About Microcap Research
Microcap Research publishes free, independent deep-dive equity research on Canadian nano- and microcap public companies — the part of the public market where genuine information edges still exist. 12 reports across 6 companies, all free to read, with no paywall and no payment from covered companies.
What we cover
Coverage focuses on Canadian public companies listed on the TSX and TSX Venture Exchange, generally under C$50M in market capitalisation. These are companies too small for sell-side coverage, where public filings are complete but nobody has done the work of reading them.
Every report is a full initiation or update note: business model, segment-level financial analysis, a bottoms-up valuation with explicit scenarios, and a quantified bear case. Reports carry a rating, a 12-month price target, and the share price at publication so the call can be judged later on its own terms.
How we cover a microcap
01Public Filings First
Every conclusion ties back to MD&A, audited financials, or sourced public information. We cite, you can verify.
02Bottoms-Up Modeling
Segment-by-segment revenue build, gross-margin walk, and three-scenario valuation. No black boxes.
03Risks On Equal Footing
Every report quantifies the bear case — covenant risk, customer concentration, dilution, illiquidity. Risk is the first chapter, not the last.
04No Paywall, No Promotion
We do not accept payment from the companies we cover. Reports are released free under our own name. Disclosures live above the fold.
Who publishes this
Microcap Research is operated by a single independent analyst. It is not affiliated with any broker, investment dealer, or covered company, and it accepts no payment from the companies it covers.
Research is published under the Microcap Research name rather than a personal byline. Every conclusion ties back to public filings — MD&A, audited financials, or sourced public information — so any reader can verify the work independently rather than taking an author's word for it.
Using and citing this research
Reports are free to read and free to quote with attribution to “Microcap Research (https://microcapresearch.ca)”. A machine-readable index is published at /llms.txt, full report text at /llms-full.txt, and new reports are syndicated via RSS.
Nothing published here is investment advice or a solicitation to buy or sell any security. Read the full disclosures and conflicts policy before acting on anything in a report.