Cardinal Infrastructure Group Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 12, 2026, reporting a net loss attributable to the company of $4.399 million for the third quarter amid significant balance sheet growth.

Key Highlights

  • Q3 2026 Revenue: Revenues for the three months ended September 30, 2026 were $201,927 thousand, up from $122,324 thousand in the same period of 2025, according to the filing.
  • Q3 2026 Net Loss: The company reported a net loss attributable to Cardinal Infrastructure Group Inc. of $4,399 thousand for Q3 2026, compared to net income of $7,093 thousand in Q3 2025.
  • Nine-Month Revenue: For the nine months ended September 30, 2026, revenues totaled $596,371 thousand, versus $310,236 thousand for the same period in 2025.
  • Total Assets: Total assets as of September 30, 2026 were $1,019,140 thousand, compared to $394,589 thousand as of December 31, 2025.
  • Cash Position: Cash stood at $335,003 thousand as of September 30, 2026, up from $97,149 thousand at December 31, 2025.
  • Shares Outstanding: As of November 4, 2026, Class A Common Stock outstanding was 21,373,255 shares and Class B Common Stock outstanding was 26,164,576 shares.
  • Goodwill Growth: Goodwill increased to $133,216 thousand as of September 30, 2026, from $23,511 thousand at December 31, 2025, reflecting acquisition activity during the period.

Cardinal Infrastructure Group's Q3 2026 Financial Results and Balance Sheet Expansion

According to the filing, Cardinal Infrastructure Group Inc. (NASDAQ:CDNL), headquartered in Raleigh, North Carolina, reported revenues of $201,927 thousand for the three months ended September 30, 2026. Cost of revenues for the same period was $191,123 thousand, producing a gross profit of $10,804 thousand. The company reported a loss from operations of $8,790 thousand in Q3 2026, compared to income from operations of $12,019 thousand in Q3 2025. General and administrative expenses rose to $14,705 thousand in Q3 2026 from $5,124 thousand in the prior-year quarter, and amortization expense was $4,889 thousand versus $2,292 thousand a year earlier.

For the nine months ended September 30, 2026, the filing disclosed revenues of $596,371 thousand and net income of $11,667 thousand in total, with net income attributable to Cardinal Infrastructure Group Inc. of $3,695 thousand. The company's total assets grew to $1,019,140 thousand as of September 30, 2026, from $394,589 thousand at December 31, 2025. The filing attributes a portion of this growth to acquisitions, as reflected in goodwill rising to $133,216 thousand and intangible assets, net, reaching $96,963 thousand, compared to $23,511 thousand and $15,514 thousand, respectively, at year-end 2025. Total equity expanded to $589,159 thousand from $139,538 thousand over the same span.

The filing also reports total liabilities of $429,981 thousand as of September 30, 2026, including notes payable, less current portion, net of unamortized debt issuance costs of $186,810 thousand, and a tax receivable agreement liability of $55,937 thousand. Contingent consideration of $12,300 thousand appeared on the balance sheet as of September 30, 2026, where none was recorded at December 31, 2025. The company is classified as an emerging growth company and a non-accelerated filer, and indicated it has elected not to use the extended transition period for new or revised accounting standards.

What Was Disclosed

Cardinal Infrastructure Group Inc. filed its unaudited quarterly report for the period ended September 30, 2026, disclosing a Q3 net loss attributable to the company of $4,399 thousand on revenues of $201,927 thousand, alongside a substantial expansion of total assets and goodwill compared to December 31, 2025.