Cardinal Infrastructure Group Inc. Announces Full Year 2025 Results and Affirms 2026 Guidance
Rhea-AI Summary
Cardinal Infrastructure Group (NASDAQ: CDNL) reported full year 2025 results and affirmed 2026 guidance. Revenue was $456.0 million, up 45% year-over-year; net income was $31.1 million; Adjusted EBITDA was $81.5 million, up 44%. Backlog grew to $682 million (+33%).
The company raised $139.8 million in its IPO, ended 2025 with $97.1 million cash, completed the acquisition of A.L. Grading Contractors on Feb 18, 2026, and affirmed 2026 revenue guidance of $665M–$678M with a 20%+ Adjusted EBITDA margin.
Positive
- Revenue +45% to $456.0 million in 2025
- Adjusted EBITDA +44% to $81.5 million
- Backlog +33% to $682 million at year-end
- IPO proceeds $139.8M strengthened cash position to $97.1 million
- Geographic expansion via A.L. Grading acquisition (Georgia) expected to boost margins
Negative
- EBITDA margin declined to 15.8% from 16.9% in prior year
- Higher non-recurring G&A costs from acquisitions and IPO reduced near-term profitability
- Capital expenditures rose to $43.8M, increasing cash deployment
News Market Reaction – CDNL
In the Mar 19 session, CDNL gained 1.41%, reflecting a mild positive market reaction. Argus tracked a peak move of +16.8% during that session. Argus tracked a trough of -2.8% from its starting point during tracking. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| 2026-03-10 | Earnings call notice | Neutral | +4.2% | Announced timing of full-year 2025 earnings release and conference call. |
| 2026-02-26 | Leadership appointments | Neutral | -4.7% | Named new directors for IT, investor relations, and marketing functions. |
| 2026-02-18 | Acquisition & guidance | Positive | +31.3% | Announced ALGC acquisition with preliminary 2025 results and raised 2026 guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Stock has reacted strongly to substantive guidance/acquisition news, with mixed moves on routine updates.
Over recent months, Cardinal has built a public-company track record centered on growth and expansion. On Feb 18, 2026, it announced the ALGC acquisition with preliminary 2025 results and 2026 guidance, and the stock moved +31.31%. Leadership appointments on Feb 26, 2026 saw a -4.73% move. An earnings call scheduling release on Mar 10, 2026 coincided with a +4.2% move. Today’s full-year 2025 results and reaffirmed 2026 guidance build directly on that prior outlook and the ALGC deal.
Key Terms
adjusted EBITDA financial
EBITDA financial
backlog financial
basis points financial
initial public offering financial
capital expenditures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Full Year 2025 Highlights*:
- Revenue of
$456.0 million 45% in total or33% organically year-over-year - Net income of
$31.1 million 10% from full year 2024 - Adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA") of
$81.5 million 44% from full year 2024 - Backlog as of December 31, 2025 was
$682 million 33% from the prior year end
*See "Non-GAAP Financial Measures" below for a discussion of our use of Non-GAAP financial measures in this release and reconciliations to the most directly comparable GAAP financial measures.
"2025 was a milestone year for Cardinal. Our teams delivered
"The bidding environment across our markets remains robust. Project activity in residential and commercial development continues to drive strong demand for the services we provide, and our backlog reflects that. Shortly after year-end, we added an exceptional team in A.L. Grading Contractors, expanding our footprint into
Full Year Results:
Cardinal reported revenues of
Gross Profit for the full year was
Net income increased
Backlog
Cardinal's total backlog as of December 31, 2025, was
Balance Sheet
As of December 31, 2025, Cardinal had
Other Items
On February 18, 2026, Cardinal completed the acquisition of A.L. Grading Contractors, Inc. ("ALGC"), a leading site development contractor headquartered in
ALGC's leadership team, including President of ALGC, Anthony ("Lee") Wood and Vice President of ALGC, Benjamin ("Benji") Wood have joined Cardinal's leadership teams. Effective March 12, 2026, Lee Wood was appointed to the Board of Directors of Cardinal, and Benji Wood was appointed as the Chief Operating Officer of Cardinal.
