Buy Or Sell Opportunity • Jul 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to CA$0.66. The fair value is estimated to be CA$0.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 9.2% in 2 years. Earnings are forecast to grow by 94% in the next 2 years. Major Estimate Revision • May 15
Consensus EPS estimates fall by 36%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from CA$149.6m to CA$151.4m. Forecast EPS reduced from -CA$0.134 to -CA$0.182 per share. Interactive Media and Services industry in Canada expected to see average net income growth of 21% next year. Consensus price target down from CA$1.40 to CA$1.29. Share price fell 5.8% to CA$0.81 over the past week. Reported Earnings • May 11
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: CA$0.06 loss per share (further deteriorated from CA$0.036 loss in 1Q 2025). Revenue: CA$35.0m (up 20% from 1Q 2025). Net loss: CA$3.19m (loss widened 72% from 1Q 2025). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Interactive Media and Services industry in North America. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 26% per year. Announcement • Apr 24
illumin Holdings Inc. to Report Q1, 2026 Results on May 08, 2026 illumin Holdings Inc. announced that they will report Q1, 2026 results Pre-Market on May 08, 2026 Announcement • Apr 21
illumin Holdings Inc., Annual General Meeting, Jun 11, 2026 illumin Holdings Inc., Annual General Meeting, Jun 11, 2026. Announcement • Apr 08
Illumin Holdings Inc. Announces CEO Changes, Effective April 7, 2026 illumin Holdings Inc. announced that Simon Cairns has stepped down as Chief Executive Officer to pursue other opportunities, effective April 7, 2026. The Board of Directors has appointed Tal Hayek as Chief Executive Officer, effective April 7, 2026. A co-founder of illumin, Mr. Hayek previously served as Chief Executive Officer and was instrumental in building the Company’s journey advertising platform and scaling it as a public company. Tal Hayek brings deep institutional knowledge and a strong track record of innovation and leadership to the role. A co-founder of illumin, Mr. Hayek previously served as Chief Executive Officer and was instrumental in the development of the Company’s journey advertising platform and its growth as a public company. Recent Insider Transactions • Mar 20
Independent Chairman of the Board recently bought CA$156k worth of stock On the 18th of March, Sheldon Pollack bought around 200k shares on-market at roughly CA$0.78 per share. This transaction amounted to 8.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Sheldon has been a buyer over the last 12 months, purchasing a net total of CA$486k worth in shares. Reported Earnings • Mar 15
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: CA$0.28 loss per share (down from CA$0.017 profit in FY 2024). Revenue: CA$143.6m (up 2.3% from FY 2024). Net loss: CA$14.7m (down CA$15.5m from profit in FY 2024). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Interactive Media and Services industry in North America. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 28% per year. New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings have declined by 59% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 59% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$3.2m net loss next year). Market cap is less than US$100m (CA$47.3m market cap, or US$34.4m). Announcement • Feb 23
illumin Holdings Inc. to Report Q4, 2025 Results on Mar 13, 2026 illumin Holdings Inc. announced that they will report Q4, 2025 results Pre-Market on Mar 13, 2026 Announcement • Feb 03
illumin Holdings Inc. Announces Changes to Board of Directors and Committee Compositions illumin Holdings Inc. announced changes to its board of directors, reducing the number of directors from seven to five. The Board has received and accepted the resignations of directors Roger Dent, Michele Tobin, and Yishay Waxman, effective February 1, 2026. Bruce Barker was appointed as a director of the Company, effective February 2, 2026, to fill the remaining vacancy on the Board until the next annual meeting of shareholders. Mr. Barker brings more than 30 years of experience in capital markets to illumin, having worked across both the buy-side and sell-side. He previously served as Managing Director, Institutional Equities at TD Securities, retiring from the role in 2015. Since then, Mr. Barker has been an active investor in Canadian small and micro-cap companies. He holds a Chartered Financial Analyst (CFA) designation and a Bachelor of Arts in Economics from Wilfrid Laurier University. The Board has appointed Bruce Barker as a member of the Company’s Audit Committee and confirms that David Andrews (Chair of the Audit Committee) and Sheldon Pollack will remain as members of the Audit Committee. The Board also appointed Paul Khawaja as Chair of the CCGC and further appointed Tal Hayek and Bruce Barker as members of the CCGC. Announcement • Jan 27
