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Segments Disclosures | 12 Months Ended
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Dec. 31, 2024
Disclosure of operating segments [abstract] |
Segments Disclosures | Segment Disclosures A. Description of Reportable Segments The Company has six reportable segments as described in Note 1. The Gas reportable segment includes Heartland, which was acquired on Dec. 4, 2024. The Company has aggregated Heartland within the Gas operating segment as they are similar in the nature of the product and process and are subject to similar environmental regulations. Refer to Note 4 for more details. The following tables provides each segment's results in the format that the TransAlta’s President and Chief Executive Officer (the chief operating decision maker) (CODM) reviews the Company's segments to make operating decisions and assess performance. The CODM assesses the performance of the operating segments based on a measure of adjusted EBITDA. This measurement basis represents earnings before income taxes, adjusted for the effects of: depreciation of property, plant and equipment and amortization of intangibles, depreciation of right‐of‐use assets, finance lease income, unrealized mark-to-market gains or losses, gains and losses related to closed positions effectively settled by offsetting positions with exchanges recorded in the year the positions are settled, unrealized foreign exchange gains or losses on commodity transactions, interest income recorded on the prepaid funds, Brazeau penalties, acquisition-related transaction and restructuring costs, ERP integration costs, revenues and fuel and purchased power related to the Planned Divestitures, items within the Energy Transition segment that may not be reflective of ongoing operations including certain costs related to decisions made to accelerate our transition off-coal in Alberta and our planned transition off-coal for Centralia, Sundance A decommissioning costs reimbursement, impairment charges, share of (profit) loss of joint venture and other costs or income adjustments. For internal reporting purpose, the earnings information from the Company's investment in Skookumchuck has been presented in the Wind and Solar segment on a proportionate basis. Information on a proportionate basis reflects the Company's share of Skookumchuck's statement of earnings on a line-by-line basis. Proportionate financial information is not and is not intended to be, presented in accordance with IFRS. Under IFRS, the investment in Skookumchuck has been accounted for as a joint venture using the equity method. The tables below show the reconciliation of the total segmented results and adjusted EBITDA to the statement of earnings reported under IFRS. B. Reported Adjusted Segment Earnings and Segment Assets I. Reconciliation of Adjusted EBITDA to Earnings before Income Tax
Year ended Dec. 31, 2024 |  | Hydro |  | Wind & Solar(1) |  | Gas |  | Energy Transition |  | Energy Marketing |  | Corporate |  | Total |  | Equity- accounted investments(1) |  | Reclass adjustments |  | IFRS financials
Revenues |  | 409 |  |  | 357 |  |  | 1,350 |  |  | 616 |  |  | 168 |  |  | (34) |  |  | 2,866 |  |  | (21) |  |  | — |  |  | 2,845 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized mark-to-market (gain) loss |  | 1 |  |  | 84 |  |  | (60) |  |  | (36) |  |  | 14 |  |  | — |  |  | 3 |  |  | — |  |  | (3) |  |  | — |
Realized gain (loss) on closed exchange positions |  | — |  |  | — |  |  | 7 |  |  | 2 |  |  | (15) |  |  | — |  |  | (6) |  |  | — |  |  | 6 |  |  | — |
Decrease in finance lease receivable |  | — |  |  | 2 |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | (21) |  |  | — |
Finance lease income |  | — |  |  | 6 |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | (14) |  |  | — |
Revenues from Planned Divestitures |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |
Brazeau penalties |  | (20) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20) |  |  | — |  |  | 20 |  |  | — |
Unrealized foreign exchange gain on commodity |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | 2 |  |  | — |
Adjusted revenues |  | 390 |  |  | 449 |  |  | 1,321 |  |  | 582 |  |  | 167 |  |  | (34) |  |  | 2,875 |  |  | (21) |  |  | (9) |  |  | 2,845 |
Fuel and purchased power |  | 16 |  |  | 30 |  |  | 475 |  |  | 418 |  |  | — |  |  | — |  |  | 939 |  |  | — |  |  | — |  |  | 939 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel and purchased power related to Planned Divestitures |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |
Australian interest income |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | 4 |  |  | — |
Adjusted fuel and purchased power |  | 16 |  |  | 30 |  |  | 470 |  |  | 418 |  |  | — |  |  | — |  |  | 934 |  |  | — |  |  | 5 |  |  | 939 |
Carbon compliance |  | — |  |  | — |  |  | 145 |  |  | 1 |  |  | — |  |  | (34) |  |  | 112 |  |  | — |  |  | — |  |  | 112 |
Gross margin |  | 374 |  |  | 419 |  |  | 706 |  |  | 163 |  |  | 167 |  |  | — |  |  | 1,829 |  |  | (21) |  |  | (14) |  |  | 1,794 |
