🟢🟡🔴 The Good, the Bad, and the Ugly (November 2025) Welcome to your monthly recap of the Canadian microcap market! November is always busy in our world, as most companies report third-quarter earnings. And we know that financial results in microcaps can create wild swings in share prices. That should make for an interesting review today! Before we get started, I’ll highlight two M&A announcements this past month: TRUBAR $TRBR.V, a better-for-you snacking company, announced its acquisition by ETI Gida, a Turkish strategic acquirer, for $201 million or a 64% premium to the last closing share price. Two days later, Thunderbird Entertainment $TBRD.V also announced its acquisition. The strategic acquirer was another Canadian microcap company, Blue Ant Media $BAMI.TO. The premium was 50% above the last closing share price and will be paid in a mix of cash and shares. Now let’s dive into the monthly highlights. If you're new, the concept of the Good, the Bad, and the Ugly is simple. I feature the news that caught my attention during the previous month after skimming through all the press releases on the Canadian market. Every press release, every single day! THE GOOD ✅ The most impressive financial report I’ve seen in November came out of D-BOX Technologies $DBO.TO $DBOXF, a Rivemont MicroCap Fund portfolio holding. The maker of motion-enabled cinema seats reported record quarterly royalties, record total revenues, a record adjusted EBITDA and a record net profit. The company’s total revenues were up 33% YoY, with royalties (the highest-margin revenue item) growing 40% and net income rising 123%. The stock jumped as much as 30% the following day and ended the month up 53%. Despite the share price increase, the stock still trades at roughly 8 times earnings based on these quarterly results, annualized. That’s how good the results were! ✅ Another notable financial report came out of Caldwell Partners International $CWL.TO, a tech-enabled talent acquisition firm. Following two years of revenue declines in what was apparently a challenging macro environment for hiring, Caldwell posted stellar fiscal Q4 2025 results. Quarterly and full-year revenues were up 42% and 19%, respectively. Earnings per share came in at $0.05 for the quarter and $0.087 for the year, which compares quite favourably with the prevailing share price of $0.67. The stock soared 42% in the days following the news. ✅ In the special situation category, one piece of news caught my attention. Maritime Launch Services $MAXQ, a commercial space company developing Spaceport Nova Scotia, announced a $10 million strategic investment from MDA Space $MDA.TO, a $3 billion TSX-listed company. The investment was made at $0.223 per share, when Maritime’s stock was trading at $0.15, representing a 49% premium. This announcement combined validation from a strategic industry partner, a crucial capital injection for a pre-revenue company, and a clear indication that the prevailing share price was undervalued. That potent mix propelled the stock higher by as much as 233% over the following days! Arguably, the news sparked significant speculation, and the stock overshot to the upside. Even after settling back down, MAXQ ended the month up 53%, a solid return for shareholders! THE BAD ❌ I said in the introduction that earnings can create wild swings in share prices. Sometimes, it doesn’t take much for the sentiment to shift big time. For example, Zoomd Technologies $ZOMD.V, a favourite of the microcap crowd this past year, reported a 3% year-over-year decline in revenues in its third quarter. Even if the revenue decline came with improved gross margins and profitability, the CEO’s comments about the industry’s changing landscape created near-term uncertainty for investors. The fundamentals didn’t change all that much, but the narrative shifted. Zoomd’s stock experienced a brutal 26% decline the following day. In the same vein, NTG Clarity Networks $NCI.V, another recent investor favourite, released quarterly results showing strong top-line growth (+ 42%) but a slight decline in profitability (-7%). The company had to reduce its yearly EBITDA guidance from an 18% margin to a 14% margin (at the midpoints) due to increased growth investments this year. The stock declined as much as 40% the next day. Fortunately, NCI had recouped most of its losses by the end of the month. ❌ It’s never a good sign when a company has to file its financial statements late. Typically, you tend to see such occurrences in nanocaps with questionable business models. When it happens to a $600 million market cap TSX-listed company, the outcome can be brutal. A day before the filing deadline, Ag Growth International $AFN.TO announced that it would be unable to file its financials because its auditor needed more time to finalize the accounting treatment of the company’s Brazilian operations. Additionally, in light of uncertainty regarding third-quarter results, the company withdrew its previously issued EBITDA guidance for the year. The stock cratered 40% the following day. That’s over $240 million in market cap evaporated on a late filing… ouch! ❌ A weird situation happened with Hydreight Technologies $NURS.V. The company published its financial results on a Wednesday night with an earnings call scheduled for Friday afternoon. In between, the stock declined by about 10%, which isn’t unusual for a microcap stock. But if you look carefully at the stock chart (below), you can see that the stock started to sell off hard right in the middle of the earnings call on Friday afternoon. Apparently, the