Cardinal Infrastructure Group Inc. Reports Third Quarter 2026 Results

(NASDAQ:CDNL) Cardinal Infrastructure Group Inc. reported third quarter and year-to-date 2026 financial results, highlighting strong revenue growth but a significant decline in profitability. For the three months ended September 30, 2026, revenue increased 65.1% to $201.9 million from $122.3 million in the prior-year period, with $23.9 million of organic growth and $55.7 million from acquired businesses. Cost of revenues rose $88.2 million, or 85.8%, to $191.1 million, primarily due to organic and acquisition-related growth and higher fuel and transportation costs. Gross margin fell 10.5 percentage points to 5.4%, impacted by project estimate revisions, residential pricing pressure, lower initial bid margins on commercial and industrial projects, and higher fuel and transportation costs. Project estimate revisions reduced gross profit by $13.2 million in the quarter. General and administrative expenses increased $9.6 million, or 187.0%, to $14.7 million, driven by $3.2 million non-cash stock-based compensation, $2.3 million expenses from acquired businesses, $1.8 million acquisition-related costs, and investments in personnel, systems, and infrastructure. The company reported a net loss of $11.0 million, compared to net income of $10.1 million in the prior year period. Adjusted EBITDA was $8.5 million with a margin of 4.2%, down from $21.4 million and 17.5% in the prior year, with the margin decline attributed to project estimate revisions (6.5 points), residential pricing pressure and lower initial bid margins (3.6 points), and higher fuel and transportation costs (3.5 points). For the nine months ended September 30, 2026, revenue increased $286.1 million, or 92.2%, to $596.4 million, with $144.1 million organic growth and $142.0 million from acquisitions. Cost of revenues rose $264.9 million, or 100.9%, to $527.5 million. Gross margin decreased 3.9 percentage points to 11.5%. General and administrative expenses increased $23.7 million to $34.1 million, including $5.3 million expenses from acquired businesses, $4.9 million acquisition-related costs, and $3.7 million non-cash stock-based compensation. Net income for the nine months was $11.7 million, down from $26.2 million in the prior year. Adjusted EBITDA was $63.4 million with a margin of 10.6%, compared to $55.7 million and 17.9% in the prior year. As of September 30, 2026, Cardinal had $335.0 million in cash and cash equivalents, $198.5 million in total debt, and $136.5 million of net cash. The company had $100.0 million available under its revolving credit facility and $250.0 million under a delayed draw term loan. Net cash provided by operating activities was $30.3 million for the nine months, up from $26.3 million in the prior year. Capital expenditures were $41.6 million, compared to $31.7 million in the prior year. The Board authorized a share repurchase program of up to $50 million of Class A common stock over the next 12 months. Total backlog as of September 30, 2026, was $815.5 million, a 26.2% increase from the prior year, primarily due to the ALGC acquisition. The company has withdrawn its previously issued full-year 2026 revenue and Adjusted EBITDA margin guidance, but expects fourth-quarter Adjusted EBITDA to improve from the third quarter. The proposed acquisition of Hughes Brothers has been postponed to focus on strengthening execution across existing operations. On November 9, 2026, Mike Rowe notified the company of his decision to resign as Chief Financial Officer upon appointment of his successor, and Spencer Stuart has been engaged to conduct the search. Cardinal management will discuss results and outlook during its quarterly investor conference call at 10:30 a.m. ET, with a webcast and replay available on the company's website.

Cardinal Infrastructure Group (CDNL) Enters into Amended Agreement for Acquisition of Hughes Brothers Construction Inc.

