The Best AI Stocks in Canada You’ve Never Heard of

Two under‑the‑radar AI stocks promise recurring‑revenue growth and generative‑AI tailwinds, so here’s why Coveo and Docebo deserve a second look.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published October 7, 2025 4:30 pm EDT

| More on: AMZNCVODCBO

Key Points

Coveo (CVO) makes AI relevance software with growing revenue, strong generative‑AI bookings, and major partnerships fuelling expansion.
Docebo (DCBO) is scaling subscription revenue and ARR, winning large clients and government contracts with solid guidance.
Both offer cheaper AI exposure via recurring revenue, but watch execution, competition, and valuation risks.

It’s no secret that artificial intelligence (AI) stocks are some of the best investments out there right now. Yet some come with a hefty price tag and a lot of future expectations. That’s why today, we’re going to look at some AI stocks you perhaps have never even heard of! These companies offer far more growth owing to their trading under the radar. So let’s get right into it.

A robotic hand interacting with a visual AI touchscreen display. — Source: Getty Images

CVO

First up, there’s Coveo (TSX:CVO), a company that builds AI-relevance software to improve search, recommendations, and generative-AI experiences. These are then sent to commerce, service agents, and enterprise workflows. And clearly, the AI stock is doing quite well.

During the first quarter of 2026, revenue was up 10% year over year, hitting $35.5 million. Furthermore, core platform revenue grew 16%, with generative-AI solutions driving about half of new business. Furthermore, the company expanded its strategic partnerships with companies, including Salesforce and Amazon (NASDAQ:AMZN). And for shareholders? The AI stock executed a huge share buyback plan, guiding towards between $141.5 and $144.5 million in software as a service (SaaS) subscription revenue for full-year 2026.

So why is it a great option? This company operates in the AI relevance area, a niche that’s no less critical for real commercial outcomes. It’s not flashy, but its generative AI product suite makes the company easier for enterprise customers to buy and scale. All while driving high new bookings and locking in more annual recurring revenue (ARR). All considered, it’s a solid option for those wanting a link to AI stocks, without investing in AI directly.

DCBO

Similarly, we have Docebo (TSX:DCBO), a learning management and learning experience platform that embeds AI into training, content recommendations, and automated workflows. The second quarter of 2025 proved its worth as well, with total revenue up about 14% to $60.7 million. Subscription revenue also climbed 15% to $57.1 million, and ARR hit $233.1 million.

Management also provided strong guidance for the full year of 2025, with revenue growth at around 10.75% to 11.75%. Yet again, despite all this strength, the company remains under the radar. That’s because it targets large corporate learning markets, an under-penetrated market ripe for AI-driven automation. This translates into attractive monetization cases, which was made clear during earnings.

What’s more, the company continues to win cross-sells and large clients. This adds to further growth, especially from higher-value government contracts. The recurring subscription model also provides predictable revenue that allows the company to grow and expand, while still rewarding shareholders.

Bottom line

If you want in on AI but don’t want to pay the price, these two are stellar AI stocks to consider. CVO’s search and relevance tool is top-notch, while DCBO is perfect for scaling out learning amongst companies. What’s more, you’re gaining access to recurring revenue from both! Therefore, these are two AI stocks that remain less hyped, but no less exciting, with the potential to produce massive returns. Yet as always, make sure you consider your own goals, risks, and portfolio before making any purchases, as well as speaking to your financial advisor.