Cardinal Infrastructure Group Inc. (NASDAQ: CDNL)

Cardinal Infrastructure Group Inc provides a comprehensive suite of infrastructure services including wet utility installation grading site clearing erosion control drilling and blasting paving and related site work. The company serves customers in the residential commercial industrial municipal and state sectors primarily across the southeastern United States. Its operations rely on a skilled workforce and a fleet of specialized equipment to deliver projects as a turnkey contractor.

The company generates revenue by performing infrastructure construction projects under contracts that are predominantly fixed unit price or lump sum agreements. Revenue is derived from services such as water and sewer line installation stormwater systems grading site preparation paving and other related activities. The customer base includes home builders commercial developers industrial firms and municipal agencies. For the year ended December 31 2025 approximately sixty six percent of revenue came from residential builders twenty three percent from commercial industrial and retail builders five percent from municipal or state work and six percent from materials and paving.

Cardinal Infrastructure Group Inc is positioned as one of the fastest growing full service turnkey infrastructure providers in the southeastern United States. The company benefits from a comprehensive service offering that reduces reliance on subcontractors and allows it to control project timelines quality and costs. Its competitive advantages include long standing relationships with major home builders a scalable operating model vertical integration in asphalt production and an experienced management team with deep industry expertise. The firm operates in a fragmented market where it competes with approximately seventy five contractor members identified by the National Utility Contractors Association of the Carolinas. Despite the presence of larger general contractors the company’s focused expertise and disciplined acquisition strategy enable it to win a growing share of complex infrastructure projects.

The company serves a diverse customer base that includes some of the largest regional and national home builders as well as commercial and industrial developers and municipal and state agencies. Pulte Homes was the largest single customer representing approximately nine point nine percent of revenue for the year ended December 31 2025. The top five customers accounted for about thirty point seven percent of revenue and the top ten customers for roughly forty five point five percent of revenue. No individual customer exceeded ten percent of total revenue. The firm’s relationships with these clients are often based on direct negotiation and repeat business driven by timely delivery and high quality work.