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Cineplex says box office revenue for the third quarter totalled $159.5 million, down from $174.9 million a year earlier.
Cineplex chief executive Ellis Jacob says outside a tough comparative last August, with the release of Deadpool & Wolverine, the third-quarter box office performed well compared with a year ago. He added that the success of Taylor Swift, The Official Release Party of A Showgirl last weekend marked a dynamic start to the fourth quarter.
Cineplex has 171 movie theatres and entertainment venues across Canada.
Numbers for its second quarter of 2025:
Aritzia Inc. said strength in its U.S. business and moves to avoid higher shipping fees boosted its latest quarterly results. “We’ve seen outstanding new customer growth in the United States, where our base of loyal clients expands quarter after quarter. We’re also super pleased with our second-quarter results in Canada,” Aritzia CEO Jennifer Wong told analysts on a call Thursday.
The Vancouver-based clothing retailer reported $66.3 million in net income during its second quarter, up from $18.2 million during the same period last year. Its net revenue rose by almost a third to $812.1 million, from $615.7 million during the same period a year earlier.
The company said its U.S. net revenue rose more than 40 per cent to $486.1 million, accounting for just under 60 per cent of its total revenue. Wong also noted the company launched a new international e-commerce platform in August, which she said was fuelling higher revenue growth. “Its performance in the first six weeks has meaningfully exceeded our expectations, and we’re confident we’ll hit our target to triple sales within two years or less,” she said.
In August, the U.S. ended what’s known as the de minimis exemption, which had allowed packages worth $800 or less to ship south of the border without duties. “Previously, under the de minimis exemption, we utilized our existing supply chain network in Canada to fulfil a portion of U.S. e-commerce orders. However, the removal of the de-minimis exemption in August required an operational pivot,” Wong said.
She said the company relocated all U.S. order fulfilment to its Ohio distribution centre, which was expanded last year to more than double its previous size. Wong said the company hired additional staff at the facility.
“Despite headwinds from the elimination of the de minimis and higher reciprocal tariff rates on Vietnam and Cambodia, our proactive mitigation strategies and strong revenue growth have positioned us very well,” she said. “As a result, our margin outlook for fiscal 2026 is unchanged at 15.5 to 16.5 per cent. We’re leveraging our agile global supply chain to minimize tariff exposure where possible.”
Todd Ingledew, Aritzia’s chief financial officer, said that due to the retailer’s year-to-date performance and improved expectations for the second half of the year, it is raising its net revenue forecast for the full fiscal year to between $3.3 billion and $3.5 billion. In its first-quarter report in January, Aritizia had predicted net revenue of $3.1 billion to $3.25 billion.
For the second quarter, Aritzia’s net income per diluted share came in at 56 cents compared to 16 cents per diluted share a year earlier. On an adjusted basis, Aritzia’s net income amounted to $69.8 million, rising from $24.5 million during the second quarter of last year.
Vancouver-based Trilogy Metals Inc. (TSX:TMQ) says the U.S. government will take a 10% stake in the mineral exploration company, which has mining interests in Alaska that Washington wants to see developed. The U.S. government is spending US$35.6 million on the stake, and has options to increase it further in the future. The transaction remains subject to regulatory and other approvals.
The announcement comes as U.S. President Donald Trump signed an executive order that directs a road to be built in Alaska allowing access to the Ambler mining district, an area rich in copper where Trilogy Metals has an interest through a joint venture. The long-debated Ambler Road project was approved in the first Trump administration, but was later blocked by the Biden administration after an analysis determined the project would threaten caribou and other wildlife and harm Indigenous peoples that rely on hunting and fishing.
“This proposed partnership with the U.S. Government represents a significant milestone for Trilogy Metals and for the development of a secure, domestic supply of critical minerals for America in Alaska,” Trilogy Metals CEO Tony Giardini said in a news release. The partnership interest underscores the strategic importance of Trilogy’s Upper Kobuk Mineral Projects in supporting U.S. energy, technology, and national security priorities, he said.
U.S. Secretary of the Interior Doug Burgum said the investment will help secure critical mineral supplies.
“They’re (Trilogy Metals) one of the companies that has mining claims in this area that is a remote wilderness right now, and again making that investment so we can make sure that we’re securing these critical mineral supplies and that ownership in that company will benefit the American people,” he said.
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The Canadian Press
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Climate focused investment continues its rise and is attracting increasing attention across financial markets. A recent analysis by BCG confirms this trend.
