A.C.L. Construction Ltd. (TSXV: ACL; OTCQB: AACLF; FSE: A3L0) announced on November 1, 2026 that it has filed its audited annual financial statements for the year ended May 31, 2026, and interim financial statements for the three months ended August 31, 2026, after missing regulatory deadlines. The filings include restated comparative figures correcting an IFRS 15 revenue recognition error on fixed-price construction contracts. The British Columbia Securities Commission cease trade order and TSX Venture Exchange trading suspension imposed in early October 2026 remain in effect while the company pursues revocation and reinstatement.

Key Points

  • A.C.L. Construction Ltd. (TSXV: ACL; OTCQB: AACLF; FSE: A3L0) is a Fort St. John, British Columbia-based heavy civil and oilfield construction company.
  • The company filed overdue annual and interim financial statements, including restated comparative information correcting a revenue recognition error under IFRS 15.
  • The restatement increases previously reported fiscal 2025 revenue by $578,240 to $18,254,032 and reduces the net and comprehensive loss for that year by $510,167 to $693,820.
  • Investors should watch for the BCSC's decision on the cease trade order revocation and the TSXV's ruling on trading reinstatement.

IFRS 15 Error Triggers Restatement Across Multiple Reporting Periods

During preparation of the annual financial statements, management — working alongside audit committee members and auditor MNP LLP — determined that the output method previously used to recognise revenue on fixed-price construction contracts did not comply with IFRS 15. The company had measured progress by amounts invoiced to customers. The corrected approach applies an input method based on costs incurred relative to total estimated contract costs, applied retrospectively. The restatement affects fiscal years ended May 31, 2025 and May 31, 2024, as well as six quarterly periods from November 30, 2024 through February 28, 2026.

Restated Figures Show Material Shift in Reported Losses and Deficit

Beyond the fiscal 2025 adjustments, the restatement also significantly alters previously reported quarterly results. For the three months ended February 28, 2025, previously reported net income of $126,895 is restated to a net loss of $722,464 (unaudited). For fiscal year ended May 31, 2024, previously reported revenue falls from $13,742,455 to $13,005,353, while the net loss widens from $528,371 to $1,066,455 (unaudited). Total shareholders' deficit as at June 1, 2024 increases from $180,083 to $718,167. The company states the restatement had no impact on previously reported cash or total cash flows.

Cease Trade Order and TSXV Suspension Remain Active Pending Regulatory Review

The BCSC issued a failure-to-file cease trade order on October 5, 2026, and the TSXV suspended trading in ACL's common shares the following day, after the company missed its September 28, 2026 annual filing deadline. With today's filings completing all outstanding continuous disclosure obligations, ACL states it intends to apply to the BCSC for revocation of the cease trade order and to seek reinstatement on the TSXV. The company cautions that there is no assurance as to whether or when either the revocation or reinstatement will occur. Previously issued financial documents identified in the announcement should no longer be relied upon, the company states.