N 
12.33
+5.93%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Net income
−C$309.7m
FY2016FY2025
Free cash flow
−C$77.8m
FY2016FY2025
Shareholders' equity
C$1.83bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | −C$2.2m | −C$2.3m | −C$1.8m | −C$1.8m | −C$2.1m | −C$2.3m | −C$2.4m | −C$1.5m | −C$758,000 | −C$627,000 |
| Operating income | −C$89.8m | −C$78.2m | −C$84.7m | −C$59.9m | −C$49.0m | −C$21.3m | −C$5.4m | C$13.1m | −C$45.4m | −C$10.2m |
| Net income | −C$309.7m | −C$77.6m | C$80.8m | −C$56.6m | −C$119.1m | −C$109.8m | −C$16.5m | C$2.3m | −C$56.0m | −C$16.9m |
| Diluted earnings per share | -0.51 | -0.14 | 0.15 | -0.12 | -0.25 | -0.27 | -0.05 | 0.01 | -0.17 | -0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$2.47bn | C$1.66bn | C$1.01bn | C$554.6m | C$546.6m | C$357.4m | C$313.5m | C$326.9m | C$323.1m | C$192.5m |
| Cash and short-term investments | C$1.12bn | C$476.6m | C$290.7m | C$140.2m | C$211.1m | C$74.0m | C$52.1m | C$125.1m | C$164.9m | C$78.5m |
| Total liabilities | C$640.8m | C$478.2m | C$187.4m | C$99.1m | C$85.2m | C$238.1m | C$127.2m | C$144.9m | C$174.7m | C$73.5m |
| Debt | C$586.9m | C$456.8m | C$160.4m | C$82.5m | C$75.2m | C$230.9m | C$122.2m | C$138.2m | C$171.4m | C$70.8m |
| Shareholders' equity | C$1.83bn | C$1.18bn | C$820.0m | C$417.9m | C$433.6m | C$94.3m | C$164.7m | C$165.3m | C$136.3m | C$110.0m |
| Shares outstanding | 612m | 569m | 525m | 483m | 479m | 407m | 360m | 409m | 339m | 306m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −C$77.2m | −C$24.1m | −C$52.6m | −C$20.2m | −C$16.8m | −C$10.6m | −C$12.8m | −C$8.5m | −C$11.1m | −C$8.0m |
| Capital spending | −C$505,000 | −C$130.7m | −C$6.1m | −C$354,000 | −C$46.9m | −C$18.2m | −C$57.7m | −C$37.8m | −C$37.8m | −C$44.0m |
| Free cash flow | −C$77.8m | −C$154.8m | −C$58.7m | −C$20.5m | −C$63.7m | −C$28.9m | −C$70.5m | −C$46.2m | −C$49.0m | −C$52.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | −C$417,000 | −C$428,000 | −C$564,000 | −C$558,000 | −C$530,000 | −C$549,000 | −C$592,000 | −C$580,000 |
| Operating income | −C$27.3m | −C$24.6m | −C$36.6m | −C$21.4m | −C$72.7m | −C$30.3m | −C$55.6m | −C$18.7m |
| Net income | C$74.5m | −C$156.0m | −C$42.8m | −C$129.2m | −C$86.7m | −C$50.9m | −C$66.4m | C$10.3m |
| Diluted earnings per share | 0.11 | -0.22 | -0.07 | -0.21 | -0.14 | -0.08 | -0.12 | 0.02 |
| Cash from operations | −C$10.0m | −C$10.0m | −C$39.0m | −C$10.0m | −C$10.0m | −C$1.0m | −C$9.0m | −C$2.0m |
| Capital spending | −C$74.0m | −C$29.0m | — | −C$66.0m | −C$25.0m | −C$28.0m | −C$128.0m | — |
| Free cash flow | −C$84.0m | −C$39.0m | — | −C$76.0m | −C$35.0m | −C$29.0m | −C$137.0m | — |
| Total assets | C$2.53bn | C$2.47bn | C$2.47bn | C$1.57bn | C$1.55bn | C$1.57bn | C$1.66bn | C$1.68bn |
| Cash and short-term investments | C$970.3m | C$1.02bn | C$1.12bn | C$306.0m | C$371.6m | C$434.6m | C$476.6m | C$537.8m |
| Debt | C$613.1m | C$715.3m | C$587.6m | C$592.7m | C$489.1m | C$427.8m | C$456.8m | C$431.2m |
| Shareholders' equity | C$1.84bn | C$1.70bn | C$1.83bn | C$918.8m | C$1.03bn | C$1.10bn | C$1.18bn | C$1.21bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2013 | |
|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | — | — | — | -27560.6% |
| Net margin | — | — | — | — | — | — | -27558.6% |
| Return on equity | -16.9% | -6.6% | 9.9% | -13.5% | -27.5% | -116.5% | — |
| Return on assets | -12.5% | -4.7% | 8.0% | -10.2% | -21.8% | -30.7% | — |
| Free cash flow yield | -1.0% | 1.5% | -0.7% | -0.3% | 0.5% | 0.1% | — |
| Earnings growth | 299.3% | -196.0% | -242.8% | -52.5% | 8.4% | 563.7% | — |
| Current ratio | 1.82x | 1.03x | 11.00x | 8.70x | 26.00x | 10.24x | — |
| Debt to equity | 0.32x | 0.39x | 0.19x | 0.19x | 0.17x | 2.42x | — |
| Equity ratio | 74.1% | 71.1% | 81.4% | 75.4% | 79.3% | 26.4% | — |
| Interest coverage | -1.92x | -2.40x | -13.56x | -25.09x | -12.28x | -1.57x | — |
| Buybacks as a share of market value | -7.5% | -8.3% | -8.9% | -0.7% | -17.6% | -13.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 14.5% | 33.3% | 32.9% |
| Net income | 76.2% | 23.0% | 52.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -24.9 | -69.6 | 60.3 | -51.1 | -22.3 | -13.0 | -36.4 | 434.7 | -19.4 | -42.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2.35-to-1 reverse split · 23 Apr 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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