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illumin Holdings
(TSX:ILLM)
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Rating:55Neutral
Price Target:
C$0.83
▲(7.79% Upside)
Action:Reiterated
Date:08/10/26
The score is held back primarily by weak financial performance—ongoing losses, compressed margins, and a return to negative operating/free cash flow—despite low leverage. Offsetting this, technical signals are constructive (price above key moving averages with positive MACD), and the latest earnings call conveyed improving operational momentum and a path to modest margin expansion, though execution and predictability risks remain.
Positive Factors
Low leverage / strong balance sheet
A very low debt-to-equity (~0.07) gives the company durable financial flexibility, reducing bankruptcy and refinancing risk. This balance-sheet strength supports continued product investment, M&A outreach, and the ability to weather uneven cash flow while management executes margin and growth initiatives.
Negative Factors
Negative operating & free cash flow
TTM negative operating and free cash flow indicate the company is burning cash again, increasing reliance on external financing or equity. Persistent cash burn constrains investment, raises dilution or credit risk, and reduces optionality to pursue M&A or sustain longer reinvestment cycles if trends persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
A very low debt-to-equity (~0.07) gives the company durable financial flexibility, reducing bankruptcy and refinancing risk. This balance-sheet strength supports continued product investment, M&A outreach, and the ability to weather uneven cash flow while management executes margin and growth initiatives.
Read all positive factors
illumin Holdings (ILLM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$38.84M
Dividend YieldN/A
Average Volume (3M)69.75K
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth12.24%
EPS Growth-120.25%
CountryCA
Employees196
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)-0.20
Shares Outstanding52,481,174
10 Day Avg. Volume34,668
30 Day Avg. Volume69,753
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.81
Price to Sales (P/S)0.37
P/FCF Ratio50.43
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$1.20Price Target Upside55.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.12
Revenue Forecast (FY)C$175.00M
illumin Holdings Business Overview & Revenue Model
Company Description
illumin Holdings Inc., a technology company, provides digital media solutions in Canada, the United States, Europe, Latin America, and internationally. The company offers a programmatic marketing platform that enables advertisers to connect with t...
How the Company Makes Money
illumin Holdings primarily makes money from its advertising technology operations by generating revenue tied to the use of its programmatic advertising platform. This typically includes fees and/or margins associated with running advertising campa...
illumin Holdings Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive tone driven by a very strong quarter for the exchange (+108% YoY), a meaningful DSP recovery (+15% YoY), OpEx savings and early proof that deterministic data partnerships improve advertiser ROI. However, there are clear challenges: DSP growth is still below historical targets, several low-margin accounts constrain gross margins (management expects only gradual improvement of ~2–3 points), growth is coming from medium-sized customers rather than large accounts, and market valuation uncertainty complicates M&A timing. On balance, the momentum and operational improvements discussed outweigh the near-term challenges.Positive Updates
Exchange Revenue Surge
Exchange revenue grew 108% year-over-year, driven by onboarding higher-quality publishers and more supply-demand partners; business development and improved inventory quality were cited as primary demand drivers.
Negative Updates
DSP Growth Below Historical Targets
While DSP revenue returned to growth (+15% YoY), it remains below historical target growth rates of 20-30% and follows a year in which DSP revenue declined—highlighting ongoing work needed to restore prior growth trajectory.
Read all updates
Q2-2026 Updates
Positive
Negative
Exchange Revenue Surge
Exchange revenue grew 108% year-over-year, driven by onboarding higher-quality publishers and more supply-demand partners; business development and improved inventory quality were cited as primary demand drivers.
Read all positive updates
Company Guidance
Management's guidance pointed to modest margin and revenue improvement: they expect to tack on "a few points" to gross margin (roughly 2–3 percentage points) over the year, are driving DSP recovery (DSP revenue grew 15% YoY in Q2 after a prior-year decline and management targets a return to historical 20–30% growth rates), are seeing outsized exchange momentum (exchange revenue up 108% YoY in Q2), and plan to sustain revenue growth without major incremental sales & marketing headcount by improving salesperson productivity; early-Q2 OpEx cuts produced savings (partially offset by higher variable OpEx such as sales commissions), and M&A outreach targets companies with roughly $10M–$300M in revenue amid generally lower market valuations.illumin Holdings Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 166.61M | 143.59M | 140.39M | 126.32M | 121.04M | 122.03M |
| Gross Profit | 55.08M | 51.43M | 65.46M | 60.30M | 60.79M | 63.56M |
| EBITDA | -3.12M | -8.69M | 323.00K | -5.89M | -665.00K | 19.01M |
| Net Income | -10.17M | -14.66M | 867.00K | -10.99M | -754.00K | 11.75M |
Balance Sheet | ||||||
| Total Assets | 108.95M | 110.15M | 125.82M | 116.89M | 141.65M | 149.83M |
| Cash, Cash Equivalents and Short-Term Investments | 33.68M | 43.82M | 55.95M | 55.45M | 85.94M | 102.21M |
| Total Debt | 4.40M | 4.67M | 6.26M | 7.99M | 10.87M | 11.01M |
| Total Liabilities | 46.02M | 44.10M | 46.79M | 36.20M | 38.52M | 36.77M |
| Stockholders Equity | 62.94M | 66.05M | 79.03M | 80.70M | 103.13M | 113.06M |
Cash Flow | ||||||
| Free Cash Flow | -5.69M | 1.06M | 4.18M | -6.63M | -2.05M | 17.37M |
| Operating Cash Flow | -1.31M | 3.97M | 10.13M | -1.39M | 1.78M | 19.69M |
| Investing Cash Flow | -10.56M | -11.93M | -5.95M | -5.24M | -3.83M | -2.33M |
| Financing Cash Flow | -2.80M | -3.22M | -7.54M | -22.99M | -19.35M | 58.81M |
illumin Holdings Technical Analysis
Negative
0.77
Price Trends
0.70
Positive
0.76
Negative
0.85
Negative
Market Momentum
0.01
Positive
48.06
Neutral
15.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ILLM, the sentiment is Negative. The current price of 0.77 is below the 20-day moving average (MA) of 0.78, above the 50-day MA of 0.70, and below the 200-day MA of 0.85, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 48.06 is Neutral, neither overbought nor oversold. The STOCH value of 15.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ILLM.
illumin Holdings Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | C$66.10M | -6.07 | -10.41% | ― | -16.37% | -105.29% | |
55 Neutral | C$38.84M | -3.76 | -15.52% | ― | 12.24% | -120.25% | |
50 Neutral | C$66.81M | -43.24 | 55.79% | ― | -0.80% | -193.42% | |
47 Neutral | C$17.07M | -16.36 | -9.81% | ― | 30.09% | -307.50% | |
47 Neutral | C$5.00M | -0.20 | -89.00% | ― | -21.31% | -374.52% | |
46 Neutral | C$10.99M | -5.56 | -31.81% | ― | -11.89% | -18.33% |
* Communication Services Sector Average
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illumin Holdings
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illumin Holdings Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Illumin Posts Record Q2 Revenue and Returns to Profitability
Positive
Aug 6, 2026
Illumin reported record second-quarter 2026 revenue of $50.2 million, up 52% year-over-year, driven by 108% growth in exchange services and double-digit increases in managed and self-service revenue, even as gross margin declined due to a heavier ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.