A 
4.66
+7.37%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in USD, from our data supplier.
Revenue
$117.9m
FY2016FY2025
Net income
−$87.4m
FY2016FY2025
Free cash flow
−$73.2m
FY2016FY2025
Shareholders' equity
$221.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $117.9m | $100.2m | $95.2m | $85.0m | $45.1m | $27.9m | $58.4m | $68.4m | $54.3m | $58.9m |
| Research and development | — | — | — | — | — | — | — | — | $2.7m | $1.7m |
| Operating income | −$77.5m | −$40.8m | −$32.0m | −$39.7m | −$82.6m | −$30.8m | −$30.5m | −$6.0m | −$3.2m | $2.7m |
| Net income | −$87.4m | −$44.9m | −$35.0m | −$43.1m | −$157.7m | −$25.2m | −$32.7m | −$10.7m | −$3.5m | −$5.2m |
| Diluted earnings per share | -0.28 | -0.18 | -0.16 | -0.23 | -0.91 | -0.23 | -0.30 | -0.25 | -0.08 | -0.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $413.0m | $192.6m | $180.5m | $190.8m | $213.4m | $284.8m | $231.0m | $127.2m | $127.5m | $117.3m |
| Cash and short-term investments | $129.8m | $20.0m | $2.1m | $2.0m | $2.9m | $4.7m | $20.0m | $3.5m | $9.3m | $24.6m |
| Total liabilities | $191.4m | $139.2m | $108.3m | $92.2m | $109.6m | $103.7m | $92.0m | $43.0m | $39.4m | $30.1m |
| Debt | $45.7m | $20.3m | $21.9m | $13.6m | $20.6m | $31.6m | $21.9m | $14.1m | $15.0m | $7.8m |
| Shareholders' equity | $221.6m | $53.4m | $53.4m | $81.2m | $93.1m | $169.7m | $126.3m | $84.2m | $88.1m | $87.1m |
| Shares outstanding | 318m | 253m | 217m | 185m | 173m | 109m | 109m | 43m | 41m | 42m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$3.9m | −$3.1m | −$1.0m | −$1.2m | −$50.9m | −$18.9m | $14.1m | $9.0m | $1.6m | $5.4m |
| Capital spending | −$69.2m | −$18.9m | −$19.9m | −$19.6m | −$12.6m | −$11.6m | −$13.8m | −$16.9m | −$14.3m | −$4.7m |
| Free cash flow | −$73.2m | −$21.9m | −$21.0m | −$20.8m | −$63.6m | −$30.5m | $339,000 | −$7.9m | −$12.7m | $727,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $47.8m | $67.0m | $36.9m | $30.6m | $26.9m | $23.5m | $28.1m | $21.0m |
| Operating income | $8.7m | $27.8m | −$32.1m | −$2.0m | −$13.6m | −$18.5m | −$9.6m | −$7.3m |
| Net income | −$4.9m | $9.8m | −$37.7m | −$15.7m | −$15.1m | −$18.9m | −$11.6m | −$14.1m |
| Diluted earnings per share | -0.01 | 0.03 | -0.12 | -0.05 | -0.05 | -0.06 | -0.05 | -0.06 |
| Cash from operations | $24.0m | $21.0m | $8.0m | −$10.0m | $5.0m | −$7.0m | −$5.0m | — |
| Capital spending | −$39.0m | −$22.0m | −$40.0m | −$10.0m | −$10.0m | −$7.0m | −$5.0m | −$4.0m |
| Free cash flow | −$15.0m | −$1.0m | −$32.0m | −$20.0m | −$5.0m | −$14.0m | −$10.0m | — |
| Total assets | $431.6m | $438.9m | $413.0m | $234.7m | $244.3m | $184.3m | $192.6m | $179.4m |
| Cash and short-term investments | $88.7m | $122.5m | $129.8m | $39.1m | $61.7m | $8.8m | $20.0m | $7.2m |
| Debt | $54.6m | $57.2m | $63.5m | $52.2m | $55.8m | $9.1m | $21.3m | $27.9m |
| Shareholders' equity | $295.6m | $238.8m | $221.6m | $50.2m | $56.3m | $55.4m | $53.4m | $34.5m |
Financial ratios
Data as of 30 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -65.7% | -40.8% | -33.7% | -46.7% | -349.2% | -110.5% | — | — | — | — |
| Net margin | -74.1% | -44.9% | -36.7% | -50.7% | -350.0% | -90.2% | — | — | — | — |
| Return on equity | -39.5% | -84.1% | -65.4% | -53.1% | -169.4% | -14.8% | — | — | — | — |
| Return on assets | -21.2% | -23.3% | -19.4% | -22.6% | -73.9% | -8.8% | — | — | — | — |
| Free cash flow yield | 4.8% | 1.4% | 2.0% | 2.3% | -5.1% | -1.6% | — | — | — | — |
| Revenue growth | 17.7% | 5.3% | 11.9% | 88.7% | 61.6% | -52.3% | — | — | — | — |
| Earnings growth | 94.6% | 28.6% | -18.9% | -72.7% | 526.9% | -23.0% | — | — | — | — |
| Current ratio | 1.78x | 0.59x | 0.38x | 0.60x | 0.52x | 0.51x | — | — | — | — |
| Debt to equity | 0.26x | 0.38x | 0.41x | 0.15x | 0.21x | 0.16x | — | — | — | — |
| Equity ratio | 53.7% | 27.7% | 29.6% | 42.6% | 43.6% | 59.6% | — | — | — | — |
| Interest coverage | -14.57x | -5.54x | -3.91x | -22.06x | -32.30x | -121.80x | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 5.0% | 2.9% | 2.7% | 4.6% |
| Buybacks as a share of market value | -25.8% | -16.2% | -17.6% | -6.9% | -58.8% | 0.0% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.5% | 33.4% | 8.2% |
| Operating income | 25.0% | 20.3% | 24.6% |
| Net income | 26.6% | 28.3% | 16.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -54.3% | -47.7% | -64.4% | -45.7% |
| Net margin | -60.7% | -52.8% | -83.5% | -60.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -18.7 | -5.7 | -3.8 | -6.0 | -2.0 | -32.2 |
| Price to sales | 13.8 | 2.6 | 1.4 | 3.1 | 7.2 | 29.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 2-to-1 reverse split · 26 Aug 2025
- 12-to-1 reverse split · 28 Dec 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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