Company research
Cardinal Infrastructure Group Inc.
CIK 2079999Updated Nov 2, 2026
SecurityCDNL · NASDAQ · equity
Name history
Civil Infrastructure Group Inc. · through Aug 11, 2025
CDNL price & chart
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NASDAQ:CDNL on TradingView ↗About the company
Cardinal NC was founded in 2013 by Jeremy Spivey, our Chief Executive Officer, in Raleigh, North Carolina. We originated as a niche provider of wet utilities installation and have, over time, both organically and through acquisitions, added capabilities, including grading, site clearing, erosion control, drilling and blasting, paving, and related site services, to become a full-service, end-to-end provider of turnkey infrastructure services.
In the news
$CDNL Shareholder Notice: A Securities Fraud Investigation is Ongoing on behalf of Cardinal Infrastructure Investors with Losses – Contact BFA Law ↗
$CDNL Investigation Notification: Suffer Losses on Your Cardinal Infrastructure Investment? BFA Law Reminds Investors of the Ongoing Securities Fraud Investigation ↗
Cardinal Infrastructure Group Company, ALGC, Announces Contract Win on Walmart Sorting Facility ↗
Recent filings
Results of Operations and Financial Condition · Regulation FD Disclosure
Items 2.02, 7.01, 9.01
10-Q filing
SCHEDULE 13G - filed by FIRST TRUST PORTFOLIOS LP regarding Cardinal Infrastructure Group Inc.
SCHEDULE 13G/A - filed by Ophir Asset Management Pty Ltd regarding Cardinal Infrastructure Group Inc.
SCHEDULE 13G - filed by Conversant Capital LLC regarding Cardinal Infrastructure Group Inc.
Show 5 more recent filings
Entry into a Material Definitive Agreement · Unregistered Sales of Equity Securities · Regulation FD Disclosure
Items 1.01, 3.02, 7.01, 9.01
Unregistered Sales of Equity Securities · Regulation FD Disclosure
Items 3.02, 7.01, 9.01
Entry into a Material Definitive Agreement
Items 1.01, 9.01
4 filing
4 filing
Financials
FY 2025 · USDSource
Source
Source
balance sheet · annual statements
| Line item | Q2 2026 | Q1 2026 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 1,014,471,159Source | 657,251,915Source | 394,587,355Source | 140,313,821Source |
| Property, Plant and Equipment, NetUSD | 150,212,265Source | 125,541,991Source | 84,901,602Source | 49,784,405Source |
| GoodwillUSD | 133,216,343Source | 128,619,937Source | 23,510,649Source | 7,050,963Source |
| Intangible Assets, Net (Excluding Goodwill)USD | 101,851,956Source | 109,046,343Source | 15,513,692Source | 0Source |
| Current assets: | ||||
| Accounts Receivable, after Allowance for Credit Loss, CurrentUSD | 114,413,290Source | 96,631,099Source | 61,282,268Source | 38,304,817Source |
| Assets, CurrentUSD | 555,083,065Source | 228,079,082Source | 215,651,152Source | 77,385,096Source |
| Operating Lease, Right-of-Use AssetUSD | 20,664,409Source | 20,438,873Source | 8,929,742Source | 5,109,316Source |
| LIABILITIES AND EQUITY | ||||
| LiabilitiesUSD | 420,981,459Source | 395,250,329Source | 255,049,532Source | 116,959,845Source |
| Stockholders’ equity: | ||||
| Retained Earnings (Accumulated Deficit)USD | 8,957,398Source | 4,282,031Source | 863,593Source | 0Source |
| Additional Paid in Capital, Common StockUSD | 236,061,238Source | 66,275,188Source | 57,593,814Source | 0Source |
| Liabilities and EquityUSD | 1,014,471,159Source | 657,251,915Source | 394,587,355Source | 140,313,821Source |
| Current liabilities: | ||||
| Liabilities, CurrentUSD | 154,497,214Source | 131,870,656Source | 91,647,314Source | 70,546,789Source |
| Operating Lease, Liability, CurrentUSD | 6,187,695Source | 5,455,264Source | 3,814,686Source | 2,801,545Source |
| Accounts Payable, CurrentUSD | 111,988,244Source | 94,734,950Source | 60,600,099Source | 38,279,318Source |
