Cardinal Infrastructure Group Inc. Class A Common Stock

Cardinal Infrastructure Group, Inc. announced the closing of its acquisition of Allied Paving Contractors, expanding the company's self-performing capabilities in the Atlanta market. Allied generated approximately $100 million in revenue on a standalone basis, though Cardinal said a portion of that volume will be performed on Cardinal projects and therefore reflected in margin rather than consolidated revenue. Chief Operating Officer Benji Wood said the addition of Allied's paving crews in Northern Georgia will let Cardinal sequence paving work directly behind its grading and site development teams, shorten project timelines and expand self-perform capabilities in the market. John McLean, CEO of Allied, will join the Cardinal leadership team to manage paving operations across Georgia, and Cardinal said the deal aligns with its strategy of targeting founder-led companies. Cardinal Infrastructure Group trades on NASDAQ under the ticker CDNL.

Osterweis Capital Management's Osterweis Opportunity Fund highlighted Cardinal Infrastructure Group as a top Industrials contributor in its Q2 2026 investor letter, citing the civil contracting company's strong first quarter results, including 64% organic growth, its first data center win, and a well-priced secondary offering that fueled expectations of more accretive M&A. The fund returned 35.34% in the quarter, outpacing the Russell 2000 Growth Index's 25.71% gain, with security selection in Technology, Industrials, Health Care, and Consumer Discretionary driving the outperformance. Cardinal Infrastructure Group, which is still led by its founder and operates in just two states, closed at $30.11 per share on September 22, 2026, down 27.13% over the past month but up 24.52% year to date, with a market capitalization of $615.11 million. Osterweis said it sees a meaningful long-term opportunity for Cardinal's vertically integrated service model to grow both organically and inorganically for years to come. Twenty-six hedge fund portfolios held the stock at the end of the second quarter, up from 20 in the previous quarter.

Cardinal Infrastructure Group announced that its subsidiary A.L. Grading Contractors has been awarded an approximately $40 million contract for full-site civil infrastructure work at the Walmart Sorting Facility in Carnesville, Georgia. The 164-acre project, which will be self-performed by ALGC and Allied Paving Contractors—whose acquisition is expected to close in the fourth quarter—includes mass grading of 1.8 million cubic yards, 54,000 linear feet of utility work, a 1.5 million-square-foot building pad, and 83,000 yards of asphalt paving. Lee Wood, President of Georgia Operations, said the project showcases the combined capabilities of ALGC and Allied Paving and diversifies Cardinal's end markets into commercial and industrial projects for a major logistics client like Walmart. Benji Wood, Chief Operating Officer, noted that Allied Paving has proven itself as a strong partner and that the acquisition is a natural step for the company. The project is part of a broader Walmart investment in Georgia expected to bring more than 1,000 jobs to the area.

Cardinal Infrastructure Group raised its full-year revenue guidance to $880 million to $900 million, reflecting nearly 100% year-over-year growth driven by strong demand and a record backlog. Second-quarter revenue grew 114%, supported by robust commercial, industrial, and residential demand and the integration of recent acquisitions. Adjusted EBITDA margin guidance was revised to 16% to 18% due to transitional costs, weather impacts, and infrastructure investments, with a rebound expected in the second half of 2026. The company acquired Allied Paving for approximately 5.5 times EBITDA, funded by a recent equity offering, and completed its first asphalt manufacturing facility in Raleigh as part of a shift toward vertical integration. Management noted that margin pressure was transitional, caused by weather in Georgia and delayed project starts, and that the company is selectively declining residential work that does not meet internal margin thresholds.

Cardinal Infrastructure Group Inc. rallied after reporting strong first-quarter results that were consistent with management's recent positive commentary, according to the Alger Weatherbie Specialized Growth Fund's second-quarter 2026 investor letter. The fund highlighted the civil contracting company as a notable contributor during the quarter, citing robust organic growth, continued momentum in its mature Raleigh market, and the view that full-year guidance may prove conservative. Cardinal Infrastructure Group provides water, sewer, stormwater, grading, paving, and other site services across residential, commercial, industrial, municipal, and state markets. In the first quarter of 2026, the company reported revenue of $168 million, up 105% from the same period in 2025. As of July 20, 2026, shares closed at $69.25, with a year-to-date gain of 186.39% and a market capitalization of $1.38 billion.

Cardinal Infrastructure Group Inc. reported first-quarter 2026 revenue of $167.5 million, a 105% year-over-year increase, with organic growth of 64% and a record backlog of $854 million. Management raised full-year revenue guidance, citing the company's evolution from a residential contractor into a diversified infrastructure platform with growing exposure to data center projects. The acquisition of ALGC is contributing operational synergies, and an upcoming asphalt plant launch is expected to support margin expansion. The company believes it can achieve 20% or higher Adjusted EBITDA margins as revenue scales.

Cardinal Infrastructure Group Inc. expanded its footprint beyond the Carolinas into Georgia through an acquisition during the first quarter of 2026, a move that was well received by the market. The company, which installs water, sewer and stormwater systems, reported revenue of $168 million in Q1 2026, up 105% from the same period in 2025. Wasatch Micro-Cap Fund highlighted the expansion in its Q1 2026 investor letter, noting the company's strong order backlog and long runway for geographic and acquisition-driven growth. Cardinal Infrastructure Group's stock closed at $81.40 per share on June 18, 2026, with a one-month return of 66.63% and a 52-week gain of 236.64%, giving it a market capitalization of $1.24 billion.