OM&A |  | 86 |  |  | 97 |  |  | 198 |  |  | 69 |  |  | 36 |  |  | 173 |  |  | 659 |  |  | (4) |  |  | — |  |  | 655 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazeau penalties |  | (31) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (31) |  |  | — |  |  | 31 |  |  | — |
ERP integration costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14) |  |  | (14) |  |  | — |  |  | 14 |  |  | — |
Acquisition-related transaction and restructuring costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24) |  |  | (24) |  |  |  |  | 24 |  |  | — |
Adjusted OM&A |  | 55 |  |  | 97 |  |  | 198 |  |  | 69 |  |  | 36 |  |  | 135 |  |  | 590 |  |  | (4) |  |  | 69 |  |  | 655 |
Taxes, other than income taxes |  | 3 |  |  | 16 |  |  | 13 |  |  | 3 |  |  | — |  |  | 1 |  |  | 36 |  |  | — |  |  | — |  |  | 36 |
Net other operating income |  | — |  |  | (10) |  |  | (40) |  |  | (9) |  |  | — |  |  | — |  |  | (59) |  |  | — |  |  | — |  |  | (59) |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sundance A decommissioning cost reimbursement |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | (9) |  |  | — |
Adjusted net other operating income |  | — |  |  | (10) |  |  | (40) |  |  | — |  |  | — |  |  | — |  |  | (50) |  |  | — |  |  | (9) |  |  | (59) |
Adjusted EBITDA(2) |  | 316 |  |  | 316 |  |  | 535 |  |  | 91 |  |  | 131 |  |  | (136) |  |  | 1,253 |  |  |  |  |  |  |
Equity income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5 |
Finance lease income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (531) |
Asset impairment charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (46) |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (324) |
Foreign exchange gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5 |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 319 |
(1)The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. (2)Adjusted EBITDA are not defined and have no standardized meaning under IFRS.
Year ended Dec. 31, 2023 |  | Hydro |  | Wind & Solar(1) |  | Gas |  | Energy Transition |  | Energy Marketing |  | Corporate |  | Total |  | Equity- accounted investments(1) |  | Reclass adjustments |  | IFRS financials
Revenues |  | 533 |  |  | 357 |  |  | 1,514 |  |  | 751 |  |  | 220 |  |  | 1 |  |  | 3,376 |  |  | (21) |  |  | — |  |  | 3,355 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized mark-to-market (gain) loss |  | (4) |  |  | 16 |  |  | (67) |  |  | (5) |  |  | 23 |  |  | — |  |  | (37) |  |  | — |  |  | 37 |  |  | — |
Realized gain (loss) on closed exchange positions |  | — |  |  | — |  |  | 10 |  |  | — |  |  | (91) |  |  | — |  |  | (81) |  |  | — |  |  | 81 |  |  | — |
Decrease in finance lease receivable |  | — |  |  | — |  |  | 55 |  |  | — |  |  | — |  |  | — |  |  | 55 |  |  | — |  |  | (55) |  |  | — |
Finance lease income |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | (12) |  |  | — |
Unrealized foreign exchange gain on commodity |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (1) |  |  | — |
Adjusted revenues |  | 529 |  |  | 373 |  |  | 1,525 |  |  | 746 |  |  | 152 |  |  | 1 |  |  | 3,326 |  |  | (21) |  |  | 50 |  |  | 3,355 |
Fuel and purchased power |  | 19 |  |  | 30 |  |  | 453 |  |  | 557 |  |  | — |  |  | 1 |  |  | 1,060 |  |  | — |  |  | — |  |  | 1,060 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian interest income |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | 4 |  |  | — |
Adjusted fuel and purchased power |  | 19 |  |  | 30 |  |  | 449 |  |  | 557 |  |  | — |  |  | 1 |  |  | 1,056 |  |  | — |  |  | 4 |  |  | 1,060 |
Carbon compliance |  | — |  |  | — |  |  | 112 |  |  | — |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | — |  |  | 112 |
Gross margin |  | 510 |  |  | 343 |  |  | 964 |  |  | 189 |  |  | 152 |  |  | — |  |  | 2,158 |  |  | (21) |  |  | 46 |  |  | 2,183 |
OM&A |  | 48 |  |  | 80 |  |  | 192 |  |  | 64 |  |  | 43 |  |  | 115 |  |  | 542 |  |  | (3) |  |  | — |  |  | 539 |
Taxes, other than income taxes |  | 3 |  |  | 12 |  |  | 11 |  |  | 3 |  |  | — |  |  | 1 |  |  | 30 |  |  | (1) |  |  | — |  |  | 29 |
Net other operating income |  | — |  |  | (7) |  |  | (40) |  |  | — |  |  | — |  |  | — |  |  | (47) |  |  |  |  | — |  |  | (47) |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance recovery |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (1) |  |  | — |
Adjusted net other operating income |  | — |  |  | (6) |  |  | (40) |  |  | — |  |  | — |  |  | — |  |  | (46) |  |  | — |  |  | (1) |  |  | (47) |
Adjusted EBITDA(2) |  | 459 |  |  | 257 |  |  | 801 |  |  | 122 |  |  | 109 |  |  | (116) |  |  | 1,632 |  |  |  |  |  |  |
Equity income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Finance lease income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (621) |
Asset impairment charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 48 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 59 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (281) |
Foreign exchange gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7) |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 880 |
(1)The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. (2)Adjusted EBITDA is not defined and has no standardized meaning under IFRS.
