The Canadian AI stocks we’ve discovered are using artificial intelligence to grow revenue
SmallCapPower | June 12, 2020: Consumers interact with artificial intelligence (AI) daily, such as voice recognition through Siri, YouTube video suggestions, and the ads you see on Google all use artificial intelligence and machine learning to provide these services. Many large-cap tech companies have been using AI for the past 10 years, but now the technology is also becoming more common in small-cap companies servicing niche industries. Today we have filtered through and found three small Canadian AI stocks using artificial intelligence to grow their businesses.
*Returns are based on closing stock prices as of June 1, 2020
Quisitive Technology Solutions, Inc. (TSXV:QUIS) – $0.82
Quisitive is a digital technology consulting firm that provides organizations with Microsoft Cloud (Azure, Dynamics, and Office 365) solutions, as well as proprietary software as a service (SaaS) solutions and cloud data services. Quisitive is one of 35 companies to have earned the “National Solution Provider” designation from Microsoft. Quisitive helps its clients harness the power of the Microsoft cloud and technologies, such as artificial intelligence, machine learning, IOT, and blockchain through customized solutions. Quisitive’s goal is to become the premier Microsoft Solutions provider, and is planning to scale organically and through acquisitions. In early 2020, QUIS closed its acquisition of Menlo Technologies, a provider of Microsoft technology, corporate consulting, and business software and systems. Quisitive Technology reported recently first-quarter 2020 revenue of $10.9 million, a 171% year-over-year increase, along with Q1 adjusted EBITDA of $1.1 million.
mCloud Technologies Corp. (TSXV:MCLD) – $3.70
mCloud is an Artificial Intelligence and IOT company that uses both technologies to solve a variety of energy problems, including curbing energy waste, maximizing energy production, and extending the health of critical energy infrastructure (HVAC, wind turbines, electrical transformers, gas compressors). The Company utilizes IoT sensors to bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance. mCloud reported 2019 revenue of $18.3 million, up from $1.8 million during 2018.
NexOptic Technology Corp. (TSXV:NXO) – $0.375
NexOptic Technology develops and invests in optical and lens technologies. The Company engages in developing a patent-pending Blade Optics lens system that relates to an optical concept, including the use of flat lenses, as well as an artificial intelligence for image capture systems. NexOptic recently launched DoubleTake,™ which are digital binoculars allowing the users to take 4K Video and HD Photos with 2x to 10x optical zoom at a 15-megapixel resolution, in addition to ALLIS,™ an AI Software for Professional Imaging that drastically improves digital imaging in a variety of low light conditions with instantaneous results for still image and video capture. On April 20, 2020, NexOptic Technology said it has been selected to join the Qualcomm Platform Solutions Ecosystem.
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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