KLNG - Koil Energy Solutions
BOF - BranchOut Food Inc.
FEIM - Frequency Electronics, Inc.
ACFN - Acorn Energy, Inc.
MIND - MIND Technology, Inc.
BIRDF - Bird Construction Inc.
HASH - Simply Solventless Concentrates
PPIH - Perma-Pipe International Holdings, Inc.
BRM.V - Biorem Inc.
INX.V - Intouch Insight
OLNCF - Omni-Lite Industries
KEQU - Kewaunee Scientific CP
CNO.V - California Nanotechnologies
COV.V - Covalon Technologies LTD
TTZ.V - Total Telcom Inc.
MOJO - Equator Beverage
FSI - Flexible Solutions International, Inc.
OCC - Optical Cable Corporation
OTHER
I've made several updates to my portfolio since my last post. It's been a while since my last update, but ive been super busy with my other business, but I'm excited to share an update on my current portfolio, with which I'm very comfortable. This update includes recent news and basic valuation metrics for some companies. Please note that this is not financial advice, and by the time you read this, I may or may not hold positions in the companies mentioned. This content is purely informational, created primarily for myself to stay updated on my investments. If it helps others keep track of news about these companies, you're welcome to follow along.
Here’s the update:
KLNG - Koil Energy Solutions
On April 15, 2025, Koil Energy Solutions rolled out their Q4 and full-year 2024 results, and I’m honestly pretty stoked about how they’re looking—things are shaping up nicely! Here’s the breakdown with how they did compared to last year:
Q4 2024:
Revenue: $6 million (up a solid 48% from last year).
Modified EBITDA: $1 million (a $1.6 million jump).
Full Year 2024:
Revenue: $23 million (also up 48%).
Modified EBITDA: $3.5 million (a $4.4 million swing from 2023’s loss).
Net Income: $2.6 million (way better than 2023’s $1.6 million loss).
EPS: $0.21 (a big flip from a $0.13 loss per share).
Gross Margin: 38% (up from 32%)
SG&A Expenses: $6.2 million (down slightly from $6.5 million).
Working Capital: $5.7 million, with $3.4 million in cash (up from $2.6 million and $2 million in 2023).
With these numbers, Koil’s trading at a 9x P/E, which feels like a steal to me! They’re expanding in South America, setting up a new manufacturing and service facility in Macaé, Brazil. Plus, they’ve teamed up with Subsea Design AS in Norway to level up their subsea tech
Someone brought up oil prices on the earnings call, and the CEO said: “Most of our work is tied to greenfield projects—big, long-term investments that take years to plan and build. Oil prices don’t hit us hard right now, but if they stay below $70 for a while, some clients might hold off on maintenance or new projects to save cash.” That’s something to watch, but I’m not too worried since they’re also branching out to clients beyond the usual oil and gas scene.
These results are super solid! I’m still grabbing shares. I’ll keep an eye on those oil prices and how their new markets play out. This is actually my biggest position right now since I’ve been adding shares over the past two weeks, so I’m feeling pretty happy with how things are going!
BOF - BranchOut Food Inc.
BOF develops plant-based dehydrated fruit and vegetable snacks, and powders.
On January 15, 2025 the company “announced record-breaking growth projections of $9 million in H1 2025 revenue, marking a 218% year-over-year increase. The growth is fueled by $4M from the nation’s largest warehouse club, after 2024 sales velocity hit nearly double the retailer’s expectations. The strong performance has led to an expansion of BranchOut’s product count and regional presence, breaking tradition with a retailer that typically prioritizes single-product offerings”
They also announced their 50,000 square foot facility in Peru, which stands as the worlds largest GentleDry production hub, with a $40 million in annual production capacity.
