Badger Infrastructure Solutions Ltd.
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|
| Total Revenue | 208.2M | 172.6M | 187.2M | 209.4M | 186.8M |
| Operating Revenue | 197.4M | 164.8M | 217.4M | 198.3M | 177.2M |
| Cost Of Revenue | 144.6M | 128.6M | 131.9M | 141.2M | 132.2M |
| Gross Profit | 63.6M | 44.0M | 55.2M | 68.1M | 54.6M |
| Selling General And Administration | 20.1M | 16.8M | 13.0M | 9.1M | 8.1M |
| General And Administrative Expense | 20.1M | 16.8M | 13.0M | 9.1M | 8.1M |
| Depreciation And Amortization In Income Statement | 21.7M | 20.3M | 20.5M | 19.7M | 19.5M |
| Operating Expense | 41.8M | 37.0M | 33.4M | 28.8M | 27.6M |
| Operating Income | 21.8M | 7.0M | 21.8M | 39.3M | 27.1M |
| EBIT | 28.1M | 9.1M | 20.6M | 35.7M | 19.9M |
| Interest Expense | 3.7M | 3.2M | 3.6M | 4.1M | 3.4M |
| Interest Expense Non Operating | 3.7M | 3.2M | 3.6M | 4.1M | 3.4M |
| Net Interest Income | -4.1M | -3.5M | -3.8M | -4.5M | -3.7M |
| Other Income Expense | 6.7M | 2.4M | -970,000 | -3.1M | -6.8M |
| Special Income Charges | 82,000 | 471,000 | 76,000 | 484,000 | 538,000 |
| Gain On Sale Of Security | 6.6M | 1.9M | -1.0M | -3.6M | -7.4M |
| Pretax Income | 24.4M | 5.9M | 17.0M | 31.6M | 16.6M |
| Tax Provision | 5.9M | 2.6M | 6.1M | 8.3M | 4.6M |
| Tax Effect Of Unusual Items | 1.6M | 358,350 | -349,061 | -824,824 | -1.9M |
| Net Income From Continuing And Discontinued Operation | 18.5M | 3.3M | 10.9M | 23.3M | 11.9M |
| Net Income From Continuing Operation Net Minority Interest | 18.5M | 3.3M | 10.9M | 23.3M | 11.9M |
| Net Income Including Noncontrolling Interests | 18.5M | 3.3M | 10.9M | 23.3M | 11.9M |
| Net Income Common Stockholders | 18.5M | 3.3M | 10.9M | 23.3M | 11.9M |
| Net Income | 18.5M | 3.3M | 10.9M | 23.3M | 11.9M |
| EBITDA | 49.8M | 29.4M | 41.1M | 55.4M | 39.4M |
| Normalized EBITDA | 43.1M | 27.0M | 42.0M | 58.6M | 46.2M |
| Reconciled Depreciation | 21.7M | 20.3M | 20.5M | 19.7M | 19.5M |
| Basic EPS | 0.55 | 0.10 | 0.32 | 0.68 | 0.35 |
| Diluted EPS | 0.55 | 0.10 | 0.32 | 0.68 | 0.35 |
| Basic Average Shares | 33.8M | 34.1M | 34.4M | 34.5M | 34.5M |
| Diluted Average Shares | 33.8M | 34.1M | 34.4M | 34.5M | 34.5M |
| Total Unusual Items | 6.7M | 2.4M | -970,000 | -3.1M | -6.8M |
| Total Unusual Items Excluding Goodwill | 6.7M | 2.4M | -970,000 | -3.1M | -6.8M |
| Tax Rate For Calcs | 0.24 | 0.15 | 0.36 | 0.26 | 0.28 |
| Normalized Income | 13.4M | 1.2M | 11.5M | 25.6M | 16.8M |
| Depreciation Amortization Depletion Income Statement | 21.7M | 20.3M | 20.5M | 19.7M | 19.5M |
| Diluted NI Availto Com Stockholders | 18.5M | 3.3M | 10.9M | 23.3M | 11.9M |
| Gain On Sale Of Ppe | 82,000 | 471,000 | 76,000 | 484,000 | 538,000 |
| Net Income Continuous Operations | 18.5M | 3.3M | 10.9M | 23.3M | 11.9M |
| Net Non Operating Interest Income Expense | -4.1M | -3.5M | -3.8M | -4.5M | -3.7M |
