Cardinal Infrastructure Group Posts $201.9 million Q3 Revenue but Swings to $11.0 million Net Loss

Cardinal Infrastructure Group reported third-quarter revenue of $201.9 million, up 65.1% year over year, while its adjusted EBITDA margin fell to 4.2% from 17.5% and it posted an $11.0 million net loss versus $10.1 million in net income. TradingView published the results on November 12, 2026.

Inside Cardinal's Third-Quarter Results

Cardinal Infrastructure Group is a civil contracting company that self-performs wet-utility installations, grading, paving and site-development work across the Southeast U.S., serving residential builders, commercial developers, municipalities and data-center customers through Cardinal Civil Contracting, A.L. Grading Contractors and Piedmont Pipe Construction.

Revenue rose by $79.6 million year over year, and $55.7 million of that increase came from acquired businesses, according to the report. The adjusted EBITDA margin contracted to 4.2% from 17.5%, and the net result swung to an $11.0 million loss from $10.1 million of income.

Cardinal withdrew its full-year 2026 revenue and margin guidance. The company also authorized up to $50 million in repurchases over 12 months, an authorization that does not require any purchases, and postponed its proposed Hughes Brothers acquisition.

Cardinal's Funding and Revenue Base

According to akta.pro company records, Cardinal completed an upsized public offering of 4.6 million shares at $73.00 per share in June 2026, raising approximately $336 million in gross proceeds with underwriters fully exercising their option. The same records list a $250 million post-IPO debt round in September 2026 and full-year 2025 revenue of $456.0 million, up 45% from $315.2 million in 2024, with organic growth of 33% year over year. The 2026 full-year guidance range that Cardinal has now withdrawn was $665 million to $678 million.

Margin Pressure Before the Q3 Report

Cardinal reported a Q2 2026 gross profit margin of 10.8%, down from 13.9% in Q2 2025, on higher subcontracted labor and equipment costs, and its stock fell over 36% after the announcement, American Banking and Market News reported in October 2026. Scott+Scott Attorneys at Law LLP said the same month it was investigating potential federal securities law violations involving Cardinal, and Block & Leviton was investigating the company after its August 2026 disclosure of a collapsed EBITDA margin and a stock drop of roughly 34%.

Hughes Brothers Deal Timing

Cardinal agreed in October 2026 to acquire Hughes Brothers Construction for $357.5 million, a deal expected to close in the fourth quarter of 2026 that would add a Central Florida contractor with over $220 million in revenue and a $350 million backlog, PR Newswire reported. Cardinal has since postponed the proposed acquisition.