newsfilter
← Latest News
PR Newswire·

Cardinal Infrastructure Group Inc. Reports Third Quarter 2026 Results

CDNL
  • Cardinal Infrastructure Group Inc. reported Q3 2026 revenue of $201.9 million, a 65.1% increase from the prior year, driven by $23.9 million in organic growth and $55.7 million from acquisitions.
  • Adjusted EBITDA margin for Q3 fell to 4.2% ($8.5 million) from 17.5% in the prior year due to project estimate revisions, residential pricing pressure, lower initial bid margins, & higher fuel & transportation costs.
  • The company reported a net loss of $11.0 million for Q3 2026, compared to net income of $10.1 million in the same period last year.
  • General & administrative expenses rose 187.0% to $14.7 million, primarily due to non-cash stock-based compensation, acquisition-related costs, & investments in personnel & infrastructure.
  • Cardinal postponed its proposed acquisition of Hughes Brothers to focus on strengthening execution within existing operations.
  • The Board authorized a $50 million share repurchase program for Class A common stock over the next 12 months.
  • Year-to-date revenue for the nine months ended September 30, 2026, increased 92.2% to $596.4 million, while Adjusted EBITDA margin decreased to 10.6% from 17.9% in the prior year.
  • Total backlog as of September 30, 2026, reached $815.5 million, a 26.2% increase from the prior year, primarily reflecting the ALGC acquisition.
  • The company withdrew its full-year 2026 revenue & Adjusted EBITDA margin guidance, though it expects Q4 Adjusted EBITDA to improve from Q3.
  • Chief Financial Officer Mike Rowe resigned on November 9, 2026, with a search for his successor underway.
  • As of September 30, 2026, the company held $335.0 million in cash & cash equivalents with $198.5 million in total debt, resulting in net cash of $136.5 million.
  • COO Benji Wood will assume a more direct role in establishing consistent operating standards, estimating processes, & project accountability across the platform.
  • An independent third-party advisor has been engaged to assist in implementing operational changes & assessing estimating & project review processes.
Company
Cardinal Infrastructure Group Inc.
Keywords
Cardinal Infrastructure Group Inc.