0001193125-26-120014 | 10-K | XBRL Viewer | Cardinal Infrastructure Group INC

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Equity and Noncontrolling Interest - Additional Information (Details)		3 Months Ended	12 Months Ended
	Aug. 31, 2025	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized		10,000,000	10,000,000
Preferred stock, par value \| $ / shares		$ 0.0001	$ 0.0001
Preferred stock, shares issued		0	0
Preferred stock, shares outstanding		0	0
Description of redemption			Cardinal’s ("OpCo's") amended and restated operating agreement provides that the Continuing Equity Holders have the right (the “Redemption Right”) to cause OpCo to redeem all or a portion of their Class B LLC Units, together with a corresponding number of shares of Class B Common Stock, for newly issued shares of Cardinal Infrastructure Group Inc.'s Class A Common Stock on a one-for-one basis (subject to customary adjustments for stock splits, stock dividends, and reclassifications). Alternatively, Cardinal Infrastructure Group Inc. may, at its option (the “Call Right”), elect to directly acquire the tendered LLC Units and Class B Common Stock from the Continuing Equity Holder in exchange for Class A Common Stock on the same one-for-one basis.
Gain or loss on exchange of equity transaction \| $			$ 0
Gain or loss recognized \| $		$ 0
OpCo
Class of Stock [Line Items]
Percentage of voting rights		100.00%	100.00%
Cardinal NC \| Aviator Paving Company LLC
Class of Stock [Line Items]
Ownership interests in subsidiary	60.00%
Cardinal NC \| Cardinal Civil Contracting NC LLC
Class of Stock [Line Items]
Ownership interests in subsidiary	70.00%
Cardinal NC \| Civil Drilling & Blasting, LLC
Class of Stock [Line Items]
Ownership interests in subsidiary	90.00%
Cardinal NC \| Cardinal Civil Contracting Charlotte, LLC
Class of Stock [Line Items]
Ownership interests in subsidiary	75.00%
Cardinal NC \| Cardinal Civil Contracting Triad, LLC
Class of Stock [Line Items]
Ownership interests in subsidiary	80.00%
Cardinal NC \| Civil Underground and Boring Company, LLC
Class of Stock [Line Items]
Ownership interests in subsidiary	70.00%
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		500,000,000	500,000,000
Common stock, par value per share \| $ / shares		$ 0.0001	$ 0.0001
Common stock voting rights			Each share of Class A Common Stock entitles its holder to one vote per share on all matters presented to Cardinal Infrastructure Group Inc.’s stockholders.
Common stock, shares issued		14,947,318	14,947,318
Common stock, shares outstanding		14,947,318	14,947,318
Class A Common Stock \| OpCo \| Continuing Equity Holders
Class of Stock [Line Items]
Stock split ratio			1
Class A Common Stock \| OpCo \| Cardinal Infrastructure Group Inc.
Class of Stock [Line Items]
Stock split ratio			1
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized		500,000,000	500,000,000
Common stock, par value per share \| $ / shares		$ 0.0001	$ 0.0001
Common stock voting rights			Each share of Class B Common Stock entitles its holder to one vote per share on all matters presented to Cardinal Infrastructure Group Inc.’s stockholders.
Common stock, shares issued		23,387,813	23,387,813
Common stock, shares outstanding		23,387,813	23,387,813

Business Combinations - Schedule of Total Purchase Consideration (Details) - USD ($)				1 Months Ended	12 Months Ended
	Oct. 01, 2025	May 30, 2025	Jan. 03, 2025	Jul. 31, 2023	Dec. 31, 2025
Purcell
Business Combination [Line Items]
Cash			$ 10,396,871		$ 10,851,397
Rollover equity			2,800,000
Deferred consideration			1,250,000		312,500
Liabilities assumed and paid at closing			803,129		803,129
Net working capital adjustment payment			454,526
Total consideration transferred			$ 15,704,526
Page
Business Combination [Line Items]
Cash		$ 5,510,463			5,681,831
Rollover equity		1,740,000
Deferred consideration		800,000			200,000
Liabilities assumed and paid at closing		2,049,537			2,049,537
Net working capital adjustment payment		171,368
Total consideration transferred		$ 10,271,368
Red Clay
Business Combination [Line Items]
Cash	$ 39,000,000				39,000,000
Deferred consideration	1,000,000				$ 500,003
Estimated net working capital adjustment payable	3,133,284
Total consideration transferred	$ 43,133,284
Roadways
Business Combination [Line Items]
Purchase Price Allocation				$ 13,800,000
Working Capital Adjustment				164,939
Total consideration				13,964,939
Seller Note Payable				(1,000,000)
Issuance of CCCC class B units				(2,070,000)
Total consideration transferred				$ 10,894,939

Pay vs Performance Disclosure - USD ($)	1 Months Ended	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 863,593	$ 22,686,057	$ 21,357,346	$ 20,572,320

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Cybersecurity Risk Management, Strategy and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Abstract]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity. Risk Management Process The Company's approach to cybersecurity strategy is integrated into its overall risk-management framework and aligns with the risk assessment component of the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) 2013 Internal Control Framework. The Company plans to implement a comprehensive framework based on the National Institute of Standards and Technology ("NIST") framework, which will organize cyber‑risks into five categories identify, protect, detect, respond, recover and will embed these considerations within its broader risk‑management architecture. Further, it is the Company's policy that all employees must complete mandatory cybersecurity training at least once every three years, with additional online courses available for more frequent updates. Third‑Party Engagement and Oversight External assessors, consultants, auditors, and other specialists are engaged as needed to supplement internal capabilities. Acknowledging the evolving nature of cyber threats, the Company leverages external expertise for planning, reporting, and monitoring. These partnerships enable the firm to adopt industry best practices while ensuring its security strategies remain current. Third‑party services and software are integral to core operations. In order to oversee and identify risks from cybersecurity threats associated with the use of third-party service providers, the Company conducts rigorous assessments of all vendors, maintaining continuous reviews to confirm adherence to internal cybersecurity standards. Prior to the implementation of critical systems, and at least annually, the Company reviews third party attestation reports, including SOC 1 or SOC 2 reports from the vendor; if such reports are unavailable, the Company undertakes additional evaluations of the provider's preparedness. Cybersecurity Incident Monitoring The Company's IT team actively monitors alerts which notify IT of threats. When an event is detected, upper management and the appropriate resources are activated to implement immediate mitigation steps and long‑term prevention strategies. Potential Cybersecurity Risks The Company faces cyber threats that could materially impact its business, financial condition, operations, cash flows, or reputation. No such challenges have yet resulted in material impairment of operations or finances; further details are available in Item 1A under "Risk Factors – Risks Related to Regulatory Matters - Our business is subject to complex and evolving laws and regulations regarding data privacy and cybersecurity." Governance and Oversight The Company's board of directors recognizes the critical importance of managing cybersecurity risks to maintain operational integrity and shareholder confidence. The Company's Chief Financial Officer and the Director of IT lead the development and implementation of the Company's information‑security program. The Chief Financial Officer brings 36 years of experience in enterprise risk management and operational leadership roles. The Director of IT has over 25 years of experience in information technology and security expertise. Central to the board of directors' oversight is the Audit Committee, composed of members with diverse risk‑management and financial backgrounds. The Audit Committee is responsible for supervising cybersecurity risks and conducts an annual review of the Company's cyber posture and risk‑management effectiveness, identifying improvement areas and ensuring alignment with the overall framework. The Chief Financial Officer and Director of IT provide comprehensive quarterly briefings to the Audit Committee on topics such as the evolving threat landscape, mitigation actions, ongoing initiatives, incident learnings, and regulatory compliance. Continuous dialogue among these executives and the committee guarantees proactive oversight and integration of cyber considerations into the Company's strategic objectives.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company's approach to cybersecurity strategy is integrated into its overall risk-management framework and aligns with the risk assessment component of the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) 2013 Internal Control Framework. The Company plans to implement a comprehensive framework based on the National Institute of Standards and Technology ("NIST") framework, which will organize cyber‑risks into five categories identify, protect, detect, respond, recover and will embed these considerations within its broader risk‑management architecture. Further, it is the Company's policy that all employees must complete mandatory cybersecurity training at least once every three years, with additional online courses available for more frequent updates.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance and Oversight The Company's board of directors recognizes the critical importance of managing cybersecurity risks to maintain operational integrity and shareholder confidence. The Company's Chief Financial Officer and the Director of IT lead the development and implementation of the Company's information‑security program. The Chief Financial Officer brings 36 years of experience in enterprise risk management and operational leadership roles. The Director of IT has over 25 years of experience in information technology and security expertise. Central to the board of directors' oversight is the Audit Committee, composed of members with diverse risk‑management and financial backgrounds. The Audit Committee is responsible for supervising cybersecurity risks and conducts an annual review of the Company's cyber posture and risk‑management effectiveness, identifying improvement areas and ensuring alignment with the overall framework. The Chief Financial Officer and Director of IT provide comprehensive quarterly briefings to the Audit Committee on topics such as the evolving threat landscape, mitigation actions, ongoing initiatives, incident learnings, and regulatory compliance. Continuous dialogue among these executives and the committee guarantees proactive oversight and integration of cyber considerations into the Company's strategic objectives.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Central to the board of directors' oversight is the Audit Committee, composed of members with diverse risk‑management and financial backgrounds. The Audit Committee is responsible for supervising cybersecurity risks and conducts an annual review of the Company's cyber posture and risk‑management effectiveness, identifying improvement areas and ensuring alignment with the overall framework.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Chief Financial Officer and Director of IT provide comprehensive quarterly briefings to the Audit Committee on topics such as the evolving threat landscape, mitigation actions, ongoing initiatives, incident learnings, and regulatory compliance. Continuous dialogue among these executives and the committee guarantees proactive oversight and integration of cyber considerations into the Company's strategic objectives.
Cybersecurity Risk Role of Management [Text Block]	The Company's Chief Financial Officer and the Director of IT lead the development and implementation of the Company's information‑security program. The Chief Financial Officer brings 36 years of experience in enterprise risk management and operational leadership roles. The Director of IT has over 25 years of experience in information technology and security expertise. Central to the board of directors' oversight is the Audit Committee, composed of members with diverse risk‑management and financial backgrounds. The Audit Committee is responsible for supervising cybersecurity risks and conducts an annual review of the Company's cyber posture and risk‑management effectiveness, identifying improvement areas and ensuring alignment with the overall framework. The Chief Financial Officer and Director of IT provide comprehensive quarterly briefings to the Audit Committee on topics such as the evolving threat landscape, mitigation actions, ongoing initiatives, incident learnings, and regulatory compliance. Continuous dialogue among these executives and the committee guarantees proactive oversight and integration of cyber considerations into the Company's strategic objectives.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company's Chief Financial Officer and the Director of IT lead the development and implementation of the Company's information‑security program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Chief Financial Officer brings 36 years of experience in enterprise risk management and operational leadership roles. The Director of IT has over 25 years of experience in information technology and security expertise. Central to the board of directors' oversight is the Audit Committee, composed of members with diverse risk‑management and financial backgrounds.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Company's IT team actively monitors alerts which notify IT of threats. When an event is detected, upper management and the appropriate resources are activated to implement immediate mitigation steps and long‑term prevention strategies. The Chief Financial Officer and Director of IT provide comprehensive quarterly briefings to the Audit Committee on topics such as the evolving threat landscape, mitigation actions, ongoing initiatives, incident learnings, and regulatory compliance.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Earnings Per Share- Schedule of Basic and Diluted Earnings Per Share of Common Stock (Details) - USD ($)

1 Months Ended

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Numerator:

Net income attributable to Cardinal Infrastructure Group Inc., Basic and Diluted

$ 863,593

$ 22,686,057

$ 21,357,346

$ 20,572,320

Denominator:

Weighted average shares of common stock outstanding, Basic

^[1]

14,787,094

Dilutive effects of:

Unvested RSUs

22,114

Weighted average shares of common stock outstanding, Diluted

^[1]

14,809,208

Basic earnings per share

^[1]

$ 0.06

Diluted earnings per share

^[1]

$ 0.06

[1]	(1) Represents earnings per share of Class A common stock and weighted-average shares of Class A common stock outstanding for the period from December 10, 2025 through December 31, 2025, the period following the recapitalization transactions and IPO (see Note 16)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases - Additional Information (Details)	1 Months Ended		12 Months Ended
Leases - Additional Information (Details)	Oct. 31, 2024	Apr. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Existence of Option to Extend [true false]			true
Option to extend the lease term		five-year
Lessee Operating Lease Maturity	2027-12	2029-05
Various leases for equipment description			various leases for equipment that mature at various times through November 2027
Weighted-average discount rate for operating leases			5.53%	4.30%
Weighted-average remaining operating lease term			2 years 9 months 14 days	2 years 4 months 24 days
Weighted-average discount rate for finance leases			4.56%	4.55%
Weighted-average remaining lease term			2 years 5 months 19 days	3 years 3 months 25 days

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Schedule Of Intangible Assets [Line Items]
Cost	$ 22,642,000
Accumulated Amortization	(7,128,308)
Carrying Value	15,513,692	$ 0
Backlog
Schedule Of Intangible Assets [Line Items]
Cost	7,542,000
Accumulated Amortization	(6,479,500)
Carrying Value	1,062,500
Customer Relationships
Schedule Of Intangible Assets [Line Items]
Cost	14,600,000
Accumulated Amortization	(523,808)
Carrying Value	14,076,192
Trade Name
Schedule Of Intangible Assets [Line Items]
Cost	500,000
Accumulated Amortization	(125,000)
Carrying Value	$ 375,000

Subsequent Events - Additional Information (Details)			1 Months Ended		12 Months Ended
Subsequent Events - Additional Information (Details)	Feb. 18, 2026 USD ($) $ / shares shares	Jan. 01, 2026 USD ($) Lease	Sep. 30, 2025 Lease	Apr. 30, 2024	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 17, 2026 USD ($)	Jan. 31, 2026 USD ($)
Subsequent Event [Line Items]
Number of new leases \| Lease			2
Option to extend the lease term				five-year
Lessee, Operating Lease, Existence of Option to Extend [true false]					true
Aggregate annual payments					$ 4,080,618	$ 3,360,324	$ 3,006,216
CCCRE Holdings
Subsequent Event [Line Items]
Number of new leases \| Lease			2
CCCRE Holdings \| Lease Two
Subsequent Event [Line Items]
Expected lease payments					$ 1,140,000
AL Grading Contractors LLC
Subsequent Event [Line Items]
Option to extend the lease term					ALGC has three (3) options to extend the term for a period of five (5) years each time.
Class A Common Stock
Subsequent Event [Line Items]
Common stock, par value per share \| $ / shares					$ 0.0001
Class B Common Stock
Subsequent Event [Line Items]
Common stock, par value per share \| $ / shares					$ 0.0001
Subsequent Event
Subsequent Event [Line Items]
Number of operating lease agreements \| Lease		1
Aggregate annual payments		$ 5,565,656
Subsequent Event \| CCCRE Holdings \| Lease Two
Subsequent Event [Line Items]
Expected lease payments		$ 1,140,000
Subsequent Event \| October 2025 Credit Facility \| Senior Secured Term Loan Facility
Subsequent Event [Line Items]
Aggregate principal amount	$ 200,000,000							$ 120,000,000
Subsequent Event \| AL Grading Contractors LLC
Subsequent Event [Line Items]
Lease agreement, Term	15 years
Option to extend the lease period	5 years
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Aggregate annual payments	$ 600,000
Aggregate annual payments increasing rate	3.00%
Subsequent Event \| Purchase Agreement \| AL Grading Contractors LLC
Subsequent Event [Line Items]
Aggregate consideration	$ 245,500,000
Cash	$ 129,000,000
Limited liability company units \| shares	4,186,062
Lock-up agreements period	180 days
Subsequent Event \| Purchase Agreement \| Class A Common Stock \| AL Grading Contractors LLC
Subsequent Event [Line Items]
Common stock, par value per share \| $ / shares	$ 0.0001
Limited liability company units value	$ 108,000,000
Shares issued \| shares	345,680
Subsequent Event \| Purchase Agreement \| Class B Common Stock \| AL Grading Contractors LLC
Subsequent Event [Line Items]
Common stock, par value per share \| $ / shares	$ 0.0001
Maximum \| Subsequent Event
Subsequent Event [Line Items]
Lease agreement, Term		65 months
Minimum \| Subsequent Event
Subsequent Event [Line Items]
Lease agreement, Term		23 months
Interest Rate Swap \| Truist Bank \| Subsequent Event
Subsequent Event [Line Items]
Initial notional amount									$ 60,000,000
Fixed rate									3.80%

Changes in Accounting Estimates - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Change in Accounting Estimate [Abstract]
Decrease in revenue due to effect of changes in estimates for contracts in progress	$ 2,619,137	$ 67,564	$ 3,025,997

Business Combinations - Schedule of Purchase Price Allocation (Details) - USD ($)	Dec. 31, 2025	Oct. 01, 2025	May 30, 2025	Jan. 03, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 31, 2023
Business Combination [Line Items]
Goodwill	$ 23,510,649				$ 7,050,963	$ 7,050,963
Purcell
Business Combination [Line Items]
Accounts receivable				$ 4,066,405
Contract assets				976,696
Property and equipment				5,080,000
Other assets				308,041
Intangible assets				5,236,000
Goodwill				2,324,808
Accounts payable				(1,092,267)
Contract liabilities				(887,116)
Other liabilities				(308,041)
Total net assets acquired				$ 15,704,526
Page
Business Combination [Line Items]
Accounts receivable			$ 139,748
Contract assets			762,848
Property and equipment			6,692,500
Other assets			644,414
Intangible assets			606,000
Goodwill			2,352,038
Accounts payable			(106,158)
Contract liabilities			(175,609)
Other liabilities			(644,413)
Total net assets acquired			$ 10,271,368
Red Clay
Business Combination [Line Items]
Accounts receivable		$ 5,997,700
Contract assets		1,205,607
Prepaid expenses		9,373
Property and equipment		9,122,500
Operating lease right of use assets		328,427
Goodwill		11,782,840
Contract liabilities		(1,104,736)
Current portion of operating lease liabilities		(425,696)
Operating lease liabilities, less current portion		(582,731)
Total net assets acquired		43,133,284
Red Clay \| Customer Relationships
Business Combination [Line Items]
Intangible assets		14,600,000
Red Clay \| Backlog
Business Combination [Line Items]
Intangible assets		1,700,000
Red Clay \| Trade Name
Business Combination [Line Items]
Intangible assets		$ 500,000
Roadways
Business Combination [Line Items]
Accounts receivable							$ 4,071,438
Contract assets							3,055
Prepaid expenses							31,958
Property and equipment							10,000,000
Other assets							1,002,939
Goodwill							2,660,099
Accounts payable							(2,322,295)
Accrued expenses							(279,862)
Contract liabilities							(1,202,393)
Total net assets acquired							$ 13,964,939

Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Business Combinations

3. Business Combinations

Acquisition of Purcell

On January 3, 2025 (the “Purcell Acquisition Date”), Cardinal Civil Contracting Charlotte, LLC (“CCCC”) acquired substantially all of the operating assets and certain liabilities of Purcell Construction, Inc., a North Carolina corporation, Purcell Construction Group, LLC, a South Carolina limited liability company, and Orange T, LLC, a North Carolina limited liability company (collectively referred to herein as “Purcell”). Purcell operated a turn‑key site work contracting business primarily in the Charlotte, North Carolina market.

The acquisition was accounted for as a business combination under ASC 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values as of the Purcell Acquisition Date.

Total purchase consideration was as follows:


Cash	$	10,396,871
Rollover equity		2,800,000
Deferred consideration		1,250,000
Liabilities assumed and paid at closing		803,129
Net working capital adjustment payment		454,526
Total consideration transferred	$	15,704,526

In December 2025, the Company recorded measurement period adjustments to the Purcell purchase consideration consisting of (1) a $123,000 reduction to liabilities assumed related to accounts payable and (2) a $874,000 reduction to the backlog intangible asset upon finalizing its valuation. These adjustments were offset by a corresponding net increase to goodwill.

Liabilities assumed and paid at closing represents the payoff at closing of certain equipment lease obligations, legal and escrow fees of the seller, which were settled by the Company on the seller’s behalf pursuant to the purchase agreement. These amounts are included in total purchase consideration as they represent obligations of the seller extinguished by the Company in connection with the acquisition.

The cash portion of the consideration was funded primarily through borrowings under the Company’s existing debt facilities. The equity portion was issued directly to Purcell Construction, Inc. and named individuals in exchange for the contributed assets pursuant to the related Contribution Agreement.

