Cardinal Infrastructure Group to be Added to the Russell 2000® and 3000® Indexes

Cardinal Infrastructure Group (NASDAQ: CDNL) will be added to the Russell 2000 and Russell 3000 indexes effective March 23, 2026 as part of FTSE Russell's Q1 IPO additions.

Rhea-AI Summary

Cardinal Infrastructure Group (NASDAQ: CDNL) will be added to the Russell 2000 and Russell 3000 indexes effective March 23, 2026 as part of FTSE Russell's Q1 IPO additions. Inclusion should increase Cardinal's visibility among institutional investors and index-tracking funds.

Cardinal said the listing expands its reach to a broader investor base as it executes its growth strategy; FTSE Russell updates for IPO additions occur quarterly.

Positive

• Russell 2000 and 3000 inclusion effective March 23, 2026
• Increased visibility to institutional investors and index managers
• Eligibility for index funds and potential passive inflows from Russell-tracking strategies

Negative

• None.

Argus Mar 20 session

-0.45% close to close Open Argus

Details

News Market Reaction – CDNL

On Mar 20, the day this news came out, CDNL closed 0.45% below the previous close.

Data tracked by StockTitan Argus for the Mar 20 session.

Key Figures

2025 Revenue: $456.0M Revenue Growth: 45% Organic Growth: 33% +5 more

2025 Revenue

$456.0M

Full-year 2025 revenue reported in 8-K

Revenue Growth

45%

2025 year-over-year revenue increase

Organic Growth

33%

2025 organic revenue growth

2025 Net Income

$31.1M

Full-year 2025 net income, up 10%

Adjusted EBITDA

$81.5M

2025 Adjusted EBITDA with 17.9% margin

Backlog

$682M

Backlog as of Dec 31, 2025, up 33%

IPO Proceeds

$139.8M

Cash raised in IPO during 2025

2026 Revenue Guidance

$665–$678M

Reaffirmed 2026 revenue outlook in 8-K

Historical Context

3 past events · Latest: Mar 10

3 events

1. Mar 10

   Earnings call scheduled

   24h Move

   +4.2%

   Set date for full-year 2025 results and investor conference call.

2. Feb 26

   Leadership appointments

   24h Move

   -4.7%

   Added senior leaders for IT, investor relations, and marketing roles.

3. Feb 18

   Acquisition & guidance

   24h Move

   +31.3%

   Announced ALGC acquisition plus preliminary 2025 results and 2026 guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

russell 2000®, russell 3000®, ipo, index funds, +1 more

5 terms

russell 2000® technical

"it will be added to the Russell 2000® and Russell 3000® Indexes"

The Russell 2000® is a stock market index that tracks the performance of about 2,000 smaller publicly traded U.S. companies, serving as a broad snapshot of the small-cap segment of the market. Investors use it like a thermometer for smaller businesses—if it rises or falls, it signals how that group is doing overall and helps compare or benchmark investment funds and risk exposure to smaller-company stocks.

russell 3000® technical

"it will be added to the Russell 2000® and Russell 3000® Indexes"

A stock market index that tracks the performance of the largest 3,000 publicly traded U.S. companies, representing roughly the entire U.S. equity market. It matters to investors because it serves as a broad “shopping cart” or market thermometer—used as a benchmark to judge how well portfolios or funds are doing, and as the basis for many index funds and ETFs that aim to mirror overall market performance.

ipo financial

"as part of FTSE Russell's first quarter Initial Public Offering (IPO) addition"

An initial public offering (IPO) is the process by which a private company sells its shares to the public for the first time, making its ownership available on the stock market. This allows the company to raise money from a wide range of investors to fund growth or other goals. For investors, an IPO offers a chance to buy into a company early in its public journey, potentially benefiting if the company grows in value.

