Canadian tech can move fast. Sometimes too fast. Celestica (TSX:CLS) gave investors a reminder of that. The Toronto-based hardware and supply-chain specialist caught fire as artificial intelligence (AI) spending moved from a market story into real orders. In the first quarter of 2026, revenue jumped to US$4.1 billion and adjusted earnings per share reached US$2.16. The stock’s run made sense. Celestica stock sells into the pipes and parts behind the AI boom, not just the dream.
But after a big move, investors face a harder question. Do they chase the winner, or look for the next Canadian tech names with room to recover and compound? Celestica stock may still have a strong future. Yet two other TSX tech stocks look more interesting for investors who want growth without buying the hottest chart on the board.
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KXS
Kinaxis (TSX:KXS) comes first. Tariffs, port delays, geopolitical tension, and inventory swings all make planning harder. Kinaxis sells cloud software that helps companies forecast demand, manage supply, and make faster decisions when conditions change. That may not sound as exciting as AI chips, but it solves an expensive problem.
The latest numbers looked strong. In the first quarter of 2026, Kinaxis reported record results, with SaaS revenue up 21% and annual recurring revenue growth accelerating to 20%. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin reached 32%, showing the company can grow while producing better profit. That combination gives the stock a cleaner story than many software names that still lean too hard on promises.
Kinaxis also sits in a sweet spot for AI. Businesses don’t just want chatbots, but tools that help them plan factories, shipments, and inventory with less waste. Kinaxis already operates in that lane, so its AI features can deepen an existing product rather than create a new business from scratch. That reduces some execution risk.
The risk comes from valuation and timing. Kinaxis often trades at a premium because investors know the business quality. If growth slows, the stock could give back gains quickly. Large enterprise software deals can also take time, especially if customers watch costs. Still, for long-term investors, Kinaxis looks like one of Canada’s best pure software names.
DCBO
Docebo (TSX:DCBO) offers a different kind of opportunity. The company sells learning management software to businesses, helping them train employees, partners, and customers. That market may not look glamorous, yet it keeps growing as companies use digital training to cut travel costs, onboard staff, and support complicated products.
Docebo’s first-quarter 2026 results showed steady progress. Revenue reached about US$65.6 million, up 14.3% from the prior year. Adjusted EBITDA came in near US$11 million, up more than 20%. The company also raised its fiscal 2026 outlook earlier this year, which gives investors a useful sign that demand still looks healthy.
The appeal here comes from profitable growth. Docebo isn’t just spending wildly to win sales. It continues to expand while improving margins, and AI could make its platform more useful by personalizing lessons, creating content faster, and helping companies measure training results. If businesses want productivity gains without huge headcount growth, better training software can fit the budget.
Still, Docebo carries risk. Smaller software companies can swing sharply when growth expectations change. Competition remains fierce, and customers could delay software spending if the economy weakens. The stock also needs patience, since the market may not reward mid-teen revenue growth every quarter. That means position size matters. Investors should treat it as a growth holding, not a safe haven for all seasons.
Bottom line
Celestica stock proved Canadian tech can still surprise investors in a huge way. But investors don’t need to chase every stock after the crowd discovers it. Kinaxis brings mission-critical software and stronger profitability. Docebo brings steady growth, AI optionality, and improving earnings power. Both still need execution, but the growth story looks alive on the TSX right now. For investors looking beyond Celestica stock’s run, both deserve a closer look today.