As part of the consideration for the contributed assets, the Company issued the following membership units in Cardinal Civil Contracting Charlotte, LLC:

•

Class B Units to Purcell Construction, Inc. – 52 units issued, representing a 4.6% ownership interest in CCCC. Class B Units are non‑voting except with respect to certain “Major Actions” specified in the CCCC Operating Agreement. In the ordinary course, Class B Units share in distributions pro‑rata with Class A Units based on units outstanding. Upon liquidation, Class B Units were entitled first to their portion of return up to their unredeemed capital contributions, and thereafter participate alongside Class A and other Class B Members in remaining proceeds. The contribution agreement defined 'unredeemed capital contributions' as the amount of capital contributions minus the aggregate amount repaid to the CCCC members since January 3, 2025, in an amount not less than $0.

•

Class C Units to named individuals – 24 units issued, representing a 2.1% ownership interest in CCCC. Class C Units are non‑voting. In the ordinary course, Class C Units are excluded from regular profit distributions under; any amounts otherwise attributable to Class C are instead retained and distributed to Class A and Class B Members. Upon liquidation, Class C Units participate only after Class A and Class B Members have received: (i) return of their unredeemed capital contributions, (ii) cumulative distributions up to their minimum distribution thresholds, and (iii) “catch‑up” distributions to bring Class C holders’ allocations in line with Class A and B thresholds.

Following the issuance of these units, the Company’s ownership interest in CCCC declined from 80.0% to 74.6% as of January 3, 2025. As a result of the September 2025 Reorganization, Cardinal owns 100% of the units of CCCC as of September 29, 2025.

The Purcell purchase price allocation is as follows:


Accounts receivable	$	4,066,405
Contract assets		976,696
Property and equipment		5,080,000
Other assets		308,041
Backlog intangible asset		5,236,000
Goodwill		2,324,808
Accounts payable		(1,092,267	)
Contract liabilities		(887,116	)
Other liabilities		(308,041	)
Total net assets acquired	$	15,704,526

The fair value of receivables acquired approximated their gross contractual amounts. The Company’s best estimate at the acquisition date of contractual cash flows not expected to be collected was zero, as the Company expects to collect all amounts due.

The excess of purchase consideration over the fair value of net assets acquired was recorded as goodwill. The goodwill recognized is attributable to qualitative factors such as assembled workforce and anticipated future growth in the combined business. Goodwill recognized in the acquisition is expected to be deductible for U.S. federal income tax purposes and amortized over 15 years.

In connection with the acquisition of Purcell, the Company entered into a Transition Services Agreement (“TSA”) with the seller to provide limited post‑closing support, including general contracting and licensing services, business transition activities such as employee and customer introductions, and equipment identification. The TSA was accounted for as part of the consideration transferred in the acquisition and recorded within goodwill in the purchase price allocation. Accordingly, no related expense will be recognized in future periods.

Acquisition of Page

On May 30, 2025 (the “Page Acquisition Date”), the Company formed Cardinal Civil Contracting Triad, LLC (“Triad”), which acquired substantially all of the operating assets and certain liabilities of Page and Associates, Inc., a North Carolina corporation, and MJS & GCP, LLC, a North Carolina limited liability company (collectively referred to herein as “Page”). Page operated a turn‑key site work contracting business primarily in the Greensboro, North Carolina market.

Total purchase consideration was as follows:


Cash	$	5,510,463
Deferred consideration		800,000
Rollover equity		1,740,000
Liabilities assumed and paid at closing		2,049,537
Net working capital adjustment payment		171,368
Total consideration transferred	$	10,271,368

In the third quarter of 2025, the Company finalized the contractual net working capital adjustment related to its acquisition of Page. As a result of this adjustment, the net working capital adjustment in the table above and goodwill increased by $242,409.

Liabilities assumed and paid at closing represents the payoff at closing of certain equipment lease obligations of the seller, which were settled by the Company on the seller’s behalf pursuant to the purchase agreement. These amounts are included in total purchase consideration as they represent obligations of the seller extinguished by the Company in connection with the acquisition.

The cash portion of the consideration was funded primarily through borrowings under the Company’s existing debt facilities. The equity portion was issued directly to Page and Associates, Inc. in exchange for the contributed assets, in accordance with the related Contribution Agreement.

As part of the consideration for the contributed assets, the Company issued the following membership units in CCC Triad:

•

Class B Units to Page and Associates, Inc. – 200 units issued, representing a 20% ownership interest in CCC Triad. Class B Units are non‑voting except with respect to certain “Major Actions” identified in the Triad Operating Agreement that require the consent of both the Cardinal Member and the Page Member. In the ordinary course, Class B Units share in distributions pro‑rata with Class A Units based on units outstanding. Upon liquidation, proceeds are distributed first to return unredeemed capital contributions to Class A and Class B Members, and then pro‑rata based on units outstanding.

Following the issuance of these units, the ownership interest of the Company in Triad was reduced from 100% to 80% as of May 30, 2025.

As part of the consideration for the Page contributed assets relating to underground boring equipment, the Company issued the following membership units in Civil Underground and Boring Company, LLC (“Boring Newco”):

•

Class B Units to MJS & GCP, LLC – 300 units issued, representing a 30% ownership interest in Boring Newco. Class B Units are nonvoting on most matters, but possess certain protective consent rights over specified “Major Actions” identified in the Boring Newco Operating Agreement that require the approval of both the Cardinal Member and the MJS Member. In the ordinary course, Class B Units share in distributions pro‑rata with Class A Units based on units outstanding. Upon liquidation, proceeds are distributed first to return unredeemed capital contributions to Class A and Class B Members, and then pro‑rata based on units outstanding.

Following the issuance of these units, the ownership interest of the Company in Boring Newco was reduced from 100% to 70% as of May 30, 2025.

The Page purchase price allocation is as follows:


Accounts receivable	$	139,748
Contract assets		762,848
Property and equipment		6,692,500
Other assets		644,414
Backlog intangible asset		606,000
Goodwill		2,352,038
Accounts payable		(106,158	)
Contract liabilities		(175,609	)
Other liabilities		(644,413	)
Total net assets acquired	$	10,271,368

The excess of purchase consideration over the fair value of net assets acquired was recorded as goodwill. The goodwill recognized is attributable to qualitative factors such as the assembled workforce and anticipated future growth in the combined business. Goodwill recognized in the acquisition is expected to be deductible for U.S. federal income tax purposes and amortized over 15 years.

In connection with the acquisition of Page, the Company entered into a Transition Services Agreement with the sellers to provide limited post‑closing support, including contract administration, licensing assistance, and operational transition activities for specified periods following the closing. The TSA was accounted for as part of the consideration transferred in the acquisition and recorded within goodwill in the purchase price allocation. Accordingly, no related expense will be recognized in future periods.

Acquisition of Red Clay

On October 1, 2025 (the "Red Clay Acquisition Date"), a subsidiary of the Company, Aviator Paving Company Charlotte ("APCC") acquired substantially all of the operation assets and certain liabilities of Red Clay Industries, Inc., a North Carolina corporation ("Red Clay"). Red Clay provides asphalt paving, curbing, resurfacing, and related services to commercial and municipal customers primarily in the Charlotte, North Carolina market.

The acquisition was accounted for as a business combination under ASC 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values as of the Red Clay Acquisition Date.

Total purchase consideration was as follows:


Purchase Consideration
Cash	$	39,000,000
Deferred consideration		1,000,000
Estimated net working capital adjustment payable		3,133,284
Total consideration	$	43,133,284

The cash portion of the consideration was funded primarily through borrowings under the Company's October 2025 Credit Facility discussed in Note 7. The Red Clay purchase price allocation is as follows:


Purchase Price Allocation
Accounts receivable	$	5,997,700
Contract assets		1,205,607
Prepaid expenses		9,373
Property and equipment		9,122,500
Operating lease right of use assets		328,427
Intangible assets:
Customer relationships		14,600,000
Backlog		1,700,000
Trade name		500,000
Goodwill		11,782,840
Contract liabilities		(1,104,736	)
Current portion of operating lease liabilities		(425,696	)
Operating lease liabilities, less current portion		(582,731	)
Total net assets acquired	$	43,133,284

The fair value of the receivables acquired approximated their gross contractual amounts. The Company's best estimate at the acquisition date of contractual cash flows not expected to be collected was zero, as the Company expects to collect all amounts due.

The excess of purchase consideration over the fair value of net assets acquired was recorded as goodwill. The goodwill recognized is attributable to qualitative factors such anticipated cost synergies and future growth in the combined business as well as the value of the assembled workforce acquired. Goodwill recognized in the acquisition is expected to be deductible for U.S. federal income tax purposes and amortized over 15 years.

In connection with the acquisition of Red Clay, the Company entered into a Transition Services Agreement ("TSA") with the seller to provide limited post-closing support, including general contracting and licensing services, business transition activities such as employee and customer introductions, and equipment identification. The TSA was accounted as part of the consideration transferred in the acquisition and recorded within goodwill in the purchase price allocation. Accordingly, no related party expense will be recognized in future periods.

As part of the acquisition transaction, the Company entered into a two-year lease agreement with an entity under common control of the seller to lease the existing operation and office facility of Red Clay. The contractual lease payments were above

market rates. Accordingly, the Company recorded an unfavorable fair value adjustment of $680,000, which was recognized as a reduction to the Operating lease right of use asset at the acquisition date.

Purcell, Page, and Red Clay Consolidated Statements of Cash Flows Reconciliation

The following table reconciles the gross consideration paid for the acquisitions of Purcell, Page and Red Clay to the amounts presented in the consolidated statements of cash flows. No cash was acquired in any transaction; therefore, the full consideration was reflected as cash outflows.


Page cash consideration paid	$	5,681,831
Page liabilities assumed and paid at closing		2,049,537
Page deferred consideration paid within three months of closing		200,000
Purcell cash consideration paid		10,851,397
Purcell liabilities assumed and paid at closing		803,129
Purcell deferred consideration paid within three months of closing		312,500
Red Clay cash consideration paid		39,000,000
Red Clay deferred consideration paid within three months of closing		500,003
Cash consideration paid for acquisitions	$	59,398,397

Purcell, Page, and Red Clay Pro Forma Information (Unaudited)

The following unaudited pro forma information presents the combined results of operations of the Company, Purcell, Page and Red Clay as if the acquisitions had occurred on January 1, 2024. The unaudited pro forma results reflect adjustments for (i) depreciation and amortization of acquired tangible and intangible assets based on the fair value allocations, and (ii) the related income tax effects of these adjustments. The pro forma information is presented for informational purposes only and does not purport to represent what the actual results of operations would have been had the acquisition occurred on the date indicated, nor is it necessarily indicative of future results of operations.


	Year ended December 31, 2025						Year ended December 31, 2024
	Cardinal NC and Purcell		Cardinal NC and Page		Cardinal NC and Red Clay		Cardinal NC and Purcell		Cardinal NC and Page		Cardinal NC and Red Clay
Revenue	$	456,045,369	$	460,155,042	$	493,175,863	$	340,982,627	$	324,881,523	$	360,085,109
Net income, including noncontrolling interests	$	36,552,430	$	32,203,725	$	31,937,411	$	29,722,827	$	28,312,437	$	25,934,372

The Company's results include $24,791,596 of revenue and $902,959 of net loss attributable to Purcell for the period from January 3, 2025 (the Purcell Acquisition Date) through December 31, 2025, which are included in the Company’s consolidated statements of operations for year ended December 31, 2025. The 2025 net loss amount includes $5,236,000 of amortization expense of acquired backlog that was fully amortized by the end of 2025.

The Company's results include $2,692,433 of revenue and $774,267 of net loss attributable to Page for the period from May 30, 2025 (the Page Acquisition Date) through December 31, 2025, which are included in the Company’s consolidated statements of operations for the year ended December 31, 2025. The net loss amount includes $606,000 of amortization expense of acquired backlog that was fully amortized by the end of 2025.

The Company's results include $10,281,941 of revenue and $5,494,594 of net loss attributable to Red Clay for the period from October 1, 2025 (the Red Clay Acquisition Date) through December 31, 2025, which are included in the Company's consolidated statements of operations for the year ended December 31, 2025. The 2025 loss amount includes $1,283,929 of amortization expense related to acquired backlog and other intangible assets, as well as $5,765,487 of stock based compensation expense associated with awards that fully vested in 2025.

Purcell, Page, Red Clay Measurement Period

At December 31, 2025, the fair values assigned to the Purcell and Page acquisitions are considered final. The Red Clay acquisition remains within the measurement period, which is open through October 1, 2026, while the Company continues to evaluate information related to acquisition‑date fair values.

Fair Value of Rollover Equity Purchase Consideration

In connection with the acquisitions of Purcell and Page, the Company issued rollover equity interests to the former owners of each business. The rollover equity issued to the owners of Purcell in the Company’s CCCC entity and to the owners of Page in the Company’s Triad entity is classified within Level 3 of the fair value hierarchy under ASC 820. The rollover equity valuations are classified as Level 3 due to the use of significant unobservable inputs, including entity‑specific EBITDA and multiples, qualitative adjustments for asset condition, and discounts for restrictive features. These inputs require significant management judgment and are inherently uncertain. Changes in these assumptions could have a material impact on the fair value of the rollover equity and the related purchase price allocation.

The estimated fair value of the rollover equity was determined using a market approach, applying the EBITDA multiples implied by the consideration paid in the respective acquisitions, and considering guideline public company multiples for similar businesses.

The significant unobservable inputs used in the valuations included:

•

An EBITDA multiple of 3.4 applied in determining the fair value of units in CCCC issued to the former owners of Purcell

•

An EBITDA multiple of 4.3 applied in determining the fair value of units in Triad issued to the former owners of Page

For Purcell, the fair value measurement of the rollover equity is primarily sensitive to changes in the EBITDA multiple. A 1.0 increase in the multiple to 4.4 (approximately 30%) results in a $658,000 increase in the estimated fair value. A 10% decrease in the multiple to 3.1 results in a $280,000 reduction in fair value.

For Page, the EBITDA multiple was deemed less sensitive due to the nature of the rollover equity units, which were issued in Triad, a newly formed entity without an established operating history. The valuation of these units was anchored to the Company’s cash contribution to Triad and the total consideration paid to acquire Page, rather than a standalone EBITDA metric. As such, the implied multiple reflected the negotiated enterprise value at formation. A 5% change in the estimated value of the Page rollover equity would result in a corresponding change of approximately $87,000.

Fair Value of Property, Plant and Equipment

To determine the fair value of the acquired machinery, vehicles, and construction equipment as of the acquisition dates of Purcell, Page and Red Clay, the Company utilized the market approach for all significant asset classes. Under the market approach, recent sales and listings of comparable equipment were analyzed and adjusted for differences in age, condition, specifications, and location.

The resulting fair value conclusions represent the price that would be received to sell the assets in an orderly transaction between market participants at the measurement date. Because the valuations were based on observable market transactions for similar assets with only minor adjustments, the measurements are classified as Level 2 within the fair value hierarchy under ASC 820.

Fair Value of Backlog

The Company recognized an identifiable intangible asset for contractual backlog related to non‑cancellable construction contracts in place as of the acquisition dates for Purcell, Page and Red Clay. The backlog assets are included in "Other intangible assets" on the consolidated balance sheets. The backlog represents the estimated future profit margin to be realized from these contracts and is considered a finite‑lived intangible asset.

The fair value of the backlog was estimated using the income approach (multi-period excess earnings method) that isolates the cash flows attributable to the backlog and discounts them to present value. The calculation began with the total

gross backlog amount based on signed, non‑cancellable contracts as of the acquisition date. Estimated profit margin percentages were applied to derive expected pre‑tax cash flows. The estimated pre‑tax cash flows were discounted to present value using a rate that reflects the timing and risk profile of the expected realization period.

The backlog asset is classified as a Level 3 measurement within the fair value hierarchy due to the use of significant unobservable inputs, including management’s estimates of profit margin and risk adjustments.

Purcell Backlog: For the Purcell acquisition, unobservable inputs (Level 3) to the valuation included:

•

Gross backlog amount: $33,136,000 (based on executed contracts)

•

Estimated profit margin: 25%

•

Backlog realization period: 12 months

•

Discount rate: 30%

The most significant assumption in the Purcell valuation is the estimated gross margin. A hypothetical 200 basis point increase (decrease) in the profit margin assumption would increase (decrease) the fair value of the backlog asset by $526,000. Changes in the estimated realization period and discount rate would not have a material effect on the valuation given the short realization period.

The Purcell backlog intangible asset was amortized straight-line over its estimated realization period of approximately 12 months through December 2025, which reflects the pattern in which the economic benefits were expected to be consumed. Based on the Purcell backlog asset’s carrying amount at the acquisition date and its estimated one‑year useful life, the entire balance was recognized as amortization expense during the year ending December 31, 2025 in the consolidated statements of operations.

Page Backlog: For the Page acquisition, unobservable inputs (Level 3) to the valuation included:

•

Gross backlog amount: $3,153,000 (based on executed contracts)

•

Estimated profit margin: 20%

•

Backlog realization period: 8 months

•

Discount rate: 15%

The most significant assumption in the Page valuation is the estimated gross margin. A hypothetical 200 basis point increase in the profit margin assumption would increase the fair value of the backlog asset by $60,000, while a 200 basis point decrease would reduce the fair value by $61,000. Changes in the estimated realization period and discount rate would not have a material effect on the valuation given the short realization period.

The Page backlog intangible asset was amortized in proportion to project performance based on the actual pattern of economic consumption, which reflects a seven‑month realization period ending December 2025. Although the acquisition‑date estimate contemplated a longer period, updated project performance data supports this shorter consumption pattern. As a result, the entire carrying amount was recognized as amortization expense within the consolidated statements of operations for the year ended December 31, 2025.

Red Clay Backlog: For the Red Clay acquisition, unobservable inputs (Level 3) to the valuation included:

•

Gross backlog amount: $30,400,000 (based on executed contracts)

•

Estimated profit margin: 22%

•

Backlog realization period: 8 months

•

Discount rate: 31.5%

The most significant assumption in the Red Clay valuation is the estimated gross margin. A hypothetical 200 basis point increase (decrease) in the profit margin assumption would increase (decrease) the fair value of the backlog asset by

approximately $400,000. Changes in the estimated realization period and discount rate would not have a material effect on the valuation given the short realization period.

The Red Clay backlog intangible asset was amortized straight-line over its estimated realization period of approximately 8 months through May 2026, which reflects the pattern in which the economic benefits were expected to be consumed. Based on the Red Clay backlog asset’s carrying amount at the acquisition date and its estimated eight-month useful life, $637,500 was recognized as amortization expense during the year ending December 31, 2025 in the consolidated statements of operations, while the remaining $1,062,500 will be amortized in 2026.

Fair Value of Red Clay Intangibles

The Company recognized identifiable intangible assets for customer relationships, contractual backlog related to non-cancellable construction contracts in place as of the acquisition date (discussed in the section above), and the Red Clay tradename. These assets are included in "Other intangible assets" on the consolidated balance sheets, and each asset is considered a finite-lived intangible asset.

The fair value of the intangible assets were determined using a Level 3 fair value measurement under ASC 820, as the valuation relied on significant unobservable inputs. Management has determined that the customer relationships represent the most significant intangible asset acquired, and therefore disclosures focus primarily on this asset. The Company applied the multi-period excess earnings method, which estimates the present value of after-tax cash flows attributable to existing customer after deducting contributory asset charges. Key assumptions included projected revenues and operating margins, an attrition rate of 15%, a discount rate of 34.5%, and a tax amortization period of 15 years. The resulting fair value of customer relationships was $14.6 million.

A hypothetical 250 basis point decrease/increase in the customer attrition rate would increase/decrease the fair value of the customer relationship by approximately $1.3 million. A hypothetical 100 basis point decrease/increase in the discount rate would increase/decrease the fair value of the customer relationship by approximately $0.3 million.

The Red Clay intangible assets will be amortized straight-line over their estimated useful lives for seven years for the customer relationships, eight months for backlog, and one year for the tradename. Amortization amounts are included in the Amortization expense caption of the consolidated statements of operations.

