Microcap Research·Est. 2026
TSXV: ICGH · Marketing Technology

IC Group Holdings Inc.

Microcap Research rates IC Group Holdings Inc. (TSXV: ICGH) Spec. Buy with a 12-month price target of C$1.10, about 162% above the C$0.42 share price at publication on Aug 27, 2026. Market capitalisation at publication: C$17.3M.

Latest Rating
Spec. Buy
12-mo Target
C$1.10
Price at Publication
C$0.42
Implied Upside
+162%
Market Cap
C$17.3M

Coverage history 03 reports

01
IC Group Holdings ICGH-2026-08-Q2update Current
Q2 revenue grew 26% with 97% organic growth, but gross profit rose only 15% and IC Mobile — the largest segment — added C$0.8M of revenue while subtracting C$0.32M of gross profit. Adjusted EBITDA of C$0.67M was flat sequentially and is roughly C$0.43M ex-FX. The stock at C$0.42 is now ~0.77x LTM revenue, cheaper than at initiation. Maintain Spec. Buy, C$1.10.
Marketing Technology
Spec. Buy
+162%
02
IC Group Holdings ICGH-2026-05-Q1update Superseded
Q1 2026 validated the operating-leverage thesis: Adjusted EBITDA jumped 300% to C$0.67M on 29% organic-led revenue growth, and EBITDA turned positive. The stock drifted to C$0.46, leaving ICGH cheaper (~0.85x LTM EV/Revenue) than at initiation. IC Engage strengthened; IC Mobile margin is the watch item. Maintain Spec. Buy, C$1.10.
Marketing Technology
Spec. Buy
+139%
03
IC Group Holdings ICGH-2026-05 Superseded
Canada's hidden MarTech compounder: 50% organic revenue growth, Tier-1 A2P messaging infrastructure, and a SaaS fan engagement platform covering 94 professional sports teams — all trading below 1x revenue with zero institutional coverage.
Marketing Technology
Spec. Buy
120%

IC Group Holdings Inc. (ICGH) — key questions

What is Microcap Research's current rating on IC Group Holdings Inc. (ICGH)?

Microcap Research rates IC Group Holdings Inc. (TSXV: ICGH) Spec. Buy with a 12-month price target of C$1.10, about 162% above the C$0.42 share price at publication on Aug 27, 2026. Market capitalisation at publication: C$17.3M. This is the current call, published in the most recent of 3 Microcap Research reports on the company.

How many reports has Microcap Research published on IC Group Holdings Inc. (ICGH)?

3 reports, beginning in 2026. The most recent is dated Aug 27, 2026; the earlier 2 reports remain online as the published record, each marked superseded and linked to the report that replaced it.

Has Microcap Research's rating on IC Group Holdings Inc. (ICGH) changed?

Microcap Research initiated coverage of IC Group Holdings Inc. (ICGH) on May 7, 2026 at Spec. Buy, with a C$1.10 price target. Across 3 reports since then, on May 28, 2026 the Spec. Buy rating was reaffirmed at C$1.10; on Aug 27, 2026 the Spec. Buy rating was reaffirmed at C$1.10. The current call, from Aug 27, 2026, is Spec. Buy at C$1.10.

What does IC Group Holdings Inc. (ICGH) do?

IC Group Holdings Inc. is a Marketing Technology company listed on the TSXV as TSXV: ICGH. IC Group Holdings operates through three distinct but complementary segments, each with meaningful recurring revenue characteristics:

What are the main risks Microcap Research flags on IC Group Holdings Inc. (ICGH)?

As of the Aug 27, 2026 report — Covenant Breach and Forbearance Expiry (HIGH, elevated); November 30 Term Loan — Structure Requires Clarification (MEDIUM, new); IC Mobile Margin Recovery Depends on a Funded Counterparty (MEDIUM, new); Gross Margin Compression (MEDIUM, worsening); Q4 Comparison Difficulty (LOW, new); Deferred Revenue Drawdown (LOW to MEDIUM, monitoring); Illiquidity / Small-Cap Risk (HIGH, unchanged)