v3.26.1
Long-term investments
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Long-term investments
8. Long-term investments:
June 30, 2026December 31, 2025
Cespira Canada LP$16,993 $19,385 
Cespira Sweden AB27,035 23,329 
$44,028 $42,714 
During the three and six months ended June 30, 2026, the Company recognized its share of Cespira's losses of $1,283 and $2,664, respectively as a loss from investment accounted for by the equity method (three and six months ended June 30, 2025 - $3,686 and $7,570).
During the three and six months ended June 30, 2026, the Company contributed additional capital of $3,512 and $6,364, respectively, into Cespira (three and six months ended June 30, 2025 - $4,185 and $8,871, respectively).
8. Long-term investments (continued):
The carrying amount and maximum exposure to losses relating to Cespira were as follows:
June 30, 2026
Carrying amountMaximum exposure to loss
Equity method investment in Cespira$44,028 $44,028 
Accounts receivable due from Cespira289 289 

Combined assets, liabilities, revenue and expenses of Cespira, are as follows:
June 30,December 31,
20262025
Current assets:
Cash and cash equivalents$16,164 $14,869 
Accounts receivable18,840 18,718 
Inventories9,026 11,566 
Prepaid expenses849 1,157 
44,879 46,310 
Property, plant and equipment and right-of-use assets45,459 46,352 
Intangible assets and goodwill7,000 7,516 
Other long-term assets$16,626 $17,139 
Total assets$113,964 $117,317 
Current liabilities:
Accounts payable$16,670 $20,810 
Current portion of provisions2,034 2,519 
Other current liabilities5,481 6,266 
24,185 29,595 
Long-term portion of provisions2,342 1,618 
Onerous contract provisions1,230 2,890 
Total liabilities$27,757 $34,103 
Net assets$86,207 $83,214 
8. Long-term investments (continued):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Product revenue$18,918 $8,344 $34,049 $18,450 
Aftermarket revenue5,517 2,647 9,878 5,719 
Service revenue2,636 1,029 5,393 4,650 
$27,071 $12,020 $49,320 $28,819 
Cost of revenue23,257 13,946 43,930 30,230 
Gross profit3,814 (1,926)5,390 (1,411)
Operating expenses:
Research and development1,182 1,888 2,662 4,890 
General and administrative2,969 2,692 5,232 5,419 
Sales and marketing621 322 882 618 
Foreign exchange (gain) loss263 (845)(449)(88)
Depreciation and amortization899 860 1,773 1,590 
5,934 4,917 10,100 12,429 
Loss from operations(2,120)(6,843)(4,710)(13,840)
Interest income, net of bank charges(73)25 (19)32 
Loss before income taxes(2,193)(6,818)(4,729)(13,808)
Income tax (recovery) expense182 (72)168 (64)
Net loss$(2,375)$(6,746)$(4,897)$(13,744)