(NASDAQ:CDNL) Cardinal Infrastructure Group, Inc. announced it has entered into an amendment to its previously announced agreement to acquire Hughes Brothers Construction Inc. The amended agreement maintains the $357.5 million purchase price for Hughes Brothers. The consideration has been changed to 60% cash and 40% Cardinal Class A common stock, from the previous 50% cash and 50% stock split. Hughes Brothers' owners will receive approximately $214.5 million in cash and 5,255,420 shares of Cardinal Class A common stock, based on an issue price of $27.21 per share. The amendment also revises the earnout, making the sellers eligible to receive up to a maximum of $162.5 million based on Hughes Brothers' adjusted EBITDA for the 12 months ending June 30, 2027, payable 60% in cash and 40% in stock. At the maximum earnout, this would include up to approximately 2,388,827 additional shares at the issue price of $27.21 per share. Cardinal expects the acquisition to be immediately accretive to adjusted EBITDA per share. Hughes Brothers generated an adjusted EBITDA margin of 25.0% on revenue of $220,003,000 for the 12 months ended June 30, 2026. Hughes Brothers' current backlog is approximately $350 million, providing visibility into future revenue and profitability. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions. The cash consideration will be funded through cash on hand and borrowings under Cardinal's existing credit facility. Hughes Brothers is a Central Florida heavy civil and site development contractor focused on underground utilities, site preparation, earthwork, sewer, gas main installation, roadway construction, and related infrastructure work. Hughes Brothers serves residential, commercial, industrial, and municipal customers, and self-performs a significant portion of its work through a dedicated equipment subsidiary. Cardinal Infrastructure Group delivers comprehensive infrastructure services through wholly owned subsidiaries, including wet utility installations, grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. For the 12 months ended June 30, 2026, Hughes Brothers reported net income of $27,588,000, interest expense of $555,000, depreciation and amortization expense of $13,799,000, EBITDA of $41,942,000, owner discretionary costs of $7,844,000, non-recurring warranty matter of $4,048,000, job margin true-ups of $2,992,000, other normalization and pro forma adjustments of negative $1,825,000, and adjusted EBITDA of $55,001,000. Hughes Brothers' net income margin was 12.5%, EBITDA margin was 19.1%, and adjusted EBITDA margin was 25.0% for the period.

CDNL INVESTORS: Block & Leviton Investigating Cardinal Infrastructure Group for Possible Securities Fraud

(NASDAQ:CDNL) Block & Leviton is investigating Cardinal Infrastructure Group for potential securities law violations. On August 11, 2026, Cardinal disclosed that its adjusted EBITDA margin had collapsed to 12.4% from 18.6% a year earlier and cut its full-year adjusted EBITDA margin guidance to 16-18% from a prior expectation of "greater than 20%." The disclosure came shortly after Cardinal completed a follow-on equity offering in June 2026. Cardinal's stock fell roughly 34% on the news. Whistleblowers who provide original information to the SEC may receive rewards of up to 30% of any successful recovery.

Cardinal Infrastructure Group Inc. Reports Second Quarter 2026 Results and Updates 2026 Outlook, Announces Acquisition of Allied Paving

(NASDAQ: CDNL) Cardinal Infrastructure Group Inc. announced record quarterly revenue of $226.9 million for the second quarter of 2026, up 114% year-over-year and up 64% organically. Year-to-date revenue reached $394.4 million, up 110% year-over-year and up 64% organically. The company reported second quarter adjusted EBITDA of $28.1 million, up 43% year-over-year, and year-to-date adjusted EBITDA of $54.9 million, up 60% year-over-year. Backlog as of June 30, 2026 was $866 million, up 35% from the prior year. Cardinal entered into an agreement to acquire Allied Paving Contractors, Inc. for approximately $120 million, consisting of approximately $62 million in cash and Class A Common Stock valued at approximately $58 million. The company raised its 2026 revenue guidance to a range of $880 million to $900 million and projects an adjusted EBITDA margin of 16% to 18%.

Cardinal Infrastructure Group Announces Completion of First Asphalt Plant

(NASDAQ: CDNL) Cardinal Infrastructure Group, Inc. announced the completion of construction on its first asphalt processing plant near Raleigh. The plant is capable of producing 400 tons of hot mix asphalt per hour. This milestone is part of the Company's strategy to own all aspects of civil infrastructure delivery across its growing footprint. The plant gives Cardinal direct control over mix design, production scheduling, and material quality. Cardinal Infrastructure Group Inc. is described as one of the Southeast's fastest‑growing, full‑service infrastructure service providers. The company delivers integrated civil and site‑development solutions across high‑growth markets through a self‑performing model supported by skilled labor, specialized fleets, and market‑leading subsidiaries. The company's strategy is grounded in operational discipline, market expansion, and a commitment to Integrity from the Ground Up.

