For progress shares to actually skyrocket in 2026 and past, the market wants greater than hype. It wants earnings that maintain shocking to the upside, steerage that holds up quarter after quarter, and a narrative that will get easier because it scales. The most effective setups even have a transparent tailwind, like extra satellites in orbit or extra companies working commerce via software program, plus a valuation that also leaves room for excellent news. If a progress inventory already costs in perfection, it may nonetheless fall on nice outcomes.
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MDA
MDA House (TSX:MDA) sits in a candy spot Canadians hardly ever get publicity to on the TSX. It builds area {hardware} and techniques and acts like a mission associate for patrons that need satellites, robotics, and complicated area infrastructure. Over the past 12 months, the largest story has been backlog and contract move. In its Q3 2025 replace, it reported backlog of $4.4 billion, which it framed as actual income visibility into 2025 and past. It additionally flagged an acquisition that it stated strengthens its end-to-end satellite tv for pc techniques providing, which issues as vertical integration can defend margins when provide chains get tight.
The numbers have appeared like what you need from a “can this actually compound” progress inventory. In Q3 2025, it posted income of $409.8 million, up 45% 12 months over 12 months, with adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) of $82.8 million and an adjusted EBITDA margin of 20.2%. Adjusted internet earnings got here in at $46.1 million, or $0.35 per diluted share. That’s not a pre-profit dream, however a scaling industrial story with bettering profitability.
Trying forward, it nonetheless has to show it may flip backlog into repeatable free money move, however the firm retains pointing traders to a progress runway. It reaffirmed 2025 full-year income steerage of $1.57 billion to $1.63 billion and adjusted EBITDA of $305 million to $320 million, which means it expects to maintain the margin profile intact because it grows. Valuation additionally seems to be extra cheap than many “area” names, at round 45 instances earnings, which suggests the market nonetheless desires proof, not only a cool theme.
LSPD
Lightspeed Commerce (TSX: LSPD) runs a commerce and funds platform for retail and hospitality companies, and the setup for 2026 relies on one phrase: focus. It spent the final 12 months narrowing to the place it believes it may win, whereas pushing extra funds adoption and new instruments like synthetic intelligence (AI) options that goal to make retailers stickier. If it retains rising with higher predictability, the inventory can rerate rapidly as a result of investor belief has been the lacking ingredient.
Latest outcomes have began to seem like that belief is rebuilding in actual time. In its fiscal Q3 2026 launch dated Feb. 5, 2026, it reported complete income of $312.3 million, up 11% 12 months over 12 months, and gross revenue of $133.6 million, up 15%, with gross margin rising to 43%. It additionally reported optimistic money move from working actions of $28.9 million and adjusted free money move of $14.9 million, which helps the story shift from “promise” to “progress.”
The ahead image obtained clearer, too, because it raised its fiscal 2026 outlook. It guided to fiscal 2026 income of about $1.216 billion to $1.22 billion and adjusted EBITDA of about $72 million. That’s the type of steerage that lets progress traders monitor execution without having a miracle each quarter. The danger, in fact, is that it nonetheless operates in aggressive markets the place pricing, churn, and service provider well being can change quick, so it has to maintain proving the engine works even when the financial system will get uneven.
Backside line
So might these progress shares be buys for Canadians who need progress in 2026? They might for the fitting temperament. MDA can work in order for you a worthwhile progress story with backlog visibility, and you may deal with lumpy contract headlines. Lightspeed can work in the event you imagine the turnaround will keep on monitor and also you settle for that sentiment can flip rapidly when a progress inventory is rebuilding credibility. In order for you progress with out stress, these are usually not it. In order for you an actual shot at upside and you may keep calm via volatility, each have a reputable case.