illumin Holdings Inc. Announces Major Upgrade of Its Advertising Platform illumin Holdings Inc. announced a major upgrade of its advertising platform that delivers clear proof of programmatic performance, connecting advertising activity directly to meaningful business outcomes while budgets are active. The results are meaningful and measurable. illumin's ecosystem extends audience reach up to 50%, 40% lift in Connected TV performance, and 25% lower retargeting costs, resulting in clear incremental impact and stronger return on ad spend while budgets are still active. For years, marketers have been led to believe that advertising dollars directly translate to business outcomes. In reality, fragmentation, delayed insight, and disconnected measurement have made that difficult to prove at scale or with accuracy, leaving teams to justify results after the fact. illumin's platform upgrade eliminates post- campaign explanation by unifying execution, supply, its Identity Graph, and measurement into a single platform built for in-market learning. New platform enhancements, including Canvas, AI-powered Insights, and Impact, work together as one operating system designed for speed, scale, and control. Rather than adding more tools, illumin embeds performance visibility directly into the workflow, enabling marketers to move faster, learn sooner, and make confident decisions without relying on separate measurement layers. Announcement • Jan 08
illumin Holdings Inc. Announces Chief Financial Officer Changes illumin Holdings Inc. announced that Elliot Muchnik, Chief Financial Officer, is leaving the Company effective January 7, 2026 to pursue other opportunities. The Company may initiate a search process to assess potential internal and external candidates and expects to fill the permanent position of Chief Financial Officer in the coming months. In the interim, Michael Amaro has been appointed as Interim Chief Financial Officer. Mr. Amaro is a CPA and a seasoned senior financial executive with over 25 years of tech and media experience, including over three years with the Company, serving as Vice President, Finance. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings have declined by 56% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 56% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$4.9m net loss next year). Market cap is less than US$100m (CA$53.2m market cap, or US$37.9m). New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings have declined by 54% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 54% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$51.8m market cap, or US$37.0m). Reported Earnings • Nov 09
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: CA$0.04 loss per share (further deteriorated from CA$0.022 loss in 3Q 2024). Revenue: CA$38.2m (up 5.3% from 3Q 2024). Net loss: CA$2.15m (loss widened 94% from 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Interactive Media and Services industry in North America. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 22% per year. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings have declined by 56% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 56% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$2.5m net loss next year). Market cap is less than US$100m (CA$58.0m market cap, or US$41.4m). New Risk • Oct 31
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: CA$4.6m Forecast net loss in 1 year: CA$3.8m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$3.8m net loss next year). Market cap is less than US$100m (CA$61.1m market cap, or US$43.6m). Announcement • Oct 22
illumin Holdings Inc. to Report Q3, 2025 Results on Nov 07, 2025 illumin Holdings Inc. announced that they will report Q3, 2025 results at 9:30 AM, US Eastern Standard Time on Nov 07, 2025 Announcement • Oct 15
illumin Holdings Inc. Welcomes Adtech Leader Brian Garrigan as Chief Revenue Officer illumin Holdings Inc. announced the appointment of Brian Garrigan as Chief Revenue Officer (CRO) ??effective immediately. He will report to illumin’s CEO, Simon Cairns. A proven adtech leader, Brian Garrigan brings more than a decade of experience leading high-performing sales organizations and driving scalable growth across enterprise, mid-market, and channel sales. Most recently, as SVP of Sales at Simpli.fi, he helped transform the company from an early-stage startup into a category leader recognized for its innovation in programmatic media and CTV. In his new role, Garrigan will oversee global sales, account management, and client success at illumin. He will focus on expanding illumin’s reach across North America, Latin America, and Europe while strengthening client relationships and revenue performance. Garrigan has a proven track record for developing teams that consistently deliver double-digit growth while maintaining a customer-first mindset. At illumin, he will focus on expanding enterprise partnerships, deepening channel relationships, and reinforcing a culture centered on people, process, and performance. Announcement • Oct 07
