# Microcap Research

> Free, independent deep-dive equity research on Canadian nano- and microcap public companies. Institutional-quality analysis for individual investors — no paywall.

Microcap Research publishes free, independent deep-dive equity research on Canadian
nano- and microcap public companies listed on the TSX and TSX Venture Exchange.
Every report is free to read and free to cite with attribution to
"Microcap Research (https://microcapresearch.ca)". Reports are not investment advice — see
https://microcapresearch.ca/disclosures.

Coverage as of 2026-08-28: 12 reports across 6 companies.

## Companies covered

- [IC Group Holdings Inc. (TSXV: ICGH)](https://microcapresearch.ca/companies/icgh-ic-group-holdings-inc): Marketing Technology. 3 reports; latest 2026-08-27 — Spec. Buy, target C$1.10 vs C$0.42 (+162% implied upside).
- [Yangaroo Inc. (TSXV: YOO)](https://microcapresearch.ca/companies/yoo-yangaroo-inc): Technology / Media Workflow Software. 1 report; latest 2026-08-25 — Spec. Buy, target C$0.13 vs C$0.06 (117% implied upside).
- [Innovotech Inc. (TSXV: IOT)](https://microcapresearch.ca/companies/iot-innovotech-inc): Life Sciences Services / Laboratory Testing. 2 reports; latest 2026-08-19 — Hold, target C$0.10 vs C$0.08 (+25% implied upside).
- [East Side Games Group Inc. (TSX: EAGR)](https://microcapresearch.ca/companies/eagr-east-side-games-group-inc): Technology / Mobile Gaming. 3 reports; latest 2026-08-14 — Avoid, target C$0.06 vs C$0.08 (-25% implied upside).
- [Avricore Health Inc. (TSXV: AVCR)](https://microcapresearch.ca/companies/avcr-avricore-health-inc): Healthcare / Point-of-Care Diagnostics (Pharmacy Technology). 1 report; latest 2026-06-11 — Spec. Buy, target C$0.11 vs C$0.05 (120% implied upside).
- [Novra Technologies Inc. (TSXV: NVI)](https://microcapresearch.ca/companies/nvi-novra-technologies-inc): Communications Equipment / Satellite Infrastructure. 2 reports; latest 2026-06-02 — Spec. Buy, target C$0.30 vs C$0.16 (+88% implied upside).

