Cardinal Infrastructure Group Inc.

Listed Company

CDNLCIK 0002079999NasdaqNon-AcceleratedEmerging GrowthHeavy Construction Other Than Bldg Const - ContractorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$22.69M

Total Assets

$394.59M

Equity

$139.54M

Shares Out

—

Op. Cash Flow

$37.90M

Business

Cardinal Infrastructure Group Inc. is a publicly listed company in Heavy Construction Other Than Bldg Const - Contractors, incorporated in Delaware. Common stock trades on Nasdaq under the ticker CDNL.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Revenues	456	315	248
Cost of revenues, excluding depreciation and amortization	360	250	199
General and administrative	24	11	6
Depreciation expense	25	19	13
Amortization expense	7	0	0
(Gain) loss on disposal of property and equipment	−157,401	13,534	−365,919
Income from operations	40	36	30
Interest expense, net	−7	−5	−4
Other expense, net	−518,704	−1	−1
Total other expense, net	−7	−6	−5
Net income before taxes	33	30	24
Income tax expense	−2	−1	0
Net income	31	28	24
Less: Net income attributable to noncontrolling interests	8	7	4
Net income attributable to Cardinal Infrastructure Group Inc.	23	21	21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash	97	21	—	—
Accounts receivable, net	61	38	34	—
Contract assets	55	18	—	—
Prepaid expenses	2	373,442	—	—
Other assets	432,584	89,349	—	—
Total current assets	216	77	—	—
Property and equipment, net	85	50	—	—
Operating lease right-of-use assets	9	5	—	—
Investments in unconsolidated affiliates	0	984,041	—	—
Goodwill	24	7	7	—
Intangible assets, net	16	0	—	—
Deferred tax assets	46	0	—	—
Total assets	395	140	—	—
Current portion of notes payable	6	11	—	—
Current portion of finance lease liabilities	3	3	—	—
Current portion of operating lease liabilities	4	3	—	—
Accounts payable	61	38	—	—
Accrued distributions	0	341,736	—	—
Accrued expenses	3	792,427	—	—
Deferred consideration payable	4	0	—	—
Contract liabilities	11	14	—	—
Total current liabilities	92	71	—	—
Notes payable, less current portion, net of unamortized debt issuance costs	113	37	—	—
Finance lease liabilities, less current portion	5	7	—	—
Operating lease liabilities, less current portion	6	2	—	—
Tax receivable agreement liability	39	0	—	—
Total liabilities	255	117	—	—
Commitments and contingencies (Note 17)	—	—	—	—
Members' interest	0	12	—	—
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025	—	—	—	—
Additional paid-in capital	58	0	—	—
Retained earnings	863,593	0	—	—
Noncontrolling interests	81	12	—	—
Total stockholders' / members' equity	140	23	7	−9
Total liabilities and stockholders' / members' equity	395	140	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Amortization of debt issuance costs	98,922	0	0
Amortization of other intangible assets	7	85,840	3,250
Noncash stock compensation	6	0	0
(Earnings) losses from investments in unconsolidated affiliates	−94,408	−99,555	53,914
Provision for deferred income taxes	275,524	0	0
Accounts receivable, net	−13	−4	−6
Contract assets	−34	426,371	−5
Prepaid expenses	−2	−33,282	785,812
Other assets	−463,358	1	971,630
Accounts payable	21	−3	2
Accrued expenses	2	−650,940	−679,699
Contract liabilities	−5	2	1
Net cash provided by operating activities	38	43	31
Proceeds from the sale of property and equipment	453,915	297,457	804,100
Purchases of property and equipment	−44	−21	−12
Acquisitions, net of cash acquired	−59	0	−11
Investment in unconsolidated affiliate	0	−515,000	0
Proceeds from repayment of related party receivable	1	0	0
Decrease in cash due to deconsolidation of variable interest entity	−4,388	0	0
Net cash used in investing activities	−102	−21	−22
Proceeds from notes payable	166	64	18
Principal payments on notes payable	−92	−56	−9
Payment of debt issuance costs	−2	0	0
Proceeds from credit facility line of credit	27	0	0
Repayment of credit facility line of credit	−27	0	0
Principal payments on finance lease obligations	−3	−3	−2
Payments of deferred consideration	−1	0	0
Member distributions	−23	−13	−9
Proceeds from stock subscription	3,834	0	0
Proceeds from equity offering, net of underwriting discounts	258	0	0
Repurchase of outstanding equity / Cardinal's OpCo units	−158	0	0
Payment of initial public offering issuance costs	−6	0	0
Net cash provided by/(used in) financing activities	140	−8	−3
Net change in cash	76	14	6
Cash paid for interest	7	5	4
Cash paid for taxes - federal	0	0	0
Cash paid for taxes - state	2	1	0
Purchases of property and equipment acquired through acquisitions	21	0	10
Notes payable recognized on acquisitions	0	0	1
Purchases of property and equipment financed with finance leases	1	4	9
Right of use assets recognized with operating leases	7	3	3
(Decrease) increase in accrued and unpaid member distributions	0	−577,090	279,074
Increase in deferred acquisition consideration payable	5	0	0
Derecognition of investments in unconsolidated affiliates upon deconsolidation of variable interest entity	1	0	0
Derecognition of notes payable upon deconsolidation of variable interest entity	1	0	0
Derecognition of property and equipment upon deconsolidation of variable interest entity	5	0	0
Derecognition of other assets, net upon deconsolidation of variable interest entity	−9,171	0	0
Derecognition of non-controlling interest upon deconsolidation of variable interest entity	53,172	0	0
Recognition of operating lease liability upon deconsolidation of variable interest entity	513,273	0	0
Recognition of operating lease right-of-use assets upon deconsolidation of variable interest entity	468,904	0	0
Recognition of equitized loan distribution upon deconsolidation of variable interest entity	4	0	0
Increase in related party loan receivable	1	0	0
Rollover equity issued as consideration for acquisitions	5	0	2
Deferred offering costs accrued	−389,100	0	0
Establishment of deferred tax asset related to the Tax Receivable Agreement	46	—	—
Establishment of liabilities under the Tax Receivable Agreement	39	0	0
Net effect of the Tax Receivable Agreement within additional paid in capital	7	0	0

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