Year ended Dec. 31, 2022 |  | Hydro |  | Wind & Solar(1) |  | Gas |  | Energy Transition |  | Energy Marketing |  | Corporate |  | Total |  | Equity- accounted investments(1) |  | Reclass adjustments |  | IFRS financials
Revenues |  | 606 |  |  | 303 |  |  | 1,209 |  |  | 714 |  |  | 160 |  |  | (2) |  |  | 2,990 |  |  | (14) |  |  |  |  | 2,976 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized mark-to-market (gain) loss |  | 1 |  |  | 104 |  |  | 251 |  |  | 10 |  |  | 12 |  |  | — |  |  | 378 |  |  | — |  |  | (378) |  |  | — |
Realized gain (loss) on closed exchange positions |  | — |  |  | — |  |  | (4) |  |  | — |  |  | 47 |  |  | — |  |  | 43 |  |  | — |  |  | (43) |  |  | — |
Decrease in finance lease receivable |  | — |  |  | — |  |  | 46 |  |  | — |  |  | — |  |  | — |  |  | 46 |  |  | — |  |  | (46) |  |  | — |
Finance lease income |  | — |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | (19) |  |  | — |
Brazeau penalties |  | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | (20) |  |  | — |
Unrealized foreign exchange gain on commodity |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |
Adjusted revenues |  | 627 |  |  | 407 |  |  | 1,521 |  |  | 724 |  |  | 218 |  |  | (2) |  |  | 3,495 |  |  | (14) |  |  | (505) |  |  | 2,976 |
Fuel and purchased power |  | 22 |  |  | 31 |  |  | 641 |  |  | 566 |  |  | — |  |  | 3 |  |  | 1,263 |  |  | — |  |  | — |  |  | 1,263 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australian interest income |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | 4 |  |  | — |
Adjusted fuel and purchased power |  | 22 |  |  | 31 |  |  | 637 |  |  | 566 |  |  | — |  |  | 3 |  |  | 1,259 |  |  | — |  |  | 4 |  |  | 1,263 |
Carbon compliance |  | — |  |  | 1 |  |  | 83 |  |  | (1) |  |  | — |  |  | (5) |  |  | 78 |  |  | — |  |  | — |  |  | 78 |
Gross margin |  | 605 |  |  | 375 |  |  | 801 |  |  | 159 |  |  | 218 |  |  | — |  |  | 2,158 |  |  | (14) |  |  | (509) |  |  | 1,635 |
OM&A |  | 55 |  |  | 68 |  |  | 195 |  |  | 69 |  |  | 35 |  |  | 101 |  |  | 523 |  |  | (2) |  |  | — |  |  | 521 |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazeau penalties |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | 2 |  |  | — |
Adjusted OM&A |  | 53 |  |  | 68 |  |  | 195 |  |  | 69 |  |  | 35 |  |  | 101 |  |  | 521 |  |  | (2) |  |  | 2 |  |  | 521 |
Taxes, other than income taxes |  | 3 |  |  | 12 |  |  | 15 |  |  | 4 |  |  | — |  |  | 1 |  |  | 35 |  |  | (2) |  |  | — |  |  | 33 |
Net other operating loss (income) |  | — |  |  | (23) |  |  | (38) |  |  | — |  |  | — |  |  | — |  |  | (61) |  |  | 3 |  |  | — |  |  | (58) |
Reclassifications and adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Royalty onerous contract and contract termination penalties |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | (7) |  |  | — |
Adjusted net other operating loss (income) |  | — |  |  | (16) |  |  | (38) |  |  | — |  |  | — |  |  | — |  |  | (54) |  |  | 3 |  |  | (7) |  |  | (58) |
Adjusted EBITDA(2) |  | 549 |  |  | 311 |  |  | 629 |  |  | 86 |  |  | 183 |  |  | (102) |  |  | 1,656 |  |  |  |  |  |  |
Equity income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9 |
Finance lease income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (599) |
Asset impairment charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (9) |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (286) |
