Jason Senensky

🟢🟡🔴 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. Thank you for reading!