A 
12.17
+7.22%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Net income
−C$57.6m
FY2016FY2025
Free cash flow
−C$50.8m
FY2016FY2025
Shareholders' equity
C$78.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | −C$2.2m | −C$1.6m | −C$11,366 | −C$1.6m | −C$28,956 | −C$25,863 | −C$2,873 | — | −C$1.9m | — |
| Operating income | −C$58.6m | −C$28.0m | −C$29.5m | −C$29.0m | −C$18.1m | −C$7.1m | −C$1.4m | −C$2.7m | −C$4.3m | −C$66,173 |
| Net income | −C$57.6m | −C$25.1m | −C$18.8m | −C$20.9m | −C$18.8m | −C$5.7m | −C$1.5m | −C$3.3m | −C$6.2m | C$509,806 |
| Diluted earnings per share | -0.38 | -0.20 | -0.17 | -0.20 | -0.20 | -0.07 | -0.08 | -0.20 | -0.43 | 0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$86.1m | C$39.7m | C$29.7m | C$39.1m | C$34.7m | C$34.2m | C$12.6m | C$4.0m | C$5.0m | C$381,600 |
| Cash and short-term investments | C$58.5m | C$13.7m | C$4.8m | C$15.8m | C$19.0m | C$17.1m | C$1.8m | C$11,662 | C$22,223 | C$97 |
| Total liabilities | C$7.2m | C$10.9m | C$8.2m | C$7.5m | C$5.9m | C$584,144 | C$1.3m | C$951,026 | C$1.3m | C$420,682 |
| Debt | — | — | — | C$12,528 | C$20,078 | C$53,706 | C$33,970 | — | — | C$415,767 |
| Shareholders' equity | C$78.8m | C$28.8m | C$21.5m | C$31.6m | C$31.4m | C$33.6m | C$11.3m | C$3.1m | C$3.7m | −C$39,082 |
| Shares outstanding | 151m | 125m | 113m | 105m | 95m | 82m | 20m | 16m | 14m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −C$44.2m | −C$23.1m | −C$27.7m | −C$25.7m | −C$14.9m | −C$5.8m | −C$1.5m | −C$2.3m | −C$3.7m | −C$56,354 |
| Capital spending | −C$6.6m | −C$3.1m | −C$2.0m | −C$522,948 | −C$351,600 | −C$6.8m | −C$675,822 | −C$285,642 | −C$2.3m | — |
| Free cash flow | −C$50.8m | −C$26.3m | −C$29.7m | −C$26.2m | −C$15.3m | −C$12.6m | −C$2.1m | −C$2.6m | −C$6.0m | −C$56,354 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | −C$24,000 | −C$20,000 | −C$2.9m | −C$19,888 | −C$18,614 | −C$18,000 | −C$443,000 | −C$391,000 |
| Operating income | −C$16.9m | −C$14.7m | −C$19.8m | −C$17.5m | −C$12.5m | −C$9.6m | −C$12.6m | −C$8.2m |
| Net income | −C$16.1m | −C$14.0m | −C$19.2m | −C$16.6m | −C$12.9m | −C$9.0m | −C$12.0m | −C$6.9m |
| Diluted earnings per share | -0.10 | -0.09 | -0.13 | -0.11 | -0.09 | -0.06 | -0.10 | -0.06 |
| Cash from operations | −C$16.0m | −C$15.0m | −C$13.0m | −C$13.0m | −C$9.0m | −C$7.0m | −C$8.0m | −C$7.0m |
| Capital spending | — | −C$4.0m | −C$3.0m | −C$1.0m | — | −C$1.0m | −C$1.0m | — |
| Free cash flow | — | −C$19.0m | −C$16.0m | −C$14.0m | — | −C$8.0m | −C$9.0m | — |
| Total assets | C$58.3m | C$73.0m | C$86.1m | C$55.1m | C$68.1m | C$89.1m | C$39.7m | C$39.0m |
| Cash and short-term investments | C$23.5m | C$39.6m | C$58.5m | C$28.3m | C$41.8m | C$61.5m | C$13.7m | C$14.0m |
| Shareholders' equity | C$52.9m | C$68.6m | C$78.8m | C$51.0m | C$64.1m | C$77.2m | C$28.8m | C$30.0m |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2007 | FY2006 | FY2005 | FY2004 | FY2003 | FY2002 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | 58.0% | 60.1% | 81.1% | 78.8% | 64.1% | 52.8% |
| Operating margin | — | — | — | — | — | — | -193.5% | -267.2% | 25.0% | -17.4% | 4.6% | -141.5% |
| Net margin | — | — | — | — | — | — | -208.3% | -192.7% | 5.6% | -13.4% | 1.4% | -184.1% |
| Return on equity | -73.1% | -87.3% | -87.6% | -66.2% | -60.0% | -16.9% | — | — | — | — | — | — |
| Return on assets | -67.0% | -63.2% | -63.3% | -53.4% | -54.4% | -16.6% | — | — | — | — | — | — |
| Free cash flow yield | -2.2% | -1.4% | -2.0% | -2.1% | -1.3% | 0.1% | — | — | — | — | — | — |
| Revenue growth | — | — | — | — | — | — | -27.3% | 69.8% | 210.8% | 28.6% | 699.6% | 25.5% |
| Earnings growth | 129.7% | 33.5% | -10.1% | 10.9% | 231.0% | 269.3% | — | — | — | — | — | — |
| Current ratio | 8.17x | 1.29x | 6.70x | 17.56x | 34.14x | 31.24x | — | — | — | — | — | — |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | — | — | — | — | — | — |
| Equity ratio | 91.6% | 72.5% | 72.3% | 80.8% | 90.5% | 98.3% | — | — | — | — | — | — |
| Interest coverage | -158.56x | -20.68x | -18.02x | -36.17x | -3451.58x | -3970.72x | — | — | — | — | — | — |
| Buybacks as a share of market value | -20.7% | -10.7% | -7.9% | -10.5% | -16.1% | -313.6% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 26.5% | 52.6% | 91.8% |
| Net income | 40.2% | 58.9% | 89.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -28.1 | -11.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 5-to-1 reverse split · 22 May 2024
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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