Cardinal Infrastructure revenue doubles as Southeast building boom accelerates

Cardinal Infrastructure Group (NASDAQ:CDNL) reported a 105% surge in first-quarter revenue, prompting the company to raise its full-year financial outlook as infrastructure demand across the Southeastern U.S. continues to outpace expectations.

The Raleigh-based firm generated $167.5 million for the period ended March 31, 2026, driven by a robust 64% organic growth rate and significant contributions from recent acquisitions.

The company’s net income rose 73% to $11.5 million, or $0.23 per diluted share, while adjusted EBITDA climbed 84% to $26.8 million.

Profitability was supported by a 280-basis-point expansion in gross margin, which reached 14.9%, reflecting improved scale and disciplined project execution in its core markets of North and South Carolina.

Order momentum reached an all-time high during the quarter, with Cardinal’s total backlog swelling to $854 million—a 60% increase from the prior year.

The pipeline is increasingly diversified, moving beyond residential site development into large-scale manufacturing, industrial, and data center projects.

Notable contributions came from A.L. Grading Contractors (ALGC), which was integrated into the business in mid-February.

Bolstered by the strong start, Cardinal raised its 2026 revenue guidance to a range of $675 million to $685 million, up from its previous forecast of $665 million to $678 million.

The company also reaffirmed its target for an adjusted EBITDA margin of 20% or higher for the full year.

To support this growth, Cardinal ended the quarter with $44 million in cash and recently completed a $250 million refinancing of its credit facilities.