Illumin Holdings Inc. Ignites Bold New Era with Brand Overhaul and Platform Upgrades, Lighting Up New York During Advertising Week illumin Holdings Inc. unveiled a new brand identity and its rallying tagline, "See More. Achieve More." taking over the streets around Advertising Week New York. The brand reveal storm the streets of New York during Advertising Week, where illumin unleash five massive mobile digital billboards through Times Square, Hudson Yards, SoHo, Midtown, and the Javits Center--sending an unmistakable signal that a new era has begun driven by its unified journey advertising platform and AI-powered solutions. This high-impact takeover was the launch pad for a global omnichannel campaign spanning CTV, Digital Out-of-Home (DOOH), programmatic display, and Meta platforms--delivering the new illumin identity to live audiences, brands, and agencies worldwide. From its earliest days, illumin has been an innovator and a disruptor, challenging the status quo of the demand-side platform (DSP) category. Born with the customer in mind, illumin understands that marketers, especially challenger brands competing against deeper-pocketed rivals, need more than incremental improvements. They need a partner willing to make every advertising dollar work harder to drive measurable results. illumin's new identity reinforces its focus on market-leading technology and innovation. The Company's unified journey advertising platform provides real-time, data-driven insights and AI-powered optimization that flows into usable intelligence that brands and agencies can utilize to control the success of their marketing campaigns. Recent platform enhancements include the capability for customers to: Launch campaigns up to 40% faster with a more streamlined workflow; Create and edit campaigns, tactics, creatives, and audiences in one place; Take bulk actions that apply across entire campaign; and Utilize a new, first-of-its kind forecasting tool, providing advanced intelligence down to a tactical level. Buy Or Sell Opportunity • Sep 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to CA$1.48. The fair value is estimated to be CA$1.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 6.3% in a year. Earnings are forecast to grow by 25% in the next year. Recent Insider Transactions • Sep 10
Independent Chairman of the Board recently bought CA$53k worth of stock On the 8th of September, Sheldon Pollack bought around 35k shares on-market at roughly CA$1.52 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$101k. Sheldon has been a buyer over the last 12 months, purchasing a net total of CA$330k worth in shares. Board Change • Sep 04
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Dave Andrews was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 18
illumin Holdings Inc. to Report Q2, 2025 Results on Aug 07, 2025 illumin Holdings Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 07, 2025 Announcement • Apr 22
illumin Holdings Inc. to Report Q1, 2025 Results on May 09, 2025 illumin Holdings Inc. announced that they will report Q1, 2025 results Pre-Market on May 09, 2025 Announcement • Apr 11
illumin Holdings Inc., Annual General Meeting, Jun 11, 2025 illumin Holdings Inc., Annual General Meeting, Jun 11, 2025. Announcement • Feb 21
illumin Holdings Inc. to Report Q4, 2024 Results on Mar 14, 2025 illumin Holdings Inc. announced that they will report Q4, 2024 results Pre-Market on Mar 14, 2025 Announcement • Oct 04
illumin Holdings Inc. to Report Q3, 2024 Results on Nov 08, 2024 illumin Holdings Inc. announced that they will report Q3, 2024 results Pre-Market on Nov 08, 2024 Announcement • Aug 08
illumin Holdings Inc. Announces Executive Appointments illumin Holdings Inc. announced the additions of a new Chief Revenue Officer and new Senior Vice President of Marketing, effective August 2024. Liz Ritzcovan joins illumin as Chief Revenue Officer in August 2024, taking charge of all sales, account management and customer support across illumin’s operations worldwide. Prior to joining illumin, Ms. Ritzcovan served as Chief Revenue Officer of Hustle, a person to person reach platform used by brands, agencies, non-profits and governments to engage target audiences wherever and however they want to connect. Ms. Ritzcovan also served as CRO for Namagoo, Foursquare, Bazaarvoice, Sizmek and Parade Media Group – all leading companies in and around advertising and marketing in their respective spaces. Prior to her time as CRO, Ms. Ritzcovan held senior leadership positions in Yahoo Inc. and Time Inc, both in marketing solutions and client services. She started her career in advertising and eventually developed her own agency. Based in Connecticut, Ms. Ritzcovan started with the Company in August 2024. Bridget Westerholz joins illumin as SVP of Marketing in August 2024, leveraging off