NOA North American Construction Group Ltd.
Price Chart
Executive Summary
NACG reported mixed Q1 2026 results: consolidated revenue fell 6% YoY to $319.2M due to a 26% decline in Canada, but combined revenue (including JVs and IMC economic benefit) rose 8% to $422.5M. Gross margin improved to 13.4% from 11.1%, and free cash flow turned positive at $3.7M. The company completed the strategic IMC acquisition on April 7, 2026, expanded a key Australian contract, and maintained 2026 guidance ($1.5-1.7B combined revenue, $380-420M adjusted EBITDA).
Actionable Insight
Monitor Q2 performance for spring break-up impact in Canada and early IMC contribution. The $125M Queensland contract ramp and integration progress will be key. With 90%+ midpoint revenue visibility and a $3.9B backlog, the second-half build is worth watching.
Key Facts
- Q1 2026 reported revenue $319.2M vs $340.8M YoY (-6%)
- Heavy Equipment Canada revenue -26% to $131.6M due to fleet optimization
- Heavy Equipment Australia revenue +17% to $185.2M
- Combined revenue (incl. JVs and IMC) +8% to $422.5M
- Gross profit margin improved to 13.4% from 11.1%
- Adjusted EBITDA flat at $99.5M; margin 23.5% vs 25.5%
- Free cash flow positive $3.7M vs -$41.6M YoY
- IMC acquisition closed April 7 for $41.6M cash plus $12.2M deferred
- Combined backlog surged to $3.9B from $3.0B (includes $840M IMC)
- 2026 guidance maintained: combined revenue $1.5-1.7B, adj. EBITDA $380-420M
Financial Impact
Revenue down $21.6M; gross profit up $4.9M; net income down $0.6M; free cash flow improved by $45.2M
Risk Factors
- IMC integration and earn-out execution risk
- Seasonal Q2 slowdown in oil sands (spring break-up)
- Elevated net debt ($896M) and interest expense ($16.7M)
- Canada revenue decline may persist if fleet optimization reduces capacity
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001368519-26-000009 |
| Exhibit: exhibit991-earningsreleasea.htm | 0001368519-26-000009 |
| Document: 0001368519-26-000009-index-headers.html | 0001368519-26-000009 |
| Document: 0001368519-26-000009-index.html | 0001368519-26-000009 |
| Document: 0001368519-26-000009.txt | 0001368519-26-000009 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 21, 2026
19d ago
|
Press Release
| $14.71 $13.66 | ▼ −7.09% | ▼ −8.75% | $13.99 (−4.88%) |
|
May 13, 2026
27d ago
|
6-K
| $15.66 $14.37 | ▼ −8.25% | ▼ −7.53% | $13.99 (−10.67%) |
|
May 13, 2026
27d ago
|
Press Release
| $15.76 $14.46 | ▲ +8.25% | ▲ +7.53% | $13.99 (+11.23%) |
|
Apr 27, 2026
6w ago
|
6-K
| $14.53 $14.55 | ▲ +0.14% | ▼ −1.55% | $13.99 (−3.72%) |
|
Apr 27, 2026
6w ago
|
Press Release
| $14.53 $14.55 | ▲ +0.14% | ▼ −1.55% | $13.99 (−3.72%) |
|
Apr 23, 2026
6w ago
|
6-K
| $13.99 $14.44 | ▲ +3.22% | ▲ +1.74% | $13.99 (−0.00%) |
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Apr 21, 2026
7w ago
|
6-K
| $13.55 $14.53 | ▲ +7.23% | ▲ +6.15% | $13.99 (+3.25%) |
|
Apr 7, 2026
9w ago
|
6-K
| $13.79 $14.70 | ▲ +6.60% | ▲ +1.27% | $13.99 (+1.45%) |
|
Mar 11, 2026
12w ago
|
Press Release
| $12.03 $13.72 | ▲ +14.05% | ▲ +15.03% | $13.99 (+16.33%) |
US Market Status
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