Cardinal Infrastructure Group Inc. (CDNL) Form 10-Q — Aug 11, 2026
Cardinal Infrastructure Group's Q2 2026 revenue more than doubled to $226.9 million from $106.1 million a year ago, driven by the February acquisition of ALGC and the May acquisition of Piedmont, with six-month revenue of $394.4 million and remaining performance obligations of $619.6 million. Profitability moved the other way: net income attributable to the company fell to $4.7 million from $7.2 million as operating margin compressed to 6.8% from 11.1%, interest expense more than doubled to $3.5 million, and a switch to straight-line depreciation added about $2.2 million to quarterly net income.
Key figures
- Eps
- 0.53
- Revenue
- 394443154
- Net Income
- 22629342
- Revenue Yoy
- approximately +110% vs. $187,912,174 in the prior-year six months (Q2: $226,934,438 vs. $106,110,909)
- Deal Value Usd
- 120000000
- Gross Proceeds
- 277700000
- Offering Price
- 73
- Shares Offered
- 4600000
- Shares Outstanding
- 20,428,610 Class A and 27,044,449 Class B as of August 3, 2026
- Ipo date
- December 11, 2025
- Q2 revenue
- 226934438
- Q2 basic eps
- 0.3
- Q2 net income
- 11148306
- Tra liability
- 47156582
- Follow on date
- June 24, 2026
- Q2 diluted eps
- 0.26
- Allied cash portion
- 62500000
- Interest expense q2
- 3466263
- Ipo price per share
- 21
- Q2 operating margin
- 6.8% vs 11.1% prior year
- Allied stock portion
- 57500000
- Pubco opco ownership
- 42.63% at June 30, 2026; 43.03% after subsequent redemptions
- Effective tax rate q2
- (9.97%)
- Q2 revenue prior year
- 106110909
- Algc goodwill adjusted
- 107534530
- Follow on net proceeds
- 318000000
- Six month operating margin
- 7.7% vs 10.5% prior year
- Piedmont total consideration
- 8346057
- Goodwill balance june 30 2026
- 133216343
- Rpo expected within 12 months
- 556500000
- Interest expense q2 prior year
- 1581192
- Algc total consideration adjusted
- 251711679
- Remaining performance obligations
- 619648550
- Q2 net income attributable to pubco
- 4675367
- Nci income share q2 weighted average
- 63.85%
- Depreciation change net income benefit q2
- 2199621
- Six month net income attributable to pubco
- 8093805
- Q2 net income attributable to pubco prior year
- 7167705
- Depreciation change net income benefit six months
- 2780075
Price after filing
Close on the filing date to close N calendar days later (from $64.00). Historical, not a forecast.
AI analysis
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