Top 5 Technology Stocks on the TSX Venture 50

Marine technology company Kraken Robotics provides advanced subsea sonar and laser systems, as well as batteries and robotics systems for unmanned underwater vehicles with military and commercial applications. The company is best known for its high-resolution 3D acoustic imaging solutions and services.

Kraken recently reported that demand for its synthetic aperture sonar (SAS) products has increased significantly. In 2023, the company expects to deliver approximately three times the volume compared to previous years.

What’s driving this demand? Kraken has pointed to the need for “stronger intelligence about subsea infrastructure in both shallow and deep-water installations,” alongside the “ increasing adoption of SAS over traditional side scan sonar” and the company’s “track record of successful integrations on over 20 different underwater platforms."

A spinout of Constellation Software (TSX:CSU), Topicus.com provides vertical market software and vertical market platforms to clients in the public and private sectors across Europe. The company acquires, builds and manages software companies.

In 2022, Topicus.com saw its revenue increase by 23 percent, to 916.7 million euros, compared to 742.5 million euros in 2021. In March, the company acquired Five Degrees Holding, a digital banking technology provider in Western Europe, the US and Canada.

FLYHT Aerospace Solutions is a data solutions provider supporting the airline industry with hardware, software, weather sensors and services that allow improvements to operational efficiency, sustainability and profitability. The company has developed a suite of patented aircraft-certified hardware products, including AFIRS, an aircraft satcom/interface device.

In the first quarter of this year, FLYHT received a Supplemental Type Certificate revision from Transport Canada to install the AFIRS 228 on Boeing 737 MAX-8 aircraft. “Receiving this STC certification for one of the world’s most popular aircraft types is a milestone achievement for FLYHT and will allow us to complete installations on 40 of our customers’ aircraft in our contracted backlog,” Kent Jacobs, FLYHT's president and interim CEO, said at the time.

RevoluGROUP Canada is a Payment Services Directive 2 central bank-licensed fintech company that deploys advanced technologies for a diverse range of applications, including, banking, mobile apps, money remittance, cross-border forex payments, esports, online travel, blockchain systems and fintech apps.

As a result of its international expansion campaign, the company's RevoluSEND platform is now available in 133 countries, while its RevoluTRANSFER platform serves 103 countries. Both offer the ability to originate or send funds in US and Canadian dollars, the pound sterling and the euro; they also provide access to SEPA Instant Credit Transfers, allowing for the real-time transfer of money.

Boardwalktech Software is a leading digital ledger platform and enterprise software solutions company that develops cell data management technology. The company’s digital ledger database is designed for collaborative, multi-party enterprise applications. Boardwalktech’s low-code application platform allows users to easily organize and control all their structured and unstructured data.

In February, Boardwalktech reported that revenue for its third fiscal quarter of 2023 came in at US$1.8 million, up 74 percent from US$1.06 million in the year-ago period. Additionally, revenue from recurring software-as-a service licenses in the latest quarter increased by 129 percent from the same period in the previous year.