Cardinal Infrastructure Group Announces Closing of Upsized Public Offering of Class A Common Stock and Full Exercise of Underwriters' Option to Purchase Additional Shares

(NASDAQ: CDNL) Cardinal Infrastructure Group, Inc. announced the closing of its upsized underwritten public offering of 4,000,000 shares of its Class A common stock at a price to the public of $73.00 per share. The underwriters exercised in full their option to purchase 600,000 additional shares of Class A common stock on the same terms and conditions. All shares were offered by the Company, resulting in total gross proceeds of approximately $336 million before underwriting discounts, commissions and other offering expenses. Stifel, William Blair and Truist Securities acted as book-running managers for the offering. A registration statement on Form S-1 relating to this offering was declared effective by the Securities and Exchange Commission on June 24, 2026, and a registration statement on Form S-1 filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, was filed with the SEC and became effective on June 24, 2026. The offering is being made only by means of a prospectus. Cardinal Infrastructure Group (NASDAQ: CDNL) is described as one of the Southeast's fastest‑growing, full‑service infrastructure service providers.

Cardinal Infrastructure Group Announces Pricing of Upsized Public Offering

(NASDAQ: CDNL) Cardinal Infrastructure Group, Inc. announced the pricing of an upsized underwritten public offering of 4,000,000 shares of its Class A common stock at a price to the public of $73.00 per share, for total gross proceeds of approximately $292 million, before underwriting discounts, commissions and other offering expenses. Cardinal has granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of Class A common stock. The offering is expected to close on June 26, 2026, subject to customary closing conditions. Stifel, William Blair and Truist Securities are acting as book-running managers for the offering. A registration statement on Form S-1 relating to this offering was declared effective by the Securities and Exchange Commission on June 24, 2026 and a registration statement on Form S-1 filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, was filed with the SEC and became effective on June 24, 2026. The offering is being made only by means of a prospectus. The company projects future performance and references forward-looking statements regarding its business, financial condition and results of operations.

Cardinal Infrastructure Group Announces Proposed Public Offering of Common Stock

(NASDAQ: CDNL) Cardinal Infrastructure Group, Inc. announced a proposed, underwritten public offering of 3,750,000 shares of its Class A common stock. The company intends to grant the underwriters a 30-day option to purchase up to an additional 562,500 shares of Class A common stock at the public offering price, less underwriting discounts and commissions. All shares in the proposed offering are being offered by Cardinal. Stifel, William Blair and Truist Securities are acting as book-running managers for the proposed offering. A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. The proposed offering will be made only by means of a prospectus. Cardinal Infrastructure Group (NASDAQ: CDNL) is described as one of the Southeast's fastest‑growing, full‑service infrastructure service providers.

Cardinal Infrastructure Group Announces Acquisition of Piedmont Pipe Construction

(NASDAQ:CDNL) Cardinal Infrastructure Group, Inc. announced the acquisition of Piedmont Pipe Construction, Inc. Founded in 1999, Piedmont is a leading wet utilities provider across North and South Carolina. Piedmont is headquartered near Charlotte, NC, and will operate under the Cardinal Civil Contracting brand. The acquisition expands Cardinal's wet utility capabilities in the high-growth Charlotte market and strengthens its owned labor force. Cardinal Infrastructure Group is described as one of the Southeast's fastest‑growing, full‑service infrastructure service providers. The company delivers integrated civil and site‑development solutions across high‑growth markets through a self‑performing model supported by skilled labor, specialized fleets and market‑leading subsidiaries. The company projects that the addition of Piedmont's wet utility-focused crews positions it to better serve growth across the Charlotte metro area at greater scale.

Cardinal Infrastructure Group Strengthens Operational Leadership Across its Footprint

Cardinal Infrastructure Group, Inc. (Nasdaq: CDNL) announced the promotion of Marisa Hodes to Vice President of the Carolinas and the formal appointment of Chace Adams as Safety Director. The announcement recognizes two leaders whose work has shaped Cardinal's growth across the Southeast. Marisa Hodes has been promoted to a key regional leadership role. Chace Adams has been formally appointed as Safety Director. The company highlights the contributions of these individuals to its growth. This announcement signals a focus on leadership development within the organization. No additional forward-looking statements or financial figures are provided in the announcement.

Cardinal Infrastructure Group Inc. Announces First Quarter 2026 Results and Raises 2026 Outlook

Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) announced its first quarter 2026 financial results, reporting revenue of $167.5 million, up 105% year-over-year, and net income of $11.5 million, up 73% from the first quarter of 2025. The company raised its full-year 2026 revenue guidance to a range of $675 million to $685 million, up from the previous range of $665 million to $678 million. Backlog as of March 31, 2026, reached $854 million, a 60% increase from the prior year. Adjusted EBITDA for the quarter was $26.8 million, up 84% year-over-year. These results reflect strong organic growth, contributions from acquisitions, and robust market demand.