management team got confused during the discussion of some KPIs, and investors concluded there had been a dramatic slowdown in the business after the end of the quarter. The stock finished the day down 27%. A couple of days later, the company issued a press release to set the record straight and clarify the KPIs, which led to a 28% rally in the shares. The market cap literally swung by over $45 million in each direction based on confusing statements on the earnings call. That’s how crucial public communications can be! THE UGLY ⚠️ I typically see a couple of microcap bankruptcies every month, but the pace picked up in November. Multiple companies entered insolvency proceedings, including Exro Technologies $EXRO.TO, Voxtur Analytics $VXTR.V, Hill $HILL.V, and Tilt Holdings $TILT. Additionally, we’ll have to say a final goodbye to Deveron $FARM.V. The company will complete a distressed asset sale and return a mere $0.0067 per share to common shareholders, representing a 99.3% loss from its 2021 peak. ⚠️ Simply Solventless Concentrates $HASH.V, which I highlighted previously due to issues with audit delays and changes to revenue recognition policies, had regained some investors’ trust (not mine, though) after showing decent progress in its first two quarters of 2025. However, when the company published third-quarter results showing a 43% sequential revenue decline and a net loss, the stock imploded again, losing as much as 53% in two days. The company attributed the decline to significant sales to partners in the second quarter that did not recur in the third quarter but could recur in subsequent quarters. It is terribly challenging for me to gain any visibility into what is happening at SSC. This story always has a new twist… ⚠️ Venzee Technologies $VENZ.V announced the acquisition of Jasper PIM from Digital Commerce Payments (“DCP”). The Jasper business used to be a public company on its own, going public in 2022 under the name Jasper Commerce $JPIM.V at a $29 million valuation. It only took two and a half years for Jasper to be run into the ground. Ultimately, Jasper completed a distressed asset sale to DCP, resulting in a complete loss for shareholders. DCP is now flipping the asset into Venzee, another public vehicle, for a little more than double what they paid last year. If you haven’t lost money with this one the first time, here’s another chance to invest. Perhaps it will turn out differently this time! Who knows? That’s all I have for you this month! I hope you enjoyed it. If you like the content, please help spread the word by sharing it with like-minded investors. You can also sign up to my free newsletter (link in bio) so you don't miss the next posts. 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🟢 The Good 🟡 The Bad... and the Ugly 🔴 (October 2025) Welcome to your monthly recap of the Canadian microcap market! The massive TSX Venture rally that started earlier this year continued in October, although it lost steam in the middle of the month when gold experienced a sharp pullback. I spent a good portion of last month travelling to conferences and meeting companies in person. I felt like the news flow was quieter than usual, which was much appreciated as it allowed me to focus on researching new ideas. In case you missed it, I presented my investment thesis on D-BOX Technologies $DBO.TO at the Planet MicroCap Showcase Toronto on October 21st. You can watch the replay on YouTube: youtube.com/watch?v=YJBsfzHu… On the M&A front, we saw only one announcement this past month, and it was somewhat disappointing. Tornado Infrastructure Equipment $TGH.V announced that it would be acquired by The Toro Company $TTC for $1.92 per share in cash, representing a mere 3.8% premium over the last closing price. Let’s now move on to the monthly highlights. If you're unfamiliar, the concept of the Good, the Bad, and the Ugly is simple. I feature the news that caught my attention during the previous month after skimming through all the press releases on the Canadian market. Every press release, every single day! Without further ado, let’s dive in! THE GOOD ✅ Renoworks Software $RW.V, a leading AI-powered lead generation solution for the home remodelling industry, announced Owens Corning $OC, a $10 billion building products manufacturer, as a new customer. A few days later, Renoworks announced the recent launch of eight new enterprise visualizers and disclosed that it has signed 15 more deals, which are expected to be deployed by Q1 2026. Investors cheered both news and pushed the stock as much as 42% higher over the next six days. As a side note, if you’d like to learn more about Renoworks, the company will present at an event I’m hosting on November 26th in Montreal. You can find all the details here (there are only a few tickets left): eventbrite.ca/e/billets-cock… ✅ BeWhere Holdings $BEW.V, an IoT company that specializes in low-power 5G devices, announced a significant milestone. The company successfully connected one of its tracking devices to AST SpaceMobile’s $ASTS satellite network. ‘‘This breakthrough eliminates the need for specialized, expensive satellite terminals, allowing standard, low-power IoT devices to connect directly to a satellite network’’ according to the company. This could open up significant new opportunities for BeWhere. The stock climbed 27% over the next two days. ✅ In my post last week, I highlighted a strike that was ongoing in British Columbia with the BC General Employees’ Union that froze alcohol and cannabis distribution for weeks across the province. One company