Canadian investors should consider owning quality growth stocks that have the potential to deliver market-beating returns over time. In this article, I have identified three top Canadian stocks that could potentially turn $10,000 into $100,000 within the next decade.
Canadian stock #1
Valued at $220 million by market cap, Profound Medical (TSX:PRN) operates as a commercial-stage medical device company that develops and markets incision-free therapeutic systems for the image-guided ablation of diseased tissue in Canada, Germany, the United States, and Finland.
Profound Medical reported Q2 results that fell short of expectations, with revenue of $2.2 million remaining flat compared to the prior year. The company reported a net loss of $15.7 million, or $0.52 per share, wider than the $6.9 million loss it incurred in the same period a year earlier. Operating expenses increased to $15.4 million from $9.3 million as the company invested in its commercial expansion.
Despite reporting sluggish sales in Q2, management maintained its guidance for full-year growth of 70% to 75%. The company has 80 qualified leads in its sales pipeline, with 14 currently in the contracting stage. Profound now operates 60 active sites and expects to reach at least 75 by the end of the year.
Key milestones
Two major milestones were achieved during the quarter. The CAPTAIN clinical trial has completed enrollment with 212 patients, exceeding the original target of 201 patients. Initial results showed that TULSA patients experienced no blood loss, no overnight hospital stays, and significantly less pain compared to patients undergoing robotic surgery.
The company also launched its TULSA-AI volume reduction software for treating benign prostatic hyperplasia. The new module reduces procedure times to 60–90 minutes regardless of prostate size, making it competitive with other BPH treatment options. Complete CAPTAIN results will be presented in December at major medical conferences.
Analysts tracking the TSX stock forecast free cash flow to increase to $63 million in 2028, compared to an outflow of $32.5 million in 2025.
If PRN stock is priced at 20 times forward free cash flow, it could gain roughly 475% within the next three years.
Canadian stock #2
A pre-revenue company, Poet Technologies (TSXV:PTK) designs, develops, manufactures, and sells semiconductor products and services for commercial applications in the United States, Canada, Singapore, and China. It offers photonic integrated packaging solutions based on the POET Optical Interposer. This platform allows the seamless integration of electronic and photonic devices onto a single chip using advanced wafer-level semiconductor manufacturing techniques.
In Q2 2025, Poet posted revenue of $268,469, up from zero in the prior year period but still reflecting limited commercial sales. The quarter resulted in a net loss of $17.3 million, or $0.21 per share, compared to a net loss of $8 million in the same quarter a year earlier.
The wider loss stemmed largely from a $7.5 million non-cash charge related to warrant revaluations. Research and development spending reached $3.2 million, up from $2.1 million in the prior year, as the company transitioned from technology development to product commercialization.
Production growth
Notably, POET completed installation of all manufacturing equipment at Globetronics and expanded capacity by partnering with NationGate Solutions in Malaysia for light source production.
POET added Lessengers as a customer for 800G optical engine modules and closed a $30 million equity financing at $5.00 per share, its most significant single raise.
Management expressed confidence in meeting growth targets as customer engagements intensify and production facilities undergo qualification. Analysts tracking the Canadian stock forecast sales to rise to $141 million in 2027, up from less than $2 million in 2025.
Canadian stock #3
The final Canadian stock on the list is High Tide Pharmaceuticals (TSXV:HITI), which is engaged in the cannabis retail business. It sells products through a network of retail stores, a wholesale distribution arm, and its e-commerce platform.
Analysts tracking the cannabis stock forecast revenue to increase from $522.3 million in fiscal 2024 (ended in October) to $1.1 billion in fiscal 2029. Its adjusted earnings per share are forecast to expand to $0.64 in 2029, compared to a loss per share of $0.04 per share in 2025.
If HITI stock is priced at 25 times forward earnings, it could more than triple within the next three years.
