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$14.60-4.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Three months ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net income | $11,481,036 | $6,641,745 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation expense | 5,702,410 | 5,071,341 |
| Amortization of debt issuance costs | 130,328 | — |
| Amortization of other intangible assets | 3,567,348 | 1,527,500 |
| (Gain) on disposal of property and equipment | (2,397) | (110,945) |
| Noncash stock compensation | 191,852 | — |
| (Earnings) from investments in unconsolidated affiliates | — | (47,204) |
| Provision for deferred income taxes | 1,031,051 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (18,417,868) | 3,429,615 |
| Contract assets | (19,716,683) | (1,273,858) |
| Prepaid expenses | 642,344 | (201,690) |
| Other assets | 249,389 | (1,596,519) |
| Accounts payable | 22,586,565 | 789,417 |
| Accrued expenses | 3,902,484 | (517,531) |
| Contract liabilities | (2,053,018) | (1,619,189) |
| Other liabilities | 22,178 | — |
| Net cash provided by operating activities | 9,317,019 | 12,092,682 |
| Cash flows from investing activities: | ||
| Proceeds from the sale of property and equipment | 56,214 | 144,011 |
| Purchases of property and equipment | (9,317,980) | (10,372,126) |
| Acquisitions, net of cash acquired | (125,532,857) | (13,992,969) |
| Net cash used in investing activities | (134,794,623) | (24,221,084) |
| Cash flows from financing activities: | ||
| Proceeds from notes payable | 80,000,000 | 21,736,705 |
| Principal payments on notes payable | (2,545,308) | (4,280,528) |
| Payment of debt issuance costs | (838,501) | — |
| Principal payments on finance lease obligations | (538,528) | (599,006) |
| Payments of deferred consideration | (3,766,617) | — |
| Member distributions | — | (2,865,337) |
| Net cash provided by financing activities | 72,311,046 | 13,991,834 |
| Net change in cash | (53,166,558) | 1,863,432 |
| Cash | ||
| Beginning of period | 97,149,425 | 20,917,108 |
| End of period | $43,982,867 | $22,780,540 |
| Supplemental non-cash investing and financing activities: | ||
| Purchases of property and equipment acquired through acquisitions | $36,382,739 | $5,080,000 |
| Purchases of property and equipment financed with finance leases | 547,954 | 723,438 |
| Right-of-use assets recognized with operating leases | 11,767,913 | 1,495,491 |
| Unfavorable lease fair value adjustment recognized on acquisition | 1,380,000 | — |
| (Decrease) in accrued and unpaid member distributions | — | (67,401) |
| Increase in deferred acquisition consideration payable | — | 937,500 |
| Unrealized cash flow hedge losses | (526,177) | — |
| Class A stock awards issued as consideration for acquisition | 8,489,557 | — |
| Class B equity and LLC units issued as consideration for acquisition | 102,809,682 | — |
| Three months ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Fair value of contingent consideration liabilities - Tax Benefit Agreement and Tax Receivable Agreement | 15,254,000 | — |
| Rollover equity issued as consideration for acquisitions | — | 2,800,000 |
Notes to Condensed Consolidated Financial Statements (Unaudited)
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