Welcome to our dedicated page for Cardinal Infra SEC filings (Ticker: CDNL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Cardinal Infrastructure Group Inc. (CDNL) SEC filings page provides access to the company’s regulatory disclosures as filed with the U.S. Securities and Exchange Commission. Cardinal Infrastructure Group is an emerging growth company based in Raleigh, North Carolina, with Class A common stock listed on the Nasdaq Global Select Market.
Through its filings, the company reports material events, capital structure details, and key agreements related to its operations as a public company. Recent Form 8-K reports describe the completion and terms of its initial public offering of Class A common stock, the effectiveness of its Amended and Restated Certificate of Incorporation and Bylaws, and the execution of agreements such as the Second Amended and Restated Limited Liability Company Agreement for Cardinal Civil Contracting Holdings LLC, a Tax Receivable Agreement, and a Registration Rights Agreement.
Filings also document Cardinal Infrastructure Group’s acquisition activity, including the purchase of substantially all of the assets of Red Clay Industries, Inc. by its subsidiary Aviator Paving Company Charlotte, LLC. In addition, the company provides pro forma financial information and non-GAAP measures such as Pro Forma EBITDA and Adjusted Pro Forma EBITDA, along with reconciliations and explanations of the adjustments used.
On this page, users can review Forms 8-K and other SEC documents as they become available, along with AI-powered summaries that explain the purpose and main points of each filing in plain language. Real-time updates from EDGAR allow readers to see new filings as they are posted, including future annual reports on Form 10-K, quarterly reports on Form 10-Q, and any insider transaction reports on Form 4 that may be filed for Cardinal Infrastructure Group Inc.
Cardinal Infrastructure Group Inc. director Zelman Ivy reported an open-market purchase of 6,921 shares of Class A Common Stock. The weighted average purchase price was $36.33 per share, with individual trades executed between $36.09 and $36.47. Following this transaction, Ivy directly holds 15,326 shares.
Cardinal Infrastructure Group Inc. filed its annual report outlining a transformative year that included a December 2025 IPO and a complex Up‑C holding-company structure. The IPO sold 13,225,000 Class A shares at $21.00, generating about $277.7 million in gross proceeds.
The company used roughly $258.3 million of net proceeds to buy 14,943,750 LLC units in its operating partnership, ending 2025 with a 39% economic interest while legacy holders retained 61% plus Class B voting shares and tax benefits under a Tax Receivable Agreement.
Cardinal positions itself as a fast-growing, vertically integrated infrastructure services platform in the U.S. Southeast, citing a 44% revenue CAGR from 2021–2025 and strong backlog across Raleigh, Charlotte, and Greensboro. In February 2026 it agreed to acquire ALGC for $245.5 million in cash and equity to expand into the Atlanta market.
Cardinal Infrastructure Group Inc. reported strong full-year 2025 growth and affirmed its 2026 outlook. Revenue reached $456.0 million, up 45% year-over-year, with 33% organic growth. Net income rose to $31.1 million, up 10%, while Adjusted EBITDA increased 44% to $81.5 million, maintaining a 17.9% margin.
Backlog climbed to $682 million as of December 31, 2025, a 33% increase, supporting future revenue visibility. The company ended 2025 with $97.1 million of cash and cash equivalents after raising $139.8 million in its IPO and deploying $101.5 million toward acquisitions and growth capex of $43.8 million.
Cardinal completed the acquisition of A.L. Grading Contractors, which had $160M trailing-twelve-month revenue and a 26.3% Adjusted EBITDA margin, expanding into Georgia. For 2026, management reaffirmed revenue guidance of $665–$678 million and a consolidated Adjusted EBITDA margin target of 20%+.
Cardinal Infrastructure Group Inc. reported leadership changes following its acquisition of A.L. Grading Contractors, LLC (ALGC) on February 18, 2026. On March 12, 2026, the board appointed Anthony L. Wood, president of ALGC, to its board of directors.
Anthony L. Wood will serve as a director until Cardinal Infrastructure’s 2026 annual meeting and until a successor is elected and qualified, or earlier resignation or removal. The board also appointed Benjamin A. Wood, ALGC’s vice president, as Chief Operating Officer of the company, with standard tenure terms for the role.
Cardinal Infrastructure Group completed the acquisition of A.L. Grading Contractors for $245.5 million, paid in $128.6 million cash, 4,186,062 Common Units with matching Class B shares valued at $108.0 million, and 345,666 Class A shares issued to ALGC employees and service providers.
The cash portion was funded with cash on hand and an amended credit agreement that increased the term loan facility from $120.0 million to $200.0 million. ALGC generated trailing twelve‑month revenue of $159.9 million and Adjusted EBITDA of $42.0 million, a 26.3% margin.
Cardinal issued preliminary 2025 estimates for revenue of $452–$459 million, Adjusted EBITDA margin of 17.8–18.0%, and backlog of $678–$685 million, and guided 2026 revenue to $664–$678 million with consolidated Adjusted EBITDA margin of at least 20%. Anthony Wood is expected to join the board, and Benjamin Wood will become Chief Operating Officer under three‑year employment agreements.
Cardinal Infrastructure Group Inc. disclosed that Erik Daniel West and the West Family 2024 Irrevocable Trust together reported beneficial ownership of 6,114,009 shares of Class A common stock, representing 29.0% of the class as of December 31, 2025.
The percentage is based on 14,947,318 Class A shares outstanding plus 6,114,009 shares that West has the right to acquire within 60 days. West holds 5,095,925 shares through LLC units exchangeable into Class A stock and may be deemed to share ownership of 1,018,084 additional shares held by the family trust.
Jeremy Simmons Spivey filed a Schedule 13G reporting significant ownership in Cardinal Infrastructure Group Inc. He reports beneficial ownership of 12,229,848 shares of Class A Common Stock, representing 45.0% of the class. This figure includes shares he may acquire within 60 days of December 31, 2025, based on 14,947,318 Class A shares outstanding as of that date.
Spivey is the record holder of 10,179,004 shares underlying LLC Units and associated Class B shares that are redeemable one-for-one into Class A shares. He may also be deemed to share beneficial ownership of 2,050,844 additional shares held by the Spivey Family 2024 Irrevocable Trust, resulting in shared voting and dispositive power over that portion.
Cardinal Infrastructure Group Inc. received a Schedule 13G reporting a significant ownership position in its Class A common stock. Michael Bruce Rowe, Jr. and the Rowe Family 2024 Irrevocable Trust each report beneficial ownership of 2,038,003 shares, equal to 29.0% of the Class A shares.
The filing calculates this stake based on 14,947,318 Class A shares outstanding as of December 31, 2025 plus 2,038,003 shares that Mr. Rowe can acquire within 60 days. Mr. Rowe directly holds 1,834,084 shares underlying LLC Units exchangeable one-for-one into Class A shares and may be deemed to share beneficial ownership of 203,617 shares held by the family trust through his relationship to the trustee.
Mark McKinney reported a 5.1% beneficial ownership stake in Cardinal Infrastructure Group Inc. Class A common stock. As of December 31, 2025, he beneficially owned 760,438 shares with sole voting and dispositive power. The percentage is based on 14,947,318 shares outstanding as of the same date.
Cardinal Infrastructure Group Inc. reported a significant shareholder position held by Ross Berner. As of December 31, 2025, Berner beneficially owned 804,405 shares of the company’s Class A common stock, representing 5.4% of the 14,947,318 shares outstanding on that date.
Berner has sole voting and sole dispositive power over all 804,405 shares, with no shared voting or investment authority and no indication that the holdings are on behalf of other parties.