S 
46.17
+5.94%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Net income
−C$182.8m
FY2016FY2025
Free cash flow
−C$353.2m
FY2016FY2025
Shareholders' equity
C$159.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross profit | −C$1.8m | −C$859,000 | −C$2.4m | −C$289,000 | −C$320,000 | −C$377,195 | −C$27,682 | −C$62,904 | −C$60,419 | −C$486,286 |
| Research and development | — | — | — | — | — | — | C$27,682 | C$62,904 | C$60,419 | C$486,286 |
| Operating income | −C$57.2m | −C$174.1m | −C$114.8m | −C$112.2m | −C$129.5m | −C$79.3m | −C$28.0m | −C$15.4m | −C$10.6m | −C$13.8m |
| Net income | −C$182.8m | −C$151.9m | −C$109.0m | −C$88.9m | −C$117.6m | −C$60.3m | −C$27.1m | −C$15.5m | −C$10.0m | −C$13.6m |
| Diluted earnings per share | -1.53 | -1.41 | -1.22 | -1.17 | -1.79 | -1.43 | -0.92 | -0.63 | -0.52 | -1.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$770.2m | C$274.4m | C$195.0m | C$168.0m | C$155.0m | C$137.8m | C$24.4m | C$24.6m | C$25.8m | C$22.3m |
| Cash and short-term investments | C$151.6m | C$97.9m | C$92.7m | C$43.1m | C$41.2m | C$37.8m | C$13.1m | C$1.1m | C$1.0m | C$2.6m |
| Total liabilities | C$611.1m | C$183.8m | C$70.5m | C$30.8m | C$31.4m | C$28.9m | C$12.8m | C$6.0m | C$3.7m | C$2.0m |
| Debt | C$15.8m | C$13.5m | C$32.4m | C$3.6m | C$1.3m | C$2.6m | C$1.5m | — | — | — |
| Shareholders' equity | C$159.1m | C$90.6m | C$124.5m | C$137.2m | C$123.5m | C$109.0m | C$11.6m | C$18.6m | C$22.1m | C$20.3m |
| Shares outstanding | 120m | 108m | 89m | 76m | 66m | 42m | 29m | 24m | 19m | 13m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −C$58.8m | −C$128.7m | −C$90.6m | −C$93.4m | −C$124.4m | −C$66.4m | −C$10.5m | −C$15.1m | −C$10.9m | −C$12.2m |
| Capital spending | −C$294.4m | −C$2.2m | −C$8.7m | −C$18.8m | −C$11.4m | −C$5.1m | −C$17,079 | −C$137,325 | −C$868,091 | −C$152,781 |
| Free cash flow | −C$353.2m | −C$130.9m | −C$99.3m | −C$112.2m | −C$135.8m | −C$71.5m | −C$10.5m | −C$15.3m | −C$11.8m | −C$12.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | — | −C$468,000 | −C$408,000 | −C$205,000 | −C$206,000 | −C$205,000 | −C$206,000 | −C$205,000 |
| Operating income | −C$24.2m | −C$21.9m | −C$16.2m | −C$36.2m | −C$15.3m | −C$10.6m | −C$56.5m | −C$58.7m |
| Net income | −C$35.2m | −C$104.5m | −C$71.8m | −C$36.8m | −C$36.0m | −C$38.2m | −C$4.6m | −C$84.9m |
| Diluted earnings per share | -0.28 | -0.84 | -0.60 | -0.31 | -0.30 | -0.32 | -0.04 | -0.79 |
| Cash from operations | −C$15.0m | −C$15.0m | −C$1.0m | −C$18.0m | −C$1.0m | −C$37.0m | −C$42.0m | −C$41.0m |
| Capital spending | −C$131.0m | −C$72.0m | −C$108.0m | −C$92.0m | −C$64.0m | −C$29.0m | — | — |
| Free cash flow | −C$146.0m | −C$87.0m | −C$109.0m | −C$110.0m | −C$65.0m | −C$66.0m | — | — |
| Total assets | C$1.92bn | C$1.13bn | C$770.2m | C$647.2m | C$453.3m | C$334.2m | C$274.4m | C$227.1m |
| Cash and short-term investments | C$149.0m | C$43.4m | C$151.6m | C$153.0m | C$108.5m | C$109.7m | C$97.9m | C$86.1m |
| Debt | C$106.7m | C$16.5m | C$15.8m | C$61.7m | C$42.3m | C$16.2m | C$13.5m | C$17.4m |
| Shareholders' equity | C$170.8m | C$180.3m | C$159.1m | C$85.3m | C$112.6m | C$135.5m | C$90.6m | C$90.4m |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Return on equity | -114.9% | -167.7% | -87.5% | -64.8% | -95.2% | -55.4% |
| Return on assets | -23.7% | -55.4% | -55.9% | -52.9% | -75.9% | -43.8% |
| Free cash flow yield | 4.6% | -2.7% | -2.2% | -2.3% | -4.0% | -3.4% |
| Earnings growth | 20.3% | 39.4% | 22.6% | -24.4% | 94.9% | 122.7% |
| Current ratio | 1.82x | 1.44x | 3.86x | 2.40x | 2.13x | 1.86x |
| Debt to equity | 0.10x | 0.07x | 0.19x | 0.00x | 0.00x | 0.01x |
| Equity ratio | 20.7% | 33.0% | 63.9% | 81.7% | 79.7% | 79.0% |
| Interest coverage | -64.59x | -98.99x | -340.22x | -1540.95x | -821.86x | -524.83x |
| Buybacks as a share of market value | -11.1% | -20.8% | -16.8% | -15.8% | -56.4% | -43.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -20.1% | -6.3% | 21.9% |
| Net income | 27.2% | 24.8% | 38.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -21.3 | -8.8 | -5.3 | -6.2 | -7.4 | -9.6 | -3.0 | -1.9 | -5.4 | -3.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 4-to-1 reverse split · 10 Jun 2021
- 10-to-1 reverse split · 20 Oct 2017
- 5-to-1 reverse split · 1 Jun 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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