| Other Gand A | 10.8M | 10.3M | 11.3M | 9.8M | 10.0M |
| Reconciled Cost Of Revenue | 144.6M | 128.6M | 131.9M | 141.2M | 132.2M |
| Salaries And Wages | 9.2M | 6.5M | 1.7M | -718,000 | -1.9M |
| Total Expenses | 186.4M | 165.6M | 165.4M | 170.1M | 159.8M |
| Total Operating Income As Reported | 21.8M | 7.0M | 21.8M | 39.3M | 27.1M |
| Total Other Finance Cost | 383,000 | 293,000 | 239,000 | 441,000 | 311,000 |
| Line Item | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|
| Cash And Cash Equivalents | 6.5M | 1.1M | 14.6M | 5.1M | 630,000 |
| Cash Cash Equivalents And Short Term Investments | 6.5M | 1.1M | 14.6M | 5.1M | 630,000 |
| Cash Financial | 6.5M | 1.1M | -- | -- | -- |
| Accounts Receivable | 172.8M | 153.5M | 161.1M | 185.1M | 165.1M |
| Receivables | 186.4M | 167.8M | 170.9M | 195.4M | 176.7M |
| Inventory | 13.1M | 11.1M | 11.7M | 12.2M | 13.1M |
| Prepaid Assets | 16.6M | 11.1M | 8.5M | 11.4M | 7.5M |
| Current Assets | 229.7M | 193.2M | 206.3M | 225.2M | 201.5M |
| Gross PPE | 834.0M | 802.0M | 786.2M | 441.0M | 431.6M |
| Accumulated Depreciation | -367.2M | -355.2M | -348.6M | -- | -- |
| Net PPE | 466.8M | 446.8M | 437.7M | 441.0M | 431.6M |
| Goodwill | 1.2M | 1.1M | 1.1M | 1.2M | 1.2M |
| Goodwill And Other Intangible Assets | 25.0M | 24.8M | 25.5M | 25.4M | 24.4M |
| Other Intangible Assets | 23.8M | 23.7M | 24.3M | 24.2M | 23.2M |
| Total Non Current Assets | 493.0M | 471.6M | 463.1M | 466.4M | 456.4M |
| Total Assets | 722.7M | 664.8M | 669.4M | 691.6M | 657.8M |
| Current Debt And Capital Lease Obligation | 19.7M | 18.3M | 18.2M | 17.8M | 17.2M |
| Accounts Payable | 97.3M | 84.7M | 27.5M | 90.2M | 80.8M |
| Payables | 104.5M | 89.1M | 55.6M | 94.8M | 85.3M |
| Payables And Accrued Expenses | 104.5M | 89.1M | 107.5M | 94.8M | 85.3M |
| Current Accrued Expenses | -- | -- | 51.9M | -- | -- |
| Current Liabilities | 146.9M | 125.2M | 144.5M | 130.5M | 121.9M |
| Long Term Debt | 213.8M | 193.2M | 170.0M | 196.7M | 192.9M |
| Long Term Debt And Capital Lease Obligation | 245.7M | 223.8M | 202.1M | 228.7M | 225.4M |
| Long Term Capital Lease Obligation | 31.9M | 30.6M | 32.1M | 32.0M | 32.5M |
| Total Non Current Liabilities Net Minority Interest | 308.4M | 285.3M | 266.7M | 294.6M | 286.5M |
| Total Liabilities Net Minority Interest | 455.3M | 410.5M | 411.2M | 425.1M | 408.4M |
| Common Stock | 65.8M | 65.4M | 65.8M | 66.9M | 67.0M |
| Capital Stock | 65.8M | 65.4M | 65.8M | 66.9M | 67.0M |
| Additional Paid In Capital | 422,000 | 422,000 | 422,000 | 422,000 | 422,000 |
| Retained Earnings | 207.7M | 193.4M | 196.7M | 205.6M | 188.0M |
| Gains Losses Not Affecting Retained Earnings | -6.5M | -4.9M | -4.8M | -6.3M | -5.9M |
| Other Equity Adjustments | -6.5M | -4.9M | -4.8M | -6.3M | -5.9M |
| Common Stock Equity | 267.4M | 254.3M | 258.2M | 266.5M | 249.4M |
| Stockholders Equity | 267.4M | 254.3M | 258.2M | 266.5M | 249.4M |
