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.
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).
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
Investment Themes
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 | ||||
|---|---|---|---|---|---|
Sep 10, 2026 6w ago | Press Release | $13.49 $11.80 | ▼ −12.53% | ▼ −14.40% | $11.88 (−11.93%) |
Jul 21, 2026 13w ago | 6-K | $13.59 $13.65 | ▲ +0.44% | ▼ −2.12% | $11.88 (−12.58%) |
Jul 20, 2026 14w ago | Press Release | $13.59 $13.65 | ▲ +0.44% | ▼ −2.12% | $11.88 (−12.58%) |
Jul 8, 2026 15w ago | Press Release | $13.70 $14.51 | ▲ +5.91% | ▲ +3.67% | $11.88 (−13.28%) |
Jun 16, 2026 18w ago | 6-K | $13.39 $13.24 | ▼ −1.12% | ▼ −2.44% | $11.88 (−11.28%) |
Jun 10, 2026 19w ago | 6-K | $13.44 $13.70 | ▲ +1.93% | ▲ +0.04% | $11.88 (−11.61%) |
May 21, 2026 22w ago | Press Release | $14.71 $13.44 | ▼ −8.62% | ▼ −7.20% | $11.88 (−19.22%) |
May 13, 2026 23w ago | 6-K | $15.66 $13.51 | ▼ −13.74% | ▼ −12.88% | $11.88 (−24.14%) |
May 13, 2026 23w ago | Press Release | $15.76 $13.51 | ▲ +14.28% | ▲ +13.42% | $11.88 (+24.62%) |
Apr 27, 2026 26w ago | 6-K | $14.53 $14.47 | ▼ −0.41% | ▼ −5.88% | $11.88 (−18.24%) |
US Market Status
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