her direct experience inside of agencies and brands to take over the Company’s global marketing efforts. Prior to joining illumin, Ms. Westerholz served as VP of Marketing for SPUD, western Canada’s leading online and retail natural grocery retailer. At SPUD, she rebuilt their brand strategy, product marketing plans and transactional campaigns to deliver best-ever results with their customers. Prior to SPUD, Ms. Westerholz served as VP of Marketing and Sales for Happy Planet Foods, one of Canada’s larger and most loved natural food and juice companies. Before steering brands, Ms. Westerholz also served in several leadership positions inside advertising agencies including SVP and Managing Director of FUSE Create and VP of Client Services for DDB Canada. Announcement • Jul 10
illumin Holdings Inc. to Report Q2, 2024 Results on Aug 08, 2024 illumin Holdings Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 08, 2024 Announcement • Apr 12
illumin Holdings Inc. to Report Q1, 2024 Results on May 09, 2024 illumin Holdings Inc. announced that they will report Q1, 2024 results Pre-Market on May 09, 2024 Announcement • Mar 27
Illumin Holdings Inc. Appoints Simon Cairns as Chief Executive Officer, Effective from April 15, 2024 illumin Holdings Inc. announced the appointment of Simon Cairns as Chief Executive Officer, effective April 15, 2024. Mr. Cairns is a highly experienced executive with a successful track driving growth and performance in technology, services, and SaaS platform companies. With over 24 years of strategic leadership, finance, marketing, operations, and business and corporate development experience, Mr. Cairns joins illumin at a pivotal point in the Company’s growth. Mr. Cairns most recently served as CEO of SPUD, western Canada’s largest online and omnichannel retailer of fresh foods and healthy products. At SPUD, he was responsible for returning the business to growth and high performance by focusing on continuously generating value for the customer, significantly increasing financial performance, organizational effectiveness, and brand value. Before SPUD, Mr. Cairns served as CEO and GM of PNI Media, an enterprise-class ecommerce and value-added services SaaS platform provider that drove creation, ordering, production, and value-add services for the world’s largest retailers. In the past, he has held senior executive roles at organizations including Staples, ESPN, Simple Star and ACD Systems. Mr. Cairns successfully completed the executive leadership program at Harvard Business School and holds a Bachelor’s degree from the University of Victoria. Mr. Cairns succeeds Tal Hayek, who as previously announced will transition to Non-Executive Vice Chairman on the Board of Directors of illumin Holdings. Announcement • Feb 13
illumin Holdings Inc. to Report Q4, 2023 Results on Mar 07, 2024 illumin Holdings Inc. announced that they will report Q4, 2023 results at 4:00 PM, US Eastern Standard Time on Mar 07, 2024 Announcement • Feb 06
illumin Holdings Inc. Announces Executive Changes illumin Holdings Inc. announced that effective February 5, 2024, Mr. Nadeem Ahmed, Chief Revenue Officer, is no longer with illumin. The Company is in the process of identifying Mr. Ahmed’s successor, and on an interim basis, his responsibilities will be assumed by Joe Ontman, the Company’s Chief Business Development Officer and Co-Founder. Announcement • Oct 28
Illumin Holdings Inc. Announces Resignation of Tal Hayek as CEO illumin Holdings announced the planned retirement of its Chief Executive Officer, Tal Hayek. Once a new CEO is hired, Mr. Hayek will transition from his current CEO role to Non-Executive Vice Chairman on the Board of Directors of illumin Holdings. As a pioneer in journey advertising technology, illumin empowers marketers to make data-driven decisions about engaging with online consumers. Tal Hayek, one of the co-founders of the company, has led illumin through significant growth, its transition to a public company, and the development of the revolutionary illumin journey advertising platform. The Board of Directors has initiated an executive search for illumins’ next CEO. While there is no specific timeline for the search process, it is expected to be completed during 2024. Once a new CEO is in place, Mr. Hayek will assume his role as Non-Executive Vice Chairman. Announcement • Oct 17
Illumin Holdings Inc. Introduces New Functionality for Its Journey Advertising Platform by Establishing A Fully Integrated Connection with Meta to Provide New Facebook and Instagram Capabilities Allowing End-To-End Social Advertising illumin Holdings Inc. introduced new functionality for its journey advertising platform by establishing a fully integrated connection with Meta to provide new Facebook and Instagram capabilities allowing end-to-end Social Advertising.With this latest product update, illumin expands connected journeys with its first social capabilities. The new feature brings Facebook and Instagram advertisements directly onto the intuitive journey advertising platform, offering consumers an enhanced experience while providing marketers with connected journey advertising intelligence. Marketers can now create, launch, manage, and report on their Facebook and Instagram campaigns within illumin and seamlessly pass their Open Web audiences into social campaigns through an intuitive, connected interface. Announcement • Sep 05