2026 Consolidated Guidance
Cardinal today affirms the guidance for the full year 2026:
- Revenues in the range of
$665 million $678 million - Adjusted EBITDA margin of
20% +
The Company's 2026 guidance reflects management's current expectations for organic growth and project execution across its core markets and includes the expected contribution of ALGC following the close of that acquisition on February 18, 2026. The guidance is based on current economic conditions and assumes no significant changes in the overall economy or economic or other condition in the
Conference Call
Cardinal management will discuss results and outlook during its quarterly investor conference call today starting at 10:30 a.m. ET. The call and accompanying slide presentation will be webcast on the "Events & Presentations" section of Cardinal's website. A replay of the webcast will be available at the same location shortly after the conclusion of the presentation.
About Cardinal
Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) is 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. This model enables efficient, turnkey project execution at scale while maintaining focus on building long-term client relationships. Cardinal's strategy is grounded in operational discipline, market expansion and a commitment to Integrity from the ground up.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the Company's future performance. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include the words "may," "could," "plan," "project," "budget," "predict," "pursue," "target," "seek," "objective," "believe," "expect," "anticipate," "intend," "estimate," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. These statements involve risks and uncertainties and Cardinal's actual results could differ materially from the results expressed or implied by such forward-looking statements. The potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements in this press release include, but are not limited to, difficulty in sustaining rapid revenue growth, which may place significant demands on Cardinal's administrative, operational and financial resources, fluctuations in Cardinal's revenue and the concentration of Cardinal's business in the
Non-GAAP Measures
Cardinal present results of operations in a way that it believes will be the most meaningful and useful to investors, analysts, rating agencies and others who use Company financial information to evaluate performance. Some of these financial measures are not prepared in accordance with generally accepted accounting principles ("Non-GAAP") under Securities and Exchange Commission ("SEC") rules and regulations. For example, in this press release, Cardinal presents Organic Growth, Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, EBITDA Margin and Adjusted EBITDA Margin, all of which are Non-GAAP financial measures as defined in Item 10(e) of Regulation S-K promulgated by the SEC. These Non-GAAP financial measures are presented for supplemental informational purposes only and are not intended to be substitutes for any GAAP financial measures, including net income, and, as calculated, may not be comparable to companies in other industries or within the same industry with similarly titled measures of performance.
In addition, these Non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Therefore, Non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
The table directly below reconciles Adjusted Gross Profit to Gross Profit, the most directly comparable GAAP measure and shows Gross Profit calculated as revenues less cost of revenues (excluding depreciation and amortization) and depreciation and amortization expense. While Gross Profit is not presented as a separate line item or subtotal in our financial statements, we present Gross Profit in the table below solely to facilitate the reconciliation of Adjusted Gross Profit, a Non-GAAP measure, to the most directly comparable GAAP measure.
Years ended December 31, | |||||||||||
2025 | 2024 | 2023 | |||||||||
Revenues | $ | 456,045,369 | $ | 315,187,523 | $ | 247,924,063 | |||||
Cost of revenues, exclusive of depreciation and amortization shown separately | (359,897,579) | (249,888,575) | (199,080,030) | ||||||||
Depreciation and amortization expense | (32,374,761) | (18,663,746) | (13,181,191) | ||||||||
Gross Profit | $ | 63,773,029 | $ | 46,635,202 | $ | 35,662,842 | |||||
Depreciation and amortization expense | 32,374,761 | 18,663,746 | 13,181,191 | ||||||||
Adjusted Gross Profit | $ | 96,147,790 | $ | 65,298,948 | $ | 48,844,033 | |||||
Gross Profit Margin % | 14.0 % | 14.8 % | 14.4 % | ||||||||
Adjusted Gross Profit Margin % | 21.1 % | 20.7 % | 19.7 % | ||||||||
