March 14, 2025
The 2025 TSX Venture 50 list has been released, showcasing the top 50 best-performing companies on the TSX Venture Exchange (“TSXV”) over the past year. This year’s list was compiled based on a new methodology, resulting in a significant shift in sector dominance and an interesting position for tech companies.
A New Methology: What’s Changed?
In a significant departure from previous years, the TSXV changed its methodology for determining the TSX Venture 50 list. Previously, there were five separate sector-specific categories – including technology, cleantech, life sciences, mining, and energy – and the top 10 companies in each category were recognized. This year, all companies were ranked on a single list and evaluated based on three equally-weighted criteria:
one-year share price appreciation,
increase in market capitalization, and
Canadian consolidated trading value.
This approach offers a broader view of the companies’ overall performance, not just within their respective sectors. Notwithstanding, it has led to a notable impact on sector representation, with the mining sector dominating the list while fewer technology companies made the cut.
Mining Dominates, Tech Follows
Mining companies have taken the lion’s share of the 2025 TSX Venture 50 list, with 31 of the 50 companies coming from the mining sector. This comes as no surprise as mining has long played a central role in Canada’s market. Its importance has only grown with the push towards green energy, as explained by Tim Babcock, President of the TSXV, in a recent Bloomberg interview. In light of the race for critical minerals, mining companies have continued to capture significant investor interest.
Despite the dominance of mining companies, the technology, cleantech, and life sciences sectors still made notable appearances on the list. These sectors contributed a combined total of 12 companies to the 2025 list, down from previous years. However, several technology companies stood out with impressive performances.
Kraken Robotics (“Kraken”), a St. John’s-based marine technology company, topped this year’s list. This marks the company’s fourth appearance since its 2015 listing on the TSXV. In 2024, Kraken saw an impressive 323% share price appreciation and added over $587 million to its market capitalization. The company’s success is also reflected in its recent $51 million bought deal public offering, further cementing its position as a leader in the marine robotics space.
Neptune Digital Assets (“Neptune”) ranked 11th with a 168% share price increase. Neptune is a cryptocurrency leader based in British Columbia, focusing on Bitcoin mining, blockchain nodes, and decentralized finance. Its steady performance reflects the ongoing maturation of the digital asset industry.
SPARQ Systems (“SPARQ”) placed 18th on the list and achieved the highest share price appreciation and the highest market capitalization increase of all companies on the list, with a 944% and 1,379% increase respectively. SPARQ is an Ontario-based company that designs and manufactures microinverters for residential and commercial solar electric applications. This impressive growth is a testament to the growing investment in solar energy solutions.
An Impressive 2024: Market Growth and Tech’s Continued Potential
The collective market capitalization of the 2025 TSX Venture 50 stands at $21.7 billion as of December 31, 2024, marking a 289% increase from the previous year. With average share price appreciation reaching 207%, the list reflects a thriving market and strong performance across various sectors.
While mining dominated the list, technology companies are not being left behind. The sector’s contributions, from marine robotics and digital assets to solar energy, demonstrate the ongoing transformation in the Canadian market, where innovation in technology is pushing boundaries and delivering impressive results.
Author: Carina Leung, 2024/2025 Articling Student-At-Law
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