| Operating Lease, Liability, NoncurrentUSD | 16,886,049Source | 17,255,749Source | 5,851,516Source | 2,429,985Source |
| Stockholders' Equity Attributable to Noncontrolling InterestUSD | 348,432,686Source | 191,591,984Source | 81,076,582Source | 11,596,261Source |
| Additional Financial Items | ||||
| Accrued Liabilities, CurrentUSD | 11,486,477Source | 8,172,033Source | 2,956,314Source | 792,427Source |
| Other Assets, Noncurrent | —Source | —Source | — | — |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | —Source | —Source | — | — |
| Stockholders' Equity Attributable to Parent | —Source | — | — | — |
| Other Liabilities, Noncurrent | — | —Source | — | — |
cash flow · annual statements
| Line item | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 |
|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | 11,148,306Source | 9,450,127Source | 11,481,036Source | 6,641,745Source | 31,093,483Source | 28,297,234Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Share-based Payment Arrangement, Noncash ExpenseUSD | — | — | 191,852Source | 0Source | 5,868,592Source | 0Source |
| Changes in operating assets and liabilities: | ||||||
| Increase (Decrease) in Accounts ReceivableUSD | — | — | 18,417,868Source | -3,429,615Source | 12,773,598Source | 4,214,918Source |
| Increase (Decrease) in Accounts PayableUSD | — | — | 22,586,565Source | 789,417Source | 21,141,527Source | -3,000,049Source |
| Deferred Income Tax Expense (Benefit)USD | — | — | 1,031,051Source | 0Source | 275,524Source | 0Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | 9,317,019Source | 12,092,682Source | 37,900,887Source | 42,629,114Source |
| Cash flows from investing activities: | ||||||
| Payments to Acquire Businesses, Net of Cash AcquiredUSD | — | — | 125,532,857Source | 13,992,969Source | 59,398,397Source | 0Source |
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | -134,794,623Source | -24,221,084Source | -101,500,431Source | -20,972,527Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | — | — | 9,317,980Source | 10,372,126Source | 43,815,228Source | 20,754,984Source |
| Cash flows from financing activities: | ||||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | 72,311,046Source | 13,991,834Source | 139,831,861Source | -7,960,095Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | -53,166,558Source | 1,863,432Source | 76,232,317Source | 13,696,492Source |
| Supplemental disclosure of cash flow information: | ||||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | — | — | — | — | 6,543,242Source | 4,567,650Source |
| Additional Financial Items | ||||||
| Amortization of Deferred ChargesUSD | 4,824,386Source | 1,782,179Source | 3,567,348Source | 1,527,500Source | 7,128,310Source | 0Source |
| Amortization of Debt Issuance CostsUSD | — | — | 130,328Source | 0Source | 98,922Source | 0Source |
| Amortization of Intangible AssetsUSD | — | — | 3,567,348Source | 1,527,500Source | 7,128,310Source | 85,840Source |
| DepreciationUSD | 6,768,987Source | 6,105,814Source | 5,702,410Source | 5,071,341Source | 25,246,451Source | 18,663,746Source |
| Gain (Loss) on Disposition of Property Plant EquipmentUSD | 48,998Source | — | 2,397Source | 110,945Source | 157,401Source | -13,534Source |
| General and Administrative ExpenseUSD | 9,024,651Source | 2,965,982Source | 10,142,131Source | 2,125,970Source | 23,526,023Source | 10,687,302Source |
| GoodwillUSD | 133,216,343Source | — | 128,619,937Source | — | 23,510,649Source | 7,050,963Source |
| Goodwill, Impairment LossUSD | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source |
| Income Tax Expense (Benefit)USD | -1,011,122Source | 714,261Source | 1,053,229Source | 0Source | 1,966,678Source | 1,352,509Source |
