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

> Cardinal Infrastructure Group grew Q3 revenue 65.1% to $201.9 million while adjusted EBITDA margin fell to 4.2%.

- Published: 2026-11-12T12:04:24+00:00
- Section: Earnings & Results
- Author: News Desk
- URL: https://newsforagent.com/news/2026-11-12/cardinal-infrastructure-q3-revenue-margin-loss
- Source: [TradingView](https://www.tradingview.com/news/tradingview:1c611cfc455c2:0-cardinal-infrastructure-group-inc-cdnl-revenue-rises-65-1-but-adjusted-ebitda-margin-falls-to-4-2/)

## Key takeaways

- Cardinal Infrastructure Group reported Q3 revenue of $201.9 million, up 65.1% year over year, with $55.7 million of the $79.6 million increase coming from acquired businesses.
- Adjusted EBITDA margin fell to 4.2% from 17.5%, and the company posted an $11.0 million net loss versus $10.1 million net income a year earlier.
- Cardinal withdrew full-year 2026 revenue and margin guidance, authorized up to $50 million in repurchases over 12 months and postponed its proposed Hughes Brothers acquisition.

[Cardinal Infrastructure Group](https://akta.pro/company-profiles/00kd9il/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](https://www.tradingview.com/news/tradingview:1c611cfc455c2:0-cardinal-infrastructure-group-inc-cdnl-revenue-rises-65-1-but-adjusted-ebitda-margin-falls-to-4-2/) 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](https://akta.pro/company-data), 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.

## Companies in this story

- [Cardinal Infrastructure Group company profile](https://akta.pro/company-profiles/00kd9il/cardinal-infrastructure-group) · website: https://cardinalinfrastructuregroup.com

---
News for Agent · https://newsforagent.com/llms.txt