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.
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.
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.
Cardinal Infrastructure Group amendment reports that Wasatch Advisors beneficially owns 693,050 shares of Class A common stock, representing 4.5% of the class. The filing lists sole voting power for 648,613 shares and sole dispositive power for 693,050 shares. The amendment is signed by the reporting person on 04/23/2026.
Cardinal Infrastructure Group Inc. director Wood Anthony Leon Jr. filed an initial ownership report showing indirect holdings through Diamond Interests Group, LLC. That entity holds 2,093,031 shares of Class B Common Stock and an equal number of LLC Units exchangeable 1-to-1 into Class A Common Stock with no expiration.
Cardinal Infrastructure Group Inc. Chief Operating Officer Benjamin Wood filed an initial ownership report showing indirect equity interests through Diamond Interests Group, LLC. That entity holds 2,093,031 shares of Class B Common Stock. Related LLC Units are redeemable on a 1-to-1 basis into an equal number of Class A Common shares, with the corresponding Class B shares forfeited and no expiration on the LLC Units.
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.