Foreign exchange gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4 |
Gain on sale of assets and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 52 |
Earnings before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 353 |
(1)The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. (2)Adjusted EBITDA is not defined and has no standardized meaning under IFRS. II. Selected Consolidated Statements of Financial Position Information
As at Dec. 31, 2024 | Hydro | Wind and Solar | Gas | Energy Transition | Energy Marketing | Corporate | Total
PP&E | 501 |  | 3,428 |  | 1,805 |  | 206 |  | — |  | 80 |  | 6,020 |
Right-of-use assets | 7 |  | 96 |  | 6 |  | — |  | — |  | 11 |  | 120 |
Intangible assets | 3 |  | 133 |  | 108 |  | 4 |  | 3 |  | 30 |  | 281 |
Goodwill | 258 |  | 178 |  | 51 |  | — |  | 30 |  | — |  | 517 |
As at Dec. 31, 2023 | Hydro | Wind and Solar | Gas | Energy Transition | Energy Marketing | Corporate | Total
PP&E | 462 |  | 3,360 |  | 1,543 |  | 251 |  | — |  | 98 |  | 5,714 |
Right-of-use assets | 7 |  | 94 |  | 5 |  | — |  | — |  | 11 |  | 117 |
Intangible assets | 2 |  | 141 |  | 40 |  | 4 |  | 5 |  | 31 |  | 223 |
Goodwill | 258 |  | 176 |  | — |  | — |  | 30 |  | — |  | 464 |
III. Selected Consolidated Statements of Cash Flows Information Additions to non-current assets are as follows:
Year ended Dec. 31, 2024 | Hydro | Wind and Solar | Gas | Energy Transition | Energy Marketing | Corporate | Total
Additions to non-current assets: |  |  |  |  |  |  |
PP&E(1) | 64 |  | 97 |  | 100 |  | 13 |  | — |  | 37 |  | 311 |
Intangible assets(1) | — |  | — |  | — |  | — |  | — |  | 10 |  | 10 |
(1)Excludes additions attributable to the Heartland acquisition on Dec. 4, 2024
Year ended Dec. 31, 2023 | Hydro | Wind and Solar | Gas | Energy Transition | Energy Marketing | Corporate | Total
Additions to non-current assets: |  |  |  |  |  |  |
PP&E | 42 |  | 674 |  | 89 |  | 16 |  | — |  | 54 |  | 875 |
Intangible assets | — |  | — |  | — |  | — |  | — |  | 13 |  | 13 |
Year ended Dec. 31, 2022 | Hydro | Wind and Solar | Gas | Energy Transition | Energy Marketing | Corporate | Total
Additions to non-current assets: |  |  |  |  |  |  |
PP&E | 36 |  | 745 |  | 43 |  | 19 |  | — |  | 75 |  | 918 |
Intangible assets | — |  | 19 |  | — |  | — |  | 3 |  | 9 |  | 31 |
C. Geographic Information I. Revenues
Year ended Dec. 31 | 2024 | 2023 | 2022
Canada | 2,009 |  | 2,218 |  | 1,905 |
U.S. | 676 |  | 987 |  | 940 |
Western Australia | 160 |  | 150 |  | 131 |
Total revenue | 2,845 |  | 3,355 |  | 2,976 |
II. Non-Current Assets
| Property, plant and equipment | Right-of-use assets | Intangible assets | Other assets |
As at Dec. 31 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |  |
Canada | 3,828 |  | 3,578 |  | 41 |  | 43 |  | 170 |  | 108 |  | 85 |  | 68 |  |  |
U.S. | 1,852 |  | 1,749 |  | 74 |  | 71 |  | 86 |  | 88 |  | 36 |  | 42 |  |  |
Western Australia | 340 |  | 387 |  | 5 |  | 3 |  | 25 |  | 27 |  | 58 |  | 69 |  |  |
Total | 6,020 |  | 5,714 |  | 120 |  | 117 |  | 281 |  | 223 |  | 179 |  | 179 |  |  |
D. Significant Customer For the year ended Dec. 31, 2024, sales to the Alberta Electric System Operator represented 24 per cent of the Company’s total revenue (2023 — 46 per cent of the Company’s total revenue). There were no other companies that accounted for more than 10 per cent of the Company's total revenue.

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