In an increasingly interconnected world, Canadian small-cap companies are proving that size isn’t a barrier to global ambition. While Canada offers a stable and resource-rich environment, many of its most promising small-cap firms are looking beyond domestic borders to fuel growth, diversify revenue streams, and tap into booming international markets.
Here are five standout Canadian small-cap companies that are making waves globally—and why investors should take notice.
Ballard Power Systems (TSX:BLDP)
Industry: Clean energy / hydrogen fuel cells
Global reach: Europe and Asia
Why it matters: Ballard Power Systems is a pioneer in hydrogen fuel cell technology, with a strong foothold in Europe and Asia—regions aggressively investing in clean transportation. Its fuel cells power buses, trucks, trains, and marine vessels, aligning with global decarbonization goals. As hydrogen infrastructure scales up, Ballard’s international exposure positions it as a key player in the clean energy transition.
Investor takeaway: Ballard offers exposure to the global green energy revolution, especially in markets where hydrogen is gaining traction faster than in North America.
BLDP stick is up nearly 7 per cent since March 2025 and was flat in the month of May 2025.
Cargojet Inc. (TSX:CJT)
Industry: Air cargo and logistics
Global reach: North America and Europe
Why it matters: Cargojet is Canada’s leading air cargo operator, but its reach extends far beyond. Strategic partnerships, including with global logistics giant DHL, allow it to serve international routes and capitalize on the e-commerce boom. As global trade and online shopping continue to grow, Cargojet’s international logistics network becomes increasingly valuable.
Investor takeaway: Cargojet provides a unique way to invest in global e-commerce infrastructure, with a resilient business model and strong international ties.
CJT stock was up 10 per cent in the month of May 2025.
Coveo Solutions (TSX:CVO)
Industry: AI-powered search and personalization
Global reach: Europe and Asia
Why it matters: Coveo’s AI-driven platform enhances digital experiences for enterprise clients worldwide. With a SaaS model and integrations into major platforms like Salesforce and Adobe, Coveo is embedded in the digital transformation journeys of global brands. As AI adoption accelerates, Coveo’s international client base is a major growth lever.
Investor takeaway: Coveo is a compelling play on global AI adoption, offering scalable, recurring revenue from a diversified international customer base.
CVO stock is up nearly 10 per cent since March 2025.
WELL Health Technologies (TSX:WELL)
Industry: Digital health / telemedicine
Global reach: Canada and the U.S.
Why it matters: WELL Health has rapidly expanded into the U.S. through acquisitions, tapping into a much larger healthcare market. Its digital health platform supports clinics, telehealth, and electronic medical records, addressing global demand for accessible, tech-enabled healthcare.
Investor Takeaway: WELL offers exposure to the global digital health boom, with cross-border synergies and a scalable platform that can grow with international demand.
WELL stock was up more than 3 per cent in the month of May 2025.
Hammond Power Solutions (TSX:HPS.A)
Industry: Electrical equipment / transformers
Global reach: Mexico and India
Why it matters: As the world electrifies—from EVs to renewable energy—Hammond Power Solutions is a critical supplier of transformers and electrical components. With manufacturing facilities and exports across multiple countries, HPS is well-positioned to benefit from global infrastructure upgrades and grid modernization.
Investor takeaway: HPS is a strategic pick for investors seeking exposure to global electrification trends, with a solid manufacturing footprint and growing international demand.
HPS stock was up nearly 12 per cent in the month of May 2025 and has risen nearly 24 per cent since March 2025.
Small caps, big world
Canadian small-cap companies are increasingly looking outward to scale their businesses, diversify risk, and tap into high-growth international markets. For investors, this global exposure offers a compelling mix of innovation, resilience, and upside potential. Whether it’s clean energy in Europe, AI in the U.S., or logistics across continents, these companies prove that going global isn’t just for the big players—it’s a smart strategy for small caps, too.
Looking to diversify your portfolio? These globally-minded Canadian small caps might just be your passport to international growth.
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