CGY
CALIAN GROUP LTD
stock TSE

**TerraVest (TVK.TO)** Revenue +42%. Adjusted EBITDA +15%. Operating cash flow +71% for H1. Net income fell 62%, and the stock is reacting to that number. The 62% decline is almost entirely depreciation and amortization from six acquisitions completed in 14 months, non-cash accounting, not operational deterioration. The base portfolio is soft, though, and tariffs are creating real headwinds.
**Calian (TSX: CGY)** Revenue +18%, including 12% organic. Adjusted EBITDA +60% on 18% revenue growth, that's real operating leverage showing up for the first time. Record $1.5B backlog, including $1B+ in defence for the first time ever. $321M in new contracts signed in a single quarter. Canada just committed to 2% of GDP in defence spending with a stated target of 5% by 2035. That's a 150% increase in defence spending over nine years and Calian is embedded in the Canadian Armed Forces across training, space, IT, cyber, health, and manufacturing.
Check out full analysis [here](https://open.substack.com/pub/yonatanbrunshtein/p/terravest-industries-tsx-tvk-calian?r=7bn5e2&utm_campaign=post&utm_medium=web)
*Not investment advice.*

CGY went up almost 20% today. Rare to see for a non-tech, non-pennystock company. Quite happy about it.

**TerraVest (TVK.TO)** Revenue +42%. Adjusted EBITDA +15%. Operating cash flow +71% for H1. Net income fell 62%, and the stock is reacting to that number. The 62% decline is almost entirely depreciation and amortization from six acquisitions completed in 14 months, non-cash accounting, not operational deterioration. The base portfolio is soft, though, and tariffs are creating real headwinds.
**Calian (TSX: CGY)** Revenue +18%, including 12% organic. Adjusted EBITDA +60% on 18% revenue growth, that's real operating leverage showing up for the first time. Record $1.5B backlog, including $1B+ in defence for the first time ever. $321M in new contracts signed in a single quarter. Canada just committed to 2% of GDP in defence spending with a stated target of 5% by 2035. That's a 150% increase in defence spending over nine years and Calian is embedded in the Canadian Armed Forces across training, space, IT, cyber, health, and manufacturing.
Check out full analysis [here](https://open.substack.com/pub/yonatanbrunshtein/p/terravest-industries-tsx-tvk-calian?r=7bn5e2&utm_campaign=post&utm_medium=web)
*Not investment advice.*

CGY went up almost 20% today. Rare to see for a non-tech, non-pennystock company. Quite happy about it.