- The evolution of artificial intelligence (AI) and virtual reality (VR) is not only advancing the technology sector but also transforming the way other sectors function.
- A Canadian tech giant saw its revenue surge of 30 per cent year-over-year (YoY) in the third quarter of fiscal 2021.
- A TSXV-listed stock mentioned here soared by approximately 135 per cent so far this year.
The evolution of artificial intelligence (AI) and virtual reality (VR) is not only advancing the technology sector but also transforming the way other sectors like healthcare, hospitality, mining, real estate, entertainment, etc function.
On that note, let us talk about five AI and VR stocks in Canada.
Image source: © 2021 Kalkine Media
1. Constellation Software Inc (TSX:CSU)
Constellation Software Inc is a Toronto-headquartered developer of customized AI-based software for the public and private sector across Europe, Africa, North America and South America.
The tech player reported a revenue of US$ 1.2 billion in the third quarter of fiscal 2021, a year-over-year (YoY) surge of 30 per cent. Its free cash flow was US$ 226 million in the latest quarter, noting a YoY rise of US$ 45 million.
CSU stock closed at C$ 2,175.08 apiece on Monday, December 13, having zoomed by over 34 per cent in the past year.
2. Kinaxis Inc (TSX:KXS)
Kinaxis Inc is an Ottawa-based provider of AI-powered software solutions focused on supply chain management, sales and operations planning.
Kinaxis posted total revenue of US$ 64.43 million in Q3 FY2021, up by 17 per cent YoY. Its cash flow from operating activities grew by 150 per cent YoY to US$ 11.24 million in the third quarter of fiscal 2021.
Stocks of Kinaxis expanded by about 24 per cent in the past year. It closed at C$ 178.75 apiece on December 13.
3. mCloud Technologies Corp (TSXV:MCLD)
The AI-powered asset manager mCloud Technologies offers its services primarily to the food service, oil and gas, and wind industry.
The tech company reported total revenues of C$ 7.33 million in the third quarter of fiscal 2021, up from C$ 6.13 million a year ago.
The Calgary, Alberta-based tech provider saw its stock close at C$ 5.18 apiece on December 13. MCLD stock swelled up by almost three per cent in the last six months.
4. GoldSpot Discoveries Corp (TSXV:SPOT)
GoldSpot Discoveries Corp is a Toronto, Ontario-headquartered technology company that utilizes its machine learning to minimize the capital risk for mining businesses and enhances their operational efficiencies and succession rates of exploration programs.
Its consulting revenue was C$ 2.05 million in Q3 FY2021, which indicated a YoY growth of 29 per cent.
SPOT stock soared by approximately 135 per cent so far in 2021. It closed at C$ 0.94 apiece on December 13.
5. Fobi AI Inc (TSX:FOBI)
Fobi AI Inc leverages AI to provide real-time data analytics and insights to improve retail operations.
The Vancouver, British Columbia-based company, posted revenues of C$ 0.58 million in the first quarter of fiscal 2022.
FOBI stock closed at C$ 1.48 apiece on December 13, up by nearly 29 per cent in the past one week.
New technologies like artificial intelligence and virtual reality are likely drive significant growth across different sectors, especially with the rising popularity of metaverse.
Also read: Top 3 Canadian metaverse stocks of 2021
This demand, in turn, can bolster the overall performance of technology stocks in the future.