S 
4.23
+1.44%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$335.1m
FY2016FY2025
Net income
−C$12.5m
FY2016FY2025
Free cash flow
C$8.7m
FY2016FY2025
Shareholders' equity
C$99.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$335.1m | C$304.7m | C$288.7m | C$261.8m | C$208.7m | C$155.5m | C$135.0m | C$96.4m | C$61.9m | C$27.8m |
| Gross profit | C$220.7m | C$201.6m | C$193.6m | C$176.0m | C$139.0m | C$104.2m | C$90.1m | C$65.9m | C$40.6m | C$17.0m |
| Operating income | C$77.7m | C$71.9m | C$65.0m | C$37.2m | C$16.7m | −C$213,874 | −C$3.9m | −C$1.1m | −C$3.6m | −C$13.8m |
| Net income | −C$12.5m | −C$30.2m | −C$1.7m | −C$41.2m | −C$35.9m | −C$33.3m | −C$46.1m | −C$24.2m | −C$13.9m | −C$21.2m |
| Diluted earnings per share | -0.03 | -0.08 | -0.00 | -0.11 | -0.10 | -0.09 | -0.13 | -0.07 | -0.04 | -0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$2.41bn | C$2.23bn | C$2.04bn | C$2.02bn | C$1.84bn | C$1.59bn | C$1.39bn | C$1.02bn | C$895.5m | C$342.8m |
| Cash and short-term investments | C$15.2m | C$16.3m | C$13.9m | C$22.5m | C$25.1m | — | — | — | — | — |
| Total liabilities | C$2.31bn | C$2.10bn | C$1.85bn | C$1.81bn | C$1.61bn | C$1.38bn | C$1.16bn | C$761.9m | C$627.4m | C$187.1m |
| Debt | C$2.24bn | C$2.03bn | C$1.77bn | C$1.74bn | C$1.54bn | C$1.25bn | C$1.04bn | C$702.4m | C$1.13bn | C$365.0m |
| Shareholders' equity | C$99.1m | C$130.8m | C$195.9m | C$207.2m | C$222.2m | C$210.2m | C$230.7m | C$260.9m | C$268.1m | C$155.7m |
| Shares outstanding | 365m | 373m | 377m | 378m | 370m | 367m | 363m | 356m | 347m | 290m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$98.5m | C$107.0m | C$78.0m | C$67.3m | C$57.0m | C$43.1m | C$35.0m | C$24.7m | C$10.6m | C$9.6m |
| Capital spending | −C$89.8m | −C$87.0m | −C$66.9m | −C$35.6m | −C$29.0m | — | — | −C$7.1m | −C$1.3m | −C$130.9m |
| Free cash flow | C$8.7m | C$20.0m | C$11.1m | C$31.7m | C$28.0m | C$43.1m | C$35.0m | C$17.6m | C$9.3m | −C$121.3m |
| Dividends paid | −C$2.4m | −C$2.5m | −C$2.8m | −C$2.4m | −C$2.4m | −C$2.4m | −C$2.3m | −C$2.1m | −C$2.4m | −C$743,342 |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$86.7m | C$88.5m | C$83.5m | C$76.3m | C$80.2m | C$79.0m | C$74.1m | C$71.4m |
| Gross profit | C$57.7m | C$60.2m | C$55.2m | C$47.7m | C$53.4m | C$54.1m | C$49.9m | C$44.2m |
| Operating income | C$17.4m | C$23.9m | C$21.5m | C$14.8m | C$19.0m | C$20.2m | C$17.8m | C$14.9m |
| Net income | −C$15.5m | C$20.5m | −C$6.2m | −C$11.4m | −C$6.6m | −C$7.0m | −C$8.7m | −C$8.0m |
| Diluted earnings per share | -0.04 | 0.06 | -0.02 | -0.03 | -0.02 | -0.02 | -0.02 | -0.02 |
| Cash from operations | C$44.0m | C$13.0m | C$26.0m | C$13.0m | C$31.0m | C$32.0m | C$27.0m | C$15.0m |
| Capital spending | −C$24.0m | −C$21.0m | −C$23.0m | −C$20.0m | −C$24.0m | −C$28.0m | −C$19.0m | −C$14.0m |
| Free cash flow | C$20.0m | −C$8.0m | C$3.0m | −C$7.0m | C$7.0m | C$4.0m | C$8.0m | C$1.0m |
| Total assets | C$2.41bn | C$2.44bn | C$2.34bn | C$2.26bn | C$2.23bn | C$2.23bn | C$2.18bn | C$2.04bn |
| Cash and short-term investments | C$15.2m | C$24.8m | C$21.5m | C$17.9m | C$16.3m | C$12.3m | C$18.8m | C$14.3m |
| Debt | C$2.24bn | C$2.26bn | C$2.18bn | C$2.08bn | C$2.04bn | C$2.00bn | C$1.94bn | C$1.79bn |
| Shareholders' equity | C$99.1m | C$114.4m | C$95.8m | C$105.8m | C$130.8m | C$163.0m | C$170.6m | C$185.9m |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 65.9% | 66.2% | 67.1% | 67.2% | 66.6% | 67.0% |
| Operating margin | 27.4% | 18.1% | 26.7% | 14.2% | 8.0% | 1.1% |
| Net margin | -3.7% | -9.9% | -0.6% | -15.8% | -17.2% | -21.4% |
| Return on equity | -12.7% | -23.1% | -0.9% | -19.9% | -16.1% | -15.8% |
| Return on assets | -0.5% | -1.4% | -0.1% | -2.0% | -2.0% | -2.1% |
| Free cash flow yield | 12.9% | 13.0% | 9.4% | 6.8% | 5.7% | 4.8% |
| Revenue growth | 10.0% | 5.5% | 10.3% | 25.5% | 34.2% | 15.2% |
| Earnings growth | -58.5% | 1677.7% | -95.9% | 15.0% | 7.8% | -27.8% |
| Current ratio | 1.22x | 0.06x | 1.12x | 1.25x | 1.33x | 1.18x |
| Debt to equity | 25.95x | 17.12x | 10.84x | 10.70x | 9.52x | 8.17x |
| Equity ratio | 4.1% | 5.9% | 9.6% | 10.3% | 12.1% | 13.2% |
| Interest coverage | 0.84x | 0.58x | 0.88x | 0.50x | 0.29x | 0.04x |
| Buybacks as a share of market value | 2.1% | 2.7% | -1.4% | -0.2% | -2.9% | -1.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.6% | 16.6% | 40.5% |
| Operating income | 27.8% | — | — |
| Net income | -32.7% | -17.7% | 10.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 66.0% | 66.5% | 66.6% | 66.5% |
| Operating margin | 23.4% | 21.2% | 17.3% | 13.0% |
| Net margin | -6.7% | -7.2% | -10.0% | -14.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -136.0 | -48.6 | -1159.5 | -55.2 | -74.4 | -44.5 | -29.2 | -34.9 | -65.8 | -19.7 |
| Price to sales | 5.1 | 4.8 | 6.8 | 8.7 | 12.8 | 9.5 | 10.0 | 8.8 | 14.7 | 15.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 10 years. Last went ex-dividend on 29 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.009 | 0.012 | 0.012 | 0.011 | 0.011 | 0.011 | 0.011 | 0.011 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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