In 2024, private equity transactions linked to the climate sector reached $73 billion. At the same time, fundraising for climate funds grew by 20 percent compared to the previous year. This happened in a context where global private equity overall fell by 18 percent.
This contrast signals a shift in direction. Capital is increasingly flowing toward projects and technologies that provide solutions to climate change. And large institutional investors are also joining this movement.
A survey by S2G Investments revealed that nearly half of investors plan to expand their positions in climate related initiatives. Among them is CalPERS, which recently decided to double the size of its mitigation, adaptation, and transition fund to 100 billion dollars.
The main driver is economic. More than half of low carbon technologies are already cost competitive with conventional alternatives, and a significant group is on the verge of achieving that benchmark. Technological advances have lowered risks and opened the door to investments supported by solid fundamentals.
At the same time, pressure to manage climate risk is rising. Supply chains exposed to extreme weather, tightening regulations, and rising societal expectations are all creating a more favorable position for companies with credible transition plans.
The breadth of sectors involved also adds momentum. It is not just about renewable power generation but also smart grids, charging infrastructure, energy efficiency services, storage, advanced recycling, bioenergy, alternative proteins, carbon capture, and financial solutions adapted to the transition. This diversification multiplies investment opportunities and reduces dependence on any single segment.
In energy infrastructure, smart grids and digitalization stand out as highly attractive areas. A clear example is Suma Capital’s SC Net Zero Ventures I fund, which reached 210 million euros and is already investing in companies like Corinex, focused on grid digitalization, and V2C, specialized in electric vehicle charging solutions.
Energy efficiency is another fast-growing front. Companies offering guaranteed savings contracts and energy as a service models are gaining traction in various markets. Sapphire Technologies fits this approach with its turboexpander technology, which converts residual energy into clean electricity. Its recent 18-million-dollar Series C round will expand production capacity and diversify applications across industry.
The circular economy also ranks among the segments with the highest potential. Xampla, a spin out from the University of Cambridge, raised 14 million dollars to scale natural materials that replace single use plastics. This innovation aligns with BCG’s outlook on advanced recycling and material substitution.
Direct air capture is another technology beginning to consolidate. Brineworks secured 6.8 million dollars to scale its air capture solution designed for e fuel production. The company’s goal is to bring capture costs below 100 dollars per ton, a milestone that could transform the economics of hard to electrify sectors.
These are only a few examples of how the opportunities highlighted by BCG are taking shape. The climate investment landscape is much broader, spanning advanced storage, flexibility management in power grids, biofuel development, low emission industrial heating, and the expansion of sustainable finance platforms, among many others.
The integration of tangible projects with new opportunities indicates that climate investment is moving into a more mature phase.
This momentum is unfolding at multiple levels. Large investors are channeling resources into strategic sectors, while emerging ventures are demonstrating the technical and financial viability of innovative solutions. It is this convergence that sustains growth.
The years ahead will be decisive in consolidating this trajectory.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
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Antonio Vizcaya
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Venture capitalists poured $192.7 billion into AI startups so far this year — setting new global records and putting 2025 on track to be the first year where more than half of total VC dollars went into the industry, according to data provider PitchBook. Most of the capital went to established startups – Anthropic and […]
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Bloomberg News
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Maple Leaf Foods is keeping a 16 per cent stake in Canada Packers and the two companies have entered into an evergreen supply agreement. It will also be an anchor customer for Canada Packers which will supply pork for its prepared meats business.
Michael McCain, executive chair at both companies, says Maple Leaf Foods and Canada Packers are moving forward as independent entities, each with a clear investment profile and experienced teams. He says the McCain family and McCain Capital Inc. are fully committed to the future of both companies.
TMX Group (TSX:X) says it has acquired Verity, an investment research management system, data, and analytics provider. Financial terms of the agreement were not immediately available.
Verity has two core products. VerityRMS is a research management system, while VerityData offers enhanced data sets and insights primarily focused on public equity filings.
TMX Datalinx president Michelle Tran says the addition of Verity strengthens the company’s ability to serve a growing global client base.
TMX Group is the operator of the Toronto Stock Exchange and other markets.
MEG Energy Corp. (TSX:MEG) says a second major independent proxy advisory firm has recommended its shareholders back a takeover offer for the company by Cenovus Energy Inc. (TSX:CVE). The company says Glass, Lewis & Co. has issued a report recommending shareholders vote for the cash-and-stock offer by Cenovus over a rival all-stock offer by Strathcona Resources Ltd.
