Cardinal Infrastructure Group Inc. filings document a newly public civil infrastructure services company, its Nasdaq-listed Class A common stock and its acquisition-led operating structure. 8-K reports cover material agreements, completed asset and equity acquisitions, financial results, leadership and board appointments, and emerging-growth-company disclosures.
Registration and IPO-related filings describe the company's OpCo arrangements, Tax Receivable Agreement, registration rights, Class B common stock issuances and related capital-structure matters. Proxy materials cover annual meeting voting items, board governance and executive compensation, while acquisition amendments include acquired-business financial statements and unaudited pro forma financial information for completed transactions such as ALGC.
Schonfeld Strategic Advisors LLC filed an amendment reporting beneficial ownership of 439,707 shares of Class A common stock, equal to 2.88% of the class. The filing cites April 9, 2026 outstanding share count of 15,292,984 as disclosed in the issuer's proxy dated April 24, 2026. Schonfeld states these shares are held in part by separately managed accounts ("Schonfeld SMAs") for which it acts as investment adviser and notes it may be deemed to indirectly own the securities; the filer disclaims that this statement is an admission of beneficial ownership.
Cardinal Infrastructure Group Inc. reported strong growth for the three months ended March 31, 2026, driven by acquisitions and backlog. Revenue rose to $167.5 million from $81.8 million, while net income increased to $11.5 million, though income attributable to Cardinal Infrastructure was $3.4 million versus $5.5 million a year earlier due to a larger noncontrolling interest.
The company closed the ALGC acquisition with total consideration of about $254.7 million, including substantial rollover equity and cash largely funded by an additional $80 million term loan. This lifted total assets to $657.3 million and notes payable to $198.6 million, and added $105.1 million of goodwill and significant new intangible assets.
Cardinal also changed its depreciation method to straight-line, boosting pre-tax income by about $0.6 million and EPS by $0.03 in the quarter. Remaining performance obligations reached $524.0 million, largely expected to convert to revenue within 18 months, underscoring a sizable contracted backlog across its Southeast U.S. infrastructure markets.
Cardinal Infrastructure Group Inc. reported very strong first quarter 2026 growth and raised its full-year outlook. Revenue reached $167.5 million, up 105% year over year, including 64% organic growth. Net income rose to $11.5 million, an increase of 73%, with diluted earnings per share of $0.23.
Adjusted EBITDA climbed to $26.8 million, up 84%, for a 16.0% Adjusted EBITDA margin. Backlog as of March 31, 2026 was $854 million, up 60% from a year earlier, supporting revenue visibility. Management raised 2026 revenue guidance to a range of $675 million to $685 million and reaffirmed an Adjusted EBITDA margin target of 20%+, reflecting confidence in continued growth and integration of recent acquisitions.
Lee Richard Melvin Jr. reported acquisition or exercise transactions in this Form 4 filing.
Cardinal Infrastructure Group Inc. reported that director Lee Richard Melvin Jr. received a grant of 3,101 shares of Class A Common Stock as restricted stock units on May 7, 2026, at a reference price of $24.18 per share.
According to the award terms, 775 RSUs vested immediately, with 775 vesting on June 30, 2026, 775 on September 30, 2026, and 776 on December 31, 2026, subject to continued service. Following this grant, Melvin directly holds 25,826 shares, reflecting a routine compensation-related equity award rather than an open-market purchase.
Zelman Ivy reported acquisition or exercise transactions in this Form 4 filing.
Cardinal Infrastructure Group Inc. director Zelman Ivy received a grant of Class A Common Stock in the form of 3,101 restricted stock units on May 7, 2026. These RSUs are part of equity compensation rather than an open‑market purchase.
According to the filing, 775 RSUs vested immediately, with 775 scheduled to vest on June 30, 2026, another 775 on September 30, 2026, and 776 on December 31, 2026, all contingent on continued service. After this grant, Ivy directly holds 18,427 shares of the company’s Class A Common Stock.
Cardinal Infrastructure Group Inc. director Austin J. Shanfelter received an equity award of 3,101 Class A common shares as restricted stock units on May 7, 2026. The grant is compensation, not an open-market purchase, and increased his direct holdings to 8,726 shares.
The RSUs vest in four tranches, subject to continued service: 775 vested immediately on grant, 775 are scheduled to vest on June 30, 2026, another 775 on September 30, 2026, and 776 on December 31, 2026. As each tranche vests, the units convert into common shares the director can own directly.
Wimmer Richard Bennett reported acquisition or exercise transactions in this Form 4 filing.
Cardinal Infrastructure Group Inc. director Richard Bennett Wimmer reported receiving a grant of 3,101 shares of Class A Common Stock as restricted stock units at $24.18 per share. This is a compensation-related award, not an open-market purchase, and brings his direct holdings to 19,826 shares.
The RSUs were granted on May 7, 2026 and vest in four tranches, subject to continued service: 775 units vested immediately, 775 vest on June 30, 2026, 775 on September 30, 2026, and 776 on December 31, 2026. These vesting dates spread the award over the remainder of 2026.
Cardinal Infrastructure Group Inc. filed an amended report to add full financials for its newly acquired subsidiary, A.L. Grading Contractors (ALGC), and detailed pro forma results. ALGC generated $164.5 million in 2025 contract revenue and $33.5 million in net income, with strong operating cash flow of $41.6 million.
The unaudited pro forma statements show Cardinal including ALGC and related financing, including an $80 million increase in its term loan facility to $200 million to help fund total ALGC consideration of about $254.7 million, split among cash, equity units, Class A shares and contingent consideration. Pro forma 2025 combined revenue is $620.5 million, with net income attributable to the company of about $12.5 million, reflecting purchase accounting, new intangibles and higher interest costs.
Cardinal Infrastructure Group Inc. (CDNL) is holding its first annual stockholder meeting as a public company on June 5, 2026 via virtual-only webcast. Stockholders will vote on electing six directors for one-year terms and ratifying Grant Thornton LLP as independent auditor for 2026.
Cardinal completed its IPO in December 2025, raising approximately $241.5 million in gross proceeds and listing on Nasdaq. For 2025, the Company reported revenue of $456.0 million, up 45% from 2024, and net income of $31.1 million, up 10%. Backlog at December 31, 2025 was $682 million, up 33% from the prior year-end.
The Company operates with an Up-C structure: IPO proceeds were used to purchase LLC units of its operating subsidiary and redeem interests from pre-IPO owners, including large redemptions from executives Jeremy Spivey, Erik West and Mike Rowe. A Tax Receivable Agreement entitles pre-IPO holders to 85% of certain tax savings from step-up in basis and related attributes, potentially over more than 16 years and accelerated upon a change of control.
Proxy disclosures describe related-party leases with an entity owned by senior executives and family members, revenue from a related real-estate party, and employment of the CEO’s father. Cardinal also details a 3.66 million-share 2025 Stock Incentive Plan, director compensation via cash and RSUs, a clawback and insider trading policy with hedging prohibitions, and its three independent board committees. Voting is available online or by telephone for stockholders of record as of April 9, 2026.