Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Algoma Steel Group Inc. (ASTL-T) provided guidance for its fiscal fourth quarter ended March 31, saying shipments are expected to be in a range of 540,000 to 550,000 tons, and adjusted EBITDA is expected to be in a range of $310-million to $320-million.
“The slight sequential decrease in expected shipments and, to a lesser extent production levels, as compared to the fiscal third quarter 2022 is largely due to challenges across the logistics supply chain and COVID-related impacts,” the company stated in a release after markets closed on Wednesday.
It said the fourth-quarter outlook includes the impact of the work stoppage at Canadian Pacific Railway that began March 20.
“While there have been subsequent positive announcements regarding the resolution of this labour disruption, some adverse impact is expected as the company had made preparations to mitigate against a potentially prolonged outage,” the company stated.
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Jushi Holdings Inc. (JUSH-CN) reported fourth-quarter revenue of US$65.9-million, which it said doubled from a year earlier. The expectation was for revenue to come in at US$66.2-million according to S&P Capital IQ.
Net income of US$9.1-million 5 cents US per share compared to a loss of US$156.7-million or US$1.35 a year earlier.
The company also said it lost 14 cents US per diluted share in the most recent quarter, “primarily due to the dilutive effects of the derivative warrants as accounted for under IFRS.”
Adjusted EBITDA was $1.5-million, as compared to $3.8-million a year earlier “primarily driven by an increase in operating expenses due to increased investments to support the company’s long-term growth outlook, and lower gross profit driven by retail and wholesale margin compression.”
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Aclara Resources Inc. (ARA-T) announced that it has withdrawn its application for an environmental impact assessment of the Penco Module in Chile “so that it can fully address the issues raised during the late stages of the application process.”
CEO Ramon Barua described the withdrawal of the EIA application at this time as being “in the best interests of moving the Project forward. The company is well-funded and can continue with the permitting process while it advances its exploration program and feasibility study.”
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Savaria Corp. (SIS-T) reported fourth-quarter revenue of $189.5-million, up from $90.6-million a year earlier and ahead of expectations of $186.2-million. “The growth was mainly due to the acquisition of Handicare,” the company stated.
Net earnings of $945,000 or 2 cents per share compared to earnings of $6.7-million of 13 cents a year ago.
Adjusted EPS came in at 10 cents versus 13 cents a year earlier. The expectation was for adjusted EPS of 19 cents, according to S&P Capital IQ.
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Copperleaf Technologies Inc. (CPLF-T) reported fourth-quarter record revenue of $21.8-million up from $16.4-million a year earlier and ahead of expectations of $17.8-million.
Adjusted EBITDA of $2.3-million, compared to $3.6-million a year earlier. Net income of $150,000 or nil per share compared to net income of $2.2-million or 3 cents per share a year earlier.
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TeraGo Inc. (TGO-T) reported fourth-quarter revenue of $10.7-million, up from $10.9-million a year earlier. The expectation was for revenue of $11.5-million, according to S&P Capital IQ.
Its net loss was $9-million or 46 cents per share versus a loss of $2.2-million or 13 cents a year earlier.
Adjusted EBITDA was $2.3-million versus $3.7-million a year earlier.
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Charlotte’s Web Holdings, Inc. (CWEB-T) reported fourth-quarter revenue of US$24.8-million, down from US$26.9-million a year earlier, “due to sales and channel mixes and competitive DTC [direct-to-consumer] pricing.
The expectation was for revenue to come in at US$27.5-million, according to S&P Capital IQ estimates.
Its net loss was US$118.2-million or 86 cents per share versus a loss of US$14.3-million or 10 cents US a year earlier.
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Journey Energy Inc. (JOY-T) announced two agreements; one for the acquisition of a private company, and the other for the acquisition of plant and gathering infrastructure. Both acquisitions are located in Journey’s Central Core Region, the company stated.
It said the agreement to purchase a private company producing approximately 625 boe/d in the Carrot Creek area. The acquisition price will be paid for through the issuance of 1.75 million Journey shares plus $8-million of cash. “The acquisition comes with significant development drilling upside,” the company stated.
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GreenFirst Forest Products Inc. (GFP-T) reported fourth-quarter sales of $161.6-million versus nil a year earlier. The fourth quarter was the company’s first full quarter operating its newly acquired forest products business.
Net income of $8-million or 4 cents per share compared to a loss of $1.5-million or 8 cents per share a year earlier.
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Barrick Gold Corp. (ABX-T) announced today that it has sold its stake in Skeena Resources Ltd. (SKE-T). Barrick said it sold about 8.8 million shares for $15 each for about $132.5-million.
Barrick said it divested the shares “for investment portfolio management purposes.”
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Knight Therapeutics Inc. (GUD-T) reported fourth-quarter revenue of $58.2-million up from $55.2-million a year earlier. The expectation was for revenue of $62.4-million, according to S&P Capital IQ estimates.
Its net loss was $8.3-million versus a profit of $8.2-million a year earlier.
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