2023 Acquisition of Roadways

In July 2023, the Company acquired certain assets and assumed certain liabilities from Monroe Roadways Contractor, Inc. (“Roadways”) The total purchase price was $13,800,000 and was financed via a draw on the Company’s line of credit, a note payable with a financial institution and a $1,000,000 note payable to the seller. In addition, the Company made an additional payment of $164,939 related to the working capital settlement. Roadways is a grading contractor located in Monroe, NC. Acquisition costs related to the Monroe acquisition were $900,000 and are included in general and administrative costs in the statement of operations for the year ended December 31, 2023. The goodwill arising from the acquisitions consists largely of the expected synergies from combining operations as well as the value of the workforce. As a result of this asset acquisition, it is expected that all goodwill reported will be tax deductible. The tables below present the consideration transferred and the allocation of the total consideration to tangible and intangible assets acquired and liabilities assumed from the acquisition of Roadways based on the respective fair values as of the acquisition date:


Purchase Consideration
Purchase Price Allocation	$	13,800,000
Working Capital Adjustment		164,939
Total consideration		13,964,939
Seller Note Payable		(1,000,000	)
Issuance of CCCC class B units		(2,070,000	)
Total consideration	$	10,894,939

Purchase Price Allocation
Accounts receivable	$	4,071,438
Other assets		1,002,939
Contract assets		3,055
Prepaid expenses		31,958
Property and equipment		10,000,000
Goodwill		2,660,099
Accounts payable		(2,322,295	)
Accrued expenses		(279,862	)
Contract liabilities		(1,202,393	)
Total net assets acquired	$	13,964,939

- Definition

The entire disclosure for business combination.

+ References

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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

14. Variable Interest Entities

The Company in the normal course of business, engages in certain activities that involve variable interest entities ("VIEs"), which are legal entities in which a group of equity investors individually lack any of the characteristics of a controlling interest. The primary beneficiary of a VIE is generally the enterprise that has both the power to direct the activities most significant to the economic performance of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interest it held both at inception and when there is a change in circumstance that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is

determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate.

Consolidated VIEs

Cardinal NC held a variable interest in CCCRE Holdings, LLC (“CCCRE”), formed in 2021 to own real estate leased to Cardinal NC. CCCRE was a variable interest entity (“VIE”), and the Company was its primary beneficiary. Effective September 29, 2025 Cardinal NC, the VIE and the VIE’s lenders amended the underlying credit agreements, resulting in the removal of Cardinal’s guarantees to the lender. As a result of these amendments, Cardinal NC no longer has the power to direct the activities of the VIE that most significantly affect its economic performance and is no longer obligated to absorb potential losses of the entity. Accordingly, these adjustments reflect the conclusion that the Company is no longer the primary beneficiary of the VIE and should be deconsolidated. The deconsolidation did not result in the recognition of a gain or loss in the consolidated statements of operations.

Following the deconsolidation, the Company has no continuing financial interest in the VIE other than a related‑party operating lease, pursuant to which the Company leases space from the previously consolidated VIE and is accounted for in accordance with ASC 842, Leases.

The following table presents information about (i) the assets and liabilities of our consolidated VIE reflected in our consolidated balance sheets as of December 31, 2024 and (ii) the assets and liabilities removed from our consolidated balance sheet upon deconsolidation as of September 29, 2025 (the date of deconsolidation), within the respective asset and liability categories:


	September 29, 2025		December 31, 2024
Assets
Cash	$	4,387	$	15,998
Prepaid expenses		10,000		-
Other assets		44,370		376,250
Property and equipment, net		5,411,393		2,940,508
Investments in unconsolidated affiliates		1,078,449		984,041
Total assets	$	6,548,599	$	4,316,797
Liabilities
Accounts payable		19,171		2,901,499
Notes payable		1,343,893	$	1,509,578
Total liabilities	$	1,363,064	$	4,411,077

Simultaneously, net assets that were previously eliminated in consolidation were recognized, including the following assets and liabilities:


Assets
Other assets	$	1,308,036
Operating lease right-of-use assets		468,904
Total assets	$	1,776,940
Liabilities
Current portion of operating lease		72,840
Operating lease liabilities, less current portion		440,433
Total liabilities	$	513,273

As a result of the deconsolidation, the Company also derecognized a noncontrolling interest of $57,560 and recorded equitized distributions of $3,864,308.

Unconsolidated VIEs

Until September 29, 2025, the Company previously held investments in certain affiliates, including Campus North Acquisition, LLC and Springfield Commons Acquisition, LLC, which were accounted for under the equity method of accounting and presented as Investments in unconsolidated affiliates on the consolidated balance sheets, as the Company did not have the power to direct the activities that most significantly impacted their economic performance. In connection with the

derecognition of the VIE CCRE, the Company no longer holds any ownership interests in unconsolidated affiliates and, accordingly, has no unconsolidated variable interest entities.

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

The Company has evaluated subsequent events through the date on which this Form 10-K was filed, the date on which these financial statements were issued, and identified the items below for discussion.

Interest Swap

In January 2026, Cardinal Civil Contracting, LLC executed an interest rate swap agreement with Truist Bank with an initial notional amount of $60.0 million, amortizing through October 1, 2030. Under the terms of the agreement, the Company pays a fixed rate of 3.80% and receives a variable rate based on CME 1‑month Term SOFR. The effects of the swap are not reflected in the consolidated financial statements as of and for the year ended December 31, 2025.

Acquisition of ALGC

On February 18, 2026, the Company acquired all of the equity interests in A.L. Grading Contractors, LLC (“ALGC”) in exchange for aggregate consideration of $245.5 million consisting of (i) $129.0 million in cash (as may be adjusted pursuant to the terms and conditions set forth in the Purchase Agreement); (ii) 4,186,062 limited liability company units (the “Common Units”) of the Purchaser (including an equal number of shares of the Company’s Class B common stock, $0.0001 par value per share (the “Class B Common Stock”)), valued at $108.0 million based on the volume weighted average price of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”) over the ten trading days ended February 13, 2026 and (iii) 345,680 shares of Class A common stock, $0.0001 par value per share (the “Class A Common Stock”) which were issued to employees of, and service providers to, ALGC at the direction of the seller. The cash portion of the Acquisition was funded through a combination of cash on hand and borrowings under the Purchaser’s credit facility. The equity issued to the seller and the Class A Common Stock issued at the direction of the seller are subject to lock-up agreements for 180 days. ALGC is engaged in the business of providing infrastructure services to residential, industrial and commercial projects in the greater Atlanta, Georgia area.

The acquisition has been accounted for as a business combination under ASC 805, and the Company is in the process of completing the purchase price allocation. Provisional values will be disclosed in the Company’s quarterly financial statements for the quarter ending March 31, 2026.

February 2026 Credit Facility Amendment

On February 18, 2026, Cardinal Civil Contracting, LLC, and the other guarantors party thereto, the lenders party thereto and Truist Bank (“Truist Bank”), as administrative agent, issuing bank and swingline lender, entered into a first amendment to the credit agreement (the “First Amendment”), which amends the October 2025 Credit Facility, by and among Cardinal Civil Contracting, LLC, Purchaser, the other guarantors from time to time party thereto, the lenders from time to time party thereto and Truist Bank. Cardinal Infrastructure Group Inc. is not a party to the First Amendment or the October 2025 Credit Agreement.

The First Amendment, among other things, increases the term loan facility under the October 2025 Credit Agreement

from $120.0 million in aggregate principal amount to $200.0 million in aggregate principal amount. A portion of the proceeds of the incremental term loans made pursuant to the First Amendment was used to pay the cash portion of the Acquisition purchase price. Except as modified by the First Amendment, the terms and conditions in the October 2025 Credit Agreement remain the same.

Related Party Transactions

As referenced within Note 18. Related Party Transactions, we entered into two new leases with CCCRE in September 2025. The second lease with payment of $1,140,000 per year commenced January 1, 2026.

In connection with the acquisition of ALGC, ALGC has entered into leases with respect to two facilities owned by companies owned and controlled by Anthony Wood and Benjamin Wood. Each of the leases has a fifteen year initial term, subject to early termination under specified circumstances, and ALGC has three (3) options to extend the term for a period of five (5) years each time. The leases provide for aggregate annual payments of $600,000 for the initial year increasing by 3% each year. ALGC also pays the property taxes for use of the facilities.

Leased Premises

Subsequent to December 31, 2025, the Company entered into one operating lease agreements and extended the terms of one existing operating lease agreements for office space in North Carolina, with terms ranging from 23 to 65 months. Total commitments under the new agreements are approximately $5,565,656, payable over the terms of the related agreements.

Organization and Description of Business - Additional Information (Details) $ / shares in Units, $ in Millions					12 Months Ended
	Dec. 12, 2025 shares	Dec. 12, 2025 USD ($) shares	Dec. 11, 2025 $ / shares shares	Dec. 10, 2025 $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Organization And Description Of Business [Line Items]
Preferred stock, shares authorized					10,000,000
Preferred stock, par value \| $ / shares					$ 0.0001
IPO
Organization And Description Of Business [Line Items]
Gross proceeds from IPO \| $		$ 277.7
Limited liability company units, issued	14,943,750	14,943,750
Net proceeds from the IPO \| $		$ 252.3
Class A Common Stock
Organization And Description Of Business [Line Items]
Common stock, par value per share \| $ / shares					$ 0.0001
Common stock, shares outstanding					14,947,318
Common stock voting rights					Each share of Class A Common Stock entitles its holder to one vote per share on all matters presented to Cardinal Infrastructure Group Inc.’s stockholders.
Class A Common Stock \| IPO
Organization And Description Of Business [Line Items]
Number of shares sold	1,725,000		11,500,000
Common stock, par value per share \| $ / shares			$ 0.0001
Offering price \| $ / shares			$ 21
Class B Common Stock
Organization And Description Of Business [Line Items]
Common stock, par value per share \| $ / shares					$ 0.0001
Common stock, shares outstanding					23,387,813
Common stock voting rights					Each share of Class B Common Stock entitles its holder to one vote per share on all matters presented to Cardinal Infrastructure Group Inc.’s stockholders.
Class B Common Stock \| IPO
Organization And Description Of Business [Line Items]
Number of shares sold		23,387,813
OpCo
Organization And Description Of Business [Line Items]
LLC Units					38,335,131
Ownership interest, percentage					100.00%
Economic interest percentage of continuing equity holders					100.00%
OpCo \| Cardinal Infrastructure Group Inc.
Organization And Description Of Business [Line Items]
LLC Units					14,947,318
Ownership interest, percentage					39.00%
OpCo \| Cardinal Infrastructure Group Inc. \| Class A Common Stock
Organization And Description Of Business [Line Items]
Stock split ratio					1
Cardinal Civil Contracting NC LLC \| Cardinal NC
Organization And Description Of Business [Line Items]
Ownership interest, percentage					100.00%
Continuing Equity Holders
Organization And Description Of Business [Line Items]
Economic interest percentage of continuing equity holders					61.00%
Continuing Equity Holders \| IPO
Organization And Description Of Business [Line Items]
Repayment of borrowings outstanding \| $					$ 24.3
Limited liability company units, issued	7,500,000	7,500,000
Net proceeds from the IPO \| $		$ 157.5
IPO Reorganization
Organization And Description Of Business [Line Items]
Common stock voting rights					Class A Common Stock and Class B Common Stock, each entitling the holder to one vote per share on all matters presented to stockholders
Preferred stock, shares authorized				10,000,000
Preferred stock, par value \| $ / shares				$ 0.0001
IPO Reorganization \| Class A Common Stock
Organization And Description Of Business [Line Items]
Common stock, shares outstanding				1,718,750
Stock split					86-to-one forward stock split
Stock split ratio				86
IPO Reorganization \| Class B Common Stock
Organization And Description Of Business [Line Items]
Number of shares sold				23,387,813
IPO Reorganization \| Continuing Equity Holders
Organization And Description Of Business [Line Items]
Economic interest percentage of continuing equity holders				61.00%

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31, 2025			December 31, 2024
Office equipment and computers	$	1,760,490		$	1,493,699
Vehicles and trailers		30,252,251			17,817,334
Machinery and equipment		118,867,241			77,174,912
Leasehold improvements		1,041,123			819,164
Buildings		—			339,239
Land		—			2,753,465
Construction in progress		8,018,256			180,580
Total property and equipment		159,939,361			100,578,393
Accumulated depreciation		(75,037,759	)		(50,793,988	)
Total Property and equipment, net	$	84,901,602		$	49,784,405

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Assets and Liabilities of Consolidated VIE


	September 29, 2025		December 31, 2024
Assets
Cash	$	4,387	$	15,998
Prepaid expenses		10,000		-
Other assets		44,370		376,250
Property and equipment, net		5,411,393		2,940,508
Investments in unconsolidated affiliates		1,078,449		984,041
Total assets	$	6,548,599	$	4,316,797
Liabilities
Accounts payable		19,171		2,901,499
Notes payable		1,343,893	$	1,509,578
Total liabilities	$	1,363,064	$	4,411,077

Simultaneously, net assets that were previously eliminated in consolidation were recognized, including the following assets and liabilities:


Assets
Other assets	$	1,308,036
Operating lease right-of-use assets		468,904
Total assets	$	1,776,940
Liabilities
Current portion of operating lease		72,840
Operating lease liabilities, less current portion		440,433
Total liabilities	$	513,273

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Summary of Equipment Held Under Finance Leases

Following is a summary of equipment held under the finance leases at December 31, 2025, December 31, 2024 and December 31, 2023, respectively:


	December 31, 2025			December 31, 2024
Equipment	$	15,919,545		$	14,249,751
Accumulated depreciation		(9,975,175	)		(5,920,984	)
	$	5,944,370		$	8,328,767

Schedule of Future Minimum Lease Payments

Future minimum lease payments as of December 31, 2025 were as follows:


	Finance Leases			Operating Leases
2026	$	3,651,230		$	4,233,598
2027		3,161,863			3,680,091
2028		1,382,681			1,657,008
2029		654,219			509,910
2030		—			362,000
Total future undiscounted lease payments		8,849,993			10,442,607
Less: Imputed interest		(526,325	)		(776,405	)
Lease liabilities		8,323,668			9,666,202
Less: Current portion of lease liabilities		(3,349,359	)		(3,814,686	)
Long-term portion of lease liabilities	$	4,974,309		$	5,851,516

Components of Lease Costs

The components of lease costs are as follows:


	December 31, 2025		December 31, 2024		December 31, 2023
Amortization of finance lease assets	$	3,270,333	$	3,185,472	$	2,984,976
Interest in finance lease liabilities		431,476		477,800		214,074
Operating lease cost		3,983,536		2,900,368		2,680,283
Short-term lease costs		—		92,994		233,121
Total lease costs	$	7,685,345	$	6,656,634	$	6,112,454

Schedule of Other Required Information Related to Company's Lease Obligations

Other required information related to the Company’s lease obligations were as follows:


	December 31, 2025			December 31, 2024			December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	(3,275,226	)	$	(2,613,163	)	$	(1,661,580	)
Operating cash flows from operating leases		(4,080,618	)		(3,360,324	)		(3,006,216	)
New assets acquired through lease obligations during the year:
Property and equipment via finance leases		1,442,072			4,163,388			9,027,566
Right-of-use assets via operating leases		6,942,779			2,556,542			2,808,137

Notes Payable & Credit Facility (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Notes payable

Notes payable consisted of the following at December 31, 2025 and December 31, 2024, respectively:


	December 31, 2025		December 31, 2024
Note payable under the October 2025 Credit Facility, bearing interest based on the Secured Overnight Financing Rate (“SOFR”) plus 2.375%, with interest payable monthly and scheduled quarterly principal amortization, maturing October 31, 2030. Quarterly principal installments of $1.5 million are due through September 30, 2027, $2.25 million from December 31, 2027 through September 30, 2030, with the remaining principal due as a final balloon payment on October 31, 2030. The effective interest rate, inclusive of the amortization of deferred financing costs, was 6.83% at December 31, 2025.	$	120,000,000	$	-
Unsecured subordinated notes payable to various sellers. Notes payable are due in (a) quarterly installments of $125,000 plus interest at 7% through September 2025, with $0 outstanding as of September 30, 2025 and (b) semi-annual payments of $25,422 including interest at 5% through July 2027 unless seller’s employment agreement is terminated without cause in which all principal and interest would be payable immediately. The effective interest rate was 5.00% at December 31, 2025.		91,378		511,400
Note payable to a financial institution, bearing interest based on Compounded SOFR, calculated daily, with interest payable monthly and scheduled monthly principal amortization, maturing January 1, 2031. Monthly principal installments of $7,552 are due through December 1, 2030, with the remaining principal balance of $641,927 due as a final balloon payment on January 1, 2031. The effective interest rate was 6.12% at December 31, 2025.		1,087,500		—
Notes payable under the October 2024 Credit Facility with monthly principal installments totaling $1,562,159, plus interest based on SOFR plus 1.43%, were repaid in full during 2025 using proceeds from a new debt issuance. Accordingly, no amounts were outstanding at December 31, 2025.		—		45,912,771
Notes payable to a financial institution with monthly principal installments totaling $18,410 plus interest based on SOFR plus 2.15%, with a final balloon payment due in October 2027. Notes payable were secured by real property of the Company and derecognized in September 2025 due to the deconsolidation of the Variable Interest Entity CCCRE Holdings Ltd.		—		1,509,578
Total Notes Payable		121,178,878		47,933,749
Less Current Portion		6,128,674		11,112,540
Less Unamortized Debt Issuance Costs		1,897,340		—
Long-Term Portion	$	113,152,864	$	36,821,209

Summary of Future Maturities of Notes Payable

Future maturities of notes payable are as follows as of December 31, 2025:


2026	$	6,128,674
2027		6,136,402
2028		9,090,625
2029		9,090,625
2030		90,090,625
Thereafter		641,927
	$	121,178,878

Variable Interest Entities - Summary of Assets and Liabilities of Consolidated VIE (Details) - USD ($)	Dec. 31, 2025	Sep. 29, 2025	Dec. 31, 2024
Assets
Cash	$ 97,149,425		$ 20,917,108
Prepaid expenses	1,892,615		373,442
Other assets	432,584		89,349
Operating lease right-of-use assets	8,929,742		5,109,316
Property and equipment, net	84,901,602		49,784,405
Investments in unconsolidated affiliates	0		984,041
Total assets	394,587,355		140,313,821
Liabilities
Accounts payable	60,600,099		38,279,318
Notes payable	113,152,864		36,821,209
Current portion of operating lease	3,814,686		2,801,545
Operating lease liabilities, less current portion	5,851,516		2,429,985
Total liabilities	255,049,532		116,959,845
Variable Interest Entity (VIE)
Assets
Cash		$ 4,387	15,998
Prepaid expenses		10,000
Other assets	1,308,036	44,370	376,250
Operating lease right-of-use assets	468,904
Property and equipment, net		5,411,393	2,940,508
Investments in unconsolidated affiliates		1,078,449	984,041
Total assets	1,776,940	6,548,599	4,316,797
Liabilities
Accounts payable		19,171	2,901,499
Notes payable		1,343,893	1,509,578
Current portion of operating lease	72,840
Operating lease liabilities, less current portion	440,433
Total liabilities	$ 513,273	$ 1,363,064	$ 4,411,077

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Title	directors or officers
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified Flag	false
Non-Rule 10b5-1 Arrangement Modified Flag	false

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Depreciation Computed by Using Estimated Useful Lives

Depreciation is computed using accelerated depreciation methods over the following estimated useful lives:


Asset Group		Useful Lives
Office equipment and computers		3-5 years
Vehicles and trailers		5 years
Machinery and equipment		5-7 years
Leasehold improvements		15 years
Buildings		30 years

Income Taxes and Tax Receivable Agreement (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes are as follows:


	December 31, 2025		December 31, 2024		December 31, 2023
Current:
Federal	$	-	$	-	$	-
State and local		1,691,154		1,352,509		-
Total current tax expense	$	1,691,154	$	1,352,509	$	-

Deferred:
Federal	$	254,023	$	-	$	-
State and local		21,501		-		-
Total deferred tax expense	$	275,524	$	-	$	-

Total federal – Current and deferred tax expense	$	254,023	$	-	$	-
Total state and local – Current and deferred tax expense		1,712,655		1,352,509		-
Total provision for income taxes	$	1,966,678	$	1,352,509	$	-

Schedule of Reconciliation of U.S. Federal Statutory Tax Rate to Effective Rate

A reconciliation of the U.S. federal statutory tax rate to the effective rate using both dollars and percentages is as follows:


	December 31, 2025					December 31, 2024					December 31, 2023
Statutory U.S. federal tax rate	$	6,942,634		21.0	%	$	6,226,446		21.0	%	$	5,102,326		21.0	%
Noncontrolling interests/effect of pass-through entities (LLC income)		(6,703,419	)	-20.3	%		(6,226,446	)	-21.0	%		(5,102,326	)	-21.0	%
State and local income taxes, net of federal income tax effect (1)		1,712,655		5.2	%		1,352,509		4.6	%		-		0.0	%
Nontaxable or nondeductible items		14,808		0.0	%		-		0.0	%		-		0.0	%
Effective income tax rate	$	1,966,678		5.9	%	$	1,352,509		4.6	%	$	-		0.0	%

(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include North Carolina for 2025.