BOF is growing bigger by not just selling snacks in stores, but also by starting to make special fruit powders and pieces for big food companies that make lots of snacks and treats. Plus, BOF is already sending its products to super huge stores like the biggest warehouse club in the world (probably Costco) and the biggest store ever (probably Walmart), so lots of people can buy their stuff! They just got a new deal to sell their fruit ingredients, and they think it’ll help them make more money than they spend, which is super exciting. BOF says they’ll have extra money coming in by the first part of 2025, and they might even pay off all the money they owe by the end of the year, which means they’re doing much better than before when things were a bit tough
On March 19, 2025, BranchOut Food Inc., entered into an agreement with MicroDried, which is expected to generate $5 to $6 million in annual revenue. They’ve already begun producing the first orders of ingredients at BOF’s facility, and both MicroDried and BOF are ready to grow their presence in the global ingredient market together. This partnership highlights their shared goal of creating top-notch, creative, and eco-friendly dried ingredient solutions that perfectly match what today’s food manufacturers are looking for.
FEIM - Frequency Electronics, Inc.
On March 13, 2025, Frequency Electronics (FEIM) shared their 3Q 2025 financial results, and I think they’re pretty impressive—though there are a few things to watch. Here’s a quick rundown of the numbers with the year-over-year changes:
Revenue: $18.9M for Q3 (up 38% from $13.7M) and $49.8M for 9 months (up 25% from $39.7M).
Operating Income: $3.5M for Q3 (vs. a $0.5M loss, a 800% swing) and $8.5M for 9 months (up 240% from $2.5M).
Net Income: $15.4M ($1.60/share) for Q3 (up 15,300% from $0.1M or $0.01/share) and $20.5M ($2.14/share) for 9 months (up 583% from $3.0M or $0.32/share).
On the earnings call CEO mentioned new business opportunities and key programs they’ve been awarded for the next quarter. They just landed a subcontract from Leidos to work on a Nitrogen Vacancy Diamond Magnetometer for the DIU’s Transition Quantum Sensing Program. But, they did flag a potential issue: changes in government funding and federal workforce cuts could mess with the timing of contract awards. They were quick to say it’s more about delays than cancellations, which is reassuring, but still worth noting since a big chunk of their business comes from U.S. government contracts. That’s a risk we can’t ignore.
On the flip side, they’re pushing hard into new areas like highly proliferated smaller satellite programs and quantum sensing, which is diversifying who they work with and what markets they’re in. They’ve been clear they expect to keep the profits rolling and even boost their gross margins with this new mix of products. I think the numbers look great, and the growth potential is there.. But I’m keeping an eye on those government contract risks and how the funding shake-ups play out.
ACFN - Acorn Energy, Inc.
On March 6, 2025 ACFN reported its Q4 and FY 2024. On March 6, 2025, Acorn Energy, Inc. (ACFN) announced its Q4 and full-year 2024 financial results, showcasing robust growth and operational strength. Q4 revenue reached $3.5 million, a 59% increase from $2.2 million in Q4 2023, while adjusted EPS soared to $0.31, up from $0.03 the prior year. For the full year, revenue climbed to $10.9 million, a 36% improvement over $8.0 million in 2023, with adjusted EPS rising to $0.74 from $0.05.
A key driver of the second half of 2024 was a $5 million contract with a leading cellphone provider, contributing $913,000 in Q4 TrueGuard hardware revenue alone. Originally planned over two years, the client has requested an accelerated deployment, prompting Acorn to target completion by the end of 2025. CEO Jan Loeb noted, "Our client has expressed a desire to expedite the project, and we are committed to meeting their accelerated timeline."
Acorn’s high-margin business model drives substantial profitability. The company projects that 50% of incremental revenue in 2025 will convert directly to pre-tax profit. With 2024 revenue of $10.9 million, an additional $1.5 million in sales could increase profits by $750,000, raising net income from $1.8 million to $2.55 million. Based on 2.5 million shares outstanding, this yields an EPS of $1.00, implying a forward P/E ratio of 14x at current trading levels as of April 16, 2025. This valuation is reasonable for a company with approximately 50% of its revenue from high-margin, annual recurring revenue (ARR). Acorn’s subscription-based monitoring and service contracts eliminate the need for annual reselling, creating a stable, high-value business model.
