NOA Q2 2026 - Preliminary Earnings Alert
Verdict
- Record revenue, but no scoreable consensus: combined revenue C$456.1m (+23%) and reported revenue C$401.0m (+25%). API Ninjas publishes NOA consensus in US dollars against Canadian-dollar reporting, so no beat or miss can be scored.
- Adjusted EPS C$0.32 against C$0.02 a year ago, while net income fell 9% to C$9.4m and basic EPS was flat at C$0.35 — the adjusted and reported lines moved in opposite directions.
- Combined revenue guidance raised to C$1.6–1.8bn from C$1.5–1.7bn, midpoint to C$1.7bn. Adjusted EBITDA (C$380–420m) and free cash flow (C$110–130m) were both left unchanged.
- The one thing that matters: the record is bought, not earned. IMC contributed C$84.5m of revenue and C$13.1m of adjusted EBITDA; strip it out and reported revenue fell to roughly C$316.5m from C$320.6m and adjusted EBITDA was C$80.4m against C$80.1m. The legacy business stood still.
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue (total reported revenue) | C$401.0m | Not comparable — consensus published in USD | — | — |
| EPS (adjusted, company basis) | C$0.32 | Not comparable — consensus published in USD | — | — |
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Combined revenue | C$456.1m | C$370.6m | +23% |
| Reported revenue | C$401.0m | C$320.6m | +25% |
| Adjusted EBITDA | C$93.5m | C$80.1m | +17% |
| Adjusted EBITDA margin | 20.5% | 21.6% | -110bp |
| Adjusted EPS | C$0.32 | C$0.02 | +C$0.30 |
| Free cash flow | C$23.0m | C$(0.4)m | +C$23.4m |
Australia grew 65% to C$277.5m on the April 7 IMC acquisition; Canada fell 17% to C$121.8m on the ultra-class truck divestiture, lower Syncrude activity and spring break-up.
Guidance changes
| Metric | New guidance | Prior guidance | Change |
|---|---|---|---|
| 2026 combined revenue | C$1.6bn – C$1.8bn | C$1.5bn – C$1.7bn | Raised, midpoint C$1.7bn from C$1.6bn |
| 2026 adjusted EBITDA | C$380m – C$420m | C$380m – C$420m | Unchanged |
| 2026 free cash flow | C$110m – C$130m | C$110m – C$130m | Unchanged |
Quality of earnings
- All of the growth is the acquisition. IMC added C$84.5m of reported revenue and C$13.1m of adjusted EBITDA. Excluding it, reported revenue was roughly C$316.5m against C$320.6m and adjusted EBITDA C$80.4m against C$80.1m — flat on both lines.
- Net income is carried by a non-cash mark. The C$9.4m of net income includes a C$12.1m fair-value gain on contingent obligations, against C$17.5m of the same gain a year ago; that shrinking credit, not operations, is why reported net income fell 9% while adjusted net earnings rose to C$8.5m from C$0.8m.
- Core margin went backwards. Reported gross margin fell to 10.8% from 11.2% and adjusted EBITDA margin to 20.5% from 21.6%. The combined gross margin gain to 10.9% from 9.0% comes from joint ventures — mainly Fargo-Moorhead returning to profitability — rather than the owned fleet.
Gotchas & watch items
- Revenue guidance rose C$100m at the midpoint while adjusted EBITDA guidance did not move at all, so the incremental revenue is being guided at no incremental profit.
- First-half free cash flow of C$28.0m leaves C$82–102m to be generated in the second half to reach the unchanged C$110–130m guide, after sustaining capital of C$62.5m in the quarter alone.
- The cost of the deal is running ahead of its earnings: G&A excluding stock-based compensation rose 72% to C$20.1m (including C$4.8m of acquisition and integration costs) and net interest expense 34% to C$18.9m.
- Canada is now a shrinking quarter of the business at C$121.8m, and the release attributes the decline partly to the company's own fleet divestiture — a capacity reduction, not a timing effect.
Event: https://web.quartr.com/companies/11787/events/669088/overview Retrieved: 2026-08-12T21:50:00Z Comparison mode: maximal · Scorecard contract: v1 Consensus for NOA is published in US dollars while the company reports in Canadian dollars, and the release discloses no average rate, so no beat/miss is scored. The call is tomorrow at 13:00Z.