Cardinal Infrastructure Group Inc. filed an 8-K on November 12, 2026, reporting third-quarter and year-to-date 2026 financial results, announcing a share repurchase program, withdrawing full-year guidance, and disclosing the planned departure of its Chief Financial Officer.

Key Highlights

  • Revenue surge: Third-quarter revenues rose 65.1% to $201.9 million, up from $122.3 million in the prior-year period.
  • Net loss: The company reported a net loss of $11.0 million for Q3 2026, compared to net income of $10.1 million in Q3 2025.
  • Adjusted EBITDA margin compressed: Q3 Adjusted EBITDA margin fell to 4.2% ($8.5 million), down from 17.5% ($21.4 million) in the prior-year quarter.
  • Project estimate revisions: Cost revisions on certain projects reduced gross profit by $13.2 million in Q3 2026.
  • Share repurchase authorized: The Board authorized repurchase of up to $50 million of Class A common stock over the next 12 months.
  • Guidance withdrawn: The company withdrew its previously issued full-year 2026 revenue and Adjusted EBITDA margin guidance.
  • CFO transition: Mike Rowe notified the company on November 9, 2026, of his decision to resign as Chief Financial Officer upon appointment of his successor, and will remain in his role until that successor joins.

Cardinal Infrastructure Reports Q3 Margin Pressure and Operational Changes

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL), a Southeast-focused provider of civil and site development infrastructure services, reported that third-quarter revenues reached $201.9 million for the three months ended September 30, 2026. According to the filing, revenue growth included $23.9 million of organic growth and $55.7 million attributable to acquired businesses. Cost of revenues increased $88.2 million, or 85.8%, to $191.1 million, driven by organic and acquisition-related growth as well as higher fuel and transportation costs, the company disclosed.

Gross margin declined 10.5 percentage points to 5.4% from 15.9% in the prior-year period. The filing states that project estimate revisions alone reduced gross profit by $13.2 million, accounting for approximately 6.5 percentage points of the 13.3-percentage-point decline in Adjusted EBITDA margin. Residential pricing pressure and lower initial bid margins on certain commercial and industrial work accounted for approximately 3.6 percentage points, while higher fuel and transportation costs contributed approximately 3.5 percentage points, according to the filing.

For the nine months ended September 30, 2026, revenues increased $286.1 million, or 92.2%, to $596.4 million, the company reported. Year-to-date Adjusted EBITDA was $63.4 million at a 10.6% margin, compared to $55.7 million and 17.9% in the same period of 2025. As of September 30, 2026, the company disclosed $335.0 million in cash and cash equivalents, $100.0 million of availability under its revolving credit facility, and $250.0 million available under the delayed draw term loan. The company also reported that total backlog as of September 30, 2026, was $815.5 million, a 26.2% increase from the prior-year period, primarily reflecting the ALGC acquisition. The filing further noted that the proposed acquisition of Hughes Brothers has been postponed, with management citing a priority of strengthening execution across existing operations.

What Was Disclosed

Cardinal Infrastructure disclosed Q3 and year-to-date 2026 financial results showing revenue growth alongside a significant margin contraction, the withdrawal of full-year guidance, authorization of a $50 million share repurchase program, and the planned CFO resignation of Mike Rowe pending successor appointment.