Cardinal Infrastructure Group Inc

cardinalcivil.com

What Do They Do?

Prepares sites for home builders, including wet utility installation and grading, and provides site construction services for commercial and industrial developers and public agencies.

How Do They Make Money?

Most contracts are priced as a set amount; a smaller share is billed by time and materials. Cardinal sends monthly bills for work performed, due within 30 days, and collects held-back amounts after project completion.

FY2025 revenue

Who Are Their Customers?

National and regional home builders are major buyers, often negotiating directly. Commercial and industrial projects include general contractors, while public-sector customers include government agencies such as transportation departments.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$5.9M.

Operating income, FY2025

9% of revenue

▲ +12% vs FY2024 ($35.9M, 11%)

Net income, FY2025

5% of revenue

▲ +6% vs FY2024 ($21.4M, 7%)

Free cash flow, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($21.9M, 7%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +114%; vs $106.1M in Q2 FY2025
Net income: ▼ −35%; vs $7.2M in Q2 FY2025

Growing. Revenue grew 84% in 2 years, from $247.9M in FY2023 to $456M in FY2025, about 36% a year.

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