| Total Equity Gross Minority Interest | 267.4M | 254.3M | 258.2M | 266.5M | 249.4M |
| Total Capitalization | 481.2M | 447.5M | 428.2M | 463.2M | 442.3M |
| Net Tangible Assets | 242.4M | 229.5M | 232.7M | 241.1M | 225.0M |
| Tangible Book Value | 242.4M | 229.5M | 232.7M | 241.1M | 225.0M |
| Working Capital | 82.9M | 68.0M | 61.7M | 94.7M | 79.6M |
| Invested Capital | 481.2M | 447.5M | 428.2M | 463.2M | 442.3M |
| Total Debt | 265.4M | 242.1M | 220.3M | 246.5M | 242.6M |
| Net Debt | 207.3M | 192.0M | 155.4M | 191.6M | 192.3M |
| Share Issued | 33.7M | 33.9M | 34.2M | 34.4M | 34.5M |
| Ordinary Shares Number | 33.7M | 33.9M | 34.2M | 34.4M | 34.5M |
| Allowance For Doubtful Accounts Receivable | -3.8M | -3.4M | -3.6M | -2.9M | -2.9M |
| Capital Lease Obligations | 51.6M | 48.9M | 50.3M | 49.8M | 49.7M |
| Construction In Progress | 25.0M | 26.8M | 22.2M | -- | -- |
| Current Capital Lease Obligation | 19.7M | 18.3M | 18.2M | 17.8M | 17.2M |
| Derivative Product Liabilities | 0.00 | 94,000 | 670,000 | 531,000 | -- |
| Dividends Payable | 4.6M | 4.4M | 4.3M | 4.6M | 4.5M |
| Employee Benefits | 6.3M | 3.8M | 7.9M | 9.4M | 8.3M |
| Financial Assets | 1.2M | -- | 0.00 | 0.00 | 376,000 |
| Gross Accounts Receivable | 176.6M | 156.9M | 164.7M | 188.1M | 168.0M |
| Hedging Assets Current | 7.2M | 2.1M | 514,000 | 1.1M | 3.6M |
| Income Tax Payable | 2.6M | -- | -- | -- | -- |
| Land And Improvements | 39.6M | 37.0M | 36.8M | -- | -- |
| Leases | 26.6M | 23.7M | 23.6M | 20.9M | 21.3M |
| Machinery Furniture Equipment | 742.8M | 714.5M | 703.7M | 28.8M | 28.4M |
| Non Current Deferred Liabilities | 56.4M | 57.7M | 56.0M | 56.0M | 52.8M |
| Non Current Deferred Taxes Liabilities | 56.4M | 57.7M | 56.0M | 56.0M | 52.8M |
| Other Payable | -- | -- | 23.8M | -- | -- |
| Other Properties | -- | -- | -- | 391.4M | 381.9M |
| Other Receivables | 13.5M | 9.4M | 5.0M | 7.9M | 9.3M |
| Pensionand Other Post Retirement Benefit Plans Current | 22.6M | 17.8M | 18.8M | 17.9M | 19.4M |
| Properties | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Taxes Receivable | 0.00 | 4.9M | 4.9M | 2.5M | 2.2M |
| Total Tax Payable | 2.6M | -- | -- | -- | -- |
| Line Item | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 | Q2 2024Jun 30, 2024 |
|---|---|---|---|---|---|
| Operating Cash Flow | 43.5M | 8.7M | 63.0M | 37.8M | 36.8M |
| Cash Flow From Continuing Operating Activities | 43.5M | 8.7M | 63.0M | 37.8M | 36.8M |
| Depreciation And Amortization | 21.7M | 20.3M | 20.5M | 19.7M | 19.5M |
| Depreciation Amortization Depletion | 21.7M | 20.3M | 20.5M | 19.7M | 19.5M |
| Stock Based Compensation | 9.2M | 6.5M | 1.7M | -718,000 | -1.9M |
| Deferred Tax | 5.9M | 2.6M | 6.1M | 8.3M | 4.6M |
| Deferred Income Tax | 5.9M | 2.6M | 6.1M | 8.3M | 4.6M |
| Change In Working Capital | -6.4M | -12.2M | 28.3M | -14.9M | -7.3M |
| Change In Receivables | -23.0M | 2.0M | 26.7M | -18.6M | -23.0M |
