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Investments in affiliates and joint ventures
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Investments in affiliates and joint ventures Investments in affiliates and joint ventures
The following is a summary of the Company's interests in its various affiliates and joint ventures, which it accounts for using the equity method:
Affiliate or joint venture name:Interest
Nuna Group of Companies ("Nuna")
Nuna Logistics Ltd.49 %
North American Nuna Joint Venture50 %
Nuna East Ltd.37 %
Nuna Pang Contracting Ltd.37 %
Nuna West Mining Ltd.49 %
Mikisew North American Limited Partnership ("MNALP")49 %
Fargo joint ventures "Fargo"
ASN Constructors ("ASN")30 %
Red River Valley Alliance LLC ("RRVA")15 %
NAYL Realty Inc.49 %
Barrooghumba WPH Pty Ltd.50 %
Ngaliku WPH Pty Ltd.50 %

The following table summarizes the movement in the investments in affiliates and joint ventures balance during the year:
December 31, 2024December 31, 2023
Balance, beginning of the year$81,435 $75,637 
Additions arising from the acquisition of MacKellar— 85 
Share of net income15,299 25,199 
Dividends and advances received from affiliates and joint ventures(7,336)(21,543)
Derecognition of BNA(i)
(4,061)— 
Intercompany eliminations and other(645)2,057 
Balance, end of the year$84,692 $81,435 
(i) On October 31, 2024, NACG acquired the remaining 50% interest in BNA Remanufacturing Limited Partnership for $4,210 from BSC Holdings, ULC, resulting in 100% ownership, with no material impact on NACG's financial statements.
a) Affiliate and joint venture condensed financial data
The financial information for the Company's share of the investments in affiliates and joint ventures accounted for using the equity method is summarized as follows:
Balance Sheets
December 31, 2024NunaMNALPFargoOther entitiesTotal
Assets
Cash$1,518 $3,197 $78,346 $364 $83,425 
Other current assets36,053 43,424 5,342 1,899 86,718 
Non-current assets18,198 34,393 270,763 7,439 330,793 
Total assets$55,769 $81,014 $354,451 $9,702 $500,936 
Liabilities
Contract liabilities$2,311 $— $69,683 $4 $71,998 
Other current liabilities (excluding current portion of long-term debt)6,045 37,401 30,528 1,900 75,874 
Long-term debt (including current portion)7,508 30,221 219,516 6,021 263,266 
Non-current liabilities4,765 — 341 — 5,106 
Total liabilities$20,629 $67,622 $320,068 $7,925 $416,244 
Net investments in affiliates and joint ventures$35,140 $13,392 $34,383 $1,777 $84,692 
December 31, 2023NunaMNALP
Fargo(i)
Other entitiesTotal
Assets
Cash$9,944 $4,184 $87,418 $222 $101,768 
Other current assets34,937 36,060 23,284 4,593 98,874 
Non-current assets23,884 37,103 154,090 10,434 225,511 
Total assets$68,765 $77,347 $264,792 $15,249 $426,153 
Liabilities
Contract liabilities$7,817 $— $76,481 $52 $84,350 
Other current liabilities (excluding current portion of long-term debt)5,145 29,216 33,122 1,871 69,354 
Long-term debt (including current portion)9,631 36,596 132,818 6,221 185,266 
Non-current liabilities4,985 — 589 174 5,748 
Total liabilities$27,578 $65,812 $243,010 $8,318 $344,718 
Net investments in affiliates and joint ventures$41,187 $11,535 $21,782 $6,931 $81,435 
(i) For December 31, 2023, the Company reclassified $18,728 from non-current assets to other current assets to align with a presentation change made by the equity investee in the current year.
As of December 31, 2024, current assets include contract assets of $8,281 for Nuna from variable consideration related to unapproved contract modifications (December 31, 2023 - $8,701).
Statements of Operations
Year ended December 31, 2024NunaMNALPFargoOther entitiesTotal
Revenue$56,994 $294,522 $152,784 $12,837 $517,137 
Gross profit4,045 10,264 33,965 1,181 49,455 
(Loss) income before taxes(3,764)7,347 10,150 938 14,671 
Net (loss) income$(3,086)$7,347 $10,150 $888 $15,299 
Year ended December 31, 2023NunaMNALPFargoOther entitiesTotal
Revenue$165,741 $395,040 $117,543 $7,975 $686,299 
Gross profit9,622 13,954 25,353 709 49,638 
Income (loss) before taxes1,246 10,869 15,344 (1,255)26,204 
Net income (loss)$1,098 $10,869 $14,522 $(1,290)$25,199 
b) Related parties
The following table provides the material aggregate outstanding balances with affiliates and joint ventures. Accounts payable and accrued liabilities due to joint ventures and affiliates do not bear interest, are unsecured and without fixed terms of repayment. Accounts receivable from certain joint ventures and affiliates bear interest at various rates, and all other accounts receivable amounts are non-interest bearing.
December 31, 2024December 31, 2023
Accounts receivable$73,928 $41,157 
Contract assets2,619 12,019 
Other assets112 350 
Accounts payable12,660 3,203 
Accrued liabilities9,070 11,884 
The Company enters into transactions with a number of its joint ventures and affiliates that involve providing services primarily consisting of subcontractor services, equipment rental revenue and sales of equipment and components. These transactions were conducted in the normal course of operations, which were established and agreed to as consideration by the related parties. For the years ended December 31, 2024, and 2023, revenue earned from these services was $560,037 and $773,512, respectively. The majority of services are completed through the Mikisew North American Limited Partnership ("MNALP") which performs the role of contractor and subcontracts work to the Company. Accounts receivable balances from MNALP are recorded when MNALP invoices the external customer and are settled when MNALP receives payment. At December 31, 2024, MNALP had recorded accounts receivable of $84,042 on its balance sheet (December 31, 2023 - $61,111).