Cardinal Infrastructure Group (CDNL) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 grew 105% year-over-year to $167.5 million, with 64% organic growth and significant contributions from the ALGC acquisition.

• Net income rose 73% to $11.5 million, reflecting operational strength, though noncontrolling interest allocation post-IPO impacted attributable net income.

• Backlog reached a record $854 million, up 60% year-over-year, providing over 12 months of revenue visibility and supporting future growth.

• Gross profit margin improved to 14.9% (up 280 basis points), with adjusted gross profit margin at 20.4%.

• Raised full-year 2026 revenue guidance to $675–$685 million and maintained adjusted EBITDA margin target above 20%.

Financial highlights

• Adjusted EBITDA for Q1 2026 was $26.8 million (16.0% margin), up from $14.6 million (17.8%) in Q1 2025.

• Gross profit was $24.9 million (14.9% margin); adjusted gross profit was $34.2 million (20.4% margin).

• Operating cash flow was $9.3 million, down from $12.1 million, due to increased working capital for growth.

• Net cash used in investing activities was $134.8 million, mainly for the ALGC acquisition; net cash provided by financing activities was $72.3 million.

• Cash and cash equivalents were $44.0 million at quarter-end.

Outlook and guidance

• 2026 revenue guidance raised to $675–$685 million, up from $665–$678 million.

• Adjusted EBITDA margin guidance maintained at 20%+ for the full year.

• CapEx forecast for 2026 remains at $58 million, supporting fleet and facility investments.

• Backlog provides over 12 months of revenue visibility at current run rate.

• Guidance assumes stable economic conditions in the Southeastern U.S. and includes ALGC acquisition impact.