illumin Holdings reported a wider-than-expected loss per share in the third quarter, even as revenue grew year over year.
illumin Holdings Inc. (TSX: ILLM) reported its third-quarter 2026 results before markets opened on November 5. For the quarter ended September 30, the company posted a loss of C$0.03 per share, compared with the C$0.02 loss expected by one analyst. Revenue was C$42.7 million, up 12% from a year earlier, and adjusted EBITDA was C$1.1 million. The results were mixed: revenue grew, but illumin remained unprofitable and missed the earnings estimate.
Recent earnings trend
illumin Holdings Inc.
ILLM.TO
ILLM.TO
illumin Holdings Inc.
WealthAwesomeMarket cap
$27.82M
52W high
$1.13
52W low
$0.53
1W change
-11.67%
Beta
1.17
Analyst Price Targets
Based on analyst covering ILLM · as of Sep 17, 2026
Wall Street analysts forecast ILLM stock price to rise 149.1% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$1.32
+149.1% Upside
Current Price
C$0.53
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on ILLM's historical volatility
30-Day Vol
68.1%
Annualized
90-Day Vol
78.5%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$0.44
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$0.50 | C$0.39 – C$0.63 |
| 60 trading days | C$0.47 | C$0.34 – C$0.66 |
| 90 trading days | C$0.44 | C$0.30 – C$0.67 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 1 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-03-12 | — | -0.0200 | — |
| 2026-09-30 | 2026-11-05 | -0.0300 | -0.0200 | -50.0% |
| 2026-06-30 | 2026-08-06 | 0.0200 | -0.0800 | +125.0% |
| 2026-03-31 | 2026-05-08 | -0.0600 | -0.0700 | +14.3% |
| 2025-12-31 | 2026-03-13 | -0.0900 | 0.0200 | -550.0% |
| 2025-09-30 | 2025-11-07 | -0.0400 | 0.0100 | -500.0% |
Investor takeaway: Revenue growth did not lead to an earnings result that met expectations. Investors reviewing the release should weigh the 12% increase in revenue against the continuing net loss and per-share miss. The estimate came from just one analyst, so it offers a limited comparison. ILLM.TO has beaten estimates in two of its last four comparable quarters, with recent results showing sizable swings in both directions.
C$42.7 million in Q3 revenue, up 12% year over year
Revenue increased, but illumin still reported a C$1.8 million net loss and missed the earnings estimate. Adjusted EBITDA rose to C$1.1 million from C$0.2 million a year earlier. The quarter shows the company is still working to turn revenue growth into steady earnings.
Bull case
Revenue rose 12% year over year to C$42.7 million, while adjusted EBITDA increased to C$1.1 million from C$0.2 million, according to the company’s results. In the previous quarter, illumin reported record revenue of C$50.2 million, up 52% year over year, and adjusted EBITDA of C$2.0 million. Those results show the potential for stronger operations, though third-quarter profitability remained uneven.
Bear case
illumin’s third-quarter loss of C$0.03 per share was larger than the expected C$0.02 loss, and the company reported a C$1.8 million net loss. The supplied fundamentals snapshot lists trailing EPS of -C$0.19 and a profit margin of -5.75%. The shares closed at C$0.53, below their 50-day and 200-day moving averages and at the supplied 52-week low. These figures highlight the execution and profitability risks facing the small-cap company.
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