TSX Penny Stocks To Watch In September 2026

As September unfolds, Canadian investors are navigating a market landscape influenced by robust AI demand and the Federal Reserve's clear stance on inflation, while also considering the potential impact of renewed U.S. tariffs. Amid these broader economic discussions, penny stocks—though often seen as niche investments—continue to offer intriguing opportunities for growth, especially in smaller or newer companies with solid financial foundations. In this context, we will examine three penny stocks that stand out for their balance sheet strength and potential to deliver substantial returns over time.

Let's explore several standout options from the results in the screener.

Alithya Group (TSX:ALYA)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Alithya Group Inc., along with its subsidiaries, offers information technology services and solutions across Canada, the United States, and internationally, with a market cap of CA$103.54 million.

Operations: The company's revenue is derived from CA$204.93 million in Canada, CA$226.12 million in the United States, and CA$27.23 million internationally.

Market Cap: CA$103.54M

Alithya Group Inc., with a market cap of CA$103.54 million, is navigating financial challenges as it remains unprofitable and has seen an increase in its debt to equity ratio over the past five years. The company recently reported a net loss for Q1 2026, highlighting ongoing profitability issues. Despite these challenges, Alithya maintains a stable cash runway for over three years due to positive free cash flow growth. The management team and board are experienced, which could aid in strategic decision-making as they explore alternatives to maximize shareholder value through a comprehensive strategic review process.

• Click here to discover the nuances of Alithya Group with our detailed analytical financial health report.
• Evaluate Alithya Group's prospects by accessing our earnings growth report.

Computer Modelling Group (TSX:CMG)

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Computer Modelling Group Ltd. is a software and consulting technology company focused on developing and licensing reservoir simulation and seismic interpretation software, with a market cap of CA$311.98 million.

Operations: The company generates its revenue primarily from the Software & Programming segment, which accounted for CA$124.40 million.

Market Cap: CA$311.98M

Computer Modelling Group Ltd., with a market cap of CA$311.98 million, is trading significantly below estimated fair value, presenting potential upside as analysts predict a 28.1% price increase. Despite recent negative earnings growth and declining net profit margins from 16.9% to 12.4%, the company maintains strong financial health with operating cash flow covering debt and interest payments well-covered by EBIT at 21.2x coverage. Recent strategic actions include a share buyback program worth up to CA$20 million, reflecting confidence in its fundamental value, alongside consistent dividend payouts supporting shareholder returns amidst management changes and an inexperienced board.

• Get an in-depth perspective on Computer Modelling Group's performance by reading our balance sheet health report here.
• Examine Computer Modelling Group's earnings growth report to understand how analysts expect it to perform.

Colonial Coal International (TSXV:CAD)

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Colonial Coal International Corp. focuses on acquiring, exploring, and developing coal properties in Canada with a market cap of CA$379.83 million.

Operations: Colonial Coal International Corp. does not report any revenue segments.

Market Cap: CA$379.83M

Colonial Coal International Corp., with a market cap of CA$379.83 million, is pre-revenue and currently unprofitable, with losses increasing by 3.8% annually over the past five years. Despite its financial challenges, the company benefits from a seasoned management team and board of directors, averaging 15.8 and 12.8 years in tenure respectively, which could provide strategic stability. The company is debt-free and has sufficient cash runway for over three years based on current free cash flow trends, suggesting it can sustain operations while exploring potential revenue-generating opportunities in coal property development without immediate financial pressure.

• Unlock comprehensive insights into our analysis of Colonial Coal International stock in this financial health report.
• Review our historical performance report to gain insights into Colonial Coal International's track record.

Turning Ideas Into Actions

• Investigate our full lineup of 335 TSX Penny Stocks right here.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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