The latest financial statement is for the quarter ending 2026-03-31.
| Cash Flow | 2026-03-31 | 2025-12-31 |
|---|---|---|
| Net income | 11,481,036 | 31,093,483 |
| Depreciation expense | 5,702,410 | 25,246,451 |
| Amortization of debt issuance costs | 130,328 | 98,922 |
| Amortization of other intangible assets | 3,567,348 | 7,128,310 |
| (gain) on disposal of property and equipment | 2,397 | 157,401 |
| Noncash stock compensation | 191,852 | 5,868,592 |
| (earnings) from investments in unconsolidated affiliates | 0 | 94,408 |
| Provision for deferred income taxes | 1,031,051 | 275,524 |
| Accounts receivable, net | 18,417,868 | 12,773,598 |
| Contract assets | 19,716,683 | 34,248,729 |
| Prepaid expenses | -642,344 | 1,509,800 |
| Other assets | -249,389 | 463,358 |
| Accounts payable | 22,586,565 | 21,141,527 |
| Accrued expenses | 3,902,484 | 1,774,787 |
| Contract liabilities | -2,053,018 | -5,479,415 |
| Other liabilities | 22,178 | - |
| Net cash provided by operating activities | 9,317,019 | 37,900,887 |
| Proceeds from the sale of property and equipment | 56,214 | 453,915 |
| Purchases of property and equipment | 9,317,980 | 43,815,228 |
| Acquisitions, net of cash acquired | 125,532,857 | 59,398,397 |
| Investment in unconsolidated affiliate | - | 0 |
| Proceeds from repayment of related party receivable | - | 1,263,667 |
| Decrease in cash due to deconsolidation of variable interest entity | - | 4,388 |
| Net cash used in investing activities | -134,794,623 | -101,500,431 |
| Proceeds from notes payable | 80,000,000 | 166,478,947 |
| Principal payments on notes payable | 2,545,308 | 91,889,925 |
| Payment of debt issuance costs | 838,501 | 1,996,262 |
| Proceeds from credit facility line of credit | - | 26,700,000 |
| Repayment of credit facility line of credit | - | 26,700,000 |
| Principal payments on finance lease obligations | 538,528 | 3,275,226 |
| Payments of deferred consideration | 3,766,617 | 1,204,164 |
| Member distributions | 0 | 23,430,129 |
| Proceeds from stock subscription | - | 3,834 |
| Proceeds from equity offering, net of underwriting discounts | - | 258,284,250 |
| Repurchase of outstanding equity / cardinal's opco units | - | 157,500,000 |
| Payment of initial public offering issuance costs | - | 5,639,464 |
| Net cash provided by financing activities | 72,311,046 | 139,831,861 |
| Net change in cash | -53,166,558 | 76,232,317 |
| Beginning of period | 97,149,425 | 20,917,108 |
| End of period | 43,982,867 | 97,149,425 |
Cardinal Infrastructure Group Inc. (CDNL)
Cardinal Infrastructure Group Inc. (CDNL)