Badger Infrastructure Solutions (BDGI) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter revenue of $203.2 million, up 18% year-over-year, driven by strong demand in core infrastructure end markets.

• Adjusted EBITDA rose 13% to $38.1 million, reflecting increased utilization and fleet growth.

• Revenue per truck per month increased 11% to $39,009, indicating higher fleet productivity.

• Continued investment in team, branch network, and strategic initiatives to support ongoing growth.

Financial highlights

• Net earnings for the quarter were $0.03 per share, down from $0.10 per share year-over-year.

• Adjusted net earnings per share increased to $0.22 from $0.19 year-over-year.

• Adjusted EBITDA margin was 18.7%, compared to 19.6% in the prior year.

• Cash flow from operating activities before working capital adjustments was $37.95 million, up from $33.68 million.

• Capital expenditures rose to $40.0 million from $25.6 million year-over-year.

Outlook and guidance

• Expects continued strong growth in end markets and customer demand for the remainder of 2026.

• Increased planned 2026 fleet growth to the upper end of the 7% to 10% range, with 270–310 new units planned.

• Plans $170–$200 million in capital spend for new builds, plus $18–$30 million for potential tariffs.

• Launching two new service lines with $15–$25 million in capital investment.

• Intends to maintain leverage within a Total Debt to Compliance EBITDA range of 1.0x to 2.0x.