Every 8-K that Cardinal Infrastructure Group Inc. (CDNL) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow CDNL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full CDNL filings page.
Cardinal Infrastructure Group Inc. (CDNL) completed its acquisition of Allied Paving Contractors on October 1, 2026, for approximately $115.0 million in consideration. The consideration included cash and 1,006,796 shares of Cardinal Class A common stock and is subject to customary post-closing adjustments. The shares were issued in an unregistered transaction under Section 4(a)(2); they may not be reoffered or resold in the United States without registration or an applicable exemption.
Allied generated approximately $100 million in standalone revenue. A portion of that volume will be performed on Cardinal projects and reflected in margin rather than consolidated revenue. Cardinal said the acquisition expands its self-performing capabilities in the Atlanta market and aligns with its strategy of targeting founder-led companies. Allied CEO John McLean will join Cardinal’s leadership team to manage paving operations across Georgia.
Cardinal Infrastructure Group Inc. (CDNL) reports that its subsidiary, Cardinal Civil Contracting, LLC, entered into a Second Amendment to its Credit Agreement with Truist Bank and other lenders on September 10, 2026. The amendment establishes a delayed draw term loan facility of up to $250,000,000 and increases the aggregate revolving commitments from $75,000,000 to $100,000,000, while also modifying other provisions. Cardinal Infrastructure Group Inc. itself is not a party to the Credit Agreement or the Second Amendment, and all other terms of the Credit Agreement remain as previously disclosed.
Cardinal Infrastructure Group Inc. reported very strong growth for the quarter ended June 30, 2026, with revenue of $226.9 million, up 114% year-over-year, including 64% organic growth. Second-quarter adjusted EBITDA was $28.1 million, up 43%, while net income rose 18% to $11.1 million. Backlog reached $866 million, a 35% increase from a year earlier.
Despite the growth, profitability metrics compressed: gross margin declined to 10.8% and adjusted EBITDA margin to 12.4%, reflecting higher subcontracting and rental costs, weather impacts, and increased corporate investment. Net income attributable to the company fell to $4.7 million, and diluted EPS was $0.26 versus $0.53 a year earlier.
Cardinal announced the acquisition of Allied Paving, an Atlanta-based contractor generating about $108 million in annual revenue at a 20.3% adjusted EBITDA margin. Total consideration is about $120 million (roughly $62 million cash and $58 million in Class A stock) at roughly 5.5x adjusted EBITDA, funded with cash on hand and stock subject to a six‑month lock-up. The company raised its 2026 revenue outlook to $880–$900 million and now targets full‑year adjusted EBITDA margin of 16–18%. Cash and cash equivalents grew to $339.1 million as of June 30, 2026, supported by strong financing inflows and an equity offering.
Cardinal Infrastructure Group Inc. reported results of its 2026 Annual Meeting of Stockholders. Holders of 40,746,383 shares of common stock were present or represented by proxy. Stockholders elected six directors to serve until the 2027 annual meeting, with each nominee receiving over 40.1 million votes in favor and only modest opposition or abstentions. Stockholders also ratified the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, with 40,744,175 votes for, 101 against, and 2,107 abstentions.
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.
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. 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. completed its acquisition of substantially all of the assets of Red Clay Industries, Inc. through its wholly owned subsidiary Aviator Paving Company Charlotte, LLC for approximately $40.0 million, including $39.0 million in cash and the assumption of about $1.0 million of liabilities.
Red Clay provides asphalt paving, concrete contracting, concrete reclamation and soil stabilization in North Carolina and generated revenue of $44.9 million and net income of $3.1 million for the year ended December 31, 2024, and revenue of $37.1 million and net income of $1.6 million for the nine months ended September 30, 2025.
On a pro forma basis, Cardinal reports Pro Forma Net Income of $17.8 million, Pro Forma EBITDA of $51.7 million and Adjusted Pro Forma EBITDA of $62.0 million for 2024, and Pro Forma Net Income of $24.3 million, Pro Forma EBITDA of $58.1 million and Adjusted Pro Forma EBITDA of $60.4 million for the nine months ended September 30, 2025.
Cardinal Infrastructure Group Inc. reports that it has completed its initial public offering of Class A Common Stock and related corporate restructuring steps. The company sold 11,500,000 Class A shares at $21.00 per share and, after underwriters fully exercised their option, sold another 1,725,000 shares at the same price, for aggregate gross proceeds of approximately $277.7 million before underwriting costs.
In connection with the IPO, the company’s amended and restated certificate of incorporation and bylaws became effective, authorizing 500,000,000 Class A shares, 500,000,000 Class B shares and 10,000,000 preferred shares. Cardinal Infrastructure also issued 30,887,813 shares of Class B Common Stock to Members, including certain managers and directors, in a private offering under Section 4(a)(2) of the Securities Act, and entered into a new limited liability company agreement, a tax receivable agreement and a registration rights agreement as described in its prospectus.