Investing in lower-priced growth stocks is a solid strategy for Canadians looking to generate market-beating returns over time. In this article, I have identified two such top Canadian stocks to buy with just $100 right now. Let’s see why.
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Is this TSX penny stock a good buy right now?
Valued at a market cap of $387 million, Healwell AI (TSX: AIDX) is a Canadian healthcare technology company priced at $1.39 per share that develops AI-powered clinical decision support systems and healthcare analytics.
Operating across Canada, Australia, New Zealand, and the UK, it provides electronic health records software, chronic disease screening, pulmonary function testing, clinical research services, and telemedicine platforms.
Healwell serves pharmaceutical companies, healthcare providers, and hospitals through three business segments: Clinical Research and Patient Services, AI and Data Sciences, and Healthcare Software.
In Q2 2025, Healwell AI reported record sales of $40.5 million, an increase of 645% year over year. It also reported a positive adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $1.9 million for the first time. The health-tech company has transformed from a $7 million annual revenue business to a $160 million annualized revenue run rate entity.
The primary growth driver was the acquisition of Orion Healthcare, which contributed to 1,064% growth in the Healthcare Software segment. This acquisition supports Healwell’s strategy to become a pure-play AI and software company, with the board seeking strategic alternatives for clinical and patient service units.
Analysts tracking the TSX tech stock forecast revenue to rise from $39 million in 2024 to $375 million in 2029. It is forecast to end 2029 with free cash flow of $59 million, compared to a $26.4 million outflow in 2024.
If the penny stock is priced at 20 times forward FCF, which is reasonable, it should more than triple over the next four years.
Is this TSX stock undervalued?
Valued at a market cap of $400 million, Electrovaya (TSX: ELVA) is engaged in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean energy transportation, and other applications. Priced at $10 per share, the TSX stock has surged over 200% in the past year.
In fiscal Q3 (ended in June), Electrovaya reported record revenue of US$17.1 million, up 67% from the year-ago period. It also reported its second consecutive profitable quarter with a net income of almost US$1 million and adjusted EBITDA of US$2.9 million,
The Ontario-based lithium-ion battery manufacturer is successfully expanding beyond its core material handling market into multiple high-growth verticals. Management secured over US$21 million in new orders during the quarter, bringing nine-month totals to US$65 million, driven by relationships with Fortune 100 customers and original equipment manufacturer (OEM) partners.
Electrovaya is scaling production capacity with a second shift at its Mississauga facility and assembly operations at its Jamestown, New York plant, which will qualify for 45 times production tax credits. The company expects cell production to commence at Jamestown by mid-2026.
According to consensus estimates, ELVA is forecast to increase sales from US$44.6 million in 2024 to US$231 million in 2029. In this period, adjusted earnings are forecast to expand to US$0.86 per share, from a loss of US$0.04 per share.
If the TSX stock is priced at 25 times forward earnings, it could surge 200% within the next four years.
