A weekly look at some small-cap stocks making news - or about to. As of market close on Wednesday, April 16, Canada’s S&P/TSX SmallCap Index was down by about 5 per cent over the past 12 months. The Russell 2000 in the U.S. was down by the same amount over the same period. Small-cap spotlight Cargojet Inc. (CJT-T) is expected to report its first-quarter results next week and investors will be watching for any impacts the tariff war will have on the Mississauga-based air cargo company, both positive and negative. On Wednesday, the company is expected to report revenues of $256.2-million for the quarter ended March 31, according to analyst consensus data from S&P Capital IQ. That would be an increase from revenues of $231.2-million reported for the same quarter a year ago. Earnings before interest, taxes, depreciation, and amortization (EBITDA) are expected to be $81.3-million, which would be up from $78.4-million a year ago. When the company reported its fourth-quarter earnings in February, co-chief executive officer Pauline Dhillon told analysts on a conference call that Cargojet’s direct exposure to U.S. tariffs is “very limited” and “may even benefit from direct shipments to Canada versus carriers going into the United States.” Cargojet shares have fallen about 12 per cent over the past month, as of Wednesday’s close, and have decreased by about 30 per cent so far this year. In a note released Wednesday, Canaccord Genuity analyst Matthew Lee believes the stock’s drop is “largely unwarranted given the firm’s operational mix and proven track record of managing through the cargo cycle.” Mr. Lee, who has a “buy” on the stock, said he expects the company will maintain “solid single-digit growth” in its domestic business for fiscal 2025, see a “modest” year-over-year decrease in its aircraft, crew, maintenance and insurance division (ACMI) division and a “meaningful” [roughly] 25 per cent growth in its charter business relating to its Chinese e-commerce contract. “On a consolidated level, this translates into mid-single-digit cargo revenue growth and sustained 33 per cent EBITDA margins,” Mr. Lee wrote. “Importantly, we expect management to be flexible on its capex plan with the ability to taper investment if visibility worsens – a capability they have demonstrated over the prior three years. Mr. Lee reduced his target price to $165 from $173, expecting ACMI revenue to decrease year over year due to softer demand in international markets, especially long-haul routes to Asia and South America. Also this week, BMO Capital Markets analyst Fadi Chamoun lowered his target to $95 from $120 and kept his “market perform” (similar to “buy”) recommendation. “Similar to what we have done recently to our broad transportation coverage universe, we are lowering our forecast for CJT to reflect our expectations for a more muted freight demand environment this year,” he wrote in an April 14 note. “While valuation has pulled back amid rising macroeconomic risk and shifting trade policies, we believe a cautious outlook is still warranted in light of the limited visibility into the demand outlook.” TD Cowen analyst Tim James also lowered his Cargojet target price to $150 from $165 this week. The average on the Street is $150.33. Over the past 52 weeks, the stock has traded between a high of $144.97 on November 5 and a low of $69.60 on April 7. Small-cap summary Other small caps making news this week: Groupe Dynamite Inc. (GRDG-T) reported fourth quarter results that mostly beat expectations. Before markets opened on Tuesday, the Montreal-based retailer reported revenues rose 13.1 per cent to $271.8-million in the quarter ended Feb. 1 compared to $240.3-million a year earlier. Excluding the 14th week in the fourth quarter of 2023, total revenue increased by 18.8 per cent, the company stated. The expectation was for revenues to come in at $266.5-million. Comparable store sales growth was 9.5 per cent year over year. Net earnings of $31-million or 28 cents per share compared to $28.6-million or 27 cents a year earlier, which was below expectations of 31 cents. Adjusted EBITDA increased by 17 per cent to $79.5-million, which beat expectations of $75.6-million. Canaccord Genuity analyst Luke Hamman kept his “buy” rating and target price of $32. In a note, he said tariffs were the most discussed topic on the conference call this week. “Management continues to shift production out of China and into other regions (Bangladesh, Cambodia, and Vietnam, in that order), expecting China to be the minority of its overall sourcing ‘in very short order,’” he wrote. “Overall, in our view, management’s message was clear that it expects to capture share and maintain margins/growth even with the uncertainty surrounding current and future tariffs.” For more analyst commentary, read David Leeder’s Wednesday analyst upgrades and downgrades report here. ** Mullen Group Ltd. (MTL-T) announced this week plans to buy Calgary-based Cole Group Inc., a logistics company specializing in customs brokerage, freight forwarding and trade consulting throughout Canada and the U.S. No financial terms were disclosed. The company includes Cole International and Abco International Freight. The Cole Group employs more than 700 people at 43 locations in Canada and the U.S. The company said it plans to fund this transaction through its existing cash and credit facilities. National Bank Financial analyst Cameron Doerksen kept his “outperform” (similar to buy) and $19 target on the stock after the acquisition was announced after markets closed on Monday. “Our model is unchanged for now as we await the closing of the transaction and further financial details,” he wrote. “The recent tariff chaos has created more uncertainty in freight markets, but we see Mullen as well-positioned to weather the storm with its solid balance sheet, strong free cash flow and diversified market exposure.” ** Well Health