The report comes after proxy advisory firm Institutional Shareholder Services Inc. said last week that MEG shareholders should support the Cenovus bid.
The Cenovus offer must be approved by a two-thirds majority vote by MEG shareholders, expected to be held on Oct. 9. Strathcona (TSX:SCR) has said it intends to vote its 14.2 per cent interest in MEG against the deal.
Cenovus and MEG have side-by-side oilsands properties at Christina Lake, south of Fort McMurray, Alta., while Strathcona also has operations in the region.
Utility pole company Stella-Jones Inc. (TSX:SJ) has signed a deal to buy U.S.-based Brooks Manufacturing Co. for US$140 million.
Brooks is a maker of treated wood distribution crossarms and transmission framing components. It was founded in 1915 and operates a facility in Bellingham, Wash.
Stella-Jones chief executive Eric Vachon called the acquisition a natural fit. “The addition of Brooks bolsters Stella-Jones’ suite of solutions, enhancing its ability to meet the growing demand of utilities and unlock new growth opportunities,” Vachon said in a statement Tuesday. “The acquisition reflects our strategic focus and aligns with our vision to make Stella-Jones a partner of choice to our infrastructure customers.”
Brooks’ sales for 2024 totalled about US$84 million.
RBC Capital Markets analyst James McGarragle called the deal a “strategically positive move.” “It creates a valuable growth platform for Stella-Jones by diversifying its product offering and leveraging Brooks’ established brand and customer relationships,” McGarragle wrote in a note to clients. “Furthermore, the acquisition aligns with Stella-Jones’ long-term strategic objectives to expand beyond traditional product categories and accelerate growth in the infrastructure segment, positioning the company to capitalize on ongoing investments in utility modernization.”
The deal is subject to closing conditions, including U.S. regulatory approval, and is expected to occur by the end of the year. The deal for Brooks follows the acquisition by Stella-Jones of Locweld Inc., a designer and manufacturer of lattice transmission towers and steel poles, earlier this year.
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The Canadian Press
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The best stock to have in your portfolio was data centre operator Bitfarms Ltd., with an eye-popping 247.8% return over the 90 days to September 30, followed by cannabis producer Curaleaf Holdings Inc. (233%) and uranium miner Energy Fuels Inc. (171.5%).
The 213-member S&P/TSX Composite—the standard index of Canadian stocks—gained 11.8% over the period. Its total return, including dividends, was 12.5%. These numbers compared favourably with the S&P 500 in the U.S., which returned 7.8% (8.1% total return) in Q3.
Of the 296 mid- to large-capitalization stocks in Canada (with a market value of $2 billion or more), the standouts included technology, cannabis, uranium, fast fashion, and gold companies—the domain of risk-takers. One of the top 10 performers (listed below), Cresco Labs Inc., started the quarter as a penny stock.
Bitfarms has benefited lately from gains in the value of bitcoin, which it “mines,” and demand for data centres due to the artificial intelligence (AI) boom. The Toronto-headquartered company’s second-quarter revenue was up 87% year over year.
Curaleaf, which is based in Wakefield, Mass., joined the S&P/TSX Composite in September, becoming the only cannabis producer on the index. Inclusion in a major index usually boosts a company’s stock price as index funds are forced to add it to their portfolios. Curaleaf has also been buoyed by social media posts by U.S. President Donald Trump apparently in favour of wider cannabis legalization and Medicare funding for medical applications.
Lakewood, Colo.-based Energy Fuels’ growth has been driven by rising uranium prices and the Trump administration’s determination to boost nuclear energy use and supply chains in the United States. The company also has a sideline in rare earth elements, a market currently dominated by China but in which the U.S. seeks to develop its own supplies.
Here are Canada’s top 10 best performing mid- to large-cap momentum stocks for Q3 2025:
A hot streak in one three-month period is no guarantee of continued gains, especially for smaller or unprofitable companies in volatile industries. But momentum has been demonstrated to be a positive factor in investing, more often than not. There is no consensus on the optimal holding period for further price growth, though. Some investors say just a few months; others, a year or more.
Momentum investing can be complemented with other factors such as value, growth, or dividend investing, helping ensure investors don’t end up simply buying stocks at high prices, only to see them fall thereafter.
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Michael McCullough
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TANGLEY, England—Steve Schwarzman once said his business philosophy was to seek war. The Wall Street billionaire may have met his match in the chalk hills of southern England.