Looking ahead, Acorn is pursuing a Nasdaq uplisting, having met the $5 million equity requirement. This move could enhance the company’s visibility and attract a broader investor base. Additionally, Acorn sees substantial growth opportunities, including expanding its current telecom contract, which covers only one-third of the client’s infrastructure, and targeting similar deals with competitors in the telecom sector.
With a strong foundation, strategic contract wins, and a clear path to profitability, Acorn is well-positioned for continued growth. If the company secures another transformative deal akin to its existing telecom contract, its valuation appears attractive, supported by attainable expansion within the telecom industry.
MIND - MIND Technology, Inc.
MIND has experienced a significant decline from its peak share price of $11. As of today, April 8, 2025, it’s trading at $4.65, reflecting a price-to-earnings ratio of approximately 7.5x, based on the Q3 run rate of $1,290. We’re approaching the release of their fiscal 2025 Q4 and full-year financial results on April 22, which should shed further light on their trajectory.
On another note, institutional ownership has seen a meaningful uptick. On February 7, 2025, institutions held 12.17% of the company, and by April 22, 2025, that figure rose to 19.33%—an increase of roughly 7 percentage points. Curiously, this growth in institutional interest occurred alongside a 35% drop in share price over the same period, suggesting some confidence among larger investors despite the downturn.
Personally, I’m continuing to build my position at these current prices. The valuation seems compelling, and with the upcoming earnings report, I’m optimistic about potential upside.
MIND Technology, Inc. announced robust financial results for its fiscal 2025 fourth quarter and full year ended January 31, 2025, driving a 16% stock price increase on April 22, 2025. Q4 revenues reached $15.0 million, up from $12.1 million in Q3 FY2025 and $13.4 million in Q4 FY2024, with operating income at $2.8 million compared to $1.9 million and $2.3 million in the prior quarters, respectively. Net income for Q4 was $2.0 million ($0.25/share), against $1.3 million in Q3 FY2025 and $1.4 million ($0.35/share) in Q4 FY2024. Full-year FY2025 operating income soared to $6.8 million from $0.52 million in FY2024, with Adjusted EBITDA at $3.0 million for Q4, up from $2.0 million in Q3 FY2025 and $2.6 million in Q4 FY2024. The press release detailed a full-year EBITDA of approximately $8.0 million, translating to an attractive EV/EBITDA multiple of 4.5x at a $6 share price. If Q4’s $0.25 EPS annualizes to $1/share (compared to $0.63 in FY2024), the stock could climb back to $10, implying a forward P/E of 10x, signaling potential undervaluation. MIND’s Seamap segment backlog was $16.2 million as of January 31, 2025, down from $26.2 million in October 2024, but bolstered by $15.9 million in new orders post-quarter, reflecting strong demand.
CEO Rob Capps expressed optimism about MIND’s profitability trend, supported by positive operating cash flow and $5.3 million in cash reserves. Despite its small size, MIND is exploring growth avenues to maximize shareholder value, including organic expansion, acquisitions, mergers, or a potential sale, with Lucid Capital Markets LLC engaged to advise. The company plans to file a shelf registration statement to ensure flexibility for future capital needs, though no immediate fundraising is planned. With market tailwinds and a solid financial foundation, MIND is well-positioned for FY2026, though quarterly fluctuations and execution risks remain. Capps emphasized the company’s stabilized operations and readiness to seize opportunities, making MIND an intriguing prospect for investors eyeing its growth potential and current valuation.
BIRD - Bird Construction Inc.
BIRDF presented it annual report on march 12 2025. So, this company’s been sliding from its highs lately, and a lot of people are probably pointing at tariffs. But here’s the thing—I checked their annual report, and they’ve got almost no U.S. exposure. Like, it’s barely there! So, I’m thinking tariffs aren’t the real culprit—maybe it’s just market vibes or something else going on. Still digging into that one.