We define EBITDA as net income for the period adjusted for interest expense, net income tax expense, depreciation and amortization expense. Adjusted EBITDA further adjusts EBITDA for certain expenses associated with non-routine , including (i) transaction fees and acquisition-related costs incurred in connection with acquisitions and planned acquisitions (ii) non-routine costs associated with legal matters in which the Company is a defendant, (iii) certain consulting and recruiting costs related to acquisitions and public company readiness, (iv) non-routine revenue impact from customer claims, (v) non-routine loss on extinguishment and refinancing costs, (vi) stock-based compensation, (vii) non-routine IPO related travel and compensation, and (viii) other non-routine gains and charges that we do not believe reflect our underlying business performance. We define EBITDA Margin as EBITDA as a percentage of revenue, and Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. The following table provides a reconciliation of net income and net income margin, the most closely comparable GAAP financial measure, to EBITDA, Adjusted EBITDA, EBITDA Margin and Adjusted EBITDA Margin:
Years ended December 31, | |||||||||||
2025 | 2024 | 2023 | |||||||||
Net income | $ | 31,093,483 | $ | 28,297,234 | $ | 24,296,792 | |||||
Interest expense, net | 6,825,542 | 4,828,058 | 3,990,288 | ||||||||
Income tax expense | 1,966,678 | 1,352,509 | — | ||||||||
Depreciation and amortization expense | 32,374,761 | 18,663,746 | 13,181,191 | ||||||||
EBITDA | $ | 72,260,464 | $ | 53,141,547 | $ | 41,468,271 | |||||
Transaction fees and acquisition-related costs(1) | 792,966 | 454,761 | 1,195,416 | ||||||||
Legal matters(2) | — | 620,221 | 6,352 | ||||||||
Transition and consulting arrangements(3) | 150,000 | 390,000 | 394,362 | ||||||||
Customer claims(4) | — | 525,000 | — | ||||||||
Loss on extinguishment and refinancing costs(5) | — | 1,389,901 | — | ||||||||
Stock-based compensation | 5,868,592 | — | — | ||||||||
Non-recurring IPO related travel and compensation | 2,342,026 | — | — | ||||||||
Other(6) | 51,874 | 16,690 | 3,385 | ||||||||
Adjusted EBITDA | $ | 81,465,922 | $ | 56,538,120 | $ | 43,067,786 | |||||
Net Income Margin(7) | 6.8 % | 9.0 % | 9.8 % | ||||||||
EBITDA Margin(7) | 15.8 % | 16.9 % | 16.7 % | ||||||||
Adjusted EBITDA Margin(7) | 17.9 % | 17.9 % | 17.4 % | ||||||||
(1) | Represents transaction fees and acquisition-related costs incurred in connection with acquisitions and planned acquisitions. |
(2) | Represents costs associated with legal matters in which the Company is a defendant. |
(3) | Represents certain consulting and recruiting costs related to acquisitions and public company readiness. |
(4) | Represents revenue impact from customer claims. |
(5) | Represents financing and extinguishment-related expenses. |
(6) | Represents certain other gains and charges that we do not believe reflect our underlying business performance. |
(7) | Calculated as a percentage of revenue. |
We are not able to provide the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, for the forward-looking guidance of estimated Adjusted EBITDA Margin without unreasonable effort due to the inherent uncertainty and difficulty in predicting the timing and amount of certain items, including but not limited to amortization of intangible assets and depreciation, which may be significant and difficult to project with a reasonable degree of accuracy, as the allocation of purchase price to intangible assets and property and equipment has not yet been performed. Because these adjustments are inherently variable and uncertain and depend on various factors that are beyond our control, we are also unable to predict their probable significance. The variability of these items could have an unpredictable, and potentially significant, impact on our future GAAP financial results.
We define Organic growth as the difference between total current and prior year sales less the impact of companies acquired and divested in the past twelve months divided by prior year sales. This Non-GAAP measure, as reconciled to GAAP below, is considered relevant to aid analysis and understanding of the Company's results, business trends and outlook measures aside from the material impact of the acquisition-related and other charges and ensures appropriate comparability to operating results of prior periods. The following table provides a reconciliation of the Non-GAAP financial measure, Organic Growth, to the most closely comparable GAAP financial measure, GAAP Revenue Growth:
GAAP Revenue Growth | Acquisitions | Divestitures | Non-GAAP Organic Revenue Growth | |||
45 % | – | 12 % | + | 0 % | = 33 % | |
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SOURCE Cardinal Infrastructure Group Inc.