The TSXV-listed Canadian stocks we’ve found are using artificial intelligence (AI) to grow revenue
SmallCapPower | April 29, 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 identified four small Canadian stocks using AI to grow their businesses.
*Returns are based on closing stock prices as of April 27, 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. QUIS began the New Year by closing its acquisition of Menlo Technologies, a provider of Microsoft technology, corporate consulting, and business software and systems. On April 28 2020, Quisitive Technology Solutions announced 47% year-over-year revenue growth for 2019.
Read: Quisitive Technology Solutions Stock is Quietly Soaring
- YTD Return: 228%
mCloud Technologies Corp. (TSXV:MCLD) – $4.33
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. On April 28, 2020, mCloud Technologies announced that it had grown its total connected assets count to 48,672, an approximate 18% quarter-over-quarter increase in assets under management since Q4 2019.
Related: mCloud Technologies is a Growing Canadian Tech Success Story
- YTD Return: – 13%
NexOptic Technology Corp. (TSXV:NXO) – $0.425
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.
- YTD Return: 8%
GoldSpot Discoveries Corp. (TSXV:SPOT) – $0.19
GoldSpot Discoveries is a technology company that leverages machine learning to reduce capital risk in resource exploration and investment. The Company’s solutions target big data problems using historically unutilized data to comprehend resource property potential. GoldSpot has also developed a monetization strategy into various verticals of the mining and investment industry, including service offerings, staking, and royalty acquisition, as well as the development of an artificial-intelligence driven trading platform for resource exploration. GoldSpot Discoveries announced recently that its Fiscal 2019 consulting revenue surged 86% year over year to $2,311,978.
- YTD Return: 36%
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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