Now, let’s talk numbers—they’re pretty solid. In 2024, they pulled in $3.4 billion in revenue, up 21% from the year before, with a 6.3% adjusted EBITDA margin. That works out to about $214.2 million in EBITDA. For their 2025-27 plan, they’re aiming for a 10% revenue CAGR, hitting around $4.5 billion by 2027 with an 8% EBITDA margin—that’s $360 million in EBITDA. As of today, April 8, 2025, their enterprise value’s at $934 million. So, they’re trading at roughly 4.4x 2024 EBITDA ($934M ÷ $214.2M) and just 2.6x 2027 EBITDA ($934M ÷ $360M). That 2.6x for 2027 so pretty cheap for me.
I’m feeling good about them because they’ve got a solid track record—management’s hit their goals before, so I’m not doubting them now. They’re also making some smart moves, like focusing on recurring revenue to keep the cash steady and branching out into multi-industry projects. That’s a big plus! They’re not just stuck in one spot; they’re looking at tech, healthcare, maybe some industrial stuff—spreading out like that could keep them strong and growing.
I’m still adding shares here. With an EV of $934 million, it seems like the market’s sleeping on their potential, especially with that history and plan. The drop from the highs has me curious about what’s freaking everyone out, but with so little U.S. exposure, I’m betting it’s more noise than anything real
“Tariff and non-tariff measures across North America have created some uncertainty regarding potential future impacts on supply chains, possible inflationary impacts on construction materials, and the potential for someclients to limit or delay future spending commitments. Bird believes it is well positioned to manage these risks
supported by the Company's strong combined backlog comprised mainly of lower risk and collaborative contractstructures, minimal exposure to fixed-price contracts, and our focus on key market sectors with longer-termdemand drivers that are less-sensitive to near-term economic uncertainty.”
On April 16, 2025 the company announced $650m in new projects, so one step closer to their 2025 - 2027 plan.
HASH - Simply Solventless Concentrates
On April 1, 2025, HASH dropped its Q1 2025 guidance, projecting an annualized revenue of $50 million and a net income of $12 million. If they pull that off, the company would be trading at around a 5.5x P/E. Today, April 8, 2025, the stock’s at $0.60, giving it a market cap of about $51 million with 106.4 million shares fully diluted. That’s a pretty compelling setup if they hit those numbers!
There’s some buzz in the cannabis world that could lift things too. The industry’s had a rough go—lots of hype that didn’t pan out—but there’s talk of change. Word is, Canada might swap out the 13 provincial excise stamps for one national stamp in 2025 to ease the red tape, according to Business of Cannabis from 2024. Right now, producers are stuck with this $1 per gram or 10% excise tax—whichever’s higher—and it’s been brutal. StratCann noted in 2024 that it’s fueled the illicit market and left $200 million in unpaid taxes by mid-2023. The 2024 Federal Budget didn’t touch the tax rate, which was a bummer, but the Fall Economic Statement teased some reform hints for Budget 2025. Fingers crossed!
For HASH specifically, I’m feeling a mix of excitement and “let’s wait and see.” They’ve been super active with acquisitions, which is awesome, but investors—like me—are itching to know how it’ll all come together. I watched this great SCD video where Paul Andreola chats with CEO Jeff Swainson—he really dives into the sector and HASH’s future. Jeff wrapped it up with this gem: “This is the foundation. This is the launchpad. We are top 10 in the industry without question and certain categories top 5 and almost number 1 in certain categories. This is the beginning…. We can achieve top five but with profitability done right with good fundamentals and free cash flow.” That’s got me hopeful, but I’m still adding cautiously until we see those results roll in.
On April 22, 2025, $HASH announced that its wholly owned subsidiary, Humble Grow Co., achieved profitability post-integration following its February 28, 2025 acquisition, with March 2025 results showing $933,000 in gross revenue, $670,000 in expenses, and $266,000 in EBITDA ($3.2 million annualized), surpassing initial projections. By April 2025, Humble reduced annualized operating expenses by 40% to $7.2 million from $12.5 million while maintaining 9,000 kg of annual cannabis production, boosting expected EBITDA to $4.1 million, 64% above the forecasted $2.5 million. SSC highlighted strong demand for Humble’s cannabis and potential to double production with modest investment, while noting that all prior acquisitions (Lamplighter, CannMart, ANC, and Humble) are profitable, with the pending CanadaBis acquisition, expected to close around May 5, 2025, poised to further enhance profitability through operational synergies. The company is estimated to achieve approximately $0.15 per share in EPS in 2026, implying it is currently trading at an attractive 4 times 2026 EPS. SSC will release its 2024 audited financial results on April 30, 2025.
