Cardinal Infrastructure Group (CDNL) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 65.1% YoY to $201.9M, but Adjusted EBITDA margin fell to 4.2% and results shifted to an $11.0M net loss.

• Management is prioritizing tighter project selection, estimating, reviews and accountability to improve execution and profitability.

Financial highlights

• Q3 revenue increased $79.6M to $201.9M: $23.9M was organic growth and $55.7M came from acquired businesses.

• Q3 gross profit was $10.8M versus $19.4M; Adjusted EBITDA was $8.5M versus $21.4M.

• Q3 net loss was $11.0M versus net income of $10.1M; G&A rose to $14.7M, including stock compensation, acquired-business expenses and acquisition costs.

• 9M revenue increased 92.2% to $596.4M, including $144.1M organic growth and $142.0M from acquired businesses; net income was $11.7M versus $26.2M.

• 9M Adjusted EBITDA rose to $63.4M from $55.7M, while its margin fell to 10.6% from 17.9%.

Outlook and guidance

• Withdrew FY2026 revenue and Adjusted EBITDA margin guidance, previously $880M–$900M and 16%–18%, amid project adjustments and forecasting improvements.

• Q4 Adjusted EBITDA is expected to improve sequentially from Q3; no specific revenue or margin outlook was issued.

• Backlog was $815.5M at September 30, with $721M–$797M expected to convert to revenue over the following 12 months, subject to project risks.