| InterestExpenseNonoperatingUSD | 3,466,263Source | 1,581,192Source | 2,245,876Source | 1,026,276Source | 6,825,542Source | 4,828,058Source |
| Net Income (Loss) Attributable to ParentUSD | 4,675,367Source | 7,167,705Source | 3,418,438Source | 5,476,981Source | 22,686,057Source | 21,357,346Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | 6,472,939Source | 2,282,422Source | 8,062,598Source | 1,164,764Source | 8,407,426Source | 6,939,888Source |
| Nonoperating Income (Expense)USD | -5,341,264Source | -1,581,199Source | -2,245,876Source | -1,267,676Source | -7,344,246Source | -6,284,623Source |
| Other Nonoperating Income (Expense)USD | -1,875,001Source | -7Source | 0Source | -241,400Source | -518,704Source | -1,456,565Source |
| Payments of Financing CostsUSD | — | — | 838,501Source | 0Source | 1,996,262Source | 0Source |
| Revenue from Contract with Customer, Including Assessed TaxUSD | 226,934,438Source | 106,110,909Source | 167,508,716Source | 81,801,265Source | 456,045,369Source | 315,187,523Source |
| Derivative, Gain (Loss) on Derivative, Net | —Source | — | — | — | — | — |
| Share-based Payment Arrangement, Expensed and Capitalized, Amount | —Source | — | — | — | — | — |
income statement · annual statements
| Line item | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 |
|---|---|---|---|---|---|---|
| Operating Income (Loss)USD | 15,478,448Source | 11,745,587Source | 14,780,141Source | 7,909,421Source | 40,404,407Source | 35,934,366Source |
| Other Nonoperating Income (Expense)USD | -1,875,001Source | -7Source | 0Source | -241,400Source | -518,704Source | -1,456,565Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | 10,137,184Source | 10,164,388Source | 12,534,265Source | 6,641,745Source | 33,060,161Source | 29,649,743Source |
| Income Tax Expense (Benefit)USD | -1,011,122Source | 714,261Source | 1,053,229Source | 0Source | 1,966,678Source | 1,352,509Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | 6,472,939Source | 2,282,422Source | 8,062,598Source | 1,164,764Source | 8,407,426Source | 6,939,888Source |
| Net Income (Loss) Attributable to ParentUSD | 4,675,367Source | 7,167,705Source | 3,418,438Source | 5,476,981Source | 22,686,057Source | 21,357,346Source |
| Interest Expense (non-operating)USD | 3,466,263Source | 1,581,192Source | 2,245,876Source | 1,026,276Source | 6,825,542Source | 4,828,058Source |
| Additional Financial Items | ||||||
| Amortization of Intangible AssetsUSD | — | — | 3,567,348Source | 1,527,500Source | 7,128,310Source | 85,840Source |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and AmortizationUSD | 190,886,964Source | 83,511,347Source | 133,319,083Source | 65,277,978Source | 359,897,579Source | 249,888,575Source |
| Current Income Tax Expense (Benefit)USD | — | — | — | — | 1,691,154Source | 1,352,509Source |
| General and Administrative ExpenseUSD | 9,024,651Source | 2,965,982Source | 10,142,131Source | 2,125,970Source | 23,526,023Source | 10,687,302Source |
| Goodwill, Impairment LossUSD | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source |
| Nonoperating Income (Expense)USD | -5,341,264Source | -1,581,199Source | -2,245,876Source | -1,267,676Source | -7,344,246Source | -6,284,623Source |
| Revenue from Contract with Customer, Including Assessed TaxUSD | 226,934,438Source | 106,110,909Source | 167,508,716Source | 81,801,265Source | 456,045,369Source | 315,187,523Source |
| Earnings Per Share, Basic | —Source | — | —Source | — | — | — |
| Earnings Per Share, Diluted | —Source | — | —Source | — | — | — |
| Weighted Average Number of Shares Outstanding, Basic | —Source | — | —Source | — | — | — |