| Change In Inventory | -1.8M | 235,000 | 407,000 | 884,000 | -634,000 |
| Change In Payables And Accrued Expense | 23.9M | -11.7M | -595,000 | 6.7M | 16.1M |
| Change In Payable | 23.9M | -11.7M | -595,000 | 6.7M | 16.1M |
| Change In Other Working Capital | -- | -- | -- | 1.0M | -- |
| Other Non Cash Items | 1.5M | -8.6M | 4.9M | 4.4M | 3.7M |
| Capital Expenditure | -30.4M | -25.7M | -15.9M | -26.1M | -29.9M |
| Purchase Of PPE | -29.6M | -25.6M | -14.4M | -24.5M | -29.1M |
| Net PPE Purchase And Sale | -29.0M | -24.5M | -13.6M | -23.0M | -28.2M |
| Investing Cash Flow | -29.9M | -24.7M | -16.3M | -22.1M | -31.5M |
| Cash Flow From Continuing Investing Activities | -29.9M | -24.7M | -16.3M | -22.1M | -31.5M |
| Issuance Of Debt | 57.1M | 53.4M | 129.0M | 46.7M | 130.3M |
| Repayment Of Debt | -51.8M | -35.3M | -153.0M | -49.3M | -134.9M |
| Net Issuance Payments Of Debt | 5.3M | 18.0M | -24.0M | -2.5M | -4.6M |
| Repurchase Of Capital Stock | -5.0M | -7.7M | -5.0M | -1.0M | 0.00 |
| Net Common Stock Issuance | -5.0M | -7.7M | -5.0M | -1.0M | 0.00 |
| Common Stock Payments | -5.0M | -7.7M | -5.0M | -1.0M | 0.00 |
| Financing Cash Flow | -8.2M | 2.5M | -37.5M | -11.3M | -13.1M |
| Cash Flow From Continuing Financing Activities | -8.2M | 2.5M | -37.5M | -11.3M | -13.1M |
| Effect Of Exchange Rate Changes | -2,000 | 1,000 | 353,000 | 22,000 | 19,000 |
| Changes In Cash | 5.4M | -13.5M | 9.2M | 4.4M | -7.8M |
| Beginning Cash Position | 1.1M | 14.6M | 5.1M | 630,000 | 8.4M |
| End Cash Position | 6.5M | 1.1M | 14.6M | 5.1M | 630,000 |
| Free Cash Flow | 13.0M | -17.0M | 47.1M | 11.8M | 6.9M |
| Cash Dividends Paid | -4.6M | -4.3M | -4.5M | -4.4M | -4.6M |
| Change In Prepaid Assets | -5.4M | -2.7M | 2.9M | -3.9M | 228,000 |
| Gain Loss On Investment Securities | -6.6M | -2.0M | 886,000 | 3.7M | 7.3M |
| Gain Loss On Sale Of PPE | -82,000 | -471,000 | -76,000 | -484,000 | -538,000 |
| Interest Paid Cff | -3.9M | -3.5M | -3.9M | -3.3M | -3.9M |
| Interest Paid Cfo | -- | -- | -- | -281,000 | 2.3M |
| Long Term Debt Issuance | 57.1M | 53.4M | 129.0M | 46.7M | 130.3M |
| Long Term Debt Payments | -51.8M | -35.3M | -153.0M | -49.3M | -134.9M |
| Net Foreign Currency Exchange Gain Loss | 39,000 | 1,000 | -28,000 | 4,000 | 1,000 |
| Net Income From Continuing Operations | 18.5M | 3.3M | 10.9M | 23.3M | 11.9M |
| Net Intangibles Purchase And Sale | -807,000 | -116,000 | -1.6M | -1.6M | -804,000 |
| Net Long Term Debt Issuance | 5.3M | 18.0M | -24.0M | -2.5M | -4.6M |
| Net Other Investing Changes | -185,000 | -62,000 | -1.2M | 2.5M | -2.5M |
| Operating Gains Losses | -6.7M | -2.5M | 782,000 | 3.2M | 6.8M |
| Purchase Of Intangibles | -807,000 | -116,000 | -1.6M | -1.6M | -804,000 |
| Sale Of PPE | 675,000 | 1.1M | 781,000 | 1.5M | 940,000 |
| Taxes Refund Paid | -209,000 | -754,000 | -8.4M | -5.3M | -563,000 |