PPIH - Perma-Pipe International Holdings, Inc.
On April 6, 2025, Perma-Pipe International Holdings (PPIH) dropped some big news, announcing $27 million in new projects across the Americas and MENA regions. These guys are all about infrastructure, and they’re making serious moves in places like the Middle East and Canada, as their press press release laid out. Marc Huber, their VP, said, “This demand’s booming thanks to data centers growing, big investments in Pharma and industrial sectors, and midstream energy projects expanding.” Sounds like they’re riding a solid wave!
Their backlog is looking good so far. Back in January, they secured a $43 million contract in the Middle East. In Q2, they reported a backlog of $75.5 million, before adding that $43 million. With this new $27 million, the estimated backlog’s around $145 million. If they hit about $45 million in Q3 sales, they’d still have roughly $100 million heading into Q4. That’s some real momentum!
Here’s how they’ve been doing, with year-over-year changes:
Q1:
Sales: $34.3 million (up 15.5% from $29.7 million).
EPS: $0.18 (up 228.6% from a $0.14 loss—huge turnaround!).
Q2:
Sales: $37.5 million (up 6.8% from $35.1 million).
EPS: $0.40 (up 207.7% from $0.13).
So, sales climbed 15.5% in Q1 and 6.8% in Q2, but the EPS is where it’s really popping off—going from a loss to $0.18 in Q1 and jumping 207.7% in Q2. That’s exactly the kind of action I love to see! Q3 results should hit by the end of April, and I’m excited to get more details on what’s next.
BRM.V - Biorem Inc.
On April 16, 2025, Biorem Inc. reported its FY 2024 and Q4 2024 financial results, showcasing robust annual growth despite a challenging fourth quarter. Full-year revenue reached $37.4 million, a 49% increase from $25.2 million in 2023. Gross profit margin slightly declined to 26.9% from 27.9%, while an 81% rise in tax burden impacted profitability. Nevertheless, net income grew 39.6% to $3.04 million, reflecting operational resilience.
The fourth quarter, however, underperformed, with revenue falling 23.7% to $9.3 million from $12.2 million in Q4 2023. Gross margin contracted significantly to 17%, compared to 36% in the prior year, highlighting volatility in quarterly performance. Encouragingly, the company managed costs effectively, reducing marketing and general administrative expenses by 35% quarter-over-quarter, a positive signal for a business with inherently variable revenue streams.
Biorem’s order backlog grew 12% to $56 million in 2024, approaching the $60 million threshold the CEO indicated is necessary to achieve $40 million in annual revenue. This backlog growth underscores the company’s strong market position and is a critical metric for future performance monitoring.
They are also adding recurring revenue strengt, with over 2,000 installations, Biorem has a substantial base for high-margin, multi-year service contracts, including maintenance, refurbishments, and consumables. These contracts help mitigate revenue fluctuations and capitalize on a North American market opportunity estimated at $150 million annually for service and consumables.
At its current valuation, Biorem trades at an attractive P/E ratio of approximately 9x, suggesting undervaluation given its recurring revenue potential and growing backlog. The company’s strategic focus on high-margin service expansion and operational efficiency positions it well for sustained growth.
INX.V - Intouch Insight
On April 4, 2025, Intouch Insight released its FY 2024 financial results, demonstrating strong performance and a successful pivot toward profitability. Full-year revenue reached $28.2 million, an 11% increase from $25.4 million in 2023, driven by a combination of organic growth and contributions from the acquisitions of Alta360 Research and Ardent. Non-GAAP EPS for the year improved to $0.03, up from $0.01 in 2023. In Q4 2024, revenue was $6.3 million, down from $9.0 million in the prior year, reflecting some quarterly variability, though non-GAAP EPS remained positive at $0.01, compared to $0.00 in Q4 2023.
