The strong beat and raised guidance, combined with record backlog and expanding margins, signal accelerating momentum. Watch for continued organic growth execution and potential further M&A given management's active pipeline. The data center award diversifies end-market exposure and could be a catalyst for multiple expansion.
Price Chart
Executive Summary
Cardinal Infrastructure Group reported a blowout Q1 2026: revenue of $167.5M (+105% YoY, +64% organic), net income of $11.5M (+73% YoY), and Adjusted EBITDA of $26.8M (+84% YoY). The company raised its full-year 2026 revenue guidance to $675M-$685M (from $665M-$678M) and maintained its 20%+ Adjusted EBITDA margin target, driven by record backlog of $854M (+60% YoY) and strong execution across all end markets.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $167.5M, up 105% YoY (64% organic)
- Net income of $11.5M, up 73% YoY
- Adjusted EBITDA of $26.8M, up 84% YoY
- Backlog of $854M at March 31, 2026, up 60% YoY
- Raised FY2026 revenue guidance to $675M-$685M from $665M-$678M
- Maintained FY2026 Adjusted EBITDA margin target of 20%+
- Gross profit margin improved 280 bps to 14.9%
- First mission-critical data center award of $24M for phase 1
- ALGC acquisition closed mid-February, contributing meaningfully
Financial Impact
Revenue beat consensus by ~32% ($167.5M vs $126.6M estimate); EPS of $0.23 vs $0.10 consensus (130% beat); guidance raised by ~$8.5M at midpoint
Risk Factors
- Concentration in Southeastern US exposes to regional economic downturns
- Integration risks from rapid M&A (ALGC and others)
- Cash burn from acquisitions ($125.5M in Q1) and declining cash balance ($44M from $97M)
- Rapid growth may strain operational and financial resources
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-218102 |
| Document: cdnl-20260512.htm | 0001193125-26-218102 |
| Document: cdnl-ex99_2.htm | 0001193125-26-218102 |
| Document: 0001193125-26-218102-index-headers.html | 0001193125-26-218102 |
| Document: 0001193125-26-218102-index.html | 0001193125-26-218102 |
| Document: 0001193125-26-218102.txt | 0001193125-26-218102 |
| 8-K Data (Synthetic) | 0001193125-26-218102 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | SC 13G | $15.20 | awaiting T+20 | — | $15.15 (−0.33%) |
Oct 19, 2026 8d ago | 8-K | $15.87 | awaiting T+20 | — | $15.15 (−4.54%) |
Oct 19, 2026 8d ago | Press Release | $15.87 | awaiting T+20 | — | $15.15 (−4.54%) |
Oct 13, 2026 14d ago | Press Release | $18.62 | awaiting T+20 | — | $15.15 (−18.64%) |
Oct 1, 2026 26d ago | 8-K | $30.73 | awaiting T+20 | — | $15.15 (−50.70%) |
Oct 1, 2026 26d ago | Press Release | $30.73 | awaiting T+20 | — | $15.15 (−50.70%) |
Aug 18, 2026 10w ago | Insider Cluster | $43.33 $31.75 | ▼ −26.73% | ▼ −25.89% | $15.15 (−65.04%) |
Aug 17, 2026 10w ago | Insider Cluster | $45.14 $33.64 | ▼ −25.49% | ▼ −24.50% | $15.15 (−66.44%) |
Aug 11, 2026 11w ago | 8-K | $38.27 $34.57 | ▼ −9.67% | ▼ −8.61% | $15.15 (−60.41%) |
Aug 11, 2026 11w ago | Press Release | $38.27 $34.57 | ▼ −9.67% | ▼ −8.61% | $15.15 (−60.41%) |
US Market Status
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