| Weighted Average Number of Shares Outstanding, Diluted | —Source | — | —Source | — | — | — |
| Share-based Payment Arrangement, Expensed and Capitalized, Amount | —Source | — | — | — | — | — |
Offerings
Registration 333-296958
- Gross proceeds
- 292000000.0
- Net proceeds
- 277400000.0
- Deal price
- 73.0
- Shares
- 4000000
- Offering price
- $73.00
- Ticker
- CDNL
Underwriters: Stifel, William Blair, Truist Securities
Registration 333-297011
Registration 333-290850
- Gross proceeds
- 241500000.0
- Net proceeds
- 224595000.0
- Deal price
- 21.0
- Shares
- 11500000
- Offering price
- $21.00
- Ticker
- CDNL
Filing attachments
cdnl-ex99_1.htm · 8-K · 2026-11-12
Exhibit 99.1 Cardinal Infrastructure Group Inc. Reports Third Quarter 2026 Results Company reports strong revenue growth and outlines actions to strengthen execution and profitability Raleigh, NC - November 12, 2026 - Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) ("Cardinal" or the "Company"), today announced the Company’s third quarter and year-to-date 2026 financial results. "Revenue grew 65.1% this quarter to $201.9 million, but our third-quarter Adjusted EBITDA margin fell to 4.2%, w…
Read attachment ↗ex99_1.htm · SCHEDULE 13G · 2026-10-30
Exhibit 99.1 Exhibit 99.1 - Joint Filing Agreement The undersigned hereby agree that they are filing this statement jointly pursuant to Rule 13d-1(k)(1). Each of them is responsible for the timely filing of such Schedule 13G and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such pe…
Read attachment ↗cdnl-ex99_1.htm · 8-K · 2026-10-19
EXHIBIT 99.1 Cardinal Infrastructure Group (CDNL) Announces Acquisition of Hughes Brothers Construction Inc. October 13, 2026 Raleigh, North Carolina - October 13, 2026 - Cardinal Infrastructure Group, Inc. (NASDAQ: CDNL) ("Cardinal" or the "Company") announced today that it has entered into a definitive agreement to acquire Hughes Brothers Construction Inc. (“Hughes Brothers”), a leading Central Florida heavy civil and site development contractor, for $357.5 million, at a purchase price mult…
Read attachment ↗cdnl-ex99_2.htm · 8-K · 2026-10-19
EXHIBIT 99.2 Cardinal Infrastructure Group (CDNL) Enters Into Amended Agreement for Acquisition of Hughes Brothers Construction Inc. October 19, 2026 Raleigh, North Carolina - October 19, 2026 - Cardinal Infrastructure Group, Inc. (NASDAQ: CDNL) (“Cardinal” or the “Company”) today announced that it has entered into an amendment to its previously announced agreement to acquire Hughes Brothers Construction Inc. (“Hughes Brothers”), a leading Central Florida heavy civil and site development cont…
Read attachment ↗cdnl-ex99_1.htm · 8-K · 2026-10-01
Exhibit 99.1 Cardinal Infrastructure Group, Inc., Announces Closing of Allied Paving Contractors Acquisition October 1, 2026 Raleigh, North Carolina - October 1, 2026 - Cardinal Infrastructure Group, Inc., (NASDAQ: CDNL) (“Cardinal” or “the Company”) announced today the closing of its acquisition of Allied Paving Contractors. The acquisition expands Cardinal's self-performing capabilities in the Atlanta market. Allied generated approximately $100 million in revenue on a standalone basis. A po…
Read attachment ↗cdnl-ex99_1.htm · 8-K · 2026-08-11
EX-99.1 2 cdnl-ex99_1.htm EX-99.1 EX-99.1 Cardinal Infrastructure Group Inc. Reports Second Quarter 2026 Results and Updates 2026 Outlook, Announces Acquisition of Allied Paving Raleigh, NC - August 11, 2026 - Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) (“Cardinal” or the “Company”), today announced the Company’s second quarter and year-to-date 2026 financial results, updated guidance for the full year 2026 and the acquisition of Allied Paving out of Atlanta. Financial Highlights*: …
Read attachment ↗