One morning in early September, refrigeration consultant Lawrence Leask woke before 3 a.m., got into his car in pajamas and slippers and waited. It wasn’t long before he spotted his quarry, a water tanker passing through this rural parish. Leask tailed it to the town of Andover to learn where it would eventually unload thousands of gallons of water.
Copyright ©2025 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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Joe Wallace
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August and September haven’t been great months for crypto investors, but that’s not necessarily a bad thing because markets need a healthy breather every now and then. Bitcoin (BTC), the largest cryptocurrency based on market capitalization, was down about 6.5% in August, and so far in September has regained only about 3.14% of that drop.
A quick look at the BTC price chart below shows that the price of BTC has hovered around the $110,000 mark (all figures in US dollars unless otherwise specified)—plus or minus 10% since May 2025. This is a consolidation, which indicates that for the time being, neither the bulls nor the bears are obvious winners.
Source: Google Finance as of Sept. 25, 2025
Although months of flat trading can be frustrating for investors, it’s not unheard of and there’s historical precedent for August and September typically being bad for BTC.
Of the thirteen instances since 2013—because that’s when we have reliable public data on BTC price movements from—August has been red nine times (including 2025) and September has been red eight times until 2024. On average, BTC’s August return over the years has been 1.12% and September’s has been -3.24%. On average, BTC’s best months have been October (up 21.89%) and November (up 46.02%).
The following table lays out BTC’s monthly return through the years. See the bottom two rows for average (and median) returns in each calendar month.
Source: Coinglass.com as of Sept. 25, 2025
Nobody can predict the market accurately based on such historical data, so what can crypto investors learn from this? If you’re bullish on BTC, ethereum (ETH), and other cryptocurrencies, it usually pays to remain invested—especially through October and November—despite the historical bearishness of August and September.
We’ve ranked the best crypto exchanges in Canada.
Altcoin season refers to the phase of the crypto market in which alternative coins (those other than BTC) outperform BTC itself in price appreciation. Typically, altcoin season appears at the end of a bull market cycle—the phase we’re probably in right now. I’ve written about altcoin season in an earlier edition of this column a few months ago, when I flagged the possibility of ETH and other cryptocurrencies outperforming BTC in the second half of 2025.
As the chart below shows, we’re in altcoin season based on the CMC Altcoin Season Index. This index tracks the performance of altcoins relative to BTC over 90 days and assigns a score of 0 to 100, with a score over 70 indicating the outperformance of altcoins relative to BTC.
Source: Coinmarketcap.com as of Sept. 25, 2025
The race for altcoin ETFs in the US is on. While altcoin ETFs are already available to Canadian investors, we’re about to see a rush of new altcoin ETFs being launched in the US in the coming months.
Recently, on Sept. 25, 2025, the Hashdex Nasdaq Crypto Index ETF announced that they’ll expand their crypto ETF holdings to include XRP, SOL, and Stellar (XLM). The inclusion of these altcoins will create the first truly multi-crypto ETF in the US. This is a sign of things to come.
While 2024 was the year for BTC ETFs, 2025 is the year for ETH and other altcoin ETFs. We could see a slew of altcoin ETFs being launched in the US as a result of the streamlining of listing rules by the US Securities and Exchange Commission (SEC). As reported by Reuters, these streamlined SEC listing rules (applicable to crypto ETFs), would reduce the approximate listing time from about 240 days to just 70 days.
Canadian investors searching for a multi-crypto ETF with exposure to BTC and altcoins can consider these two ETFs—both of which trade on the Toronto Stock Exchange (TSX).
| ETF name | Ticker symbol | Exchange | Currency options | Portfolio | Net assets | MER |
|---|---|---|---|---|---|---|
| Evolve Cryptocurrencies ETF | ETC | Toronto Stock Exchange (TSX) | CAD and USD | BTC (74.1%)ETH (14.6%)XRP (7%)SOL (4.2%) | $84.31 million (CAD) | MERs of underlying funds applicable* |
| CI Galaxy Multi-Crypto Navigator ETF | CMCX | Toronto Stock Exchange (TSX) | CAD and USD | ETH (35.6%)SOL (23.5%)BTC (10.5)Cash and equivalents (30.3%) | $5.54 million (CAD) | 1.04% |
Source: Data for each ETF was gathered from the ETFs’ respective websites as of Sept. 25, 2025
Cryptocurrencies including BTC, ETH, XRP, SOL, XLM, and others are speculative and remain highly volatile assets subject to significant price swings. Even stablecoins, which are seemingly “safe,” may be risky if not adequately backed by real-world assets.
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Aditya Nain
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