that benefited from the strike was Herbal Dispatch $HERB.C, a cannabis e-commerce platform that was still able to sell small-batch, craft cannabis during the strike. The stock increased as much as 86% from the beginning of the strike until its peak a month later. Now that the strike is over, it will be interesting to see if the boost to Herbal Dispatch’s business was only temporary or a long-term benefit. THE BAD ❌ CardioComm Solutions $EKG.V, an electrocardiogram technology company, announced what looked to me like a very self-serving transaction with insiders. In a nutshell, the CEO and a director proposed to invest $432k of new capital in the company in addition to converting existing debt of $605k. In exchange, they would receive a 33% royalty on revenues, bonus shares, 5-year warrants, and a general security agreement over all the company’s assets. However, due to additional TSX Venture Exchange review requirements that were expected to delay approval into the fourth quarter, the deal was restructured as a simple loan agreement with a 10% interest rate and significantly fewer bonus shares and warrants. Nice try, I guess… ❌ On October 3rd, California Nanotechnologies $CNO.V announced an important letter of intent with a customer that is expected to provide US$1 million of revenue starting in calendar 2026. The stock initially reacted well, jumping 54% over the following days. However, on October 8th, the company published its quarterly financial results, which showed a complete disappearance of revenue from its largest customer in the previous year. Revenue was down 49% year-over-year, and adjusted EBITDA was down 110% (turned negative). The stock immediately reversed course and declined as much as 38% over the following days. Honestly, I wasn’t sure in which section California Nanotechnologies belonged this month. ❌ Belgravia Hartford Capital $BLGV.C, an investment issuer focused on the Bitcoin ecosystem, provided an update on its Bitcoin treasury strategy. In July, the company had announced a US$5 million convertible debenture financing with Round13 Digital Asset Fund to buy Bitcoin. The debenture was convertible at $0.71 per share, a 40% premium to the prevailing share price. At the time, the CEO seemed highly pleased with the deal, highlighting that ‘‘the convertible debenture significantly reduces dilution given the convertible is priced at CAD $.71.’’ Only three months later, with the stock down 93% from its peak, the company announced that it was repricing the debenture at $0.125 per share to facilitate the conversion of the debenture into equity, reducing outstanding debt and clearing balance-sheet overhang. The potential dilution, initially expected to be approximately 10 million shares, has now ballooned more than fivefold to over 56 million shares. Capital allocation at its finest. THE UGLY ⚠️ The struggle continues at Colabor Group $GCL.TO. On October 16th, the company published its financial results, and they weren’t pretty. There were so many issues that I don’t even know where to start. The company’s adjusted EBITDA declined 39% year-over-year, and operating cash flows turned negative. They announced the immediate departure of their CEO. A large impairment charge was taken on the goodwill. There were delays in capturing synergies from the company’s most recent Alimplus acquisition. A cybersecurity incident affected operations during the quarter. Last but not least, the company entered into forbearance agreements with its lenders, providing two months to find another lender and demonstrate that it can raise at least $15 million in equity. The stock imploded the next day, declining as much as 80% at one point. Despite a minor rebound, the stock finished the month down 54%. Oh, and the director representing the company’s largest shareholder resigned from the board a few days ago. Brutal. ⚠️ Premier Health of America $PHA.V, a provider of outsourced healthcare staffing solutions, has faced headwinds in Quebec since the government implemented new restrictions on the use of independent labour in the public healthcare system last year. The last shoe to drop was a decision by the Autorité des marchés publics (AMP), which deemed the company’s four Quebec agencies ineligible to enter public contracts for a period of five years. The Quebec public contracts, which had already declined significantly, still represented 12% of total revenues in the last quarter. Premier Health had acquired one of these agencies for $17 million in 2020 and another for $2.7 million in 2021. With a market cap of less than $2 million and $44 million in debt on its balance sheet, investors are now pricing Premier Health as if it were on the verge of bankruptcy (which it very well might be). ⚠️ Look at CyberCatch Holding’s $CYBE.V 1-year chart below. At the peak, this cybersecurity company was valued at over $175 million with less than $1 million in revenue and no growth. After being methodically walked up for almost a year, the stock declined by over 80% in three days, on heavy volume, with absolutely no news to explain the sudden drop. The company provided a corporate update, essentially stating that business continued as usual. I hope none of you readers tried to cybercatch this falling knife… That’s all I have for you this month! I hope you enjoyed it. Did I miss any crucial developments? Let me know in the comments which news or earnings reports caught your attention! Lastly, stay tuned for my comprehensive update on the cannabis sector (Part 2) next week. 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