Small-cap earnings beat expectations as MDA Space and Lightspeed report growth
Several Canadian small-cap companies posted better-than-expected third-quarter results, with MDA Space and Lightspeed raising guidance, while others such as Keel Infrastructure and Canada Goose saw mixed outcomes.
Canada’s S&P/TSX Small Cap Index has risen about 27% over the past year, reaching a record high of 1,496.55 on June 2. In the latest earnings round, MDA Space Ltd. posted third-quarter revenue of $498.1 million, up 21.5% year-over-year and above the $445.4 million forecast, driven by higher volumes in its Satellite Systems and Geointelligence segments. Adjusted EBITDA rose 16% to $96 million, beating the $83.2 million estimate, and adjusted net income reached $60.4 million, or 37 cents per share, exceeding the expected 29 cents. The company also lifted its fiscal 2026 revenue guidance to $1.9-$1.95 billion and adjusted EBITDA guidance to $355-$375 million.
Keel Infrastructure Corp. reported a revenue decline to $28 million from $68 million a year earlier, citing the deliberate shutdown of U.S. Bitcoin mining operations to focus on high-performance computing and a lower Bitcoin price. The firm posted a loss from continuing operations of $62 million, or 10 cents per share, versus a $11 million loss a year ago, and adjusted EBITDA turned negative at $27 million.
Lightspeed Commerce Inc. posted second-quarter revenue of $323.8 million, up 17% and slightly above the $321.1 million estimate. Net loss narrowed to $4.2 million, or 3 cents per share, compared with $32.7 million a year earlier. Adjusted income of $22.6 million met expectations, and the company forecast fiscal 2027 revenue of $1.225-$1.265 billion, with adjusted EBITDA projected between $75 million and $95 million.
Canada Goose Holdings Inc. saw revenue increase to $274 million, but fell short of the $278.5 million consensus. The winter-apparel maker reported a net loss of $18.8 million, or 19 cents per share, and adjusted earnings loss of 20 cents per share. For fiscal 2027, the firm expects a low-single-digit percentage revenue rise.
Savaria Corp. posted third-quarter revenue of $245 million, up 9% and above the $243.3 million estimate, with adjusted EBITDA of $52.1 million, a 10% increase. Net earnings rose to $23.1 million, or 32 cents per share. TD analyst Cheryl Zhang described the results as “neutral,” noting consistent execution and strong EBITDA margins.
North American Construction Group Ltd. reported revenue of $413.3 million, surpassing expectations, but posted a net loss of $24.2 million, or 90 cents per share, after a profit a year earlier. CEO Barry Palmer highlighted record-near revenue and fleet-optimization benefits, while acknowledging weaker performance in core businesses and a disappointing Fargo project.
Bird Construction Inc. announced $1.1 billion in new project awards and multiyear agreements across health-care, public infrastructure and nuclear sectors, which Stifel analyst Ian Gillies said supports a view of multi-year organic revenue growth above 10% through 2030.
Linamar Corp. posted sales of $3.08 billion, beating expectations, and net earnings of $153.5 million, or $2.59 per share. Executive chair Linda Hasenfratz called the quarter solid despite market softness. TD analyst Brian Morrison noted reduced visibility in the mobility segment, leading to a downgrade to “hold.”
Vermilion Energy Inc. reported a net loss of $35 million, or 23 cents per share, driven by unrealized derivative losses, though cash flow from operations remained strong at $237 million.
The article also listed upcoming small-cap earnings dates throughout November and early December.