Sangoma Falls 7% to a One-Year Low Before Its Annual Results
Sangoma Technologies closed Friday at $4.75 CAD, down 3.26% from the prior session’s $4.91 and down 7.05% across five sessions from $5.11 on September 11. That is the lowest close of the past 252 trading sessions, the lowest in a year. One precision point: the 52-week intraday low of $4.71 CAD, set on May 14, 2026, was not broken on Friday, when the intraday low was $4.75 itself.
The market around it barely moved. The S&P/TSX Composite closed at 35,806.65, down 0.19%, and the iShares S&P/TSX Capped Information Technology ETF (XIT.TO) fell 0.53%. Sangoma underperformed the index by 3.07 points and its own sector by 2.73, so this was specific to the stock.
Size matters before anything else. Sangoma (TSX: STC; Nasdaq: SANG) sells business communications services and is small: roughly $180 million CAD of market capitalisation, with about 17,800 shares changing hands on an ordinary day. Friday’s volume was 140,451 shares, about 7.9 times that average and the sixth-heaviest session of the past year. Volume and the position of a price inside its 52-week range are the two quote-screen fields that carry the most information on a day like this, and our guide on how to read a stock quote covers both.
A week ago, at $5.11 CAD, Sangoma sat above the $5.00 line our Canadian penny stocks page uses, which is why it came off that page when it rose through. Friday’s close puts it back underneath.
What we can and cannot say about the drop
There was no company news, and we checked twice. Sangoma’s own financial results index still listed the third-quarter fiscal 2026 materials as its most recent posting when we looked after the close, with no fourth-quarter documents. SEC EDGAR, under CIK 0001753368, shows nothing filed since a 6-K on June 4, 2026.
What is verifiable is the calendar. Friday was the trade date for the S&P/TSX quarterly index review: S&P Dow Jones Indices’ methodology for the S&P/TSX Canadian indices states that additions, deletions and share changes take effect after the close of trading on the third Friday of March, June, September and December, and September 18 was September’s third Friday. Volume was heavy market-wide, about 628 million TSX Composite shares against roughly 250 million on an ordinary recent session. Sangoma is in the S&P/TSX SmallCap Index: the holdings file for BlackRock’s iShares S&P/TSX Small Cap Index ETF, dated September 17, 2026, lists it at 21,757 shares, 0.04% of the fund.
We could not confirm that Sangoma was itself added to or removed from any index in this review, and we will not imply that it was. The narrower statement: rebalancing was the dominant flow on Friday and Sangoma is an index member, so index trading is a plausible part of an unusually heavy session in a stock whose issuer published nothing. When a company says nothing and its shares still reprice on nearly eight times normal volume, that day sits in the flow rather than the fundamentals, a distinction our explainer on what moves a stock price works through.
The report is due within days
Sangoma’s fiscal year ended June 30, 2026, the results are not out, and the company has published no date advisory. Yahoo Finance carries an estimate of September 21, which is an estimate rather than a confirmation. From the filings: as a non-venture issuer with a June 30 year end, its annual filing deadline under NI 51-102 is September 28, 2026, and the datelines on its last three annual results releases were September 27, 2023, September 18, 2024 and September 17, 2025. The last two landed inside the week we are in now.
Analyst consensus for the June quarter, per Yahoo Finance, is a loss of $0.068 USD per share on revenue of $51.27 million USD, from five analysts. The year-ago quarter’s revenue was $59.36 million USD, so consensus implies a 13.6% decline. Full-year consensus is a loss of $0.268 USD per share.
Two things make this annual report different
The first is guidance, which has already been cut. In its third-quarter fiscal 2026 press release dated May 13, 2026, the company set out its own walk-down on pages 2 and 3. Guidance issued September 17, 2025: revenue of $200 million to $210 million USD at an adjusted EBITDA margin of 17% to 19%. Reaffirmed unchanged November 5, 2025. Narrowed February 4, 2026 to $205 million to $208 million USD at 17% to 18%. Revised down May 13, 2026 to $204 million to $205 million USD at 15% to 16%. The company’s stated reason was “In light of shifts in revenue timing, product mix, and current macroeconomic conditions”.
