North American Construction Group Ltd. (NOA) SEC Filings & Earnings Calls
EquiReason read 23 North American Construction Group Ltd. SEC filings in the last 12 months. Latest: 6-K on 2026-09-11 — North American Construction Group appoints Brad Rogers as President, CEO and Director effective December 1, 2026, completing a global search..
Source: SEC EDGAR filings · read by EquiReason
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- 11 Nov, in 18 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
11 Sep 20266-KNorth American Construction Group appoints Brad Rogers as President, CEO and Director effective December 1, 2026, completing a global search.open
Risks flagged
Leadership transition risk during search completion; new CEO starts December 2026.
“CEO change effective Dec 1, 2026; interim period managed by outgoing CEO.”
12 Aug 20266-KRecord quarterly revenue >$450M, raised revenue midpoint guidance to $1.7B, confident in $400M adjusted EBITDA midpoint. Strong demand across markets, fleet optimization underway.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $450M | |
| Revenue guidance midpoint · FY2026 | $1.70B | |
| Adjusted EBITDA guidance midpoint · FY2026 | $400M | |
| Qualified opportunities | $12.00B | |
| Active bids | $3.60B |
Guidance
Revenue midpoint raised to $1.7B, EBITDA midpoint reaffirmed at $400M
Raised revenue guidance due to strong demand, confident in EBITDA guidance, strong pipeline of opportunities
Risks flagged
Fargo-Moorhead project ending in late Q3, need to secure replacement scopes
“With our Fargo-Moorhead project coming to an end in late Q3, we are focused on securing replacement scopes.” · word for word
Reliance on external subcontractor labour in Australia
“reducing reliance on external subcontractor labour” · word for word
21 Jul 20266-KNuna Group expanding fleet in Nunavut, new awards in Ontario and Yukon, positioning for large northern infrastructure opportunities. 49% owned subsidiary showing growth.open
Figures in the filing · each found in the filing text
| Revenue increase at Nunavut site · Nuna | 20.0% |
Risks flagged
Nuna is only 49% owned, so benefits are proportional
“NACG owns 49% of the primary operating companies” · word for word
Large infrastructure opportunities subject to formal procurement and award decisions
“These opportunities remain subject to formal procurement processes and award decisions” · word for word
8 Jul 20266-KFive-year heavy equipment services contract awarded to ML Northern in Canadian oil sands, adding ~$135M to backlog. Largest award in ML Northern history, strengthens recurring revenue profile.open
Figures in the filing · each found in the filing text
| Contractual backlog addition · ML Northern | $135M | |
| Growth capital · ML Northern | $5M |
Risks flagged
Contract dependent on oil sands customer operations and demand
“The contract will service the customer’s fleet of ultra-class and other large mining equipment” · word for word
16 Jun 20266-KClosed $200M private placement of 7.00% Senior Unsecured Notes due 2031. Proceeds to repay existing credit facility and for general corporate purposes.open
Figures in the filing · each found in the filing text
| Principal amount of notes | $200M | |
| Interest rate | 7.0% |
Risks flagged
Increased debt load with 7.00% interest rate, though used to repay existing debt
“$200 million aggregate principal amount of 7.00% Senior Unsecured Notes” · word for word
10 Jun 20266-KPriced $200M private placement of 7.00% Senior Unsecured Notes due 2031. Proceeds to repay existing credit facility and for general corporate purposes. Closing expected June 16, 2026.open
Figures in the filing · each found in the filing text
| Principal amount of notes | $200M | |
| Interest rate | 7.0% |
Risks flagged
Increased debt load with 7.00% interest rate, though used to repay existing debt
“$200 million aggregate principal amount of 7.00% Senior Unsecured Notes” · word for word
13 May 20266-KQ1 2026 results filing with MD&A and financial statements; CEO letter notes performance ahead of expectations, cautious outlook, and strong second half expected.earningsopen
Figures in the filing · each found in the filing text
| Combined revenue · FY2025 | $1.50B | +6% y/y |
| Adjusted EBITDA · FY2025 | $357M | -13% y/y |
| Adjusted EBITDA margin · FY2025 | 23.8% | |
| Adjusted EBIT · FY2025 | $115M | -44% y/y |
| Adjusted EPS · FY2025 | $1.06 | -72% y/y |
| Cash dividend declared per share · FY2025 | $0.48 | +14% y/y |
| Total assets · FY2025 | $1.82B | +7% y/y |
| Net debt · FY2025 | $879M | +3% y/y |
| Return on invested capital · FY2025 | 6.7% |
Guidance
Strong second half expected; full-year plan unchanged
Management reaffirms full-year outlook, expects stronger H2, and highlights backlog growth and demand strength.
Risks flagged
Late-stage revisions on Fargo project severely impacted 2025 financials.
“Late-stage revisions on Fargo severely impacted our 2025 financials”
Integration risk from IMC acquisition and scaling in Australia.
“unanticipated difficulties or expenditures relating to the Transaction”
Foreign exchange risk from Canadian dollar reporting and Australian operations.
“foreign currency and exchange risk”
21 Apr 20266-KMacKellar subsidiary expands existing five-year contract in Queensland, adding $125M incremental revenue and increasing scope by ~50%.open
Figures in the filing · each found in the filing text
| Incremental revenue from contract expansion · Australia · 2026 | $125M | |
| Growth capital for additional units · Australia · Q2-Q3 2026 | $25M |
Guidance
Consistent with full year 2026 guidance
Contract expansion supports existing 2026 guidance; backlog strengthens; growth capex deployed.