Technologies Corp. (WELL-T) reported fourth quarter results that were below expectations and a nearly US$3-billion expense for estimated settlement costs related to an investigation into the billing practices of Circle Medical, a company it bought in late 2020. After markets closed on Monday, the company reported a net loss of $88.4-million or 36 cents per share for the quarter ended Dec. 31, compared to a profit of $33.8-million or 12 cents a year earlier. Adjusted net income of $4.1-million or 2 cents per share compared to adjusted net income of $11.2-million or 5 cents a year earlier. Revenues of $234.8-million for the quarter were up from $231.2-million a year earlier. The expectation was for revenue of $253.4-million, according to S&P Capital IQ. The company also provided guidance for 2024, expecting revenue between $1.4-billion to $1.45-billion, which is ahead of expectations of $1.37-billion. Adjusted EBITDA is expected to be in the range of $190-million to $210-million, ahead of expectations of $180-million. The company announced in late March that it had to delay its fourth-quarter and fiscal 2024 results because of an investigation into the billing practices of Circle Medical. In its release on Monday, the company said it recognized an expense of US$2.8-million for the year ended Dec. 31 for estimated settlement costs. The company also said it discovered that Circle Medical had billed and received payment for patient services in fiscal 2024 that hadn’t yet met the required criteria under the International Financial Reporting Standard. As a result, Well Health said it recorded a revenue reduction of $56.6-million for fiscal 2024 and recognized cash received from customers of $53.9-million as deferred revenue as at Dec. 31, 2024. It said it expects to record most of the deferred revenue during fiscal 2025 and the rest in fiscal 2026. Well Health also said its CRH Medical subsidiary would delay the recognition of approximately $24.5-million of revenue in the fourth quarter related to a cyberattack in February, 2024 due to delayed billing and cash collections on claims processed for several months during 2024. The company also said it has implemented a cost-cutting program to boost efficiency and profitability. It also said that it plans to focus most of its M&A and capital allocation activity in Canada, where it says it’s seeing the highest returns on capital. The company also announced that a strategic review process for its WISP business in the U.S. didn’t lead to a good enough offer. The shares are down 45 per cent so far this year and up 12 per cent over the past 12 months as of Wednesday’s close. ** Theratechnologies Inc. (TH-T) announced on Tuesday that it has launched an “open and non-exclusive process” to sell the company. The update comes after American pharmaceutical packaging company Future Pak LLC announced last week that it made a cash offer for the company worth up to US$255-million. Theratechnologies said last week that it had received an unsolicited, non-binding proposal from Future Pak last August worth US$100-million that it rejected as “not attractive.” The company said it received a second unsolicited, non-binding bid from Future Pak in January that it couldn’t consider because it was already in exclusive talks with another potential suitor. The stock has more than doubled since Future Pak announced its proposal to buy Theratechnologies during market hours on Friday. ** Enghouse Systems Ltd. (ENGH-T) announced this week that it bought Trafi Ltd., a mobility-as-a-service (MaaS) provider in Lithuania. “Trafi enhances our transportation mobility solutions portfolio by adding a robust MaaS platform that integrates multiple transport modes into a seamless user experience,” Enghouse CEO Steve Sadler stated in a release. Upcoming small-cap earnings: April 22: Goodfood Market Corp. (FOOD-T) April 23: Cargojet Inc. (CJT-T), Precision Drilling Corp. (PD-T), Aecon Group Inc. (ARE-T), Mullen Group Ltd. (MTL-T) April 24: Winpak Ltd. (WPK-T) April 28: Cannara Biotech Inc. (LOVE-X) April 29: Morguard North American REIT (MRG-UN-T), Badger Infrastructure Solutions Ltd. (BDGI-T) April 30: Morguard Real Estate Investment Trust (MRT-UN-T), Spin Master Corp. (TOY-T), Exco Technologies Limited (XTC-T) May 1: Pason Systems Inc. (PSI-T), Andlauer Healthcare Group Inc. (AND-T), SNDL Inc. (SNDL-CN) May 5: Ero Copper Corp. (ERO-T), BTB Real Estate Investment Trust (BTB-UN-T), Gibson Energy Inc. (GEI-T) May 6: Western Forest Products Inc. (WEF-T), Minto Apartment Real Estate Investment Trust (MI-UN-T), Boardwalk Real Estate Investment Trust (BEI-UN-T), Extendicare Inc. (EXE-T), Thinkific Labs Inc. (THNC-T), Pet Valu Holdings Ltd. (PET-T), Centerra Gold Inc. (CG-T), Information Services Corporation (ISC-T) May 7: Killam Apartment REIT (KMP-UN-T), Green Thumb Industries Inc. (GTII-CN), Chorus Aviation Inc. (CHR-T), Crombie Real Estate Investment Trust (CRR-UN-T), SmartCentres Real Estate Investment Trust (SRU-UN-T), First Capital REIT (FCR-UN-T), Trulieve Cannabis Corp. (TRUL-CN), Pollard Banknote Ltd. (PBL-T) May 8: Alaris Equity Partners Income Trust (AD-UN-T), TerrAscend Corp. (TSND-T), Cascades Inc. (CAS-T), NFI Group Inc. (NFI-T), Curaleaf Holdings Inc.(CURA-T), Cascades Inc. (CAS-T), Maple Leaf Foods Inc. (MFI-I), Interfor Corp. (IFP-T), Hut 8 Corp. (HUT-T), Altus Group Ltd. (AIF-T), Canfor Corp. (CFP-T), Canfor Pulp Products Inc. (CFX-T), Source Energy Services Ltd. (SHLE-T), MDA Space (MDA-T) May 9: Cineplex Inc. (CGX-T) May 12: K92 Mining Inc. (KNT-T), May 13: Grown Rogue International Inc. (GRIN-CN), Wesdome Gold Mines Ltd. (WDO-T) May 14: Automotive Properties Real Estate Investment Trust (APR-UN-T), KP Tissue Inc. (KPT-T), Boralex Inc. (BLX-T), AutoCanada Inc. (ACQ-T), H&R Real Estate Investment Trust (HR-UN-T) May 15: Corby Spirit and Wine Limited (CSW-A-T) May 22: Lightspeed Commerce Inc. (LSPD-T), Silvercorp Inc. (SVM-T)