The second is an open strategic review. Page 2 of the same release discloses that the Board engaged ATB Cormark Capital Markets to evaluate strategic alternatives, “In response to inbound expressions of interest received over the course of the fiscal year”, covering “strategic partnerships, business combinations, investments, and other transactions involving the Company”. The Board has set no fixed timeline and says there can be no assurance the process results in any transaction. The company also states that it “does not intend to provide further updates regarding the process unless and until the Board has approved a definitive agreement or disclosure is otherwise required”. That makes the annual report the first scheduled disclosure since the review was announced, from a company that has said in advance it does not intend to discuss it.
One note on who signs off the year. Per Sangoma’s June 4, 2026 release, filed as exhibit 99.1 to a 6-K, Larry Stock retired as CFO effective June 30, 2026 after nearly six years, and Adrian Back, previously SVP Finance, became Interim CFO on July 1, 2026 while the Board searches for a successor.
What the fourth quarter has to deliver
What follows is our arithmetic on the company’s own reported nine-month figures. Through the nine months ended March 31, 2026, revenue was $153.263 million USD, down 14% from $177.330 million USD, and adjusted EBITDA was $24.107 million USD, down 19% from $29.674 million USD, or 16% of revenue.
Subtract those from the guidance. Full-year revenue of $204 million to $205 million USD needs roughly $50.7 million to $51.7 million USD in the fourth quarter, against third-quarter revenue of $50.995 million USD, so the company’s own guidance implies a quarter roughly flat with the last one. A 15% to 16% full-year margin leaves about $6.5 million to $8.7 million USD of adjusted EBITDA for the quarter, against $7.475 million USD in the third, so the implied range brackets the quarter just reported. One cross-check: the $51.27 million USD consensus sits at the top of the range implied by the company’s own guidance.
Five years in two charts
Revenue as reported. Source: Sangoma MD&A, fiscal years ended June 30, 2023 (p. 14), June 30, 2024 (p. 14) and June 30, 2025 (p. 11).
Revenue in USD millions ran 224.4 in fiscal 2022, 252.5 in fiscal 2023, 247.3 in fiscal 2024 and 236.7 in fiscal 2025, with fiscal 2026 guided to $204 million to $205 million. It peaked in fiscal 2023, fell in each of the two years since, and the guidance points to the lowest of the five.
Adjusted EBITDA as reported. Source: Sangoma MD&A, fiscal years ended June 30, 2023 (p. 19), June 30, 2024 (p. 18) and June 30, 2025 (p. 16).
Adjusted EBITDA is the steadier line: $42.1 million, $44.4 million, $42.6 million and $41.0 million USD from fiscal 2022 through fiscal 2025, a band of roughly $41 million to $44 million for four straight years. Guidance of about $30.6 million to $32.8 million USD breaks it. On our arithmetic across the company’s two reported lines, margin ran 18.8%, 17.6%, 17.2% and 17.3%, and the guided 15% to 16% sits below that range.
How the stock has traded around results
This is a record, not a forecast. Across the last eight quarterly reports Sangoma posted three EPS beats and five misses, per Yahoo Finance. The next session averaged a 5.24% decline and the stock rose after only two of the eight: after a beat it still averaged a 3.53% decline, after a miss 6.26%. Thirty days after a report the average was a decline of 8.06%, and ninety days after, 3.73%.
The most recent case is the clearest. Results came after the close on May 13, 2026, and the next session the stock fell from $5.62 CAD to $5.01 CAD, a 10.85% drop on 107,500 shares. Friday’s $4.75 CAD close is below where the shares traded even that day. None of that says anything about what happens next.
What it means
The market has marked Sangoma to its lowest close in a year ahead of a report that has to confirm a revenue number already cut once, at a margin already lowered, with an open strategic review the company has committed not to discuss sitting behind it.
The report resolves the first piece. A fourth quarter of roughly $50.7 million to $51.7 million USD in revenue with $6.5 million to $8.7 million USD of adjusted EBITDA lands inside the guided range, and anything materially below it does not. The second piece, whether the company says anything at all about the review, may not be resolved by this report, by its own design.
Prices, index levels and analyst consensus are from Yahoo Finance. Company financials, guidance and quotations are from Sangoma’s own releases and MD&A as cited. Data as of the session close on 2026-09-18.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Prices, index levels, volumes and analyst consensus as of the September 18, 2026 close, from Yahoo Finance. Company financials, guidance and quotations from Sangoma’s own press releases and MD&A as cited. Index membership from BlackRock’s iShares S&P/TSX Small Cap Index ETF holdings file dated September 17, 2026.