A key strength of Intouch Insight’s business model is its recurring revenue, which accounted for $21 million, or approximately 75% of total revenue, underscoring the stickiness and reliability of its customer base. The company’s SaaS segment, contributing $1.6 million, has shown consistent growth over the past nine years, highlighting its potential as a high-margin growth driver. Geographically, 82% of revenue is derived from the United States and 17% from Canada. Intouch Insight’s U.S. subsidiary, with dedicated offices, employees, and tax obligations, mitigates risks associated with cross-border trade, particularly in light of potential tariff concerns.
Trading at a price-to-sales ratio of 0.40 and a P/E ratio of approximately 13x, Intouch Insight appears attractively valued for a company with 75% recurring revenue and a steadily growing SaaS business. The company’s strategic shift from growth to profitability, combined with its stable revenue streams and operational efficiency, positions it well for sustained value creation.
On April 21, 2025, Intouch announced its intention to launch a normal course issuer bid to repurchase and cancel up to 1,284,000 common shares, representing approximately 5% of its 25,692,851 issued and outstanding shares. Intouch’s management believes the current market price undervalues the company, and repurchasing shares will enhance value for remaining shareholders.
OLNCF - Omni-Lite Industries
On April 21, 2025 the company presented its Q4 2024 and FY 2024, for the year ended, Omni-Lite Industries posted strong results. Revenue hit $15.88 million, up 28% or $3.47 million from $12.41 million in 2023, showing solid market traction despite a weaker Q4. Cost of goods sold rose to $12.92 million, a $2.36 million increase from $10.56 million, driven by higher material and labor costs due to growth and inflation.
They tightened up on overhead, cutting expenses by 6% to $1.45 million from $1.55 million, saving $100,123 through reduced headcount, lower stock-based compensation, and less amortization. Interest income dipped to $64,285 from $92,889, likely from cash management shifts. Other income included $299,464 from payments on a previously written-off Cal Nano loan, compared to a $852,338 gain in 2023 from reversing that loan write-off, though 2023 also had a $468,610 goodwill write-off at DP Cast. Interest expense, tied to IFRS 16 lease accounting, dropped slightly to $509,815 from $554,597.
Omni-Lite turned a $614,526 profit in 2024, reversing a $90,227 loss from 2023. That’s $0.03 per diluted share, up from $0.01, with 17.89 million diluted shares outstanding (up from 15.41 million). Stock options (1.015 million) and warrants (1.4 million) stayed steady.
Their balance sheet is a standout: a $4.6 million backlog signals strong demand, and they’re holding $5.8 million in liquid assets—$2.9 million in cash plus 7.07 million Cal Nano shares worth another $2.9 million. With an $11 million market cap, that’s half their value in cash and equivalents. They’re at 7.5x free cash flow FY24 and 5x EV/EBITDA, but investors will want to see consistent sales growth moving forward.
KEQU - Kewaunee Scientific CP
On March 12, 2025, Kewaunee Scientific Corporation (NASDAQ: KEQU) reported its Q3 2025 financial results, reflecting significant growth driven primarily by the acquisition of Nu Aire, Inc. Revenue for the quarter reached $67.1 million, a 43.7% increase from $46.7 million in Q3 2024. Adjusted EPS rose to $1.09, compared to $0.85 in the prior year, demonstrating improved profitability after accounting for acquisition-related costs. The company’s order backlog expanded to $222 million, up from $184.4 million at the end of Q2 2025, signaling robust demand across its markets.
The acquisition of Nu Aire, Inc., completed on November 1, 2024, contributed $18.3 million to Q3 revenue, underscoring its pivotal role in the company’s growth. Nu Aire’s portfolio, including biological safety cabinets and CO2 incubators, complements Kewaunee’s existing offerings, enhancing its position in the laboratory equipment market.
