Cardinal Infrastructure Group Inc. Reports Third Quarter 2026 Results

Detailed summary

Company reports strong revenue growth and outlines actions to strengthen execution and profitability RALEIGH, N.C., Nov. 12, 2026 /PRNewswire/ -- Cardinal Infrastructure Group…

Company reports strong revenue growth and outlines actions to strengthen execution and profitability

RALEIGH, N.C., Nov. 12, 2026 /PRNewswire/ -- Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) ("Cardinal" or the "Company"), today announced the Company's third quarter and year-to-date 2026 financial results.

"As a second-generation operator with more than 30 years of experience in this industry, I know what strong project execution requires, and I recognize when we need to raise our standard. We are taking several actions to do just that. Benji Wood, our Chief Operating Officer, is a third-generation operator with more than 30 years of experience and a demonstrated record of success leading ALGC. Benji will now take a more direct role in establishing and implementing consistent operating standards across the Cardinal platform, focusing on project selection, estimating, project reviews and accountability.

"Separately, in collaboration with Hughes Brothers, we've decided to postpone the proposed acquisition. We believe the right priority today is strengthening execution across our existing operations and realizing the benefits of the businesses we've already acquired. We also remain focused on capital allocation. Given the strength of the balance sheet, our Board of Directors has authorized a share repurchase program of up to $50 million of our Class A common stock over the next 12 months. Our strategy remains intact.

Revenues increased $79.6 million, or 65.1%, to $201.9 million for the three months ended September 30, 2026, from $122.3 million for the three months ended September 30, 2025. Revenue growth included $23.9 million of organic growth, primarily reflecting higher residential project volumes and continued expansion across the Company's geographic footprint, with the remaining $55.7 million increase attributable to acquired businesses.

Cost of revenues increased $88.2 million, or 85.8%, to $191.1 million for the three months ended September 30, 2026, from…

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