Cardinal Infrastructure Group Inc (CDNL) is a civil infrastructure construction company that provides residential, commercial, civil, municipal, and industrial infrastructure services in North Carolina. Revenue is generated on a project-contract basis, with prices locked in via firm quotations at bid submission. The company operates primarily in the greater Charlotte, Raleigh, and Greensboro areas of North Carolina, with Charlotte representing approximately 21% of total revenue for the twelve months ended December 31, 2025. Cardinal reported net income of $31.1 million and income tax expense of $72.3 million for the period covered in the FY2025 10-K filed March 23, 2026. Revenue grew at a 44% compound annual growth rate between 2021 and 2025, with organic revenue CAGR of approximately 35% since 2018. The company uses an acquisition-led geographic expansion model, entering new markets through small acquisitions and then scaling organically. The CEO and founder has over 30 years of experience in civil infrastructure. Principal materials include PVC piping, asphalt, and concrete sourced from local suppliers.

Revenue model

Project-contract revenue with prices locked via firm supplier quotations at bid submission. Contracts span residential, commercial, civil, municipal, and industrial infrastructure verticals. Backlog of awarded contracts provides forward revenue visibility, though backlog is not a GAAP measure and is not guaranteed.

Products and services

Civil infrastructure construction services including transportation and wet utility projects. Key materials used: PVC piping, asphalt, concrete, drywall, plumbing, and electrical components. Services span residential home building, commercial, municipal, and industrial infrastructure construction.

Customers and end markets

End markets include residential home builders, commercial developers, civil and municipal governments, and industrial clients. Demand is driven by population growth and state funding for transportation and wet utility projects in North Carolina. North Carolina ranked as the fourth fastest-growing state by numeric growth per the 2024 census, with a 15.8% population increase from 2010 to 2024.

Value-chain role

Prime contractor in civil infrastructure construction. Sources materials from local suppliers and utilizes subcontractors. Internal workforce development through apprenticeship and training programs. Bids on projects and manages construction through completion.

Geographic exposure

Primarily North Carolina as of December 31, 2025, concentrated in the greater Charlotte, Raleigh, and Greensboro areas. Charlotte operations include projects in South Carolina. Raleigh operations generated revenue of $230 million to $330 million between the years reported; Charlotte grew from $18 million to $94 million; Greensboro from zero to $32 million over the same period. Target expansion markets include Wilmington NC, South Carolina, Georgia, Tennessee, and Florida.

Source: SEC 10-K, filed 2026-03-23

Industry: Heavy Construction Other Than Bldg Const - Contractors