Civil Infrastructure Group Inc. CDNL
Cardinal Infrastructure Group Inc (the "Cardinal Group"), a Delaware corporation, was formed on June 12, 2025. On December 11, 2025, the Cardinal Group completed an initial public offering (the "IPO") of 11,500,000 shares of its Class A Common Stock at a price to the public of $21.00 per share, and on December 12, 2025, pursuant to the exercise in full of the underwriters' option, the Cardinal Group completed the sale of an additional 1,725,000 shares of its Class A Common Stock at a price to the public of $21.00 per share. The gross proceeds from the IPO, including the exercise in full of the sale of the additional shares, were approximately $277.7 million, before deducting underwriting discounts and offering expenses.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $456.0M | $315.2M | $247.9M | — |
| SG&A | $23.5M | $10.7M | $6.5M | — |
| Operating income | $40.4M | $35.9M | $29.5M | — |
| Interest expense | $6.8M | $4.8M | $4.0M | — |
| Pre-tax income | $33.1M | $29.6M | $24.3M | — |
| Income tax | $2.0M | $1.4M | $0 | — |
| Net income | $22.7M | $21.4M | $20.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Receivables | $61.3M | $38.3M | $34.1M | — |
| Total current assets | $215.7M | $77.4M | — | — |
| Property, plant and equipment | $84.9M | $49.8M | — | — |
| Goodwill | $23.5M | $7.1M | $7.1M | — |
| Other intangibles | $15.5M | $0 | — | — |
| Total assets | $394.6M | $140.3M | — | — |
| Accounts payable | $60.6M | $38.3M | — | — |
| Total current liabilities | $91.6M | $70.5M | — | — |
| Total liabilities | $255.0M | $117.0M | — | — |
| Retained earnings | $863.6K | $0 | — | — |
| Total equity | $139.5M | $23.4M | $7.5M | -$9.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | $37.9M | $42.6M | $30.9M | — |
| Depreciation and amortisation | $25.2M | $18.7M | $13.2M | — |
| Stock-based compensation | $5.9M | $0 | $0 | — |
| Capital expenditure | $43.8M | $20.8M | $12.3M | — |
| Investing cash flow | -$101.5M | -$21.0M | -$22.4M | — |
| Financing cash flow | $139.8M | -$8.0M | -$2.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-120014.