illumin Holdings Announces Intention to Voluntarily Delist from NASDAQ illumin Holdings Inc. announced that it has notified the NASDAQ Stock Market LLC ('NASDAQ') of its intention to voluntarily delist its common shares ('Shares') from The Nasdaq Stock Market ('NASDAQ'). Shares will continue to trade on the Toronto Stock Exchange ('TSX'). With the majority of its Shares trading on the TSX, illumin believes the costs and administrative requirements associated with maintaining a dual listing are not justified at this time. The decision to voluntarily delist the Shares from NASDAQ was first announced by the Corporation in a press release on July 26, 2023. The Corporation plans to file a Form 25 with the Securities Exchange Commissions (the 'SEC') and expects that its Shares will cease trading on NASDAQ on or about September 11, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: CA$0.10 loss per share (down from CA$0.02 profit in 2Q 2022). Revenue: CA$33.2m (up 17% from 2Q 2022). Net loss: CA$5.61m (down CA$6.52m from profit in 2Q 2022). Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) missed analyst estimates by 100%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Interactive Media and Services industry in Canada. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 02
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -CA$0.109 to -CA$0.123 per share. Revenue forecast unchanged at CA$132.0m. Interactive Media and Services industry in Canada expected to see average net income growth of 42% next year. Consensus price target of CA$3.65 unchanged from last update. Share price fell 4.3% to CA$2.44 over the past week. Announcement • Jul 23
illumin Holdings Inc. to Report Q2, 2023 Results on Aug 10, 2023 illumin Holdings Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 10, 2023 New Risk • Jun 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$128.5m (US$96.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 30% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$3.6m net loss in 2 years). Market cap is less than US$100m (CA$128.5m market cap, or US$96.1m). Reported Earnings • May 12
First quarter 2023 earnings released: CA$0.06 loss per share (vs CA$0.074 loss in 1Q 2022) First quarter 2023 results: CA$0.06 loss per share (improved from CA$0.074 loss in 1Q 2022). Revenue: CA$26.5m (up 11% from 1Q 2022). Net loss: CA$3.56m (loss narrowed 21% from 1Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Interactive Media and Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Mar 16
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$130.8m to CA$129.4m. Losses expected to increase from CA$0.067 per share to CA$0.093. Interactive Media and Services industry in Canada expected to see average net income growth of 22% next year. Consensus price target up from CA$3.55 to CA$3.75. Share price fell 7.1% to CA$2.10 over the past week. Reported Earnings • Mar 10
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: CA$0.01 loss per share (down from CA$0.18 profit in FY 2021). Revenue: CA$121.0m (flat on FY 2021). Net loss: CA$753.4k (down 107% from profit in FY 2021). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Interactive Media and Services industry in Canada. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 17
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be CA$3.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 8.5% in a year. Earnings is forecast to decline by 314% in the next year. Recent Insider Transactions • Jan 04
Co-Founder recently bought CA$205k worth of stock On the 29th of December, Tal Hayek bought around 100k shares on-market at roughly CA$2.05 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tal has been a buyer over the last 12 months, purchasing a net total of CA$796k worth in shares. Buying Opportunity • Dec 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be CA$2.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to decline by 161% in the next 2 years. Buying Opportunity • Nov 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be CA$3.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to decline by 162% in the next 2 years. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CA$124.9m to CA$118.7m. 2022 losses expected to reduce from -CA$0.03 to -CA$0.01 per share. Interactive Media and Services industry in Canada expected to see average net income decline 10% next year. Consensus price target down from CA$4.63 to CA$3.46. Share price rose 7.8% to CA$2.21 over the past week. Price Target Changed • Nov 16