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows:


	December 31, 2025
Deferred tax assets
Transaction expense	$	1,284,305
Tax receivable agreement		8,979,697
Investment in partnership		32,184,418
Net operating loss - federal		3,407,319
Net operating loss - state		218,361
Stock compensation		6,418
Deferred tax assets, gross		46,080,518
Valuation allowance		-
Total deferred tax assets, net of valuation allowance		46,080,518
Deferred tax liabilities		-
Total net deferred tax asset	$	46,080,518

Business Combinations - Additional Information (Details) - USD ($)				1 Months Ended		3 Months Ended		7 Months Ended	12 Months Ended
	Oct. 01, 2025	May 30, 2025	Jan. 03, 2025	Dec. 31, 2025	Jul. 31, 2023	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 29, 2025	May 29, 2025	Jan. 02, 2025
Business Combination [Line Items]
Cash acquired										$ 0
Amortization expense										$ 7,128,310	$ 85,840	$ 3,250
Purcell
Business Combination [Line Items]
Acquisition date			Jan. 03, 2025
Description of acquiree										On January 3, 2025 (the “Purcell Acquisition Date”), Cardinal Civil Contracting Charlotte, LLC (“CCCC”) acquired substantially all of the operating assets and certain liabilities of Purcell Construction, Inc., a North Carolina corporation, Purcell Construction Group, LLC, a South Carolina limited liability company, and Orange T, LLC, a North Carolina limited liability company (collectively referred to herein as “Purcell”). Purcell operated a turn‑key site work contracting business primarily in the Charlotte, North Carolina market.
Receivables, Contractual cash flows not expected to be collected			$ 0
Goodwill expected to be deductible for tax purposes, Amortization period			15 years
Revenue									$ 24,791,596
Net loss									$ 902,959
Purcell \| Backlog
Business Combination [Line Items]
Amortization expense										$ 5,236,000
Purcell \| Transition Services Agreement
Business Combination [Line Items]
Expense related to acquisition			$ 0
Purcell \| Cardinal Civil Contracting Charlotte, LLC \| Cardinal NC
Business Combination [Line Items]
Ownership interest, percentage			74.60%										100.00%		80.00%
Purcell \| Class B Units \| Cardinal Civil Contracting Charlotte, LLC \| Purcell Construction, Inc.
Business Combination [Line Items]
Shares issued			52
Ownership interest of acquiree			4.60%
Purcell \| Class B Units \| Cardinal Civil Contracting Charlotte, LLC \| Purcell Construction, Inc. \| Maximum
Business Combination [Line Items]
Capital contributions			$ 0
Purcell \| Class C Units \| Cardinal Civil Contracting Charlotte, LLC \| Named Individuals
Business Combination [Line Items]
Shares issued			24
Ownership interest of acquiree			2.10%
Purcell \| Reduction to Liabilities Assumed Related to Accounts Payable
Business Combination [Line Items]
Measurement period adjustments to purchase consideration				$ 123,000
Purcell \| Reduction to Backlog Intangible Asset
Business Combination [Line Items]
Measurement period adjustments to purchase consideration				$ 874,000
Page
Business Combination [Line Items]
Acquisition date		May 30, 2025
Description of acquiree										On May 30, 2025 (the “Page Acquisition Date”), the Company formed Cardinal Civil Contracting Triad, LLC (“Triad”), which acquired substantially all of the operating assets and certain liabilities of Page and Associates, Inc., a North Carolina corporation, and MJS & GCP, LLC, a North Carolina limited liability company (collectively referred to herein as “Page”). Page operated a turn‑key site work contracting business primarily in the Greensboro, North Carolina market.
Receivables, Contractual cash flows not expected to be collected		$ 0
Goodwill expected to be deductible for tax purposes, Amortization period		15 years
Increase in net working capital adjustment							$ 242,409
Increase in goodwill							$ 242,409
Revenue								$ 2,692,433
Net loss								$ 774,267
Page \| Backlog
Business Combination [Line Items]
Amortization expense										$ 606,000
Page \| Transition Services Agreement
Business Combination [Line Items]
Expense related to acquisition		$ 0
Page \| CCC Triad \| Cardinal NC
Business Combination [Line Items]
Ownership interest, percentage		80.00%												100.00%
Page \| Civil Underground and Boring Company, LLC \| Cardinal NC
Business Combination [Line Items]
Ownership interest, percentage		70.00%												100.00%
Page \| Class B Units \| CCC Triad \| Page and Associates, Inc.
Business Combination [Line Items]
Shares issued		200
Ownership interest of acquiree		20.00%
Page \| Class B Units \| Civil Underground and Boring Company, LLC \| MJS & GCP, LLC
Business Combination [Line Items]
Shares issued		300
Ownership interest of acquiree		30.00%
Red Clay
Business Combination [Line Items]
Acquisition date	Oct. 01, 2025
Description of acquiree										On October 1, 2025 (the "Red Clay Acquisition Date"), a subsidiary of the Company, Aviator Paving Company Charlotte ("APCC") acquired substantially all of the operation assets and certain liabilities of Red Clay Industries, Inc., a North Carolina corporation ("Red Clay"). Red Clay provides asphalt paving, curbing, resurfacing, and related services to commercial and municipal customers primarily in the Charlotte, North Carolina market.
Receivables, Contractual cash flows not expected to be collected	$ 0
Goodwill expected to be deductible for tax purposes, Amortization period	15 years
Lease agreement, Term	2 years
Unfavorable fair value adjustment, Reduction to operating lease right of use asset	$ 680,000
Revenue						$ 10,281,941
Net loss						$ 5,494,594
Stock based compensation expense										$ 5,765,487
Red Clay \| Backlog and Other Intangible Assets
Business Combination [Line Items]
Amortization expense										$ 1,283,929
Red Clay \| Transition Services Agreement
Business Combination [Line Items]
Expense related to acquisition	$ 0
Roadways
Business Combination [Line Items]
Description of acquiree										In July 2023, the Company acquired certain assets and assumed certain liabilities from Monroe Roadways Contractor, Inc. (“Roadways”) The total purchase price was $13,800,000 and was financed via a draw on the Company’s line of credit, a note payable with a financial institution and a $1,000,000 note payable to the seller. In addition, the Company made an additional payment of $164,939 related to the working capital settlement. Roadways is a grading contractor located in Monroe, NC. Acquisition costs related to the Monroe acquisition were $900,000 and are included in general and administrative costs in the statement of operations for the year ended December 31, 2023. The goodwill arising from the acquisitions consists largely of the expected synergies from combining operations as well as the value of the workforce. As a result of this asset acquisition, it is expected that all goodwill reported will be tax deductible.
Purchase price financed via draw of line of credit a note payable					$ 13,800,000
Note payable to seller					1,000,000
Additional payment related to working capital settlement					164,939
Roadways \| General and Administrative Costs
Business Combination [Line Items]
Expense related to acquisition					$ 900,000

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

18. Related Party Transactions

During the year ended December 31, 2025, 2024, and 2023 the Company engaged in transactions with Envision Homes ("Envision"), which is a related party due to common control under a Company equity holder. The Company subleased part of the office spaces to Envision on a month-to-month basis for $3,178 per month for the year ended December 31, 2025, and $4,087 per month for the years ended December 31, 2024 and 2023. The Company recognized $38,141, $49,044, and $49,044 of sublease income for the year ended December 31, 2025, 2024, and 2023, respectively. Additionally, the Company recognized revenue of $-, $4,792, and $118,886 for the years ended December 31, 2025, 2024, and 2023, respectively. There were no outstanding balances due from Envision as of December 31, 2025, December 31, 2024, and December 31, 2023, respectively. All transactions with Envision were conducted in the normal course of business and on terms equivalent to those that prevail in arm's length transactions.

During the year ended December 31, 2025, 2024, and 2023, the Company engaged in transactions with Wellfield Development ("Wellfield"), which is a related party due to common control under a Company equity holder. The Company recognized revenue of $(5,275), $37,425, and $878,313 for the work performed for Wellfield for the years ended December 31, 2025, 2024, and 2023, respectively. The outstanding balances due from Wellfield as of December 31, 2025, 2024, and 2023 are $-, $14,422, and $822,244 respectively, which are included on the accompanying consolidated balance sheets as accounts receivable, net. All transactions with Wellfield were conducted in the normal course of business and on terms equivalent to those that prevail in arm's length transactions.

During the year ended December 31, 2025, 2024, 2023, the Company engaged in transactions with Park Towns ("Park"), which is a related party due to common control under a Company equity holder. The Company recognized revenue of $125,100, $1,753,964, and $144,163 for the work performed for Park for the years ended December 31, 2025, 2024, and 2023, respectively. The outstanding balances due from Park as of December 31, 2025, December 31, 2024, and December 31, 2023 are $25,828, $80,135, and $33,950 respectively, which are included on the accompanying consolidated balance sheet as accounts receivable, net. All transactions with Park were conducted in the normal course of business and on terms equivalent to those that prevail in arm's length transactions.

During the year ended December 31, 2025, 2024, and 2023 the Company engaged in transactions with the previously consolidated VIE, CCCRE Holdings ("CCCRE"), which is a related party entity owned by Erik West, the Chief Operating Officer of Cardinal NC, Mike Rowe, our Chief Financial Officer, and Jeremy Spivey, our Chief Executive Officer, and the mother of Mr. Spivey. The Company recognized $88,306, $62,704, and $62,704 of previously eliminated lease expense for the years ended December 31, 2025, 2024, and 2023, respectively related to a leased office warehouse and equipment yard. Lease terms are $6,367 per month with annual increases of 5% through September 2031. We entered into two new leases with CCCRE in September 2025 for the purposes of operating a commercial construction company office, warehouse and equipment yard. We expect to pay CCCRE $120,000 and $1,140,000 per year under the leases. Payments began on December 1, 2025 for the first lease and will begin on January 1, 2026 for the second lease. In October 2025, CCCRE paid the Company $1,263,667 relating to the repayment in full of an outstanding receivable. There was no outstanding balance due from CCCRE as of December 31, 2025.

In September 2025, the Company entered into a new lease with King Road, LLC ("King Road"), which is a related party due to common control under a Company equity holder. The Company recognized lease expense of $10,000 for the year ended December 31, 2025 related to leased land for purposes of operating an equipment yard. We expect to pay King Road $10,000

per month through December 2030. Management believes the terms of the lease are consistent with market rates and comparable to those that could have been obtained from an unrelated third party.

In connection with the IPO, Cardinal Infrastructure Group Inc. utilized some of the net proceeds from the IPO to redeem 7,500,000 OpCo units for $157,500,000 from the group of Continuing Equity Holders, which includes Erik West, the Chief Operating Officer of Cardinal NC, Mike Rowe, our Chief Financial Officer, and Jeremy Spivey, our Chief Executive Officer. Additionally we entered into a Tax Receivable Agreement (“TRA”) with the Continuing Equity Holders. The TRA provides for payments by the Company. to the Continuing Equity Holders equal to 85% of certain tax benefits that the Company realizes, or is deemed to realize, as a result of increases in tax basis arising from exchanges of LLC Units for Class A Common Stock (or cash) and from certain other tax benefits related to payments made under the TRA. The Company retains the benefit of the remaining 15% of such tax benefits. The TRA liability is recognized when the related tax benefits are realized upon exchanges of LLC Units. As of December 31, 2025, the tax receivable agreement liability on the consolidated balance sheet totaled $39,423,529. Refer to Note 15. Income Taxes and Tax Receivable Agreement for further details.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Notes Payable & Credit Facility - Additional Information (Details) - USD ($)				1 Months Ended			12 Months Ended
	Oct. 01, 2025	Sep. 30, 2025	Oct. 18, 2024	Dec. 31, 2025	Jan. 31, 2025	Oct. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Note payable to finance equipment				$ 121,178,878			$ 121,178,878	$ 47,933,749
October 2025 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, initiation date	Oct. 01, 2025
Line of credit facility, expiration date							Oct. 01, 2030
Line of credit facility, frequency of payments							quarterly
Line of credit facility, date of first required payment	Mar. 31, 2026
Line of credit facility, frequency of payment and payment terms							Amounts under the term loan facility amortize quarterly, commencing March 31, 2026, in aggregate annual amounts equal to 5.0% of the original principal during the first two years and 7.5% during years three through five, with the remaining balance due at maturity.
Effective interest rate				6.83%			6.83%
Line of credit facility, covenant compliance							As of December 31, 2025, the Company was in compliance with all covenants under the October 2025 Credit Facility.
Note payable to finance equipment				$ 120,000,000			$ 120,000,000
Debt instrument, frequency of periodic payment							Quarterly
Maturity date							Oct. 31, 2030
October 2025 Credit Facility \| First Two Years
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed	5.00%
October 2025 Credit Facility \| Three Through Five Years
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed	7.50%
October 2025 Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate	0.875%
October 2025 Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate	1.625%
October 2025 Credit Facility \| SOFR
Debt Instrument [Line Items]
Interest rate							2.375%
October 2025 Credit Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Interest rate	1.875%
October 2025 Credit Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Interest rate	2.625%
October 2025 Credit Facility \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 75,000,000
Outstanding borrowings							$ 0
October 2025 Credit Facility \| Letter of Credit Sub-facility
Debt Instrument [Line Items]
Credit facility	10,000,000
October 2025 Credit Facility \| Swingline Sub-facility
Debt Instrument [Line Items]
Credit facility	10,000,000
October 2025 Credit Facility \| Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Credit facility	$ 120,000,000
Outstanding borrowings							$ 120,000,000
October 2025 Credit Facility \| Master Equipment Security Agreement Evidenced by Promissory Notes
Debt Instrument [Line Items]
Credit facility			$ 45,900,000
October 2024 Credit Facility
Debt Instrument [Line Items]
Line of credit facility, initiation date			Oct. 18, 2024
Outstanding borrowings		$ 80,600,000
Line of credit facility, covenant compliance							As of December 31, 2024, the Company was in compliance with all covenants under the October 2024 Credit Facility.
Increase in borrowing capacity					$ 27,000,000
All amounts outstanding under the October 2024 Credit Facility			$ 81,100,000
Note payable to finance equipment				0			$ 0	45,912,771
Debt instrument, frequency of periodic payment							monthly
Principal installment amount							$ 1,562,159
October 2024 Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility additional borrowing capacity					6,000,000
October 2024 Credit Facility \| SOFR
Debt Instrument [Line Items]
Interest rate							1.43%
October 2024 Credit Facility \| Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility			10,000,000
Outstanding borrowings								0
October 2024 Credit Facility \| Senior Secured Term Loan Facility
Debt Instrument [Line Items]
Credit facility			$ 1,500,000
Outstanding borrowings								1,500,000
October 2024 Credit Facility \| Master Equipment Security Agreement Evidenced by Promissory Notes
Debt Instrument [Line Items]
Outstanding borrowings								45,900,000
Other 2025 Financing Activity
Debt Instrument [Line Items]
Debt instrument, face amount					$ 7,200,000
Note payable to finance equipment				1,087,500			$ 1,087,500
Debt instrument, frequency of periodic payment							monthly
Debt instrument, term					5 years
Maturity date							Jan. 01, 2031
Principal installment amount				$ 7,552
Debt instrument, date of first required payment				Dec. 01, 2030
Remaining principal balance due as final balloon payment				$ 641,927			$ 641,927
Other 2025 Financing Activity \| SOFR
Debt Instrument [Line Items]
Interest rate					2.35%
Other 2024 Financing Activity
Debt Instrument [Line Items]
Outstanding borrowings						$ 0
Total interest incurred							$ 7,038,106	$ 4,832,839	$ 3,990,288
Maximum borrowing capacity						$ 15,000,000
Other 2024 Financing Activity \| SOFR
Debt Instrument [Line Items]
Interest rate						2.75%

Leases - Components of Lease Costs (Details) - USD ($)	12 Months Ended
Leases - Components of Lease Costs (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Amortization of finance lease assets	$ 3,270,333	$ 3,185,472	$ 2,984,976
Interest in finance lease liabilities	431,476	477,800	214,074
Operating lease cost	3,983,536	2,900,368	2,680,283
Short-term lease costs		92,994	233,121
Total lease costs	$ 7,685,345	$ 6,656,634	$ 6,112,454

Changes in Accounting Estimates

12 Months Ended

Dec. 31, 2025

Change in Accounting Estimate [Abstract]

Changes in Accounting Estimates

13. Changes in Accounting Estimates

Accounting for customer construction contracts requires the use of various estimation techniques to determine total contract revenue and costs. The Company's cost-to-cost method for recognizing revenue include estimates and assumptions about future events, including labor productivity and availability, material costs and availability, and the complexity of work to be performed.

Estimates are updated as conditions evolve. Changes in job performance, site conditions, subcontractor performance, and scope modifications may result in revisions to estimated costs and profitability. The accuracy of revenue and profit recognition in any period depends on the reliability of these estimates. Because the Company manages a portfolio of contracts of varying size and complexity, changes in individual contract estimates may offset each other. However, significant changes in estimates can materially affect reported profitability.

Key factors contributing to changes in contract estimates include:

•

Completeness and accuracy of original bids

•

Scope changes and related cost recognition

•

Extended overhead from customer or weather-related delays

•

Subcontractor and supplier performance

•

Site conditions differing from bid assumptions (where contract remedies are unavailable)

•

Labor availability and skill levels in project geographies

•

Material availability and proximity

These factors, along with the stage of completion and margin mix of contracts in progress, may cause fluctuations in gross profit between periods, which can be significant.

Changes in estimates of contract revenue, cost, or extent of completion are accounted for in the period the changes become known. Such changes are considered normal recurring adjustments inherent in the cost-to-cost revenue recognition method. The effect of changes in estimates for contracts in progress at December 31, 2024 decreased revenue for the year ended December 31, 2025 by $2,619,137. The effect of changes in estimates for contracts in progress at December 31, 2023 decreased revenue for the year ended December 31, 2024 by $67,564. The effect of changes in estimates for contracts in progress at December 31, 2022 decreased revenue for the year ended December 31, 2023 by $3,025,997.

Equity and Noncontrolling Interest (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Summary of Ownership of LLC Units of OpCo

The following table summarizes the ownership of LLC Units of OpCo as of December 31, 2025:


	LLC Units		Ownership %
Cardinal Infrastructure Group Inc.		14,947,318		39.0%
Continuing Equity Holders		23,387,813		61.0%
Total		38,335,131		100.0%

Leases - Summary of Equipment Held Under Finance Leases (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Equipment	$ 15,919,545	$ 14,249,751
Accumulated depreciation	(9,975,175)	(5,920,984)
Total	$ 5,944,370	$ 8,328,767

Business Combinations - Summary of Unaudited Pro Forma Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cardinal NC and Purcell
Business Combination, Pro Forma Information [Line Items]
Revenue	$ 456,045,369	$ 340,982,627
Net income, including noncontrolling interests	36,552,430	29,722,827
Cardinal NC and Page
Business Combination, Pro Forma Information [Line Items]
Revenue	460,155,042	324,881,523
Net income, including noncontrolling interests	32,203,725	28,312,437
Cardinal NC and Red Clay
Business Combination, Pro Forma Information [Line Items]
Revenue	493,175,863	360,085,109
Net income, including noncontrolling interests	$ 31,937,411	$ 25,934,372

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

6. Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31, 2025			December 31, 2024
Office equipment and computers	$	1,760,490		$	1,493,699
Vehicles and trailers		30,252,251			17,817,334
Machinery and equipment		118,867,241			77,174,912
Leasehold improvements		1,041,123			819,164
Buildings		—			339,239
Land		—			2,753,465
Construction in progress		8,018,256			180,580
Total property and equipment		159,939,361			100,578,393
Accumulated depreciation		(75,037,759	)		(50,793,988	)
Total Property and equipment, net	$	84,901,602		$	49,784,405

Depreciation expense included in the consolidated statements of operations was $25,246,451, $18,663,746, $13,181,191 for the years ended December 31, 2025, 2024 and 2023, respectively. The Company recorded a gain (loss) of $157,401, $(13,534), and $365,919 on sale of property and equipment in the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company capitalized interest of $152,849 during the year ended December 31, 2025 to Construction in progress. No interest was capitalized in the years ended December 31, 2024 and 2023, as no qualifying construction activities were in progress.

