K 
3.54
+4.73%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$102.2m
FY2016FY2025
Net income
C$2.9m
FY2016FY2025
Free cash flow
−C$28.8m
FY2016FY2025
Shareholders' equity
C$239.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$102.2m | C$91.3m | C$69.6m | C$40.9m | C$25.6m | C$12.3m | C$15.1m | C$6.7m | C$3.5m | C$2.3m |
| Research and development | C$7.9m | C$6.2m | C$4.5m | C$1.3m | C$2.3m | C$1.2m | C$1.9m | C$2.4m | C$2.0m | C$837,805 |
| Operating income | C$8.6m | C$13.8m | C$6.6m | −C$1.5m | −C$2.3m | −C$5.2m | −C$3.2m | −C$4.0m | −C$3.0m | −C$1.4m |
| Net income | C$2.9m | C$20.1m | C$5.5m | −C$4.2m | −C$3.5m | −C$5.5m | −C$3.0m | −C$2.9m | −C$1.8m | −C$1.4m |
| Diluted earnings per share | 0.01 | 0.09 | 0.03 | -0.02 | -0.02 | -0.03 | -0.02 | -0.02 | -0.02 | -0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$313.7m | C$162.6m | C$76.4m | C$71.4m | C$65.5m | C$34.8m | C$18.1m | C$14.0m | C$5.3m | C$2.2m |
| Cash and short-term investments | — | — | C$5.2m | C$8.3m | C$6.8m | C$12.9m | C$2.1m | C$4.9m | — | C$85,650 |
| Total liabilities | C$74.3m | C$40.9m | C$44.4m | C$47.7m | C$37.9m | C$18.8m | C$8.4m | C$5.7m | C$4.7m | C$1.4m |
| Debt | C$22.7m | C$15.0m | C$16.2m | C$16.3m | C$15.3m | C$5.0m | C$1.9m | C$386,200 | C$326,500 | C$150,000 |
| Shareholders' equity | C$239.3m | C$121.7m | C$32.1m | C$23.7m | C$27.6m | C$16.0m | C$9.7m | C$8.0m | C$535,412 | C$772,225 |
| Shares outstanding | 307m | 221m | 206m | 202m | 201m | 168m | 147m | 139m | 96m | 79m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$1.5m | −C$11.6m | C$7.9m | C$5.2m | −C$11.0m | C$2.8m | −C$4.9m | −C$6.5m | −C$2.0m | −C$1.6m |
| Capital spending | −C$30.3m | −C$5.1m | −C$7.6m | −C$5.1m | −C$5.5m | −C$2.2m | −C$1.6m | −C$269,581 | −C$1.1m | −C$131,951 |
| Free cash flow | −C$28.8m | −C$16.7m | C$345,000 | C$93,000 | −C$16.5m | C$612,265 | −C$6.6m | −C$6.8m | −C$3.1m | −C$1.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$27.3m | C$21.7m | C$28.4m | C$31.3m | C$26.4m | C$16.1m | C$28.1m | C$19.6m |
| Operating income | — | −C$3.8m | C$3.0m | C$4.3m | C$751,000 | — | C$4.9m | C$2.3m |
| Net income | −C$7.5m | −C$3.3m | C$54,000 | C$3.3m | −C$699,000 | C$215,000 | C$13.7m | C$1.6m |
| Diluted earnings per share | -0.02 | -0.01 | 0.00 | 0.01 | -0.00 | 0.00 | 0.06 | 0.01 |
| Cash from operations | −C$11.0m | −C$4.0m | C$10.0m | −C$10.0m | −C$1.0m | C$3.0m | −C$1.0m | −C$3.0m |
| Capital spending | −C$8.0m | −C$7.0m | −C$13.0m | −C$8.0m | −C$6.0m | −C$2.0m | −C$2.0m | −C$1.0m |
| Free cash flow | −C$19.0m | −C$11.0m | −C$3.0m | −C$18.0m | −C$7.0m | C$1.0m | −C$3.0m | −C$4.0m |
| Total assets | C$724.7m | C$715.9m | C$313.7m | C$301.5m | C$184.3m | C$179.0m | C$162.6m | C$101.2m |
| Debt | C$24.6m | C$23.2m | C$22.7m | C$22.9m | C$22.3m | C$16.7m | C$15.0m | C$15.2m |
| Shareholders' equity | C$233.6m | C$236.5m | C$239.3m | C$235.9m | C$119.0m | C$121.9m | C$121.7m | C$58.9m |
Financial ratios
Data as of 25 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 6.7% | 13.5% | 9.5% | -3.7% | -7.9% | -38.9% | — |
| Net margin | 2.8% | 22.0% | 8.0% | -10.4% | -13.8% | -45.1% | — |
| Return on equity | 1.2% | 16.5% | 17.3% | -17.9% | -12.8% | -34.6% | — |
| Return on assets | 0.9% | 12.4% | 7.3% | -5.9% | -5.4% | -15.9% | — |
| Free cash flow yield | — | -0.7% | 1.8% | 1.3% | -0.7% | 0.7% | -0.5% |
| Revenue growth | 12.0% | 31.2% | 70.1% | 59.6% | 108.8% | -19.0% | — |
| Earnings growth | -85.8% | 262.2% | -230.7% | 20.0% | -36.1% | 84.3% | — |
| Current ratio | 5.53x | 5.04x | 1.09x | 0.95x | 1.25x | 1.74x | — |
| Debt to equity | 0.09x | 0.12x | 0.42x | 0.56x | 0.42x | 0.12x | — |
| Equity ratio | 76.3% | 74.9% | 42.0% | 33.1% | 42.2% | 46.0% | — |
| Interest coverage | 9.41x | 36.38x | 12.99x | -0.77x | -1.55x | -12.75x | — |
| R&D as a share of sales | 7.7% | 6.8% | 6.4% | 3.1% | 9.0% | 9.8% | — |
| Buybacks as a share of market value | — | -6.9% | -2.5% | -0.2% | -19.7% | -14.1% | -5.7% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 35.7% | 52.8% | 49.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 11.6% | 9.0% | 5.8% | 1.8% |
| Net margin | 11.9% | 8.0% | 4.4% | 1.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | 30.2 | 24.2 | -27.1 | -21.3 | -17.3 | -29.4 | -18.1 | -9.6 | -7.2 |
| Price to sales | 19.2 | 6.7 | 1.9 | 2.8 | 2.9 | 7.8 | 5.8 | 7.7 | 4.8 | 4.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2.25-to-1 reverse split · 24 Feb 2015
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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