Price target decreased to CA$3.46 Down from CA$4.63, the current price target is an average from 6 analysts. New target price is 54% above last closing price of CA$2.24. Stock is down 55% over the past year. The company is forecast to post a net loss per share of CA$0.014 compared to earnings per share of CA$0.18 last year. Price Target Changed • Nov 11
Price target decreased to CA$3.75 Down from CA$4.63, the current price target is an average from 6 analysts. New target price is 82% above last closing price of CA$2.06. Stock is down 61% over the past year. The company is forecast to post a net loss per share of CA$0.05 compared to earnings per share of CA$0.18 last year. Announcement • Oct 21
AcuityAds Holdings Inc. to Report Q3, 2022 Results on Nov 10, 2022 AcuityAds Holdings Inc. announced that they will report Q3, 2022 results Pre-Market on Nov 10, 2022 Major Estimate Revision • Aug 17
Consensus revenue estimates fall by 11% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CA$140.2m to CA$125.1m. Forecast loss of -CA$0.03, down from profit of CA$0.04 per share profit previously. Interactive Media and Services industry in Canada expected to see average net income growth of 3.7% next year. Consensus price target reaffirmed at CA$4.79. Share price fell 7.9% to CA$3.52 over the past week. Reported Earnings • Aug 11
Second quarter 2022 earnings: Revenues miss analyst expectations Second quarter 2022 results: Revenue: CA$28.3m (down 6.7% from 2Q 2021). Net income: CA$910.8k (down 73% from 2Q 2021). Profit margin: 3.2% (down from 11% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 7.8%. Over the next year, revenue is forecast to grow 22%, compared to a 20% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Board Change • Jul 31
High number of new directors Independent Director Paul Khawaja was the last director to join the board, commencing their role in 2022. Announcement • Jul 28
AcuityAds Holdings Inc. to Report Q2, 2022 Results on Aug 10, 2022 AcuityAds Holdings Inc. announced that they will report Q2, 2022 results at 9:30 AM, US Eastern Standard Time on Aug 10, 2022 Major Estimate Revision • Jul 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CA$0.05 to CA$0.04 per share. Revenue forecast steady at CA$140.5m. Net income forecast to shrink 13% next year vs 4.8% growth forecast for Interactive Media and Services industry in Canada . Consensus price target of CA$4.79 unchanged from last update. Share price rose 6.1% to CA$3.15 over the past week. Recent Insider Transactions • Jun 17
Co-Founder recently bought CA$168k worth of stock On the 13th of June, Tal Hayek bought around 57k shares on-market at roughly CA$2.94 per share. In the last 3 months, there was an even bigger purchase from another insider worth CA$492k. Tal has been a buyer over the last 12 months, purchasing a net total of CA$451k worth in shares. Announcement • Jun 17
Acuityads Holdings Inc. Announces Director Changes AcuityAds Holdings Inc. appointed Paul Khawaja and Michele Tobin as director. Company like to thank Elisabeth Donohue and Corey Ferengul for their sound counsel and guidance during their tenures as directors said Sheldon Pollack, Chair of the AcuityAds Board of Directors. Paul Khawaja is currently President of OnX Canada, and is driving the organization’s growth, strategy, and development for enterprise infrastructure solutions, managed services, and digital services. Mr. Khawaja is leading OnX through a focused transformation from traditional IT offerings to client-focused services and solutions. Prior to his current role, Mr. Khawaja served as Executive Vice President and Chief Operating Officer of Cloud and Managed Services for OnX. Before joining OnX, Mr. Khawaja served as Vice President of Bell Canada, and President of xwave. Mr. Khawaja held senior leadership positions in sales, operations, and business development at MITI Information Technology. Mr. Khawaja is also the Chairperson of the Board for Victim Services Toronto, Mr. Khawaja also sits on the Waterfront Toronto Human Resources, Governance and Stakeholder Relations Committee. Michele Tobin joins the Company’s Board as an independent director. Ms. Tobin is a veteran sales and business development executive with 20 years of leadership experience and a successful track record of launching and scaling new businesses within consumer technology brands. Ms. Tobin has built and scaled ad monetization businesses at some of the most innovative and fast growing B2C brands in the Social and Gaming verticals including Bumble, DraftKings and Rovio Entertainment (the developer and publisher of Angry Birds), leading global sales, ad operations, ad sales marketing and programmatic monetization teams. Currently, Ms. Tobin works as a consultant and advisor and is an active angel investor in early-stage start-ups, with a particular focus on supporting under-represented founders. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CA$2.93, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 19x in the Interactive Media and Services industry in North America. Total returns to shareholders of 97% over the past three years. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Director Lisa Donohue was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 31
