$NOA

North American Energy Partners Inc.

CIK:0001368519|SEC Filings

Consolidated Statements of Operations and Comprehensive Income - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Revenue	$ 1,284,291	$ 1,165,787
Cost of sales	904,775	770,800
Depreciation	217,232	185,005
Gross profit	162,284	209,982
General and administrative expenses	50,326	54,560
Amortization of intangible assets	1,955	1,391
Loss on disposal of property, plant and equipment	822	767
Operating income	109,181	153,264
Interest expense, net	58,931	59,340
Equity loss (earnings) in affiliates and joint ventures	11,331	(15,299)
Change in fair value of contingent obligations	(26,909)	53,206
Loss (gain) on derivative financial instruments	9,354	(3,952)
Income before income taxes	56,474	59,969
Current income tax expense (benefit)	7,961	(3,270)
Deferred income tax expense	14,679	19,230
Net income	33,834	44,009
Unrealized foreign currency translation (gain) loss	(10,489)	695
Comprehensive income	$ 44,323	$ 43,314
Per share information
Basic net income per share (in CAD per share)	$ 1.18	$ 1.64
Diluted net income per share (in CAD per share)	$ 1.14	$ 1.51

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities:
Net income	$ 33,834	$ 44,009
Adjustments to reconcile net income to cash from operating activities:
Depreciation	217,232	185,005
Amortization of deferred financing costs	2,948	3,000
Loss on disposal of property, plant and equipment	822	767
Loss (gain) on derivative financial instruments	9,354	(3,952)
Stock-based compensation (benefit) expense	(432)	8,706
Equity earnings in affiliates and joint ventures	11,331	(15,299)
Dividends received from affiliates and joint ventures	2,204	7,336
Deferred income tax expense	14,679	19,230
Change in fair value of contingent obligations	(26,909)	53,206
Unrealized foreign currency loss (gain)	2,343	(2,843)
Other adjustments to cash from operating activities	1,370	1,441
Net changes in non-cash working capital	(4,687)	(59,387)
Total operating activities	264,089	241,219
Investing activities:
Purchase of property, plant and equipment	(281,095)	(303,756)
Additions to intangible assets	(4,265)	(4,199)
Proceeds on disposal of property, plant and equipment	11,669	13,568
Buyout of BNA Remanufacturing LP, net of cash acquired	0	(3,863)
Net collections (advances) of loans with affiliates and joint ventures	8,861
Net collections (advances) of loans with affiliates and joint ventures		(4,060)
Cash settlement of derivative financial instruments	0	4,015
Total investing activities	(264,830)	(298,295)
Financing activities:
Proceeds from long-term debt	757,421	234,468
Repayment of long-term debt	(629,664)	(130,338)
Settlement of convertible debentures	(1,357)	0
Financing costs	(9,546)	(1,036)
Payments towards contingent obligations	(40,181)	(39,689)
Dividends paid	(13,392)	(10,644)
Share purchase program	(38,447)	(4,311)
Purchase of treasury shares	(3,270)	(2,466)
Total financing activities	21,564	45,984
Increase (decrease) in cash	20,823	(11,092)
Effect of exchange rate on changes in cash	1,430	353
Cash, beginning of year	77,875	88,614
Cash, end of year	$ 100,128	$ 77,875

Consolidated Balance Sheets - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash	$ 100,128	$ 77,875
Accounts receivable	148,928	166,070
Contract assets	30,472	4,135
Inventories	75,660	69,027
Prepaid expenses and deposits	6,925	7,676
Assets held for sale	107	683
Total current assets	362,220	325,466
Property, plant and equipment	1,358,852	1,251,874
Operating lease right-of-use assets	10,734	12,722
Investments in affiliates and joint ventures	70,416	84,692
Intangible assets	12,333	9,901
Other assets	5,198	9,845
Total assets	1,819,753	1,694,500
Current liabilities
Accounts payable	102,054	110,750
Accrued liabilities	89,308	78,010
Contract liabilities	22,848	1,944
Current portion of long-term debt	160,557	84,194
Current portion of contingent obligations	34,597	39,290
Current portion of operating lease liabilities	1,495	1,771
Total current liabilities	410,859	315,959
Long-term debt	749,829	719,399
Contingent obligations	28,856	88,576
Operating lease liabilities	9,698	11,441
Other long-term obligations	22,607	44,711
Deferred tax liabilities	141,283	125,378
Total liabilities	1,363,132	1,305,464
Shareholders' equity
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – December 31, 2025 - 28,821,481 (December 31, 2024 – 27,704,450))	282,957	228,961
Treasury shares (December 31, 2025 - 871,244 (December 31, 2024 - 1,000,328))	(14,993)	(15,913)
Additional paid-in capital	2,807	20,819
Retained earnings	176,463	156,271
Accumulated other comprehensive income (loss)	9,387	(1,102)
Shareholders' equity	456,621	389,036
Total liabilities and shareholders' equity	1,819,753	1,694,500
Contingencies
Subsequent events