Cardinal Infrastructure Group Inc.
For the period ended Mar 31, 2026. Filed May 13, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 13, 2026
CDNL$15.23+4.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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FINANCIAL INFORMATION Financial Statements (Unaudited)Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets
| March 31,2026 (Unaudited) | December 31,2025 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash | $43,982,867 | $97,149,425 |
| Accounts receivable, net | 96,631,099 | 61,282,268 |
| Contract assets | 85,238,241 | 54,894,260 |
| Prepaid expenses | 1,686,826 | 1,892,615 |
| Other assets | 540,049 | 432,584 |
| Total current assets | 228,079,082 | 215,651,152 |
| Property and equipment, net | 125,541,991 | 84,901,602 |
| Operating lease right-of-use assets | 20,438,873 | 8,929,742 |
| Goodwill | 128,619,937 | 23,510,649 |
| Intangible assets, net | 109,046,343 | 15,513,692 |
| Deferred tax assets | 45,095,262 | 46,080,518 |
| Other non-current assets | 430,427 | — |
| Total assets | $657,251,915 | $394,587,355 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Current portion of notes payable | $10,129,136 | $6,128,674 |
| Current portion of finance lease liabilities | 3,487,722 | 3,349,359 |
| Current portion of operating lease liabilities | 5,455,264 | 3,814,686 |
| Accounts payable | 94,734,950 | 60,600,099 |
| Accrued expenses | 8,172,033 | 2,956,314 |
| Deferred consideration payable | 200,001 | 3,966,618 |
| Contract liabilities | 9,669,372 | 10,831,564 |
| Other current liabilities | 22,178 | — |
| Total current liabilities | 131,870,656 | 91,647,314 |
| Notes payable, less current portion, net of unamortized debt issuance costs | 185,898,921 | 113,152,864 |
| Finance lease liabilities, less current portion | 4,993,315 | 4,974,309 |
| Operating lease liabilities, less current portion | 17,255,749 | 5,851,516 |
| Tax receivable agreement liability | 39,423,529 | 39,423,529 |
| Contingent consideration | 15,254,000 | — |
| Other non-current liabilities | 554,159 | — |
| Total liabilities | 395,250,329 | 255,049,532 |
| Commitments and contingencies (Note 15) | ||
| Stockholders' equity | ||
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31 2025 | — | — |
| Class A common stock, $0.0001 par value, 500,000,000 shares authorized; 15,292,984 and 14,947,318 shares issued and outstanding as of March 31, 2026 and December 31 2025, respectively | 1,530 | 1,495 |
| Class B common stock, $0.0001 par value, 500,000,000 shares authorized; 27,573,875 and 23,387,813 shares issued and outstanding as of March 31, 2026 and December 31 2025, respectively | 2,757 | 2,339 |
| Additional paid-in capital | 66,275,188 | 57,593,814 |
| Retained earnings | 4,282,031 | 863,593 |
| Accumulated other comprehensive loss | (151,904) | — |
| Noncontrolling interests | 191,591,984 | 81,076,582 |
| Total stockholders' equity | 262,001,586 | 139,537,823 |
| Total liabilities and stockholders' equity | $657,251,915 | $394,587,355 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.