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Deep-dive research on overlooked microcaps.

Microcap Research publishes free, institutional-quality reports on nano and microcap companies — the part of the public market where genuine information edges still exist.

We do the work; you form your own view.

03^↗Reports Published

100^%Free · No Paywall

<$50^MMarket-Cap Focus

Latest Coverage · May 9, 2026

East Side Games Group EAGR

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.

Rating · Spec. Buy

Price

C$0.11

Target

C$0.30

Upside

173%

Market Cap (FD)C$15.8M

EV / 2026E Revenue0.33x

EV / 2026E Adj. EBITDA2.0x

Revenue (FY2025)C$77.6M

Adj. EBITDA (FY2025)C$0.79M

Gross Margin61.4%

Research Library

02 reports · all coverage

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DateTitle / ThesisSectorRatingUpside

May 7, 2026

IC Group Holdings ICGH

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%

May 4, 2026

Novra Technologies NVI

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.

Satellite & Broadcast Technology

Spec. Buy

150%

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.