Significant Accounting Policies - Additional Information (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) Customer Segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jan. 01, 2024 USD ($)	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Provisions for loss contracts	$ 135,647	$ 135,647	$ 4,039,488	$ 803,912		$ 2,397,635
Warranty period for construction service		1 year
Federal deposit insurance corporation insures	250,000	$ 250,000
Cash balance in excess of FDIC's insured limits	95,717,296	95,717,296	20,667,108
Allowance for estimated expected credit losses	0	0	0
Current income tax provision		1,691,154	1,352,509
Deferred income taxes		$ 275,524	0	$ 0
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]		srt:ChiefExecutiveOfficerMember
Number of reportable segments \| Segment		1
Segment reporting, CODM, profit (loss) measure, how used, description		The CODM also uses net income and related profit margins in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the Company and in establishing management’s compensation.
Accounts receivable, net	$ 61,282,268	$ 61,282,268	$ 38,304,817		$ 34,089,899
Director \| RSUs
Significant Accounting Policies [Line Items]
Vesting period	1 year
Vesting terms		Director awards typically vest over a one‑year service period, depending on the terms of the award. In connection with the IPO, and in lieu of a pro-rated annual cash retainer, RSUs were granted to non-employee directors which vested on December 31, 2025. These awards are accounted for under ASC 718 using the same grant‑date fair value measurement and recognition principles as employee awards.
Customer Concentration Risk \| Revenue
Significant Accounting Policies [Line Items]
Number of customer \| Customer		0
Customer Concentration Risk \| Revenue \| Customer
Significant Accounting Policies [Line Items]
Total revenue percentage		10.00%
Customer Concentration Risk \| Revenue \| Customer A
Significant Accounting Policies [Line Items]
Total revenue percentage			13.00%	11.00%
Cardinal NC
Significant Accounting Policies [Line Items]
PTE Tax rate		4.25%	4.50%	4.75%
PTE expense		$ 1,691,154	$ 1,352,509
Minimum
Significant Accounting Policies [Line Items]
Provisions for loss contracts	$ 1,000	$ 1,000	1,000	$ 3,000
Contract duration		12 years
Maximum
Significant Accounting Policies [Line Items]
Provisions for loss contracts	$ 70,000	$ 70,000	$ 1,858,000	$ 214,000
Contract duration		15 years

Notes Payable & Credit Facility - Summary of Notes payable (Details) - USD ($)	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total Notes Payable	$ 121,178,878		$ 47,933,749
Less Current Portion	6,128,674		11,112,540
Less Unamortized Debt Issuance Costs	1,897,340
Long-Term Portion	113,152,864		36,821,209
October 2025 Credit Facility
Debt Instrument [Line Items]
Total Notes Payable	120,000,000
October 2024 Credit Facility
Debt Instrument [Line Items]
Total Notes Payable	0		45,912,771
Financial Institution One
Debt Instrument [Line Items]
Total Notes Payable	1,087,500
Unsecured Subordinated Notes Payable To Various Sellers
Debt Instrument [Line Items]
Total Notes Payable	$ 91,378	$ 0	511,400
Financial Institution Two
Debt Instrument [Line Items]
Total Notes Payable			$ 1,509,578

Contract Assets and Liabilities, and Provision for Contract Losses - Summary of Contract Assets and Liabilities (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract assets:
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 27,949,597	$ 3,636,677	$ 5,248,382
Conditional retainage	26,944,663	14,063,703	12,878,369
Total contract assets	54,894,260	17,700,380	18,126,751
Contract liabilities:
Billings in excess of costs and estimated earnings on uncompleted contracts	18,792,435	24,303,648	22,734,880
Provision for contract losses	135,647	4,039,488	803,912	$ 2,397,635
Less: Conditional retainage	(8,096,518)	(14,199,618)	(11,088,950)
Total contract liabilities	10,831,564	14,143,518	12,449,842
Net contract assets (liabilities)	$ 44,062,696	$ 3,556,862	$ 5,676,909

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 159,939,361	$ 100,578,393
Accumulated depreciation	(75,037,759)	(50,793,988)
Total Property and equipment, net	84,901,602	49,784,405
Office Equipment and Computers
Property, Plant and Equipment [Line Items]
Total property and equipment	1,760,490	1,493,699
Vehicles and Trailers
Property, Plant and Equipment [Line Items]
Total property and equipment	30,252,251	17,817,334
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	118,867,241	77,174,912
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	1,041,123	819,164
Buildings
Property, Plant and Equipment [Line Items]
Total property and equipment		339,239
Land
Property, Plant and Equipment [Line Items]
Total property and equipment		2,753,465
Construction in Progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 8,018,256	$ 180,580

Business Combinations - Fair Value of Backlog - Additional Information (Details) - USD ($)				1 Months Ended	12 Months Ended
	Oct. 01, 2025	May 30, 2025	Jan. 03, 2025	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Amortization expense					$ 7,128,310	$ 85,840	$ 3,250
Amortization expense amortized in 2026				$ 3,523,214	3,523,214
Backlog \| Purcell
Business Combination [Line Items]
Amortization expense					5,236,000
Backlog \| Purcell \| Level 3
Business Combination [Line Items]
Gross backlog amount			$ 33,136,000
Estimated profit margin			25.00%
Backlog realization period			12 months	12 months
Discount rate			30.00%
Increase (decrease) in profit margin assumption			2.00%
Increase (decrease) in fair value of backlog asset			$ 526,000
Useful life			1 year
Backlog \| Page
Business Combination [Line Items]
Amortization expense					$ 606,000
Backlog \| Page \| Level 3
Business Combination [Line Items]
Gross backlog amount		$ 3,153,000
Estimated profit margin		20.00%
Backlog realization period		8 months			7 months
Discount rate		15.00%
Increase in profit margin assumption		2.00%
Decrease in profit margin assumption		2.00%
Increase in fair value of backlog asset		$ 60,000
Decrease in fair value of backlog asset		$ 61,000
Backlog \| Red Clay \| Level 3
Business Combination [Line Items]
Gross backlog amount	$ 30,400,000
Estimated profit margin	22.00%
Backlog realization period	8 months
Discount rate	31.50%
Increase (decrease) in profit margin assumption	2.00%
Useful life	8 months
Amortization expense					$ 637,500
Amortization expense amortized in 2026				$ 1,062,500	$ 1,062,500
Increase in fair value of backlog asset	$ 400,000

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

5. Revenue

As of December 31, 2025, 2024 and 2023, the Company’s remaining performance obligations were $516,764,766, $275,859,783 and $204,734,401, respectively, all of which is expected to be recognized within the next eighteen months. These amounts represent the aggregate amount of revenue expected to be recognized on contracts for which performance has commenced but is not yet complete. These obligations are derived from the transaction price allocated to unsatisfied or partially satisfied performance obligations under existing contracts.

Revenue recognized in the period from performance obligations satisfied in prior periods resulted in a net increase of approximately $1,013,000 in 2025, a decrease of $108,000 in 2024, and an increase of $273,000 in 2023. These changes were primarily due to the resolution of previously unresolved change orders.

In the years ended December 31, 2025, 2024 and 2023, the Company's sales projects all reside within the same geographical market: North and South Carolina in the United States. The Company expanded its presence in the Charlotte, North Carolina market through the acquisitions of Purcell in January 2025, Red Clay in October 2025, and Roadways in 2023, and expanded its presence in the Greensboro, North Carolina market through the acquisition of Page in May 2025 (Note 3). The Company historically has minimal credit loss from collections and therefore believes the collections and economic risks across its customers are similar.

The Company's customers in the Private sector primarily consist of national and regional home builders. Public sector customers include government agencies such as the department of transportation. Private sector customers comprised 95% of the Company's revenue in 2025, 97% in 2024 and 98% in 2023, while Public sector customers comprised 5% of the Company's revenue in 2025, 3% in 2024 and 2% in 2023.

In the years ended December 31, 2025, 2024 and 2023, respectively, 99%, 99% and 96% of the Company's revenue relates to fixed price contracts, with the remaining 1%, 1% and 4% relates to time and material billed contracts. Typically, there is more risk with fixed-price contracts, and unforeseen events and circumstances can alter the estimate of the costs and potential profit. However, fixed price contracts offer additional profit when the Company completes the work for less cost than originally estimated. Time and material contracts generally are subject to lower risk, and as such, the associated fees are usually lower than fees earned on fixed-price contracts.

The Company's primary customer contracts are for 'turn key land development' projects that generally take 12 to 15 months to complete. Contracts that are not turn key land development will typically be for a smaller subset of the Company's services, such as for standalone paving contracts, which generally are complete in one to three months. Revenue from these short duration contracts comprised approximately 4% of the Company's revenue in 2025, 6% in 2024 and 5% in 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2025	Mar. 18, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Registrant Name	Cardinal Infrastructure Group Inc
Entity Central Index Key	0002079999
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 0
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity File Number	001-43004
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-3180206
Entity Address, Address Line One	100 E. Six Forks Road
Entity Address, Address Line Two	#300
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27609
City Area Code	919
Local Phone Number	324-1964
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Title of 12(b) Security	Class A Common Stock, $0.0001 Par Value
Security Exchange Name	NASDAQ
Documents Incorporated by Reference [Text Block]	DOCUMENTS INCORPORATED BY REFERENCE Portions of Cardinal Infrastructure Group Inc’s definitive Proxy Statement for its 2026 annual meeting of stockholders, which will be filed pursuant to Regulation 14A no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2025, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Trading Symbol	CDNL
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Tulsa, Oklahoma
Auditor Opinion [Text Block]	Opinion on the financial statements We have audited the accompanying consolidated balance sheets of Cardinal Infrastructure Group Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in stockholders’/members' equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		15,292,984
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,573,875

Business Combinations - Summary of Gross Consideration Paid for Acquisitions Presented in Condensed Consolidated Statements of Cash Flows (Details) - USD ($)				12 Months Ended
	Oct. 01, 2025	May 30, 2025	Jan. 03, 2025	Dec. 31, 2025
Business Combination [Line Items]
Cash consideration paid for acquisitions				$ 59,398,397
Page
Business Combination [Line Items]
Cash consideration paid		$ 5,510,463		5,681,831
Liabilities assumed and paid at closing		2,049,537		2,049,537
Deferred consideration paid within three months of closing		$ 800,000		200,000
Purcell
Business Combination [Line Items]
Cash consideration paid			$ 10,396,871	10,851,397
Liabilities assumed and paid at closing			803,129	803,129
Deferred consideration paid within three months of closing			$ 1,250,000	312,500
Red Clay
Business Combination [Line Items]
Cash consideration paid	$ 39,000,000			39,000,000
Deferred consideration paid within three months of closing	$ 1,000,000			$ 500,003

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

8. Leases

Operating Leases

The Company has an operating lease agreement to lease office space in Raleigh, North Carolina. The lease requires monthly rental payments that escalate through the term of the lease, which matures in December 2027.

In April 2024, the Company entered into an operating lease agreement to lease office space in Greensboro, North Carolina. The lease requires monthly rental payments that escalate through the term of the lease, which matures in May 2029. The Company has the option to extend the lease term for an additional five-year period.

In October 2024, the Company entered into an operating lease agreement to lease additional office space in Raleigh, North Carolina. The lease requires monthly rental payments that escalate through the term of the lease, which matures in December 2027.

As discussed in Note 3, during the twelve months ended December 31, 2025, the Company acquired Purcell, Page, and Red Clay which included the assumption of real estate operating lease liabilities and the recognition of corresponding right‑of‑use assets, as well as a finance lease for Page construction equipment. The nature and terms of the acquired leases are consistent with those of the Company’s existing lessee portfolio.

The Company has various leases for equipment that mature at various times through November 2027.

For operating leases, right-of-use assets and lease liabilities are recognized at the commencement date. Operating lease liabilities are measured at the present value of the lease payments over the lease term. Operating right-of-use assets are calculated as the present value of the lease payments plus initial direct costs, plus any prepayments less any lease incentives received. Lease terms may include renewal or extension options to the extent they are reasonably certain to be exercised. The assessment of whether renewal or extension options are reasonably certain to be exercised is made at lease commencement.

Factors considered in determining whether an option is reasonably certain of exercise include, but are not limited to, the value of any leasehold improvements, the value of renewal rates compared to market rates, and the presence of factors that would cause a significant economic penalty to the Company if the option were not exercised. Lease expense is recognized on a straight-line basis over the lease term.

Finance Leases

The Company has equipment under finance leases that have payments through various dates with the final lease expiring in May 2029. The assets and liabilities under the finance leases are recorded at the present value of the future minimum lease payments. The assets are amortized over the lower of their related lease terms or their estimated useful lives. Following is a summary of equipment held under the finance leases at December 31, 2025, December 31, 2024 and December 31, 2023, respectively:


	December 31, 2025			December 31, 2024
Equipment	$	15,919,545		$	14,249,751
Accumulated depreciation		(9,975,175	)		(5,920,984	)
	$	5,944,370		$	8,328,767

Future minimum lease payments as of December 31, 2025 were as follows:


	Finance Leases			Operating Leases
2026	$	3,651,230		$	4,233,598
2027		3,161,863			3,680,091
2028		1,382,681			1,657,008
2029		654,219			509,910
2030		—			362,000
Total future undiscounted lease payments		8,849,993			10,442,607
Less: Imputed interest		(526,325	)		(776,405	)
Lease liabilities		8,323,668			9,666,202
Less: Current portion of lease liabilities		(3,349,359	)		(3,814,686	)
Long-term portion of lease liabilities	$	4,974,309		$	5,851,516

The components of lease costs are as follows:


	December 31, 2025		December 31, 2024		December 31, 2023
Amortization of finance lease assets	$	3,270,333	$	3,185,472	$	2,984,976
Interest in finance lease liabilities		431,476		477,800		214,074
Operating lease cost		3,983,536		2,900,368		2,680,283
Short-term lease costs		—		92,994		233,121
Total lease costs	$	7,685,345	$	6,656,634	$	6,112,454

The net change in ROU asset and operating lease liability is included in the net change in other assets in the consolidated statements of cash flows. Other required information related to the Company’s lease obligations were as follows:


	December 31, 2025			December 31, 2024			December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	(3,275,226	)	$	(2,613,163	)	$	(1,661,580	)
Operating cash flows from operating leases		(4,080,618	)		(3,360,324	)		(3,006,216	)
New assets acquired through lease obligations during the year:
Property and equipment via finance leases		1,442,072			4,163,388			9,027,566
Right-of-use assets via operating leases		6,942,779			2,556,542			2,808,137

As of December 31, 2025 and December 31, 2024 the weighted-average discount rate for operating leases was 5.53% and 4.30%, respectively. The weighted-average remaining operating lease term as of December 31, 2025 and 2024, was 2.79 and 2.40 years, respectively. As of December 31, 2025 and December 31, 2024, the weighted-average discount rate for finance leases was 4.56% and 4.55%, respectively and the weighted-average remaining lease term was 2.47 years and 3.32 years, respectively.

Income Taxes and Tax Receivable Agreement - Schedule of Reconciliation of U.S. Federal Statutory Tax Rate to Effective Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Statutory U.S. federal tax rate	$ 6,942,634	$ 6,226,446	$ 5,102,326
Tax Jurisdiction of Domicile [Extensible Enumeration]	country:US
Noncontrolling interests/effect of pass-through entities (LLC income)	$ (6,703,419)	(6,226,446)	(5,102,326)
State and local income taxes, net of federal income tax effect	1,712,655	1,352,509	0
Nontaxable or nondeductible items	14,808	0	0
Total provision for income taxes	$ 1,966,678	$ 1,352,509	$ 0
Statutory U.S. federal tax rate, Percentage	21.00%	21.00%	21.00%
Noncontrolling interests/effect of pass-through entities (LLC income), Percentage	(20.30%)	(21.00%)	(21.00%)
State and local income taxes, net of federal income tax effect, Percentage	5.20%	4.60%	0.00%
Nontaxable or nondeductible items, Percentage	0.00%	0.00%	0.00%
Effective income tax rate, Percentage	5.90%	4.60%	0.00%

Business Combinations - Fair Value of Rollover Equity Purchase Consideration - Additional Information (Details) - Level 3	May 30, 2025 USD ($)	Jan. 03, 2025 USD ($)
Purcell \| Cardinal Civil Contracting Charlotte, LLC
Business Combination [Line Items]
Increase in multiple		1
Percentage of increase in multiple		30.00%
Percentage of decrease in multiple		10.00%
Page \| CCC Triad
Business Combination [Line Items]
Percentage of change in estimated value of rollover equity	5.00%
Increase (decrease) in fair value of rollover equity	$ 87,000
EBITDA \| Purcell \| Cardinal Civil Contracting Charlotte, LLC
Business Combination [Line Items]
Measurement input		3.4
EBITDA \| Page \| CCC Triad
Business Combination [Line Items]
Measurement input	4.3
Increase in EBITDA Multiple \| Cardinal Civil Contracting Charlotte, LLC
Business Combination [Line Items]
Increase (decrease) in fair value of rollover equity		$ 658,000
Increase in EBITDA Multiple \| Purcell \| Cardinal Civil Contracting Charlotte, LLC
Business Combination [Line Items]
Measurement input		4.4
Decrease in EBITDA Multiple \| Cardinal Civil Contracting Charlotte, LLC
Business Combination [Line Items]
Increase (decrease) in fair value of rollover equity		$ (280,000)
Decrease in EBITDA Multiple \| Purcell \| Cardinal Civil Contracting Charlotte, LLC
Business Combination [Line Items]
Measurement input		3.1

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. Stock-Based Compensation

2025 Stock Incentive Plan

Cardinal Infrastructure Group Inc. adopted the 2025 Stock Incentive Plan (the “2025 Plan”) on November 13, 2025, with stockholder approval on the same date. The 2025 Plan is designed to attract, retain, and motivate employees, officers, directors, and consultants by providing for equity‑based compensation aligned with long‑term stockholder value. It authorizes up to 3,660,656 shares of Class A common stock for issuance, with the share reserve eligible for an automatic annual increase of up to 5% of outstanding shares beginning with the first fiscal year after the Company’s registration date, unless the Compensation Committee elects otherwise. Shares underlying awards that are forfeited, canceled, expired, or settled in cash are returned to the plan.

The 2025 Plan may be used to grant stock options (both incentive and nonqualified), restricted stock, restricted stock units, stock appreciation rights, and other stock‑based awards. It is administered by the Board of Directors or a designated committee, which has broad authority to determine award terms, vesting conditions, performance goals, and to interpret the plan, including the ability to accelerate vesting in certain circumstances. The 2025 Plan includes a detailed definition of a Change in Control, covering specified acquisitions of voting power, board turnover, mergers, consolidations, and significant asset transactions. The plan will remain in effect until November 13, 2035, unless earlier terminated or extended.

As of December 31, 2025, the December 2025 Director Stock Awards discussed below were issued under the Plan.

October 2025 Employee Unit Awards

On October 1, 2025, the Company granted 113 fully vested LLC units in Cardinal Civil Contracting Holdings LLC to employees as compensation for services. These units were structured as profits interests at issuance. In connection with the Company’s reorganization and initial public offering ("IPO") in December 2025, all outstanding LLC units were converted into 274,547 shares of the Company’s common stock pursuant to the applicable conversion ratio.

The grant‑date fair value of the awards was $5,765,487, which was fully recognized as stock‑based compensation expense in October 2025 because the awards were immediately vested. The fair value per unit at the October 1, 2025 grant date was estimated at $21.00 per unit (equivalent to $21.00 per share of common stock on an as-converted basis), based on the anticipated initial public offering price derived from the Company's ongoing discussions with its underwriters, which was equal to the actual initial public offering priced. Management concluded that the anticipated initial public offering price, which was determined based on observable market inputs including comparable company valuations and institutional investor indications, represented the best available evidence of the fair value of the Company's common equity as of the grant date. No discount for lack of marketability or other adjustments were applied given the proximity of the grant date to the IPO (approximately two months) and the absence of material changes in the Company's business or financial condition during the intervening period. The fair value measurement is classified within Level 2 of the fair value hierarchy as the significant inputs to the valuation were derived from observable market data, although a quoted market price for the Company's shares was not yet available as of the grant date.

December 2025 Director Stock Awards

In November 2025, the Board of Directors approved a Non-Employee Director Compensation Program under which directors receive annual cash retainers and equity grants pursuant to the 2025 Stock Incentive Plan. Each non-employee director is entitled to an annual cash retainer of $75,000 and an annual grant of restricted stock units (RSUs) with a grant date fair value of $100,000, generally awarded at the Company’s annual meeting and vesting on the earlier of the next annual meeting or the first anniversary of the grant date. Committee chairpersons receive an additional annual RSU grant valued at $12,500, and other committee members receive RSUs valued at $5,000 annually. Directors may elect to receive their cash retainer in the form of RSUs, which vest quarterly. In connection with the Company’s IPO, newly appointed directors received RSU grants with a fair

value of $18,750 (in lieu of a prorated cash retainer for 2025), vesting on December 31, 2025, as well as RSUs valued at $100,000 plus applicable committee grants, each vesting on the first anniversary of the grant date.