Risks flagged
Execution risk on deploying additional equipment and reaching full run rate by August 2026.
“reach full run rate by August 2026” · word for word
Customer concentration risk with single metallurgical coal producer.
“leading metallurgical coal producer” · word for word
7 Apr 20266-KClosed acquisition of Iron Mine Contracting for ~$125M; establishes Tier 1 platform in Western Australia with exposure to rare earth and critical minerals.acquisitionopen
Figures in the filing · each found in the filing text
| Total consideration · Australia · 2026 | $125M | |
| Upfront cash payment · Australia · 2026 | $42M | |
| Assumed equipment financing · Australia · 2026 | $45M | |
| Credit facility capacity · 2026 | $535M |
Guidance
Full year 2026 guidance includes combined company projections
Acquisition expected to be accretive; full-year guidance maintained with combined operations.
Risks flagged
Integration risk from combining IMC with existing MacKellar operations.
“unanticipated difficulties or expenditures relating to the Transaction” · word for word
Earn-out and deferred payment mechanisms create contingent liability.
“earn-out and deferred payment mechanisms payable to the sellers over four years based on performance of the business” · word for word
Commodity price exposure to gold, iron ore, lithium.
“exposure to gold, iron ore and lithium” · word for word
12 Mar 20266-K2025 Annual Report with five-year trends, CEO letter, MD&A, and financial statements; highlights revenue growth but margin compression.earningsopen
Figures in the filing · each found in the filing text
| Combined revenue · FY2025 | $1.50B | +6% y/y |
| Adjusted EBITDA · FY2025 | $357M | -13% y/y |
| Adjusted EBITDA margin · FY2025 | 23.8% | |
| Adjusted EBIT · FY2025 | $115M | -44% y/y |
| Adjusted EPS · FY2025 | $1.06 | -72% y/y |
| Cash dividend declared per share · FY2025 | $0.48 | +14% y/y |
| Total assets · FY2025 | $1.82B | +7% y/y |
| Net debt · FY2025 | $879M | +3% y/y |
| Return on invested capital · FY2025 | 6.7% |
Guidance
2026 expected to be a banner year; strong H2
CEO expresses strong optimism for 2026 with multiple growth drivers; margin recovery expected from Fargo impact.
Risks flagged
Fargo project late-stage revisions severely impacted 2025 financials.
“Late-stage revisions on Fargo severely impacted our 2025 financials” · word for word
Integration risk from IMC acquisition and scaling in Australia.
“unanticipated difficulties or expenditures relating to the Transaction”
Commodity price and foreign exchange risk.
“foreign currency and exchange risk”
21 Jan 20266-KCEO Joe Lambert resigned; COO Barry Palmer appointed interim President and CEO. Search for permanent CEO underway.open
Risks flagged
Leadership transition risk; uncertainty until permanent CEO is appointed.
“The Company has begun the process of assessing both internal and external candidates to assume the role on a permanent basis.” · word for word
18 Dec 20256-KNACG acquires Iron Mine Contracting for ~$115M, funded by debt; expected to be accretive with 20% EPS increase in 2026. IMC backlog >$1B.acquisitionopen
Figures in the filing · each found in the filing text
| Backlog · Iron Mine Contracting · point_in_time | $1.00B | |
| EBITDA multiple · Iron Mine Contracting · FY2026 | $2.50 | |
| EPS accretion · FY2026 | 20.0% |
Risks flagged
Integration risk; acquisition debt increases leverage.
“The Transaction will be fully funded by senior-secured bank financing (65% of the purchase price) and vendor-provided debt financing (35% of the purchase price).” · word for word
19 Nov 20256-KNACG announces NCIB to repurchase up to 2,729,056 shares (~10% of public float) and enters into ASPP.open
Figures in the filing · each found in the filing text
| Shares authorized for repurchase · point_in_time | 2,729,056 | |
| Previous NCIB shares purchased · FY2025 | 1,781,550 |
12 Nov 20256-KQ3 2025 results slightly better than anticipated; revenue up 5% QoQ, gross margin improved to 14.6%, free cash flow increased $46M.earningsopen
Figures in the filing · each found in the filing text
| Gross profit margin · Q3-2025 | 14.6% | |
| Australia revenue growth · Australia · Q3-2025 | 25.0% | |
| Sustaining capital spend reduction · Q3-2025 | 30.0% | |
| Shares repurchased in Q3 · Q3-2025 | 725,000 |
Guidance
meet or beat second half outlook
Confident in meeting or beating second half outlook; formal 2026 outlook in December.
Risks flagged
Oil sands demand reduction; fleet right-sizing needed.
“Our Canadian operations team is focused on cost reductions, improving margins, increased free cash flow, and right-sizing our fleet to meet the reduced demand of our oil sands business.” · word for word
North American Construction Group Ltd. — questions
- What did North American Construction Group Ltd. file recently?
- 23 SEC filings in the last 12 months. Latest: 6-K on 2026-09-11 — North American Construction Group appoints Brad Rogers as President, CEO and Director effective December 1, 2026, completing a global search.
Every figure on this page comes from North American Construction Group Ltd.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.