Cardinal Infrastructure Group Inc. provides civil infrastructure and site-development services for residential, commercial, industrial, municipal and state infrastructure markets in the Southeastern United States. The company self-performs wet utility installation, grading, site clearing, erosion control, drilling and blasting, paving, stormwater work and related site services through specialized crews, fleets and operating subsidiaries.
Cardinal news commonly covers financial results and guidance, project awards, acquisition-led expansion, leadership appointments and public-company milestones following its Nasdaq listing under CDNL. Updates also describe contract activity across Sunbelt markets, including larger civil scopes for data center and other commercial infrastructure projects.
Cardinal Infrastructure Group (CDNL) has closed its acquisition of Allied Paving Contractors, expanding its self-performing capabilities in the Atlanta market. Allied generated approximately $100 million in standalone revenue, with no reporting period specified. A portion of that volume will be performed on Cardinal projects and reflected in margin rather than consolidated revenue.
Cardinal expects the addition of Allied's paving crews in Northern Georgia to help shorten project timelines by sequencing paving directly behind its grading and site development teams. Allied CEO John McLean will join Cardinal's leadership team to manage paving operations across Georgia. Cardinal said the acquisition aligns with its strategy of targeting founder-led companies.
Cardinal Infrastructure Group (CDNL) completed syndication of an amended credit facility with $550 million in total commitments.
Its subsidiary, Cardinal Civil Contracting, entered the second amendment, adding a delayed-draw term loan of up to $250 million and increasing the revolving credit facility from $75 million to $100 million. The commitments also include the existing Term Loan A, originally $200 million. The delayed-draw facility was undrawn when syndication was completed. Cardinal intends to use its proceeds for permitted acquisitions and related expenses. The revolver and both term loans mature September 10, 2031.
Cardinal Infrastructure Group (CDNL) announced that subsidiary A.L. Grading Contractors (ALGC) has been awarded an approximately $40 million contract for full-site civil infrastructure work at Walmart’s Carnesville, Georgia sorting facility.
The 164-acre project will be self-performed by ALGC and Allied Paving Contractors, a paving company Cardinal expects to acquire in the fourth quarter. Work includes mass grading of 1.8 million cubic yards, 54,000 linear feet of utilities, a 1.5 million-square-foot building pad, fine grading, and 83,000 yards of asphalt paving. Cardinal highlights this as an example of diversifying into commercial and industrial projects and advancing vertical integration through the Allied Paving acquisition.
Cardinal Infrastructure Group (NASDAQ: CDNL) reported second quarter 2026 revenue of $226.9 million, up 114% year-over-year, with approximately 64% organic growth. Adjusted EBITDA was $28.1 million, up 43%, while adjusted EBITDA margin declined to 12.4% from 18.6% a year earlier, reflecting higher subcontracting, equipment rental and corporate investment costs.
Year-to-date revenue reached $394.4 million (up 110%) and adjusted EBITDA $54.9 million (up 60%). Backlog as of June 30, 2026 increased 35% to $866 million. Cash and cash equivalents rose to $339.1 million, supported by stronger operating cash flow.
Cardinal raised its 2026 revenue guidance to $880–$900 million and now targets adjusted EBITDA margin of 16%–18%. The company also agreed to acquire Allied Paving Contractors of Atlanta for approximately $120 million, funded with about $62 million in cash and roughly $58 million in Class A stock, adding an estimated $108 million of annual revenue at a 20.3% adjusted EBITDA margin. Closing is expected in early October.
Cardinal Infrastructure Group (Nasdaq: CDNL) will release its second quarter 2026 financial results before markets open on Tuesday, August 11, 2026, and host an earnings conference call at 10:30 a.m. ET. Webcast access, presentation materials and a replay will be provided on the company’s website.
Cardinal Infrastructure Group (Nasdaq: CDNL) announced completion of its first asphalt processing plant near Raleigh, North Carolina. The facility supports Cardinal's vertical integration strategy in civil infrastructure delivery.
The plant can produce 400 tons of hot mix asphalt per hour, giving Cardinal direct control over mix design, production scheduling, material quality and reducing reliance on third-party suppliers.
Cardinal Infrastructure Group (Nasdaq: CDNL) closed its upsized underwritten public offering of 4,000,000 Class A shares at $73.00 per share.
According to Cardinal, underwriters fully exercised their option for 600,000 additional shares, bringing total gross proceeds to about $336 million before discounts and expenses.
Cardinal Infrastructure Group (Nasdaq: CDNL) priced an upsized underwritten public offering of 4,000,000 Class A shares at $73.00 per share, for expected gross proceeds of about $292 million before expenses. Underwriters have a 30-day option for 600,000 additional shares, with closing expected June 26, 2026.
Cardinal Infrastructure Group (Nasdaq: CDNL) announced a proposed underwritten public offering of 3,750,000 shares of Class A common stock, all sold by the company.
The company plans to grant underwriters a 30-day option for up to 562,500 additional shares. A Form S-1 registration statement has been filed but is not yet effective.
Cardinal Infrastructure Group (Nasdaq: CDNL) announced the acquisition of Piedmont Pipe Construction, a wet utilities provider founded in 1999 and operating across North and South Carolina.
The deal expands Cardinal's wet utility capabilities in the high-growth Charlotte market, where Piedmont will operate under the Cardinal Civil Contracting brand.