As a result of these grants, the Company issued 25,829 RSU’s in December 2025 and recognized $103,105 of stock-based compensation expense in December 2025. The fair value of the restricted stock units was based on the Company’s IPO price of $21.00 per share, which represents a Level 1 input under the fair value hierarchy, as the awards were granted on the IPO date. Of the RSU's issued, 3,568 vested immediately and had a total grant date fair value of $74,928.

As of December 31, 2025, the Company had $439,304 of unrecognized compensation cost related to 22,261 unvested awards, based on a weighted‑average grant‑date fair value of $21.00 per award. This amount is expected to be recognized over a weighted‑average period of 12 months, corresponding to the remaining service period through December 31, 2026.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share of Common Stock

Basic and diluted earnings per share of common stock have been computed as follows:


	For the period from December 10, 2025 to December 31, 2025
Numerator:
Net income attributable to Cardinal Infrastructure Group Inc., Basic and Diluted	$	863,593

Denominator:
Weighted average shares of common stock outstanding, Basic		14,787,094
Dilutive effects of:
Unvested RSUs		22,114
Weighted average shares of common stock outstanding, Diluted		14,809,208

Basic earnings per share	$	0.06
Diluted earnings per share	$	0.06

Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details)	Dec. 31, 2025
Office Equipment and Computers \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	3 years
Office Equipment and Computers \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	5 years
Vehicles and Trailers
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	5 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	5 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	7 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	15 years
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	30 years

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows:


	December 31, 2025		December 31, 2024
Beginning balance	$	7,050,963	$	7,050,963
Goodwill acquired in current‑period business combinations		16,459,686		—
Ending balance	$	23,510,649	$	7,050,963

Additions to goodwill were from acquisitions detailed in Note 3 – Business Combinations. The Company did not identify any goodwill impairment triggering events during years ended December 31, 2025, 2024 and 2023.

Intangible assets consist of the following at December 31, 2025. The Company had no intangible assets balance at December 31, 2024.


	Cost		Accumulated Amortization			Carrying Value
Backlog	$	7,542,000	$	(6,479,500	)	$	1,062,500
Customer relationships		14,600,000		(523,808	)		14,076,192
Trade name		500,000		(125,000	)		375,000
Total	$	22,642,000	$	(7,128,308	)	$	15,513,692

The estimated aggregate amortization expense for each of the next five years is as follows:


2026	$	3,523,214
2027		2,085,714
2028		2,085,714
2029		2,085,714
2030		2,085,714
Thereafter		3,647,622
Total	$	15,513,692

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Use of Estimates

Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, as well as related disclosures of contingent assets and liabilities. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience, risk of loss, general economic conditions and trends, and the assessment of the probable future outcome. Subjective and significant estimates include, but are not limited to, the recognition of revenue from construction contracts, including the estimation of total contract costs and the identification and measurement of variable consideration such as contract modifications and claims. The Company's cost-to-cost method for recognizing revenue includes estimates and assumptions about future events, including labor productivity and availability, material costs and availability, and the complexity of work to be performed. The impacts of litigation and other loss contingency claims, including the probability of an unfavorable outcome and the ability to reasonably estimate the amount of loss, and fair value and other purchase accounting estimates associated with business combinations, including the valuation of acquired assets and assumed liabilities, contingent consideration, and the resulting goodwill and intangible assets, and amounts payable pursuant to the Tax Receivable Agreement (See Note 15 - "Income Taxes and Tax Receivable Agreement"), including the estimate of future taxable income, applicable tax rates, and the timing and amount of tax benefits expected to be realized. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected in the consolidated statements of operations and comprehensive loss in the period that they are determined.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, using the following five-step model:

1 - Identify the Contract with a Customer: The Company enters into legally enforceable contracts with construction entity customers to prepare undeveloped land for future development. Contracts are predominantly firm fixed-price with a minor portion of contracts charged on a time and materials basis. All customer contracts include clearly defined scope, payment terms, and enforceable rights and obligations. The Company bills monthly for work performed, with payments due within 30 days, subject to retainage that is collected after the Company completes the project.

2 - Identify the Performance Obligations: Each contract generally contains a single performance obligation to provide land and construction site preparation services. These services are highly integrated and interdependent, and therefore are not separately identifiable. The Company has concluded that the entire scope of work under each contract represents a single performance obligation.

3 - Determine the Transaction Price: The transaction price for the Company's customer contracts are stated cash amounts stated in fixed-price contracts, and a per unit cash amount in time and materials based contracts. However, contracts may include variable consideration arising from customer-initiated or company-initiated change orders. The Company estimates variable consideration from change orders using the “most likely amount” method and includes such amounts in the transaction price only to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur.

4 - Allocate the Transaction Price to the Performance Obligations: As each contract typically contains a single performance obligation, the entire transaction price, including approved change orders, is allocated to that performance obligation.

5 - Recognize Revenue When (or As) the Performance Obligation Is Satisfied: Revenue is recognized over time as the Company satisfies its performance obligation, using the cost-to-cost input method. This method reflects the transfer of control to the customer and the enforceable right to payment for performance to date, and is considered the best available measure of progress. Contract costs include all direct materials, labor, and other costs directly attributable to contract performance, as well as indirect costs such as indirect salaries and wages, equipment repairs,

insurance, and payroll taxes. General and administrative expenses are charged to expense as incurred.

Principal Versus Agent Considerations

In certain contracts, the Company engages subcontractors to perform portions of the contracted work. The Company evaluates whether it is acting as a principal or an agent, resulting in the presentation of revenue as gross or net, respectively.

The Company has concluded that it acts as a principal in these arrangements and therefore recognizes revenue on a gross basis. This conclusion is based on the Company’s assessment that it controls the specified services before they are transferred to the customer. Key indicators supporting this conclusion include:

- Integration of Services: The Company provides a significant service of integrating subcontractor work into a comprehensive site preparation solution, which is the specified performance obligation under the contract.

- Primary Responsibility for Fulfillment: The Company is contractually responsible for delivering the completed project to the customer and oversees all subcontractor activities to ensure compliance with project specifications.

- Inventory Risk: The Company bears inventory risk for materials consumed in the project and assumes backend inventory risk by being obligated to pay subcontractors regardless of its ability to collect from customers.

- Pricing Discretion: The Company has discretion in establishing the price charged to customers for subcontractor work without restrictions, further supporting the Company's control over the services provided by subcontractors.

Accordingly, the Company recognizes revenue for the full amount of consideration received from customers and records subcontractor costs as part of Cost of revenues on the consolidated statements of operations.

Contract Modifications and Change Orders

Change orders are considered modifications to existing contracts unless they add distinct goods or services. Change orders may be initiated by either the customer or the Company. Revenue and related costs incurred to measure performance obligation progress from unapproved change orders are not recognized until such amounts are approved or are reasonably assured of customer acceptance and collection is probable.

Loss Provisions

The Company evaluates its contracts monthly for potential losses, which considers job performance, site conditions, estimated profitability, and associated claims and change orders. If total estimated costs exceed total expected revenue, the Company records a provision for the full estimated loss in the period the loss is determined. For the years ended December 31, 2025, 2024 and 2023, the Company recorded $135,647, $4,039,488, and $803,912 respectively, for provisions for loss contracts. These provisions are recorded to “Cost of revenues” on the consolidated statements of operations and “Contract liabilities” on the consolidated balance sheets.

Contract Duration and Warranties

The Company’s contracts generally take 12 to 15 months to complete. The Company provides one-year warranties on its construction services. These warranties are considered assurance-type warranties and do not represent separate performance obligations.

Contract Receivables, Assets and Liabilities

Contract receivables are based on amounts billed to customers and currently due in accordance with contract terms with an unconditional right for the Company to receive payment. Such amounts comprise the balance of "Accounts receivable, net" caption on the consolidated balance sheets.

The Company's contract assets include (1) revenues recognized in excess of amounts billed on these contracts and will be billed at a later date, usually due to contract terms, and (2) conditional retainage amounts for the portion of the contract price earned by the Company for work performed but held for payment by the customer as a form of security. Contract liabilities include (1) billings in excess of revenues recognized on customer contracts, and (2) provision for contract losses.

The Company presents contract assets and contract liabilities, net at the individual contract level in the consolidated balance sheets. The Company does not offset contract assets and liabilities across multiple contracts with the same customer. Contract assets are reclassified to accounts receivable, net when the right to payment becomes unconditional. Many contracts contain retainage provisions, whereby a portion of billed amounts is withheld by the customer pending satisfactory completion of the project. Retainage amounts are considered contract assets and such amounts are included in the net presentation of contract assets and liabilities at the contract level.

Conditional retainage is recorded as a current asset or liability as part of Contract assets or Contract liabilities. The Company considers conditional retainage that is withheld on progress billings as a conditional right to payment until contractual milestones are reached. Such contractual milestones typically require substantial completion of the project before retainage is paid, with some customer contracts permitting partial retainage payments at earlier project milestones. Accordingly, withheld retainage is considered a component of contracts assets until billed to the customer, when obligations have been satisfied and the right to receipt is subject only to the passage of time. Conditional retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Some contracts permit portions of the retainage to be paid prior to project completion when certain milestones are met. Conditional retainage rates are typically 10% of the monthly billings in the Company's contracts, consistent with industry practice, but can range from 5% to 10%.

The Company has assessed these payment terms and concluded that they do not represent a significant financing component under ASC 606, as the timing of payment is established primarily for customer protection and is consistent with industry practice. For those transactions that are expected to be completed after one year, we have assessed that there are no significant financing components because any difference between the promised consideration and the cash selling price of the good or service is for reasons other than the provision of financing. The Company has elected the practical expedient under ASC 606-10-32-18, which allows entities to exclude the effects of a significant financing component when the period between customer payment and performance is less than one year. Accordingly, the Company does not adjust the promised amount of consideration for the time value of money in such cases.

Contract Costs

The Company incurs costs to obtain and fulfill construction contracts in the normal course of business. In accordance with ASC 340-40, the Company has elected the practical expedient to expense incremental costs of obtaining a contract (such as bid, proposal costs) when the amortization period of the asset that would otherwise be recognized is one year or less. These costs are expensed as incurred and included in project costs included under "Cost of revenues" on the consolidated statements of operations.

The Company has also evaluated its contract fulfillment activities and determined that no fulfillment costs meet the criteria for capitalization under ASC 340-40. Fulfillment costs are captured within the overall project cost structure and do not generate or enhance resources that will be used to satisfy future performance obligations beyond those already recognized.

Cash

The Company occasionally maintains deposits in excess of federally insured limits. These are identified as a concentration of credit risk requiring disclosure, regardless of the degree of risk. The risk is managed by maintaining all deposits in high quality financial institutions. The Federal Deposit Insurance Corporation insures up to $250,000 for all accounts held at a single institution. As of December 31, 2025 and 2024, the Company had not experienced any losses on these accounts. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.

At December 31, 2025, and 2024, the Company’s cash balance in excess of the FDIC's insured limits was $95,717,296, and $20,667,108.

Accounts Receivable, Net

Accounts receivable primarily consist of trade receivables due from customers and are stated at the invoiced amount less an allowance for credit losses. Collectability is evaluated using a combination of factors, including past due status based on contractual terms, trends in write-offs and the age of the receivable. Specific events, such as bankruptcies, are also considered when applicable. Adjustments to the reserve for credit losses are made when necessary based on the results of analysis, the aging of receivables and historical and industry trends. The Company periodically evaluates the impact of observable external factors on the collectability of the accounts receivable to determine if adjustments to the reserve for credit losses should be made based on current conditions or reasonable and supportable forecasts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. Credit related reserves are not material. At December 31, 2025 and 2024, the Company's allowance for estimated expected credit losses was zero. The opening balance of Accounts receivable, net at January 1, 2024 was $34,089,899.

Property and Equipment

Property and equipment are stated at cost or at fair value for property and equipment related to acquired businesses. Expenditures for repairs and maintenance which do not improve or extend the life of an asset are charged to expense as

incurred. Depreciation is computed using accelerated depreciation methods over the following estimated useful lives:


Asset Group		Useful Lives
Office equipment and computers		3-5 years
Vehicles and trailers		5 years
Machinery and equipment		5-7 years
Leasehold improvements		15 years
Buildings		30 years

Capitalized Interest

The Company capitalizes interest costs incurred during the construction or development of qualifying assets. Interest is capitalized as part of the cost of construction in progress when activities necessary to prepare the asset for its intended use are in progress and expenditures for the asset have been made. Capitalization of interest ceases when the asset is substantially complete and ready for its intended use.

Goodwill

Goodwill is recorded when the purchase price paid in a business combination exceeds the fair value of assets acquired and liabilities assumed. Goodwill will be reviewed for impairment on an annual basis on November 30th, or upon an occurrence of an event or changes in circumstances that indicate that the carrying value may not be recoverable.

Goodwill impairment is the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. When testing goodwill for impairment, the Company may first perform a qualitative assessment to determine whether the fair value of a reporting unit is less than its carrying amount. The Company then completes a quantitative impairment test if the qualitative assessment indicates that it is more likely than not that the reporting unit’s fair value is less than the carrying value of its assets. If the estimated fair value of the reporting unit exceeds the carrying value, goodwill is not considered impaired, and no additional steps are needed. If, however, the fair value of the reporting unit is less than its carrying value, then the amount of the impairment loss is the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.

Leases

The Company determines if an arrangement is a lease or contains a lease at inception and performs an analysis to determine whether the lease is an operating lease or a finance lease. The Company measures right-of-use (“ROU”) assets and lease liabilities at the lease commencement date based on the present value of the remaining lease payments. The Company uses the implicit rate when readily determinable. When the implicit rate is not readily determinable, the Company estimates an incremental borrowing rate based on the credit quality of the Company and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease. These rates are used to discount the remaining lease payments in measuring the ROU asset and lease liability.

Lease expense for operating leases is recognized on a straight-line basis over the lease term. For finance leases, the Company recognizes depreciation expense from the depreciation of the ROU asset and interest expense on the related lease liability. The Company does not separate lease and non-lease components of contracts. The nature of the non-lease components in the Company’s leases include common area maintenance and related services as part of its building leases. Leases with an initial term of twelve months or less are not recorded on the consolidated balance sheet and lease expense is recognized on a straight-line basis over the lease term.

Income Taxes

Prior to the completion of the Company's initial public offering on December 10, 2025, Cardinal NC was organized as a limited liability company and treated as a partnership for U.S. federal and state income tax purposes. As a pass-through entity, Cardinal NC was not subject to U.S. federal corporate income tax, and no provision for corporate income taxes was recorded by OpCo for any period prior to the IPO besides the North Carolina Pass-Through Entity tax (“PTE Tax”) discussed below. Individual members were responsible for their respective share of income taxes on their allocable portions of the Cardinal NC’s taxable income.

In connection with the initial public offering and reorganization transactions, Cardinal Infrastructure Group Inc. was incorporated as a Delaware C-corporation and became the managing member of OpCo in an "Up-C" structure.

Commencing on the IPO date, the Company became subject to U.S. federal and applicable state corporate income taxes with respect to its allocable share of income from OpCo.

The Company accounts for income taxes under ASC 740, Income Taxes. Current and deferred income tax assets and liabilities are recognized for the tax consequences of events that have been included in the consolidated financial statements, to the extent those events are subject to taxation at the corporate level. Because the Company's consolidated financial statements reflect the full-year operations of Cardinal NC, the income tax provision for the year ended December 31, 2025 reflects only the period from December 10, 2025 through December 31, 2025 – the period during that the Company existed as a taxable C-corporation. No corporate-level tax has been applied to the pre-IPO operating results of Cardinal NC, as those results were attributable entirely to pass-through members and were not subject to entity-level corporate taxation.

The income attributable to noncontrolling interest – representing the Continuing Equity Holders' allocable share of OpCo’s income – is not subject to corporate-level income tax at the Company level. Accordingly, the Company’s income tax provision is calculated only on income attributable to the Company’s economic interest in OpCo for the post-IPO period.

Prior to the IPO in 2025, Cardinal NC elected to pay the PTE Tax on behalf of its members. This tax is assessed at 4.25% for 2025, 4.50% for 2024 and 4.75% for 2023 of Cardinal NC’s business taxable income and is applied to reduce each member’s proportionate share of the federal taxable income reportable on that member’s personal income tax return. Cardinal NC recognized PTE expense of $1,691,154 in 2025 related to the 2024 tax year and $1,352,509 in 2024 related to the 2023 tax year as the Company did not make the 2023 and 2024 PTE Tax elections until 2024 and 2025 respectively. Since the PTE Tax paid satisfied the Company’s liability for income tax imposed by the North Carolina Department of Revenue on the Company, the amounts have been included in income tax expense in accordance with Financial Accounting Standards Board ("FASB") ASC 740, Income Taxes.

The Company has implemented the accounting requirements associated with uncertainty in income taxes using the provisions of FASB ASC 740. Using that guidance, tax positions initially need to be recognized in the consolidated financial statements when it is more-likely-than-not the positions will be sustained upon examination by the tax authorities. It also provides guidance for de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax years in progress. As of December 31, 2025 and 2024 the Company has no uncertain tax positions that qualify for either recognition or disclosure in the consolidated financial statements.

Segment Information

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The CODM manages the business activities on a consolidated basis and as such the Company determined it is a single reportable segment. The Company derives all revenue in the United States of America from construction projects based in North Carolina and South Carolina in 2025, 2024, and 2023.

The CODM primarily assesses performance for the Company and decides how to allocate resources based on net income. Net income is reported on the consolidated statements of operations. Performance is continuously monitored at the consolidated level and as necessary at the project contract level to timely identify deviations from the expected results. Resource allocation is based on the CODM and Company management's estimates of growth to expand backlog and to increase production capacity to ensure timely execution of committed sales contracts. The significant expenses reviewed by the CODM, which are used to assess performance of the Company, are not disaggregated at a level lower than the captions disclosed within the consolidated statements of operations.

The CODM also uses net income and related profit margins in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the Company and in establishing management’s compensation.

The measure of segment assets is reported to the CODM on the balance sheet as total consolidated assets, with the same captions as the consolidated balance sheets. All of the Company's long-lived assets are based in its home country, the United States of America.

No customer accounted for 10% or more of total revenue in the year ended December 31, 2025. For the years ended December 31, 2024 and 2023, the Company recognized revenue from Customer A that comprised 13% and 11%, respectively, of consolidated Company revenue, and the Company's revenue with that customer was comprised of multiple projects with work performed throughout the year.

Fair Value Measurements

The Company determines fair value based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, as determined by either the principal market or the most advantageous market in which it transacts. The Company applies fair value accounting for all the financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

Level 1 – Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on the Company’s own assumptions about current market conditions and require significant management judgment or estimation.

As of December 31, 2025, December 31, 2024, and December 31, 2023, the carrying value of cash, accounts receivable, accounts payable, accrued liabilities, and other current assets and liabilities approximates fair value due to the short maturities of these instruments. The fair value of notes payable approximates its carrying value as the stated interest rate reflects recent market conditions for similar instruments. Certain assets, including goodwill and other long-lived assets, are also subject to measurement at fair value on a nonrecurring basis if they are deemed to be impaired as a result of an impairment review.

As discussed in Note 2, the Company’s January 2025 acquisition of Purcell and May 2025 acquisition of Page and October acquisition of Red Clay resulted in the recognition of certain assets measured at fair value in accordance with ASC 820. Property, plant and equipment were valued using Level 2 inputs under the fair value hierarchy, based on observable market data for similar assets with adjustments for condition and location. The backlog intangible asset was valued using Level 3 inputs, which incorporate significant unobservable assumptions developed by management. The valuation techniques, key assumptions, and sensitivity analyses for Level 3 measurements are described in Note 2.

Debt Issuance Costs

Debt issuance costs related to term loans are presented as a direct reduction of the carrying value of the related debt. Debt issuance costs are amortized on a straight-line basis over the remaining terms of the loans according to the effective interest method and are included in interest expense in the consolidated statements of operations.

