-million unrealized hedging gain. That compared to a loss of $1.3-million or 4 cents a year earlier.
Acumen Capital analyst Trevor Reynolds noted that the company achieved record production in the second quarter, driven by drilling at its Charlie Lake project, while funds flow tracked slightly below his estimate.
“With the quarter BNE provided results from three new Charlie Lake wells, including two step outs, along with the most recent Montney well. Guidance for the year increases with plans for an additional well and infrastructure work, along with a tuck in acquisition at Bonanza completed post quarter,” he wrote.
“Following the acquisition and recent well results BNE is increasing capex and production guidance for the year,” the analyst added. “Increased capex is planned for the acceleration of infrastructure build out along with the drilling of an additional well in the Charlie Lake area that is expected to be brought on in the middle of Q4/26.”
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Upcoming small-cap earnings:
Aug. 14: Beyond Oil Ltd. (BOIL-T), Frontera Energy Corp. (FEC-T)
Aug. 26: Corby Spirit and Wine Ltd. (CSW-A-T), EQB Inc. (EQB-T)
Aug. 27: Kraken Robotics Inc. (PNG-X)
Aug. 28: Laurentian Bank (LB-T)
Sept. 14: High Tide Inc. HITI-X
- with files from The Canadian Press
Editor’s note: This article has been updated to correct Bird Construction’s reported revenue. After markets closed on Wednesday, the company reported revenue of $1.043-billion.