Business UpdateApr 26, 2026, 05:31 AM
CDNL Acquires A.L. Grading; 2025 Revenue +45% to $456M
AI Summary
Cardinal Infrastructure Group Inc. announced its first Annual Meeting of Stockholders as a public company, highlighting a transformative 2025 and early 2026. The company completed its IPO in December 2025, raising $241.5 million, and reported 2025 revenue of $456.0 million, up 45% from 2024, with net income of $31.1 million, up 10%. Following the IPO, Cardinal acquired A.L. Grading Contractors, LLC in February 2026, expanding its geographic footprint and strengthening its position in the Southeast. The Annual Meeting agenda includes the election of six directors and the ratification of Grant Thornton LLP as the independent auditor for 2026.
Key Highlights
- Acquired A.L. Grading Contractors, LLC in February 2026, expanding footprint.
- Completed IPO in December 2025, raising $241.5 million gross proceeds.
- 2025 revenue reached $456.0 million, a 45% increase from 2024.
- 2025 net income was $31.1 million, a 10% increase from 2024.
- Backlog as of December 31, 2025, was $682 million, up 33% YoY.
- Annual Meeting on June 5, 2026, to elect six directors.
- Grant Thornton LLP proposed as independent auditor for 2026.
- Board recommends "FOR" all director nominees and auditor ratification.
Price Impact
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