When most people talk about artificial intelligence (AI) stocks, it’s usually a U.S.-centric conversation, with companies like Nvidia, Google, Microsoft, or OpenAI coming to mind. But what about Canada? It turns out we’ve got some pretty exciting contenders right here at home.
Whether it’s about companies using AI to disrupt sectors like healthcare, energy, or finance or firms building the tools that make machine learning possible, Canada is continuing to put itself on the AI map in a big way. And for tech investors, that means opportunity before the rest of the market fully catches on.
In this article, I’ll walk you through two top Canadian AI stocks that deserve a spot on your radar, especially if you’re betting on the future.
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Kinaxis stock
First up is Kinaxis (TSX:KXS), a top Canadian tech firm that is showing how Canadian innovation could go head-to-head with global AI leaders. This Ottawa-based software company uses its AI-powered Maestro platform to help businesses across the globe make faster, smarter decisions across their supply chains, from long-term planning to last-mile delivery. Currently, KXS stock trades at $174.50 per share, giving it a market cap of $4.9 billion.
Over the last 12 months, Kinaxis stock has climbed nearly 16% despite some ups and downs along the way. In the most recent quarter, the company’s total revenue came in at US$123.9 million, up 11% YoY (year over year), mainly driven by a 17% jump in its SaaS (Software as a Service) revenue. This bump also reflected strong new customer wins and expansion across all regions. However, not everything was rosy, as it reported a quarterly loss of US$0.58 per share, mostly due to special charges tied to its ongoing transformation efforts.
Notably, Kinaxis is not just adding AI features but also partnering with data giants like Databricks to bring next-level intelligence and scale to its platform. That’s a huge deal in today’s data-driven world. With a growing base of long-term contracts, rising recurring revenue, and a clear focus on turning AI into real business, Kinaxis could be exactly the kind of stock smart tech investors may want to own.
Docebo stock
Next up is Docebo (TSX:DCBO), which is proving that Canada’s AI innovation goes well beyond supply chains. This Toronto-based software company is redefining how organizations deliver and manage learning. Currently trading at $40.74 per share, DCBO has a market cap of $1.2 billion.
In the December 2024 quarter, Docebo reported a 16% YoY rise in revenue to US$57 million with the help of a solid 95% contribution from subscription revenue. As a result, the company’s adjusted quarterly net profit jumped a whopping 270% YoY as it scaled profitably, and free cash flow surged over 44%.
Another factor that makes Docebo exciting for long-term tech investors is its big push into AI. From launching AI Virtual Coaching and AI Video Presenter to introducing a co-pilot for automating complex learning workflows called Harmony, the company is expanding its offerings. With its AI-first strategy and strong customer wins, Docebo seems future-ready, making it one of the top AI stocks to consider in Canada.