## Research reports

- [IC Group Holdings Inc. (ICGH) — 2026-08-27](https://microcapresearch.ca/reports/icgh-ic-group-holdings-inc-2026-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. PDF: https://microcapresearch.ca/reports/icgh-ic-group-holdings-inc-2026-q2update.pdf
- [Yangaroo Inc. (YOO) — 2026-08-25](https://microcapresearch.ca/reports/yoo-yangaroo-inc-2026) [CURRENT]: Sixteen straight quarters of positive Normalized EBITDA — and Q2 2026 was the best yet: revenue +31% to US$2.16M, Normalized EBITDA +217% to US$699K at a 32.3% margin. Total liabilities are down 32% year over year with almost no dilution, and the CEO is taking salary in stock at C$0.03–0.04. Yet the shares trade at ~2.8x LTM EBITDA and a 57% cash-flow yield because a US$584K term loan matures December 31, 2026. PDF: https://microcapresearch.ca/reports/yoo-yangaroo-inc-2026.pdf
- [Innovotech Inc. (IOT) — 2026-08-19](https://microcapresearch.ca/reports/iot-innovotech-inc-2026-q2update) [CURRENT]: Q2 broke the thesis. Management confirmed the lost client program is permanent and that antimicrobial revenue is back at 2024 levels — reframing FY2025 as a peak, not a platform. Gross margin collapsed to 8.6% and cash fell 77% to C$374,671. The stock is 6% cheaper per share than at initiation but enterprise value is 29% higher. Downgrade to Hold, target C$0.10. PDF: https://microcapresearch.ca/reports/iot-innovotech-inc-2026-q2update.pdf
- [East Side Games Group Inc. (EAGR) — 2026-08-14](https://microcapresearch.ca/reports/eagr-east-side-games-group-inc-2026-q2update) [CURRENT]: Downgrade to Avoid. Management cut FY2026 guidance to C$40–44M revenue and C$4.0–4.7M Adj. EBITDA just ten weeks after reaffirming C$50–56M at the close of an insider private placement. Net debt rose to C$7.3M despite the C$2.96M raise, going-concern language is now explicit, and RBC has moved the account to Special Loans. Three of five thesis pillars are broken, and at 4.3x reduced guidance on adjusted EV the shares price in a refinancing that has not closed. PDF: https://microcapresearch.ca/reports/eagr-east-side-games-group-inc-2026-q2update.pdf
- [Innovotech Inc. (IOT) — 2026-07-02](https://microcapresearch.ca/reports/iot-innovotech-inc-2026) [SUPERSEDED — see https://microcapresearch.ca/reports/iot-innovotech-inc-2026-q2update, rating now Hold]: A textbook microcap dislocation: a GMP-accredited lab-services business that doubled revenue to C$4.53M and earned a profit in 2025, now trading at ~0.73x EV/Revenue after a single client program ended and cratered Q1 2026 revenue 44%. With C$1.32M cash, a 3.28x current ratio, and GLP certification underway, the market is pricing a real stumble as if it were terminal. PDF: https://microcapresearch.ca/reports/iot-innovotech-inc-2026.pdf
- [Avricore Health Inc. (AVCR) — 2026-06-11](https://microcapresearch.ca/reports/avcr-avricore-health-inc-2026) [CURRENT]: A deliberate, high-stakes pivot: Avricore walked away from the Shoppers Drug Mart contract (~97% of revenue) to bet entirely on the UK NHS pharmacy market, collapsing revenue ~90% and triggering going-concern doubt. At a ~C$5M market cap with ~700 analyzers staged, blue-chip NHS partners, and a September 2026 national independent-prescriber rollout, the stock is a cheap option on UK execution — with first subscription revenue expected H2 2026. PDF: https://microcapresearch.ca/reports/avcr-avricore-health-inc-2026.pdf
- [Novra Technologies Inc. (NVI) — 2026-06-02](https://microcapresearch.ca/reports/nvi-novra-technologies-inc-2026-q1update) [CURRENT]: Q1 FY2026 tested the thesis without breaking it: revenue fell 36% to C$0.89M on thin backlog and the quarter slipped to a C$74K loss, but gross margin hit 57.2%, cash tripled to C$4.1M, equity turned positive, and the Lilikoi AIoT path and Government & Defense division advanced. We trim our target to C$0.30 on a smaller trailing earnings base while maintaining Spec. Buy — but SNAPS is about to cross 20% and become a Control Entity at the June 26 vote. PDF: https://microcapresearch.ca/reports/nvi-novra-technologies-inc-2026-q1update.pdf
- [IC Group Holdings Inc. (ICGH) — 2026-05-28](https://microcapresearch.ca/reports/icgh-ic-group-holdings-inc-2026-q1update) [SUPERSEDED — see https://microcapresearch.ca/reports/icgh-ic-group-holdings-inc-2026-q2update, rating now Spec. Buy]: 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. PDF: https://microcapresearch.ca/reports/icgh-ic-group-holdings-inc-2026-q1update.pdf
- [East Side Games Group Inc. (EAGR) — 2026-05-20](https://microcapresearch.ca/reports/eagr-east-side-games-group-inc-2026-q1) [SUPERSEDED — see https://microcapresearch.ca/reports/eagr-east-side-games-group-inc-2026-q2update, rating now Avoid]: Q1 2026 confirms the turnaround thesis is structurally intact — Adj. EBITDA margin expanded 330 bps YoY to 14% despite a deliberate 32% revenue cut driven by UA discipline. Management publicly committed to eliminating all bank debt by year-end 2026, direct-to-consumer revenue tripled to 11% of IAP in a single quarter, and Trailer Park Boys Match launched with >40% Day-1 retention. We lower our price target to C$0.24 on revised base-case EBITDA of C$7.0M, but the risk/reward at C$0.095 — 2.6x annualised Q1 EBITDA — remains asymmetric. PDF: https://microcapresearch.ca/reports/eagr-east-side-games-group-inc-2026-q1.pdf
- [East Side Games Group Inc. (EAGR) — 2026-05-09](https://microcapresearch.ca/reports/eagr-east-side-games-group-inc-2026) [SUPERSEDED — see https://microcapresearch.ca/reports/eagr-east-side-games-group-inc-2026-q2update, rating now Avoid]: Distressed pricing on a recapitalized turnaround: stock is down 78% YoY, but management has issued explicit 2026 guidance of C$50–56M revenue and C$7.5–10M Adj. EBITDA — a >9x EBITDA reset versus FY2025's C$0.79M. A May 2026 C$3.5M private placement (with a director writing a C$1M cheque at the bottom and a >50% controlling CEO supporting dilution) repays RBC and clears the covenant overhang. Pro forma EV of ~C$17M values the business at just 2.0x guided 2026E Adj. EBITDA — versus 4.7x for Western mobile peers. PDF: https://microcapresearch.ca/reports/eagr-east-side-games-group-inc-2026.pdf
- [IC Group Holdings Inc. (ICGH) — 2026-05-07](https://microcapresearch.ca/reports/icgh-ic-group-holdings-inc-2026) [SUPERSEDED — see https://microcapresearch.ca/reports/icgh-ic-group-holdings-inc-2026-q2update, rating now Spec. Buy]: 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. PDF: https://microcapresearch.ca/reports/icgh-ic-group-holdings-inc-2026.pdf
- [Novra Technologies Inc. (NVI) — 2026-05-04](https://microcapresearch.ca/reports/nvi-novra-technologies-inc-2026) [SUPERSEDED — see https://microcapresearch.ca/reports/nvi-novra-technologies-inc-2026-q1update, price target now C$0.30]: A dramatic FY2025 turnaround — revenue +37%, gross margin 55.8%, Adj. EBITDA swings from -C$891K to +C$1.60M — yet the stock trades at 2.9x trailing Adj. EBITDA and 0.86x revenue. SNAPS's strategic US$9M investment at C$0.34/share (a 143% premium) signals the market is deeply mispricing this satellite infrastructure and government SATCOM business. PDF: https://microcapresearch.ca/reports/nvi-novra-technologies-inc-2026.pdf

## Site

- [Home](https://microcapresearch.ca/): featured report and full research library.
- [Research library](https://microcapresearch.ca/research): every report, filterable by company, sector and year.
- [Methodology & ratings](https://microcapresearch.ca/methodology): what each rating asserts over a 12-month horizon, how a report is built, and a glossary of the financial terms used.
- [Track record](https://microcapresearch.ca/track-record): every call on record — rating, price target, publication price and implied upside, including calls since revised.
- [About](https://microcapresearch.ca/about): who publishes this research and the coverage methodology.
- [Disclosures](https://microcapresearch.ca/disclosures): research disclaimer and conflicts policy.
- [Contact](https://microcapresearch.ca/contact): corrections, coverage suggestions and questions.

## Optional

- [Full report text](https://microcapresearch.ca/llms-full.txt): every report in full, as markdown.
- [RSS feed](https://microcapresearch.ca/feed.xml): new reports.
- [Sitemap](https://microcapresearch.ca/sitemap.xml)