Cardinal Infrastructure reports Q3 loss, withdraws full-year guidance and announces CFO departure
Cardinal Infrastructure Group posted third‑quarter revenue of $202 million, up 65% year over year, but adjusted EBITDA fell to $9 million and gross margin slipped to 5.4%. The company withdrew its full‑year 2026 revenue and adjusted‑EBITDA guidance because of large project estimate revisions. The board approved a $50 million share‑repurchase program and CFO Mike Rowe announced he will step down.
Why it matters
The withdrawal of full‑year guidance leaves investors without a clear earnings outlook, increasing uncertainty about future profitability. The authorized $50 million buyback may provide some support to the stock price, but the guidance pull‑back could weigh on valuation.
Key facts
- 1Q3 revenue rose 65% to $202 million, an increase of $80 million, including $24 million of organic growth. finance.yahoo.com
- 2Backlog at the end of the quarter was $816 million. finance.yahoo.com
- 3Adjusted EBITDA declined to $9 million from $21 million a year earlier, and adjusted EBITDA margin fell to 4.2% from 17.5%. finance.yahoo.com
- 4Gross margin dropped to 5.4% versus 15.9% in the prior year. finance.yahoo.com
- 5Net loss for the quarter was $11 million, compared with net income of $10 million in the same period last year. finance.yahoo.com
- 6The board authorized a share‑repurchase program of up to $50 million of Class A common stock over the next 12 months. finance.yahoo.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.