TSX Shariah screener · October 2026

Is HPQ Silicon Inc. (HPQ) Halal?

FAIL

HPQ Silicon Inc. · TSXV: HPQ · Industrials

The short answer

HPQ Silicon Inc. (TSXV: HPQ) is a FAIL in our October 2026 screen — two of three gates fail. The business gate fails: in August 2026 the company disclosed an initial commercial order for GEN3 battery packs to be integrated into FPV drones destined for a French Army regiment, an application 'intended for the French defence sector'. The income gate fails: H1 2026 interest income of C$6,538 is ~34.3% of the company's positive income items (C$19,045), far above the ~5% ceiling (the company is pre-revenue). The debt gate passes: interest-bearing debt of C$24,931 is ~0.04% of its ~C$63.7M market cap, far under the ~33% ceiling.

Gate 1 — Business activity: FAIL

HPQ Silicon Inc. (registered as HPQ Silicium Inc.) is a Montréal technology company developing silicon-based materials with partners PyroGenesis Canada Inc. and Novacium SAS: silicon-based anode materials for batteries (Gen3/Gen4), ENDURA+ lithium-ion cells, fumed silica, high-purity silicon, and clean-hydrogen technology. In an August 19, 2026 company release, HPQ disclosed an initial commercial order (via partner LN Innov) for GEN3 battery packs to be integrated into FPV (First Person View) drones destined for a French Army regiment — in the company's own words, an application 'intended for the French defence sector' and the entry of its technology 'into the French defence supply chain'. A disclosed military/weapons end use fails the business-activity screen. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

The Q2 2026 interim financial statements (six months ended June 30, 2026) show interest-bearing debt of only C$24,931 (lease liabilities: C$11,012 current + C$13,919 non-current). No bank debt, notes or convertible debentures are outstanding; amounts due to directors are explicitly 'without interest'. With 471,775,150 shares outstanding at C$0.135 (September 30, 2026), the market cap is ~C$63.7M, so debt is about 0.04% of market cap — far under the ~33% ceiling. Gate 2 passes.

Gate 3 — Non-compliant income: FAIL

HPQ Silicon is pre-revenue (Note 2 of the Q2 2026 interim statements: 'The Company has not generated any revenue to date'). H1 2026 interest income was C$6,538 (Note 19). Against all positive P&L income items of C$19,045 — finance income of C$13,228 (interest plus net fair-value gains) plus a C$5,817 equity-investment ownership adjustment — interest income is about 34.3%, far above the ~5% ceiling. Gate 3 fails. Figures from the filed Q2 2026 interim financial statements.

Key figures used

Interest-bearing debt C$24,931 (leases only; no bank debt, notes or convertibles) at Jun 30, 2026.
Debt ≈ 0.04% of ~C$63.7M market cap (471,775,150 shares × C$0.135, Sep 30, 2026).
Pre-revenue: H1 2026 interest income C$6,538 ≈ 34.3% of positive P&L income (C$19,045).
Aug 19, 2026 release: GEN3 battery packs ordered for FPV drones 'destined for a French Army regiment' — 'intended for the French defence sector' (company's words).
Sept 29, 2026: HPQ and PyroGenesis closed 50/50 ownership of HPQ Silica (fumed silica JV).
No Zoya, Musaffa or ShariaPortfolio rating found for HPQ Silicon (Zoya's HPQ page covers HP Inc., a different company).

Frequently asked questions

Is HPQ Silicon (HPQ) halal?

Our October 2026 screen gives HPQ Silicon (HPQ) a FAIL. The business gate fails: in August 2026 the company disclosed a first commercial order for GEN3 battery packs integrated into FPV drones destined for a French Army regiment — a weapons/defence end use. The income gate also fails: H1 2026 interest income of C$6,538 is ~34.3% of the company's positive income items (C$19,045), far above the ~5% ceiling. The debt gate passes (debt is ~0.04% of market cap). No Musaffa, Zoya or ShariaPortfolio rating was found for HPQ Silicon.

Why did HPQ Silicon fail the business gate?

In an August 19, 2026 company release, HPQ Silicon disclosed that partner LN Innov placed an initial commercial order for GEN3 battery packs that would be integrated into FPV (First Person View) drones destined for a French Army regiment — described in the company's own words as an application 'intended for the French defence sector' and the entry of its technology 'into the French defence supply chain'. Military/weapons end uses fail the business-activity screen. Facts only; interpretations differ among scholars.

Why did HPQ Silicon pass the debt gate?

The Q2 2026 interim financial statements (six months ended June 30, 2026) show total interest-bearing debt of just C$24,931 (lease liabilities only: C$11,012 current + C$13,919 non-current). No bank debt, notes or convertible debentures are outstanding. Against a ~C$63.7M market cap (471,775,150 shares at C$0.135, September 30, 2026), that is ~0.04% — far under the ~33% ceiling. Gate 2 passes.

How much interest income does HPQ Silicon earn?

HPQ Silicon is pre-revenue (Note 2 of the Q2 2026 interim statements: 'The Company has not generated any revenue to date'). Interest income in H1 2026 was C$6,538 (Note 19). Against all positive P&L income items of C$19,045 — finance income of C$13,228 plus a C$5,817 equity-investment ownership adjustment — interest income is ~34.3%, far above the ~5% ceiling. Gate 3 fails. Figures from the filed Q2 2026 interim financial statements.

Where can I find more industrials stock screeners?

See our full list of stock screeners at halal-stock-verdicts.html, which covers every company screened so far.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.