AcquisitionsMay 13, 2026, 04:38 PM
Cardinal Infrastructure Q1 Revenue +104.8%; Completes ALGC Acquisition
AI Summary
Cardinal Infrastructure Group Inc. reported a significant increase in Q1 2026 revenues, up 104.8% to $167.5 million, primarily driven by the completion of the ALGC Acquisition. The acquisition, which involved substantial equity and contingent consideration, led to a 66.6% increase in total assets to $657.3 million. Despite revenue growth, net income attributable to the company decreased by 37.6% to $3.4 million, with basic EPS at $0.23. The company also changed its depreciation method to straight-line, which increased Q1 net income by $459,166.
Key Highlights
- Completed ALGC Acquisition, involving $8.5 million in Class A stock, $102.8 million in Class B equity, and $15.3 million in contingent consideration.
- Q1 2026 revenues increased 104.8% to $167.5 million from $81.8 million in Q1 2025.
- Net income attributable to Cardinal Infrastructure Group Inc. decreased 37.6% to $3.4 million.
- Basic earnings per share for Q1 2026 was $0.23.
- Total assets grew 66.6% to $657.3 million as of March 31, 2026, from $394.6 million at December 31, 2025.
- Cash balance decreased 54.7% to $44.0 million as of March 31, 2026, from $97.1 million at December 31, 2025.
- Change in depreciation method increased Q1 2026 net income by $459,166 and diluted EPS by $0.03.
- Net cash used in investing activities was $(134.8) million, primarily due to acquisitions.
Price Impact
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