Kewaunee also announced an amendment to its share repurchase program, authorizing an additional 100,000 shares. The company had paused repurchases to prioritize the Nu Aire acquisition but resumed the program on February 28, 2025, reflecting confidence in its financial outlook. This strategic capital allocation move aligns with management’s goal of enhancing shareholder value.
On the balance sheet, short-term debt decreased to $1.13 million as of January 31, 2025, from $3.10 million on April 30, 2024. However, long-term debt increased to $65.82 million from $28.48 million, primarily due to financing for the Nu Aire acquisition, resulting in a debt-to-equity ratio of 1.29, up from 0.70 at the end of FY 2024.
CEO Thomas D. Hull III commented, “Over the past five years, we have strategically strengthened our supply chain to ensure resilience amid market volatility. As the leading U.S.-based manufacturer of laboratory products and technical furniture, Kewaunee is well-positioned to deliver reliable, domestically produced solutions. Our diversified global supply chain, supported by multiple sourcing strategies, enables consistent delivery of high-quality products while navigating supply chain disruptions, tariffs, and other external challenges.”
At its current valuation, trading at approximately 8x EPS, Kewaunee appears attractively positioned, with a robust backlog and enhanced capabilities from the Nu Aire acquisition, supporting its long-term growth prospects in the laboratory and technical furniture markets.
CNO.V - California Nanotechnologies
CalNano announced that it has secured two purchase orders totaling approximately $115,000 from Oerlikon Metco and AbTech Industries, marking a significant step in its transition from R&D to commercial production.. Additionally, Cal Nano achieved ISO 9001 Quality Management Systems certification for its Spark Plasma Sintering technologies across its Cerritos and Santa Ana facilities, a critical milestone that enhances its eligibility for larger commercial contracts. CEO Eric Eyerman emphasized that these developments position Cal Nano as a key player in domestic advanced materials manufacturing, with expectations of ongoing orders from both clients.
Despite this progress, Cal Nano anticipates a temporary slowdown in its fiscal first quarter of 2025, and potentially beyond, due to reduced R&D activity from a major green steel customer that has met certain performance targets. While management expects this customer’s R&D efforts to rebound later in 2025, this outlook remains uncertain. The company is on its way to delivering more business on the commercial side, which is a promising shift. However, these initial commercial contracts, while positive, may be overshadowed by the cautionary note about a likely slower first half of 2025. With the ISO 9001 certification and a strategic focus on commercial opportunities, Cal Nano is well-positioned to drive diversified, predictable revenue streams, potentially leading to a stronger performance in the latter half of 2025.
COV.V - Covalon Technologies LTD
On April 3, 2025 the company released news about the benefits from a positive outcome regarding U.S. tariff announcements. Under the USMCA, Covalon’s Canadian-manufactured products are exempt from U.S. tariffs, ensuring competitive pricing and uninterrupted market access in the U.S. As North America’s largest advanced wound care collagen dressing manufacturer, Covalon gains a competitive edge over rivals in the UK, Germany, and China, who face U.S. import tariffs of 10%, 20%, and 54%, respectively. This positions Covalon to capitalize on market opportunities, and the company is already collaborating with strategic partners to leverage this advantage.
TTZ.V - Total Telcom Inc.
On March 3, 2025, Total Telcom Inc. (TTZ) released its HY 2025 financial results, demonstrating resilience in a challenging economic environment. Revenue declined 3.5% to $927,819 from $961,924 in HY 2024, primarily due to weaker hardware sales, particularly in RV HVAC controllers, as high interest rates curtailed consumer spending on non-essential goods. Despite this, net income increased 18.7% to $101,202 from $85,291, driven by a 105.1% surge in non-operating income ($123,966), comprising $58,746 in finance income and $65,220 in foreign exchange gains from a stronger U.S. dollar. The company’s robust balance sheet, with $3.01 million in cash and short-term deposits ($2.04 million in term deposits vs. $1.95 million at June 30, 2024) and only $540,000 in liabilities, underscores its financial stability.