Equity-Based Compensation

The Company issues various forms of equity‑based awards to employees, directors, and other service providers, including (i) legacy Profit Interest Units (“PIUs”) granted prior to the Company’s IPO and Up‑C reorganization, (ii) certain unrestricted legacy units issued in connection with the Company’s historical LLC structure and the reorganization transactions completed in connection with the IPO, and (iii) Restricted Stock Units (“RSUs”) granted under the Company’s 2025 Equity Incentive Plan.

The Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments in accordance with ASC 718, Compensation - Stock Compensation. Equity‑classified awards are measured at grant‑date fair value and recognized as compensation expense over the requisite service period. Liability‑classified awards, if any, are remeasured at fair value at each reporting date until settlement. Compensation expense is recorded within General and administrative expenses in the consolidated statements of operations

PIUs in CCC and certain subsidiaries have been granted to certain employees of the Company. As the requirement to remain employed for the necessary service period and the performance vesting criteria are based on the performance of the Company, the Company has pushed down the related compensation expense. In accounting for stock-based compensation awards, the Company measures and recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant date fair value of those awards. Compensation expense for time-vesting awards is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period and will be accelerated upon a change in control. For compensation expense for awards with performance vesting criteria, no compensation expense has been recognized as the vesting criteria is not viewed as

probable. There were no new PIUs granted during the years ended December 31, 2024 and 2023.

In connection with the Company’s historical LLC structure and the Up‑C reorganization completed at the IPO, certain employees and service providers received unrestricted units that were fully vested upon issuance. These awards are accounted for as equity‑classified awards. Because the units were fully vested and nonforfeitable at the grant date, the Company recognized compensation expense, if any, on the grant date. No additional compensation expense is recognized for these awards.

Effective upon the IPO, the Company granted RSUs to members of its Board of Directors as part of annual director compensation. Director awards typically vest over a one‑year service period, depending on the terms of the award. In connection with the IPO, and in lieu of a pro-rated annual cash retainer, RSUs were granted to non-employee directors which vested on December 31, 2025. These awards are accounted for under ASC 718 using the same grant‑date fair value measurement and recognition principles as employee awards.

The Company has elected to account for forfeitures as they occur for all its equity-based awards and therefore does not estimate expected forfeitures when measuring stock‑based compensation expense.

Grant‑date fair value for RSUs is based on the market price of the Company’s Class A common stock on the date of grant. Grant‑date fair value for PIUs and other legacy awards is determined using valuation techniques as described within Note 12 October 2025 Employee Unit Awards.

For equity‑classified awards, deferred tax assets are recognized for deductible temporary differences arising from stock‑based compensation and are reduced by a valuation allowance if it is more likely than not that the deferred tax assets will not be realized. Excess tax benefits or deficiencies, if any, are recognized in income tax expense in the period in which they occur. Prior to the IPO, PIUs and other partnership‑classified awards generally did not give rise to deferred tax assets.

Recently Adopted Accounting Pronouncements

Effective January 1, 2025, the Company adopted ASU 2023‑09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" which enhances income tax disclosures, including expanded requirements for the rate reconciliation and disaggregation of income taxes paid. Because the Company operated as a pass‑through entity prior to the IPO and did not historically present an income tax provision, the adoption of ASU 2023‑09 primarily impacts the presentation and disclosure of income taxes in the Company’s consolidated financial statements beginning in 2025. The adoption did not affect the measurement of the Company’s income tax provision. Refer to Note 15. Income Taxes and Tax Receivable Agreement, which reflects updated disclosures.

Recently Issued Accounting Standards Not Yet Adopted

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements (“ASU 2023-06”), to clarify or improve disclosure and presentation requirements of a variety of topics and align the requirements in the FASB ASC with the SEC’s regulations. The amendments in ASU 2023-06 will become effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited and is not expected to have a material impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03 as an update to ASC Topic 220-40, which will be effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 was issued to improve the disclosures about a public business entity's expenses and address request from investors for more disaggregated disclosures about the types of expenses (including employee compensation, depreciation, and amortization) in commonly presented expense captions (such as general and administrative expenses). In January 2025, the FASB issued ASU 2025‑01 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date” to clarify the effective date provisions of ASU 2024‑03 related to expense disaggregation disclosures. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025‑04 “Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer”, which clarifies the accounting for share‑based consideration payable to a customer, including classification and measurement guidance, to reduce diversity in practice. The amendments are effective for fiscal years, including interim periods, beginning after December 15, 2026, with early adoption permitted. The Company is currently assessing the impact of adopting ASU 2025‑04 on its consolidated financial statements but does not expect a material impact.

In July 2025, the FASB issued ASU 2025‑05 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”, which provides a practical expedient for measuring expected credit losses on certain short‑term receivables and contract assets when credit losses are expected to be insignificant. The amendments are intended to simplify application of Topic 326 for entities with immaterial credit risk exposure on these balances. ASU 2025‑05 is effective for fiscal years, including interim periods, beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025‑05 on its consolidated financial statements but does not expect a material impact.

In November 2025, the FASB issued ASU 2025‑09, "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements". The amendments provide targeted improvements intended to better align hedge accounting with entities’ risk‑management activities, including expanded eligibility for grouping forecasted transactions with similar risk exposures, clarified guidance for hedging forecasted interest payments on choose‑your‑rate variable‑rate debt, expanded component hedging for nonfinancial items, conditions under which a net written option may qualify as a hedging instrument, and the ability to designate foreign‑currency‑denominated debt simultaneously as both a hedging instrument and a hedged item. ASU 2025‑09 is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2025‑09 on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025‑11, "Interim Reporting (Topic 270): Narrow‑Scope Improvements". The amendments clarify the applicability of the interim reporting guidance in Topic 270, improve the navigability of the interim reporting requirements, and provide a more comprehensive framework for interim disclosures, including a principle that entities disclose events and changes since the last annual reporting period that have a material effect on the entity. ASU 2025‑11 is effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2027, and for all other entities for interim reporting periods within annual reporting periods beginning after December 15, 2028. Early adoption is permitted.
The Company is currently evaluating the impact of ASU 2025‑11 on its interim financial statements and related disclosures.

Organization and Description of Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

1. Organization and Description of Business

Business Operations

Cardinal Infrastructure Group Inc. (“PubCo,” the “Company,” or “Cardinal Group”) is a Delaware corporation formed on June 12, 2025, for the purpose of facilitating an initial public offering (the “IPO”) and related organizational transactions in order to acquire an investment in Cardinal Civil Contracting Holdings LLC (“Cardinal” or "OpCo"). Cardinal Group is a holding company with no direct operations whose principal asset is its equity interest in Cardinal, acquired in connection with the IPO.

Cardinal is a Delaware limited liability company formed on September 16, 2025, whose primary asset is its 100% ownership interest in Cardinal Civil Contracting, LLC (“Cardinal NC”), a North Carolina limited liability company organized on January 16, 2013 that conducts all operations of the Company through its wholly owned subsidiaries.

The Company is a leading provider of site development and infrastructure services in the southeastern United States. The Company serves residential, commercial and municipal end markets and operates primarily in North Carolina and surrounding regions.

Up-C Structure

The Company’s organizational structure following the IPO is commonly referred to as an umbrella partnership–C corporation (“Up-C”) structure, which is often used by partnerships and limited liability companies undertaking an initial public offering. The Up-C structure allows the Continuing Equity Holders (as defined below) to retain their equity ownership in Cardinal, an entity treated as a partnership for U.S. federal income tax purposes, and to continue to realize tax benefits associated with owning interests in a flow-through entity. Investors in the Company hold their equity ownership through shares of Class A Common Stock of PubCo, a Delaware corporation subject to corporate-level taxation.

As the sole managing member of Cardinal, the Company operates and controls all of the business and affairs of Cardinal and, through Cardinal and its subsidiaries, conducts all of the Company’s business. Accordingly, the Company consolidates the financial results of Cardinal and reports the economic interests in Cardinal held by the Continuing Equity Holders as noncontrolling interests in the consolidated financial statements.

Initial Public Offering

On December 11, 2025, the Company completed its IPO of 11,500,000 shares of Class A Common Stock, par value $0.0001 per share, at a price to the public of $21.00 per share. On December 12, 2025, pursuant to the exercise in full of the underwriters’ option to purchase additional shares, the Company completed the sale of an additional 1,725,000 shares of Class A Common Stock at the IPO price. Gross proceeds from the IPO, including the overallotment, were approximately $277.7 million before deducting underwriting discounts and other offering costs.

The Company used the net proceeds from the IPO to purchase 14,943,750 newly issued LLC units from Cardinal for net payment of approximately $252.3 million in the aggregate and became the sole managing member of Cardinal. Cardinal in turn used $157.5 million of the net proceeds to exchange and redeem 7,500,000 LLC units of Cardinal certain equity holders of Cardinal (the “Continuing Equity Holders”) and repay approximately $24.3 million of borrowings outstanding under our October 2025 Credit Facility. In connection with the IPO, the Company also issued 23,387,813 shares of Class B Common Stock to the Continuing Equity Holders, which was equal to the number of LLC Units held by such Continuing Equity Holders at the time of issuance, for nominal consideration.

Reorganization Transactions

Prior to the IPO, all of the Company’s business was conducted through Cardinal NC. In connection with the IPO, the Company completed a series of organizational transactions (the “Reorganization Transactions”) to reorganize its corporate structure. The IPO and the Reorganization Transactions are collectively referred to herein as the “Transactions.” The Reorganization Transactions consisted of two discrete transactions, the “September 2025 Reorganization” and the “IPO Reorganization,” each described below.

September 2025 Reorganization

Effective September 30, 2025, the Company completed the first step of the Reorganization Transactions (the “September 2025 Reorganization”). The Company merged newly formed merger subsidiaries of Cardinal NC with and into each of Cardinal NC’s non-wholly owned subsidiaries so that the minority equity holders of such non-wholly owned subsidiaries became equity holders of Cardinal and such non-wholly owned subsidiaries became wholly owned subsidiaries of Cardinal NC. Subsequently,

a newly formed merger subsidiary of Cardinal was merged with and into Cardinal NC so that the members of Cardinal NC became members of Cardinal and Cardinal NC became a wholly owned subsidiary of Cardinal.

As a result of the September 2025 Reorganization, the existing ownership interests of Cardinal NC were recapitalized from multiple classes (Class A, B and C units) into a single common class of LLC Units. The minority equity holders of the non-wholly owned subsidiaries received newly issued LLC Units in Cardinal in exchange for their subsidiary-level interests, which were cancelled. In the accompanying consolidated statement of changes in equity, the September 2025 Reorganization is reflected as: (i) the reclassification of the carrying amounts of previously reported noncontrolling interests in subsidiaries to members’ equity, and (ii) the recapitalization of the existing unit classes into a single class of LLC Units, with no change in the total carrying amount of equity.

IPO Reorganization

On December 10, 2025, immediately prior to and in connection with the closing of the IPO, the Company completed the second step of the Reorganization Transactions (the “IPO Reorganization”). The IPO Reorganization consisted of the following:

•

The Company amended and restated the Cardinal operating agreement to, among other things, (i) recapitalize all existing ownership interests, (ii) appoint Cardinal Infrastructure Group Inc. as the sole managing member of Cardinal upon its acquisition of LLC Units in connection with the IPO, and (iii) provide certain redemption rights to the Continuing Equity Holders.

•

Cardinal Infrastructure Group Inc. amended and restated its certificate of incorporation to, among other things, (i) reclassify all outstanding shares of common stock into 1,718,750 shares of Class A Common Stock, as adjusted for an approximately 86-to-one forward stock split, (ii) provide for Class A Common Stock and Class B Common Stock, each entitling the holder to one vote per share on all matters presented to stockholders, (iii) provide that shares of Class B Common Stock may only be held by the Continuing Equity Holders and their permitted transferees, and (iv) authorize 10,000,000 shares of preferred stock, par value $0.0001 per share, issuable by the Board of Directors in one or more series without stockholder approval.

•

Cardinal Infrastructure Group Inc. acquired newly issued LLC Units from Cardinal using the net proceeds of the IPO and became the sole managing member of Cardinal.

•

Cardinal Infrastructure Group Inc. issued 23,387,813 shares of Class B Common Stock to the Continuing Equity Holders, on a one-for-one basis with their LLC Units, for nominal consideration.

In the accompanying consolidated statements of changes in stockholders'/members' equity, the IPO Reorganization is reflected as: (i) the conversion of members’ equity to the recapitalized equity structure of Cardinal Infrastructure Group Inc. (Class A Common Stock, Class B Common Stock, and additional paid-in capital), (ii) the receipt of net IPO proceeds in exchange for newly issued LLC Units, (iii) the recognition of noncontrolling interests representing the Continuing Equity Holders’ 61.0% economic interest in Cardinal, and (iv) the establishment of Cardinal Infrastructure Group Inc. as a reporting entity with the accompanying reclassification of the predecessor equity accounts.

Both the September 2025 Reorganization and the IPO Reorganization are accounted for as transactions among entities under common control. As Cardinal Infrastructure Group Inc. had no substantive operations prior to the IPO and the Continuing Equity Holders retained their majority economic interest (61.0%) in Cardinal, the Transactions are treated as a recapitalization rather than a business combination.

The September 2025 Reorganization, in which the pre-existing minority equity holders of Cardinal NC’s non-wholly owned subsidiaries exchanged their subsidiary-level interests for LLC Units of Cardinal, was accounted for as an acquisition of noncontrolling interests in accordance with Accounting Standards Codification ("ASC") 810-10-45-23, with the carrying amounts of noncontrolling interests reclassified to members’ equity with no gain or loss recognized.

The IPO Reorganization, in which Cardinal Infrastructure Group Inc. became the sole managing member of Cardinal and completed the IPO, was accounted for as a recapitalization of the predecessor operating entity. The accompanying consolidated financial statements represent a continuation of the historical financial statements of Cardinal, with the exception of the recapitalized equity structure. Comparative information for periods prior to the Transactions reflects the historical financial statements of Cardinal.

Basis of Accounting

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The consolidated financial statements include the results of the Company and its wholly owned or controlled subsidiaries. All significant intercompany transactions and balances have been eliminated during consolidation.

Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Finance Leases
2026	$ 3,651,230
2027	3,161,863
2028	1,382,681
2029	654,219
Total future undiscounted lease payments	8,849,993
Less: Imputed interest	(526,325)
Lease liabilities	8,323,668
Less: Current portion of lease liabilities	(3,349,359)	$ (3,075,705)
Long-term portion of lease liabilities	4,974,309	7,161,862
Operating Leases
2026	4,233,598
2027	3,680,091
2028	1,657,008
2029	509,910
2030	362,000
Total future undiscounted lease payments	10,442,607
Less: Imputed interest	(776,405)
Lease liabilities	9,666,202
Less: Current portion of lease liabilities	(3,814,686)	(2,801,545)
Long-term portion of lease liabilities	$ 5,851,516	$ 2,429,985

Income Taxes and Tax Receivable Agreement - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details)	Dec. 31, 2025 USD ($)
Deferred tax assets
Transaction expense	$ 1,284,305
Tax receivable agreement	8,979,697
Investment in partnership	32,184,418
Net operating loss - federal	3,407,319
Net operating loss - state	218,361
Stock compensation	6,418
Deferred tax assets, gross	46,080,518
Valuation allowance	0
Total deferred tax assets, net of valuation allowance	46,080,518
Total net deferred tax asset	$ 46,080,518

Commitments and Contingencies - (Additional Information) (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Management fee payable	$ 18,272
Percentage of annual adjustments of monthly management fee	2.00%

Business Combinations - Fair Value of Red Clay Intangibles - Additional Information (Details) - Red Clay - Level 3 $ in Millions	Oct. 01, 2025 USD ($)
Customer Relationships
Business Combination [Line Items]
Percentage of attrition rate	15.00%
Discount rate percentage	34.50%
Tax amortization period	15 years
Fair value	$ 14.6
Decrease/increase in customer attrition rate	2.50%
Increase/decrease in fair value of customer relationship due to customer attrition	$ 1.3
Decrease/increase in discount rate	1.00%
Increase/decrease in fair value of customer relationship due to changes in discount rate	$ 0.3
Useful life	7 years
Backlog
Business Combination [Line Items]
Useful life	8 months
Tradename
Business Combination [Line Items]
Useful life	1 year

Leases - Schedule of Other Required Information Related to Company's Lease Obligations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$ (3,275,226)	$ (2,613,163)	$ (1,661,580)
Operating cash flows from operating leases	(4,080,618)	(3,360,324)	(3,006,216)
New assets acquired through lease obligations during the year:
Property and equipment via finance leases	1,442,072	4,163,388	9,027,566
Right-of-use assets via operating leases	$ 6,942,779	$ 2,556,542	$ 2,808,137

Contract Assets and Liabilities, and Provision for Contract Losses - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) Contract	Dec. 31, 2024 USD ($) Contract	Dec. 31, 2023 USD ($) Contract	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Increase (decrease) in contract assets	$ 34,248,729	$ (426,371)	$ 4,597,284
Contract assets increased	37,193,880
Contract liabilities decreased	(3,311,954)
Increase (decrease) in contract liabilities	(5,479,415)	1,693,676	1,178,607
Revenue recognized included in opening balance of billings in excess of costs and estimated earnings	$ 24,260,397	$ 22,734,880	$ 13,386,987
Number of contracts \| Contract	9	14	16
Provision for contract losses	$ 135,647	$ 4,039,488	$ 803,912	$ 2,397,635
Purcell, Page and Red Clay
Disaggregation of Revenue [Line Items]
Increase in acquired contract assets	2,945,151
Increase in acquired contract liabilities	2,167,461
Contract Liabilities
Disaggregation of Revenue [Line Items]
Conditional retainage receivable	35,041,181	28,263,321	23,967,319
Minimum
Disaggregation of Revenue [Line Items]
Provision for contract losses	1,000	1,000	3,000
Maximum
Disaggregation of Revenue [Line Items]
Provision for contract losses	$ 70,000	$ 1,858,000	$ 214,000

Contract Assets and Liabilities, and Provision for Contract Losses - Summary of Reconciliation of Provision for Contract Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Opening balance January 1 within Contract liabilities	$ 4,039,488	$ 803,912	$ 2,397,635
Additions - new loss provisions within Cost of revenues	9,798	4,028,159	650,480
Utilization - losses realized within Cost of revenues	(3,913,639)	(792,583)	(2,244,203)
Ending balance within Contract liabilities	$ 135,647	$ 4,039,488	$ 803,912

Consolidated Balance Sheets - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash	$ 97,149,425	$ 20,917,108
Accounts receivable, net	61,282,268	38,304,817
Contract assets	54,894,260	17,700,380
Prepaid expenses	1,892,615	373,442
Other assets	432,584	89,349
Total current assets	215,651,152	77,385,096
Property and equipment, net	84,901,602	49,784,405
Operating lease right-of-use assets	8,929,742	5,109,316
Investments in unconsolidated affiliates	0	984,041
Goodwill	23,510,649	7,050,963
Intangible assets, net	15,513,692	0
Deferred tax assets	46,080,518	0
Total assets	394,587,355	140,313,821
Current liabilities:
Current portion of notes payable	6,128,674	11,112,540
Current portion of finance lease liabilities	3,349,359	3,075,705
Current portion of operating lease liabilities	3,814,686	2,801,545
Accounts payable	60,600,099	38,279,318
Accrued distributions	0	341,736
Accrued expenses	2,956,314	792,427
Deferred consideration payable	3,966,618	0
Contract liabilities	10,831,564	14,143,518
Total current liabilities	91,647,314	70,546,789
Notes payable, less current portion, net of unamortized debt issuance costs	113,152,864	36,821,209
Finance lease liabilities, less current portion	4,974,309	7,161,862
Operating lease liabilities, less current portion	5,851,516	2,429,985
Tax receivable agreement liability	39,423,529	0
Total liabilities	255,049,532	116,959,845
Commitments and contingencies (Note 17)
Stockholders' / Members' equity
Members' interest	0	11,757,715
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025
Additional paid-in capital	57,593,814	0
Retained earnings	863,593	0
Noncontrolling interests	81,076,582	11,596,261
Total stockholders' / members' equity	139,537,823	23,353,976
Total liabilities and stockholders' / members' equity	394,587,355	140,313,821
Class A Common Stock
Stockholders' / Members' equity
Common stock, value	1,495	0
Class B Common Stock
Stockholders' / Members' equity
Common stock, value	$ 2,339	$ 0

Property and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 25,246,451	$ 18,663,746	$ 13,181,191
Gain and (loss) on sale of property and equipment	157,401	(13,534)	365,919
Construction in Progress
Property, Plant and Equipment [Line Items]
Capitalized interest	$ 152,849	$ 0	$ 0

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0
Intangible assets balance	$ 15,513,692	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 456,045,369	$ 315,187,523	$ 247,924,063
Cost of revenues, excluding depreciation and amortization	359,897,579	249,888,575	199,080,030
General and administrative	23,526,023	10,687,302	6,498,758
Depreciation expense	25,246,451	18,663,746	13,181,191
Amortization expense	7,128,310	0	0
(Gain) loss on disposal of property and equipment	(157,401)	13,534	(365,919)
Income from operations	40,404,407	35,934,366	29,530,003
Other expense:
Interest expense, net	(6,825,542)	(4,828,058)	(3,990,288)
Other expense, net	(518,704)	(1,456,565)	(1,242,923)
Total other expense, net	(7,344,246)	(6,284,623)	(5,233,211)
Net income before taxes	33,060,161	29,649,743	24,296,792
Income tax expense	(1,966,678)	(1,352,509)	0
Net income	31,093,483	28,297,234	24,296,792
Less: Net income attributable to noncontrolling interests	8,407,426	6,939,888	3,724,472
Net income attributable to Cardinal Infrastructure Group Inc.	$ 22,686,057	$ 21,357,346	$ 20,572,320

Contract Assets and Liabilities, and Provision for Contract Losses

12 Months Ended

Dec. 31, 2025

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Contract Assets and Liabilities, and Provision for Contract Losses

4. Contract Assets and Liabilities, and Provision for Contract Losses

Contract assets and liabilities consisted of the following amounts as of each period end:


	December 31, 2025			December 31, 2024			December 31, 2023
Contract assets:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	27,949,597		$	3,636,677		$	5,248,382
Conditional retainage		26,944,663			14,063,703			12,878,369
Total contract assets	$	54,894,260		$	17,700,380		$	18,126,751
Contract liabilities:
Billings in excess of costs and estimated earnings on uncompleted contracts	$	18,792,435		$	24,303,648		$	22,734,880
Less: Conditional retainage		(8,096,518	)		(14,199,618	)		(11,088,950	)
Provision for contract losses		135,647			4,039,488			803,912
Total contract liabilities	$	10,831,564		$	14,143,518		$	12,449,842
Net contract assets (liabilities)	$	44,062,696		$	3,556,862		$	5,676,909

Conditional retainage is a type of contract asset, but is reported in the table above and on the consolidated balance sheets within “Contract assets” and “Contract liabilities” on a contract-by-contract basis. The Company's total conditional retainage receivable balance was $35,041,181 at December 31, 2025, $28,263,321 at December 31, 2024, and $23,967,319 at December 31, 2023.

