EMERGE Commerce (ECOM) Planet MicroCap Showcase: Toronto 2026 summary

Financial profile

• Revenue ~CAD 30M on ~CAD 45M in gross sales; TTM adjusted EBITDA CAD 1.7M, with a run rate nearing CAD 2M considered realistic for 2026; cash flow positive.

• 2025 cash flow from operations CAD 2.4M; Q3 preliminary cash CAD 4.9M; gross margin 39%, up from ~36% average last year.

• Adjusted EBITDA margin ranges 5%-10% seasonally; long-term target for commerce and B2B is 10%-12%.

Brand portfolio and results

• Five brands across three verticals; truLOCAL accounts for ~50% of revenue and delivers premium meat and seafood nationwide from local farmers.

• truLOCAL customer acquisition costs CAD 100-CAD 150; customers spend CAD 2,000+ over their lifetime, translating to CAD 500-CAD 600 in gross profit at ~30% gross margin.

• Golf brands UnderPar, JustGolfStuff and Tee 2 Green operate in Canada and the U.S.; JustGolfStuff grew from near zero to CAD 5M without additional team resources.

• Tee 2 Green, acquired in April 2025, grew revenue 39% in its first year under new ownership, versus ~3% prior YoY growth; revenue later exceeded $10M and adjusted EBITDA reached CAD 1.6M, up close to 60%.

• Viral Loops provides customer-acquisition software, has hundreds of clients and was profitable and cash-flow positive from day one; acquired at 2.9x EBITDA and under 4x cash flow.

Acquisition strategy and growth

• Acquisition focus shifted to stable, profitable, cash-flowing grocery, golf and B2B businesses with synergies; preferred targets generate CAD 500K-CAD 2M in EBITDA.

• Model pairs moderate organic growth with high-double-digit growth through acquisitions; management favors buying growth at ~3x EBITDA over spending organically.

• M&A pipeline approaches CAD 30M in EBITDA across stages, primarily grocery, golf and B2B; management would like to work toward two acquisitions annually after a few quarters.

• Acquisition criteria require profitable, cash-flow-positive businesses from day one; Tee 2 Green included an eight-year inventory payment plan.