Co-Founder recently bought CA$185k worth of stock On the 27th of May, Tal Hayek bought around 63k shares on-market at roughly CA$2.95 per share. This was the largest purchase by an insider in the last 3 months. Tal has been a buyer over the last 12 months, purchasing a net total of CA$283k worth in shares. Major Estimate Revision • May 19
Consensus EPS estimates fall by 68% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CA$146.6m to CA$141.6m. EPS estimate also fell from CA$0.15 per share to CA$0.05 per share. Net income forecast to shrink 3.7% next year vs 3.5% growth forecast for Interactive Media and Services industry in Canada . Consensus price target down from CA$6.29 to CA$4.79. Share price rose 43% to CA$3.47 over the past week. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: CA$0.074 loss per share (down from CA$0.025 profit in 1Q 2021). Revenue: CA$23.8m (down 13% from 1Q 2021). Net loss: CA$4.49m (down 429% from profit in 1Q 2021). Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 192%. Over the next year, revenue is forecast to grow 24%, compared to a 23% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 22% share price decline to CA$3.03, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 21x in the Interactive Media and Services industry in North America. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$5.57 per share. Price Target Changed • Apr 27
Price target decreased to CA$6.29 Down from CA$8.57, the current price target is an average from 8 analysts. New target price is 64% above last closing price of CA$3.84. Stock is down 74% over the past year. The company is forecast to post earnings per share of CA$0.15 for next year compared to CA$0.18 last year. Announcement • Apr 15
AcuityAds Holdings Inc., Annual General Meeting, Jun 15, 2022 AcuityAds Holdings Inc., Annual General Meeting, Jun 15, 2022. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 30% share price gain to CA$3.59, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Interactive Media and Services industry in North America. Total returns to shareholders of 116% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$5.67 per share. Reported Earnings • Mar 11
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: CA$0.18 (up from CA$0.074 in FY 2020). Revenue: CA$122.0m (up 16% from FY 2020). Net income: CA$10.6m (up 186% from FY 2020). Profit margin: 8.7% (up from 3.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.8%. Over the next year, revenue is forecast to grow 20%, compared to a 26% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
AcuityAds Holdings Inc. to Report Q4, 2021 Results on Mar 10, 2022 AcuityAds Holdings Inc. announced that they will report Q4, 2021 results Pre-Market on Mar 10, 2022 Price Target Changed • Feb 08
Price target decreased to CA$8.57 Down from CA$9.83, the current price target is an average from 8 analysts. New target price is 138% above last closing price of CA$3.60. Stock is down 88% over the past year. The company is forecast to post earnings per share of CA$0.19 for next year compared to CA$0.074 last year. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CA$3.46, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 22x in the Interactive Media and Services industry in North America. Total returns to shareholders of 144% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$4.66 per share. Buying Opportunity • Jan 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 54%. The fair value is estimated to be CA$4.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. The company has become profitable over the last 3 years. Recent Insider Transactions • Dec 31
Co-Founder recently bought CA$98k worth of stock On the 29th of December, Tal Hayek bought around 20k shares on-market at roughly CA$4.89 per share. In the last 3 months, there was an even bigger purchase from another insider worth CA$100k. Despite this recent buy, Tal has been a net seller over the last 12 months, reducing personal holdings by CA$11m. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 23% share price gain to CA$4.82, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 24x in the Interactive Media and Services industry in North America. Total returns to shareholders of 355% over the past three years. Recent Insider Transactions • Dec 15
Chief Financial Officer recently bought CA$100k worth of stock On the 10th of December, Elliot Muchnik bought around 23k shares on-market at roughly CA$4.28 per share. This was the largest purchase by an insider in the last 3 months. This was Elliot's only on-market trade for the last 12 months.