View in glossary

index funds financial

"used by investment managers and institutional investors for index funds and as benchmarks"

A fund that pools investors’ money to buy the same collection of stocks or bonds that make up a market index — like a ready-made basket representing the whole market or a specific slice of it. It matters because it gives broad exposure with lower fees and simpler management than picking individual securities, reducing the impact of any single holding and making it efficient for long-term investing.

benchmarks financial

"used by investment managers and institutional investors for index funds and as benchmarks"

Benchmarks are standard measures—often broad market indexes or preset targets—used to judge how well an investment, fund or strategy is performing compared with a common yardstick. Like timing runners against the lead car in a race, benchmarks help investors see whether returns come from skill or simply following the market, guide portfolio choices, reveal added risk or costs, and set realistic performance expectations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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RALEIGH, N.C., March 20, 2026 /PRNewswire/ -- Cardinal Infrastructure Group, Inc. (NASDAQ: CDNL) ("Cardinal" or the "Company") today announced that it will be added to the Russell 2000^® and Russell 3000^® Indexes, as part of FTSE Russell's first quarter Initial Public Offering (IPO) addition, effective March 23, 2026.

"Joining the Russell indexes is a meaningful milestone as we continue building Cardinal's presence in the public markets," said Jeremy Spivey, Cardinal's Chairman and Chief Executive Officer. "We look forward to expanding our reach with a broader set of investors as we execute on our growth strategy."

The Company's inclusion in the Russell 2000^® Index as well as the broader Russell 3000^® Index provides Cardinal with increased visibility within the institutional investor community. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.

For more information on the Russell Indexes and the Russell indexes quarterly updates for IPOs, visit www.ftserussell.com.

About Cardinal
Cardinal Infrastructure Group (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. 

About FTSE Russell, an LSEG Business
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.

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 Southeastern United States. Cardinal has based these forward-looking statements largely on its current expectations and projections regarding future events and trends that it believes may affect its business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled "Risk Factors" in Cardinal's Registration Statement on Form S-1 (333-292034) (the "Registration Statement"), and elsewhere in the Registration Statement. Accordingly, you should not rely upon forward-looking statements as predictions of future events. Cardinal cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those projected in the forward-looking statements. Although forward-looking statements reflect the good faith beliefs of Cardinal's management at the time they are made, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Cardinal undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law. These cautionary statements qualify all forward-looking statements attributable to Cardinal or persons acting on its behalf.

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SOURCE Cardinal Infrastructure Group Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Cardinal (NASDAQ: CDNL) be added to the Russell 2000 and Russell 3000 indexes?

Cardinal will be added effective March 23, 2026. According to the company, this change is part of FTSE Russell's first-quarter IPO additions and follows the regular quarterly reconstitution process used by Russell indexes.

What does inclusion in the Russell 2000 and 3000 mean for Cardinal (CDNL) shareholders?

Inclusion means broader exposure to institutional and index-tracking investors. According to the company, being in the Russell indexes can increase visibility and accessibility among investment managers who use these benchmarks.

Will Cardinal's (CDNL) stock see passive fund inflows after Russell inclusion on March 23, 2026?

Inclusion can make CDNL eligible for Russell-tracking funds, potentially leading to passive inflows. According to the company, Russell indexes are widely used by investment managers for index funds and benchmark strategies.

Why did Cardinal (CDNL) say joining the Russell indexes is important on March 20, 2026?

The company said the milestone helps build Cardinal's presence in public markets and expand its investor reach. According to the company, this supports its ongoing growth strategy and broader institutional visibility.

How often does FTSE Russell add IPOs to the Russell 2000 and Russell 3000 indexes?

FTSE Russell updates IPO additions quarterly as part of its regular reconstitution schedule. According to the company, Cardinal's inclusion is part of FTSE Russell's first-quarter IPO additions process.

Where can investors find more information about Russell index additions for Cardinal (CDNL)?

Investors can consult FTSE Russell's website for details on index methodology and IPO additions. According to the company, FTSE Russell provides quarterly updates for IPOs on its official site.