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RALEIGH, N.C., May 12, 2026 /PRNewswire/ — Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) (“Cardinal” or the “Company”), today announced first quarter 2026 financial results and raised guidance for the full year 2026. 

First Quarter Highlights*: 

• Revenue of $167.5 million; up 105% in total or 64% organically year-over-year
• Net income of $11.5 million; up 73% from first quarter 2025
• Adjusted EBITDA of $26.8 million, up 84% year-over-year
• Backlog as of March 31, 2026 was $854 million, up 60% from the prior year

*See “Non-GAAP Financial Measures” below for a discussion of our use of Non-GAAP financial measures in this release and reconciliations to the most directly comparable GAAP financial measures.

“Cardinal delivered an exceptional first quarter,” said Jeremy Spivey, Chairman and Chief Executive Officer. “Revenue grew significantly year over year, backlog reached an all-time high and ALGC has made strong contributions from day one. With results ahead of our expectations on a strong start to the year and the solid visibility we have into the year ahead, we are raising our full-year revenue guidance.”  

“Our vertical integration model is winning work that broadens our end market mix in a real way, including the data center project we announced, and a series of manufacturing and industrial awards added to backlog this quarter. The bidding environment across our markets remains robust and our M&A pipeline is the most active it has ever been. The runway in front of Cardinal is significant, and we are focused on executing for our customers and our shareholders.”

First Quarter Results:

Cardinal reported revenue of $167.5 million for the first quarter 2026, an increase of $86 million, or 105%, compared to $81.8 million in the first quarter of 2025. Growth was driven by 64% organic expansion alongside strong contributions from our 2025 acquisitions and A.L. Grading Contractors (ALGC), which closed mid-February 2026. These results reflect growth in all regions across our footprint, as well as the diversification of our end-market mix, with continued strength in residential alongside expanding contributions from commercial, manufacturing and industrial projects.

Gross profit for the quarter was $24.9 million, or 14.9% gross profit margin, compared to $9.9 million and 12.1% in the prior year. The 280-basis point increase in margins reflects strong cost control, scale benefits across higher revenue volumes and disciplined project execution across our core markets. Adjusted gross profit was $34.2 million, or 20.4% adjusted gross profit margin, an increase of approximately $18 million or 20 basis points year-over-year.

Net income increased 73% to $11.5 million, compared to $6.6 million in 2025. EBITDA was $24.0 million for the quarter, representing an EBITDA Margin of 14.4%, compared to $14.3 million and 17.4% in the prior year.  Adjusted EBITDA for first quarter was $26.8 million, reflecting Adjusted EBITDA margin of 16.0%, compared to $14.6 million and 17.8% in the first quarter of 2025. Adjusted EBITDA margins reflect the increase in gross profit, offset by acquisition-related costs and increased general and administrative expenses related to annual public company costs, including audit and reporting cycle expenses.

Backlog 

Cardinal’s total backlog as of March 31, 2026, was $854 million, a 60% increase from $532 million as of March 31, 2025. The expansion reflects strong bid activity and continued project award momentum across each of Cardinal’s core markets, along with the addition of ALGC.

Balance Sheet 

As of March 31, 2026, Cardinal had $44.0 million in cash and cash equivalents, compared to $22.8 million in cash and cash equivalents at the end of the prior year. Capital expenditures for the quarter ended March 31, 2026, were $9.3 million, excluding acquisitions, compared to $10.3 million in 2025.

2026 Consolidated Guidance

Cardinal today increased outlook for the full year 2026:

• Revenue in the range of $675 million to $685 million; up from the previous range of $665 million to $678 million
• Adjusted EBITDA margin of 20%+ 

The Company’s 2026 guidance reflects management’s current expectations for organic growth and project execution across its core markets and includes the expected contribution of ALGC following the close of that acquisition on February 18, 2026. The guidance is based on current economic conditions and assumes no significant changes in the overall economy or other conditions in the Southeastern United States in 2026. The guidance does not include the potential impact of any future acquisitions, significant weather events or other items outside the ordinary course of business. See “Forward-Looking Statements” below.

Conference Call

Cardinal management will discuss results and outlook during its quarterly investor conference call today starting at 10:30 a.m. ET. The call and accompanying slide presentation will be webcast on the “Events & Presentations” section of Cardinal’s website. A replay of the webcast will be available at the same location shortly after the conclusion of the presentation. 

About Cardinal 

Cardinal Infrastructure Group Inc. (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. 

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 Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”), and elsewhere in the Annual Report. 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.