Cash flow strengthened significantly, with operations generating $314,308 in HY 2025, compared to an $869,590 outflow in HY 2024. Investing outflows decreased to $207,834 from $1.11 million, and financing outflows fell to $35,116 from $31,479. Gross margins remained stable at 58.9% (vs. 60.8% in 2023), while G&A expenses dropped 7.8% to $372,507, reflecting lower share-based compensation ($28,600 from 200,000 stock options vs. $55,470 from 215,000 in 2024).
The MD&A highlights that the company has “essentially reached the break-even point from their recurring revenue business,” a claim that warrants closer examination. Recurring revenue, estimated at $277,000 (approximately 30% of total sales), is derived from SaaS-like streams such as communication services and Water-TraX environmental monitoring subscriptions. Hardware sales, primarily RV HVAC controllers, contribute the remaining 70%, or roughly $650,000. Assuming an 80% gross margin for recurring revenue (typical for SaaS) and 50% for hardware (aligned with industry standards), recurring revenue generates approximately $221,600 in gross profit ($277,000 × 0.80), while hardware contributes $325,000 ($650,000 × 0.50), yielding a total gross profit of $546,666. This aligns closely with the reported 58.9% overall gross margin. Operating expenses, excluding depreciation and amortization, total $390,000, with an additional $37,000 in taxes, resulting in $427,000 in cash operating costs. While recurring revenue’s gross profit ($221,600) covers a significant portion of these costs, it falls short of full break-even without contributions from hardware gross profit or non-operating income, such as finance income and foreign exchange gains. The MD&A’s claim likely reflects a broader definition of “recurring business,” possibly including consistent hardware sales to recurring customers or factoring in non-operating income to offset expenses. This interpretation suggests operational efficiency but highlights the need for clarity on how management defines break-even in this context. Continued growth in recurring revenue, which offers higher margins and stability, remains critical to achieving true break-even from subscription-based streams alone.
Despite U.S. tariff risks impacting RV hardware sales (down to $153,000 in HY 2025 from $430,000 in FY 2024), TTZ is proactively diversifying into new markets, including Canada, South America, Europe, and Australia, to reduce U.S. dependence. Growth in race management fees (up $41,000), recurring communication revenues, and traction in Water-TraX and environmental monitoring products signals potential in both hardware and subscription streams. With a market cap of $3.7 million and an EV/EBIT of approximately 7x (based on an annualized adjusted EBIT of $325,000), TTZ appears attractively valued. Its strong balance sheet, prudent management, and growing recurring revenue position it well, though a catalyst—such as new contracts in racing or product launches in environmental monitoring—is needed to drive share price appreciation in a tariff-constrained environment.
MOJO - Equator Beverage
Since Q4 2024, there has been no recent news. However, Q1 2025 is projected to be a strong quarter. In the Q4 press release, the CEO announced that revenue for the first two months of Q1 is expected to reach $650,000, a 76% increase compared to the same period last year.
FSI - Flexible Solutions International, Inc.
Flexible Solutions International released its Q1 2025 financial results on April 16, 2025, revealing a challenging quarter. Sales fell to $7.4 million, a 20% drop from $9.2 million in Q1
2024. CEO Dan O’Brien explained that a couple of major customers reduced inventory, and the ENP division saw lower sales, likely due to early purchases in Q4 2024. He emphasized that this rare convergence of factors doesn’t change FSI’s positive growth outlook for the full year.
On a brighter note, FSI has big plans in store! On January 7, 2025, the company announced a significant contract with a U.S.-based company to manufacture food-grade products on a non-exclusive basis. This five-year agreement, which can automatically renew for up to five additional five-year terms (unless either party opts out 180 days in advance), could be a game-changer. FSI estimates it may generate $15 million to $30 million—or more—in annual revenue, potentially doubling the company’s sales for FY 2025. Production is set to begin in June 2025, after FSI expands its clean room facilities and installs the required equipment.
So, while Q1 was a bit bumpy, FSI’s future looks promising, especially with this new contract ramping up after Q2!
OCC - Optical Cable Corporation
OTHER