Technology News

Top High-Growth Tech Stocks to Watch in Canada – September 2024

21 September 2024

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Zaker Adham

Summary

The Canadian stock market has shown significant resilience, growing by 1.2% in the past week and a remarkable 16% over the past year. With earnings expected to increase by 15% annually in the coming years, certain high-growth tech stocks are standing out for their potential. These tech companies have not only displayed strong earnings growth but also innovative capabilities that position them as key players in the industry. Below, we highlight some of the top high-growth tech stocks in Canada for September 2024.

Leading High-Growth Tech Companies in Canada

Here’s a quick look at the top 10 tech companies showcasing impressive growth rates:

CompanyRevenue GrowthEarnings GrowthGrowth Rating
Docebo14.71%33.96%★★★★★☆
Constellation Software16.17%23.55%★★★★★☆
HIVE Digital Technologies54.20%100.27%★★★★★☆
GameSquare Holdings38.08%86.64%★★★★★☆
Blackline Safety22.38%162.50%★★★★★☆
Medicenna Therapeutics62.37%57.20%★★★★★☆
Sabio Holdings12.97%122.50%★★★★☆☆
BlackBerry20.61%76.74%★★★★★☆
Cineplex7.33%179.27%★★★★☆☆
Alpha Cognition62.98%69.54%★★★★★☆

Let’s take a closer look at three of the most promising companies.

Docebo (TSX)

Growth Rating: ★★★★★☆

Overview: Docebo Inc. is a leading provider of AI-powered learning management software. With a market cap of CA$1.77 billion, the company continues to show robust financial performance and leadership in the edtech industry. Its Q2 2024 sales surged to $53.05 million, up from $43.59 million the previous year. Net income flipped to $4.7 million from a loss of $5.67 million, highlighting Docebo’s operational efficiency and market penetration.

Growth Potential: Docebo’s revenue is projected to grow by 18-19% by year-end, with earnings expected to rise by 34% annually, far exceeding the Canadian market’s forecast of 15%. The company's share repurchase strategy, with CAD 6.92 million worth of shares reacquired, reflects confidence in its financial strength and commitment to enhancing shareholder value.

Kinaxis (TSX)

Growth Rating: ★★★★☆☆

Overview: Kinaxis Inc. offers cloud-based subscription software for supply chain management. With a market cap of CA$4.32 billion, Kinaxis continues to dominate the supply chain software industry across North America, Europe, and Asia. In 2024, the company achieved 14.9% revenue growth and anticipates earnings to climb by 48.9%, supported by its innovative AI-driven platform, Maestro.

Growth Potential: Kinaxis has demonstrated resilience amidst leadership transitions and continues to innovate with strategic R&D investments. The company’s AI-driven technology is well-positioned to capitalize on the growing $16 billion supply chain market.

Vitalhub (TSX)

Growth Rating: ★★★★☆☆

Overview: Vitalhub Corp. develops technology solutions for health and human service providers, with operations in Canada, the United States, the United Kingdom, Australia, and more. The company has a market cap of CA$457.68 million and generated CA$58.32 million in revenue from its healthcare software solutions in 2024.

Growth Potential: Despite a net income shift to a loss of CAD 0.335 million in Q2 2024, Vitalhub saw a strong revenue increase from CAD 13.09 million to CAD 16.24 million year-over-year. The company is projected to achieve a 65.9% annual earnings growth, outperforming the broader Canadian market’s growth rate.