Total contract assets increased at December 31, 2025 by $37,193,880 compared to December 31, 2024 due to (1) an increase in unbilled revenue on in-process contracts due to the timing of advance billings and work progression, (2) an increase in conditional retainage from increased billings and the timing of retainage receipts, and (3) an increase of $2,945,151 of acquired contract assets from the Purcell, Page and Red Clay business combinations in 2025 (Note 3).

Total contract liabilities decreased at December 31, 2025 by $3,311,954 compared to December 31, 2024 due to a decrease in the timing of advance billings and work progression, and a lower magnitude and fewer anticipated losses on customer contracts within the provision for contract losses. These decreases were partially offset by lower conditional retainage related to advanced billing contracts, as well an increase of $2,167,461 of acquired contract liabilities from the Purcell, Page and Red Clay business combinations in 2025 (Note 3).

Total contract assets decreased at December 31, 2024 by $426,371 compared to 2023 due to lower unbilled revenue on in-process contracts at December 31, 2024 compared to 2023 due to the timing of advance billings and work progression,

partially offset by an increase in conditional retainage from increased billings and the timing of retainage receipts. Contract liabilities increased in 2024 by $1,693,676 due to a higher magnitude of anticipated losses on customer contracts within the provision for contract losses, and the timing of advance billings and work progression, partially offset by having higher conditional retainage related to those advance billing contracts.

Revenue recognized during the years ended December 31, 2025, 2024 and 2023 that was included in the opening balance of billings in excess of costs and estimated earnings (a component of Contract liabilities) was $24,260,397, $22,734,880 and $13,386,987, respectively.

At December 31, 2025, the Provision for contract losses included 9 contracts, with individual contract losses ranging from less $1,000 to $70,000. At December 31, 2024, the Provision for contract losses included 14 contracts, with individual contract losses ranging from less than $1,000 to $1,858,000. At December 31, 2023, the Provision for contract losses included 16 contracts, with individual contract losses ranging from $3,000 to $214,000. The following table presents a reconciliation of the beginning and ending balances of the Company's Provision for contract losses:


	December 31, 2025			December 31, 2024			December 31, 2023
Opening balance January 1 within Contract liabilities	$	4,039,488		$	803,912		$	2,397,635
Additions - new loss provisions within Cost of revenues		9,798			4,028,159			650,480
Utilization - losses realized within Cost of revenues		(3,913,639	)		(792,583	)		(2,244,203	)
Ending balance within Contract liabilities	$	135,647		$	4,039,488		$	803,912

Equity and Noncontrolling Interest - Summary of Ownership of LLC Units of OpCo (Details) - OpCo	Dec. 31, 2025 shares
Noncontrolling Interest [Line Items]
LLC Units	38,335,131
Ownership %	100.00%
Cardinal Infrastructure Group Inc.
Noncontrolling Interest [Line Items]
LLC Units	14,947,318
Ownership %	39.00%
Continuing Equity Holders
Noncontrolling Interest [Line Items]
LLC Units	23,387,813
Ownership %	61.00%

Income Taxes and Tax Receivable Agreement - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Income before provision for income taxes	$ 3,083,265	$ 33,060,161	$ 29,649,743	$ 24,296,792
Undistributed earnings	0	0
Current state income tax expense		1,691,154	1,352,509
Net after-tax loss, credit, and other carry forwards for income tax purposes	16,300,000	16,300,000
Uncertain tax positions	0	$ 0	0
Net operating loss carrforward expiration period		4 years
Valuation allowance	0	$ 0
Income tax examination, description		The Company is not currently under examination and the initial tax year (2025) is subject to examination.
Initial tax year subject to examination		2025
Interest and penalties payable	$ 0	$ 0
Tax receivable agreement ownership percentage	85.00%	85.00%
Tax receivable agreement liability	$ 39,423,529	$ 39,423,529	$ 0
Deferred tax asset	46,080,518	$ 46,080,518
Maximum
Income Tax Disclosure [Line Items]
State net operating loss carryforwards expiration year		2045
Minimum
Income Tax Disclosure [Line Items]
State net operating loss carryforwards expiration year		2040
Tax Receivable Agreement
Income Tax Disclosure [Line Items]
Tax receivable agreement, Terms		Payments under the Tax Receivable Agreement are due within five (5) business days after delivery of the applicable schedule calculating the realized tax benefits and related payment amount, once such schedule becomes final in accordance with the Tax Receivable Agreement. The benefit schedule is required to be delivered within one hundred eighty (180) calendar days after the due date (including extensions) of the applicable annual federal income tax return for the relevant taxable year, and payments are based on the actual tax savings realized by PubCo. Substantially all payments due under the Tax Receivable Agreement are payable over fifteen years following the purchase of LLC interests from Continuing Equity Holders or redemption or exchanges by Continuing Equity Holder of LLC interests.
Deferred tax asset	212,310,533	$ 212,310,533
Deferred tax liability	$ 180,463,953	$ 180,463,953
Unit price per share	$ 24.18	$ 24.18
Constant corporate tax rate		22.78%

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Use of Estimates

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, using the following five-step model:

insurance, and payroll taxes. General and administrative expenses are charged to expense as incurred.

Principal Versus Agent Considerations

Contract Modifications and Change Orders

Loss Provisions

Contract Duration and Warranties

Contract Receivables, Assets and Liabilities

Contract Costs

Cash

At December 31, 2025, and 2024, the Company’s cash balance in excess of the FDIC's insured limits was $95,717,296, and $20,667,108.

Accounts Receivable, Net

Property and Equipment

incurred. Depreciation is computed using accelerated depreciation methods over the following estimated useful lives:


Asset Group		Useful Lives
Office equipment and computers		3-5 years
Vehicles and trailers		5 years
Machinery and equipment		5-7 years
Leasehold improvements		15 years
Buildings		30 years

Capitalized Interest

Goodwill

Leases

Income Taxes

Commencing on the IPO date, the Company became subject to U.S. federal and applicable state corporate income taxes with respect to its allocable share of income from OpCo.

Segment Information

Fair Value Measurements

Level 1 – Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Debt Issuance Costs

Equity-Based Compensation

probable. There were no new PIUs granted during the years ended December 31, 2024 and 2023.

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Standards Not Yet Adopted

Equity and Noncontrolling Interest

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Equity and Noncontrolling Interest

11. Equity and Noncontrolling Interest

Equity

Subsequent to the IPO, the equity of the authorized capital of Cardinal Infrastructure Group Inc. comprises of Class A Common Stock, Class B Common Stock and Preferred Stock.

Class A Common Stock

Cardinal Infrastructure Group Inc.’s amended and restated certificate of incorporation authorizes the issuance of 500,000,000 shares of Class A Common Stock with a par value of $0.0001 per share. Each share of Class A Common Stock entitles its holder to one vote per share on all matters presented to Cardinal Infrastructure Group Inc.’s stockholders. Holders of Class A Common Stock are entitled to receive dividends when, as and if declared by the Board of Directors of Cardinal Infrastructure Group Inc. As of December 31, 2025, there were 14,947,318 shares of Class A Common Stock issued and outstanding.

Class B Common Stock

Cardinal Infrastructure Group Inc.’s amended and restated certificate of incorporation authorizes the issuance of 500,000,000 shares of Class B Common Stock with a par value of $0.0001 per share. Each share of Class B Common Stock entitles its holder to one vote per share on all matters presented to Cardinal Infrastructure Group Inc.’s stockholders. Shares of Class B Common Stock have no economic rights, including no right to receive dividends or distributions upon a liquidation of Cardinal Infrastructure Group Inc. Shares of Class B Common Stock may only be held by the Continuing Equity Holders and their respective permitted transferees. As of December 31, 2025, there were 23,387,813 shares of Class B Common Stock issued and outstanding.

Preferred Stock

Cardinal Infrastructure Group Inc.’s amended and restated certificate of incorporation authorizes the issuance of 10,000,000 shares of preferred stock with a par value of $0.0001 per share. The preferred stock may be issued by the Board of Directors in one or more series without stockholder approval, with such designations, voting powers, preferences, and relative, participating, optional and other special rights as shall be set forth in the resolutions providing for the issuance thereof. As of December 31, 2025, no shares of preferred stock were issued or outstanding.

Noncontrolling Interest

Cardinal’s ("OpCo's") amended and restated operating agreement provides that the Continuing Equity Holders have the right (the “Redemption Right”) to cause OpCo to redeem all or a portion of their Class B LLC Units, together with a corresponding number of shares of Class B Common Stock, for newly issued shares of Cardinal Infrastructure Group Inc.'s Class A Common Stock on a one-for-one basis (subject to customary adjustments for stock splits, stock dividends, and reclassifications). Alternatively, Cardinal Infrastructure Group Inc. may, at its option (the “Call Right”), elect to directly acquire the tendered LLC Units and Class B Common Stock from the Continuing Equity Holder in exchange for Class A Common Stock on the same one-for-one basis.

In lieu of a share settlement, Cardinal Infrastructure Group Inc. (through at least two of its independent directors within the meaning of the Nasdaq listing rules who are disinterested) may elect to settle a redemption or exchange in cash. The cash settlement is limited to the lower of cash received from a secondary offering of equity securities, and the trailing ten-day volume-weighted average price. If Cardinal Infrastructure Group Inc. does not timely deliver an election notice, Cardinal Infrastructure Group Inc. is deemed to have elected the share settlement method.

Upon any such redemption or exchange, a corresponding number of shares of Class B Common Stock held by the exchanging Continuing Equity Holder is automatically transferred to the Company and cancelled. Any such exchange of LLC Units for Class A Common Stock is accounted for as an equity transaction in accordance with ASC 810-10-45-23, with no gain or loss recognized. The LLC interests are not classified as temporary equity as the cash settlement is limited to the proceeds from a new offering of Class A Common Stock which is equity-classified.

Cardinal Infrastructure Group Inc. holds 100% of the voting rights of OpCo, is the sole managing member of OpCo and consolidates the financial results of OpCo. A portion of OpCo’s net income or loss is attributed to the noncontrolling interests based on the weighted average percentage of LLC Units held by the Continuing Equity Holders relative to all outstanding LLC Units during the period. The noncontrolling interests’ share of equity is based on the LLC Units held by the Continuing Equity Holders as a percentage of all outstanding LLC Units as of the balance sheet date. The noncontrolling interests’ ownership percentage may change over time as Continuing Equity Holders exchange LLC Units for shares of Class A Common Stock.

The following table summarizes the ownership of LLC Units of OpCo as of December 31, 2025:


	LLC Units		Ownership %
Cardinal Infrastructure Group Inc.		14,947,318		39.0%
Continuing Equity Holders		23,387,813		61.0%
Total		38,335,131		100.0%

Operating Subsidiaries and Pre-IPO Noncontrolling Interests

The Company conducts its operations through Cardinal NC and the following wholly owned subsidiaries: Aviator Paving Company, LLC (“APC”), providing integrated paving services; Civil Transport, LLC (“CT”), providing transport services; Cardinal Civil Contracting NC, LLC (“CCCNC”), providing grading services; Civil Drilling & Blasting, LLC (“CDB”), providing drilling and blasting services; Cardinal Civil Contracting Charlotte, LLC (“CCCC”), providing expanded operations in the Charlotte, North Carolina region; Cardinal Civil Contracting Triad, LLC (“Triad”), providing expanded operations in the Greensboro, North Carolina region; Civil Underground and Boring Company, LLC (“Boring Newco”), established for underground utility and boring services; and Aviator Paving Company Charlotte, LLC (“APCC”), providing expanded paving operations in the Charlotte market. All subsidiaries are wholly owned by Cardinal NC as of December 31, 2025.

Prior to the September 2025 Reorganization, Cardinal NC held majority but not 100% ownership interests in several of its subsidiaries. Aviator Paving Company, LLC (“APC”), formed in 2018 to provide integrated paving subcontracted services, was 60% owned by Cardinal NC. Cardinal Civil Contracting NC, LLC (“CCCNC”), formed in 2016 to provide grading services, was approximately 70% owned. Civil Drilling & Blasting, LLC (“CDB”), formed in 2022 to provide drilling and blasting services, was 90% owned. Cardinal Civil Contracting Charlotte, LLC (“CCCC”), formed in 2023 to expand operations in the Charlotte, North Carolina region through acquisitions, was approximately 75% owned after giving effect to the issuance

of nonvoting units as consideration for the Purcell acquisition in January 2025. Cardinal Civil Contracting Triad, LLC (“Triad”), formed in 2025 to expand operations in the Greensboro, North Carolina region through acquisitions, was 80% owned following the issuance of nonvoting units as consideration for the Page acquisition. Civil Underground and Boring Company, LLC (“Boring Newco”), formed in March 2025 to expand into underground utility and boring services, was 70% owned following the issuance of Class B units as consideration for the contribution of certain assets by MJS & GCP, LLC. The minority equity holders in these subsidiaries were reported as noncontrolling interests in the consolidated financial statements for periods prior to September 30, 2025. Effective September 30, 2025, in connection with the September 2025 Reorganization, these minority equity holders became members of Cardinal and the subsidiaries became wholly owned by Cardinal NC. The acquisition of these pre-IPO noncontrolling interests was accounted for as equity transactions in accordance with ASC 810-10-45-23, with carrying amounts reclassified to members’ equity with no gain or loss recognized.

- Definition

The entire disclosure for equity.

+ References

+ Details

Notes Payable & Credit Facility - Summary of Future Maturities of Notes Payable (Details) - Notes Payable	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
2026	$ 6,128,674
2027	6,136,402
2028	9,090,625
2029	9,090,625
2030	90,090,625
Thereafter	641,927
Future maturities of notes payable	$ 121,178,878

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill are as follows:


	December 31, 2025		December 31, 2024
Beginning balance	$	7,050,963	$	7,050,963
Goodwill acquired in current‑period business combinations		16,459,686		—
Ending balance	$	23,510,649	$	7,050,963

Schedule of Intangible Assets

Intangible assets consist of the following at December 31, 2025. The Company had no intangible assets balance at December 31, 2024.


	Cost		Accumulated Amortization			Carrying Value
Backlog	$	7,542,000	$	(6,479,500	)	$	1,062,500
Customer relationships		14,600,000		(523,808	)		14,076,192
Trade name		500,000		(125,000	)		375,000
Total	$	22,642,000	$	(7,128,308	)	$	15,513,692

Schedule of Estimated Aggregate Amortization Expense

The estimated aggregate amortization expense for each of the next five years is as follows:


2026	$	3,523,214
2027		2,085,714
2028		2,085,714
2029		2,085,714
2030		2,085,714
Thereafter		3,647,622
Total	$	15,513,692

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Contract Assets and Liabilities, and Provision for Contract Losses (Tables)

12 Months Ended

Dec. 31, 2025

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Summary of Contract Assets and Liabilities

Contract assets and liabilities consisted of the following amounts as of each period end:


	December 31, 2025			December 31, 2024			December 31, 2023
Contract assets:
Costs and estimated earnings in excess of billings on uncompleted contracts	$	27,949,597		$	3,636,677		$	5,248,382
Conditional retainage		26,944,663			14,063,703			12,878,369
Total contract assets	$	54,894,260		$	17,700,380		$	18,126,751
Contract liabilities:
Billings in excess of costs and estimated earnings on uncompleted contracts	$	18,792,435		$	24,303,648		$	22,734,880
Less: Conditional retainage		(8,096,518	)		(14,199,618	)		(11,088,950	)
Provision for contract losses		135,647			4,039,488			803,912
Total contract liabilities	$	10,831,564		$	14,143,518		$	12,449,842
Net contract assets (liabilities)	$	44,062,696		$	3,556,862		$	5,676,909

Reconciliation of Provision for Contract Losses

The following table presents a reconciliation of the beginning and ending balances of the Company's Provision for contract losses:


	December 31, 2025			December 31, 2024			December 31, 2023
Opening balance January 1 within Contract liabilities	$	4,039,488		$	803,912		$	2,397,635
Additions - new loss provisions within Cost of revenues		9,798			4,028,159			650,480
Utilization - losses realized within Cost of revenues		(3,913,639	)		(792,583	)		(2,244,203	)
Ending balance within Contract liabilities	$	135,647		$	4,039,488		$	803,912

Stock-Based Compensation - Additional Information (Details) - USD ($)			1 Months Ended			12 Months Ended
	Nov. 13, 2025	Oct. 01, 2025	Dec. 31, 2025	Nov. 30, 2025	Oct. 31, 2025	Dec. 31, 2025	Dec. 11, 2025
Class A Common Stock \| IPO
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
IPO price per share							$ 21
2025 Plan \| Class A Common Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Outstanding shares percentage	5.00%
2025 Plan \| Class A Common Stock \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Authorized shares	3,660,656
October 2025 Employee Unit Awards
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares granted		113
Grant-date fair value of the awards recognized as stock-based compensation expense vested					$ 5,765,487
Grant-date fair value of the awards recognized as stock-based compensation expense vested, per unit					$ 21
IPO price per share		$ 21
October 2025 Employee Unit Awards \| Common Stock \| IPO
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Conversion of units into shares			274,547
December 2025 Director Stock Award
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost			$ 439,304			$ 439,304
Unvested awards			22,261			22,261
Weighted average grant date fair value per award						$ 21
Weighted-average period						12 months
December 2025 Director Stock Award \| Restricted Stock Units (RSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grant date fair value			$ 74,928
Rsu's issued			25,829
Stock-based compensation expense			$ 103,105
Vested shares			3,568
December 2025 Director Stock Award \| Non-Employee Director \| Restricted Stock Units (RSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Annual cash retainer				$ 75,000
Grant date fair value				100,000
December 2025 Director Stock Award \| Committee Chairpersons \| Restricted Stock Units (RSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Additional annual grant value				12,500
December 2025 Director Stock Award \| Other Committee Members \| Restricted Stock Units (RSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grant value				$ 5,000
December 2025 Director Stock Award \| IPO
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
IPO price per share			$ 21			$ 21
December 2025 Director Stock Award \| IPO \| Newly Appointed Directors \| Restricted Stock Units (RSUs)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Grant date fair value			$ 18,750
Grant value plus applicable committee grants			$ 100,000

Notes Payable & Credit Facility - Summary of Notes payable (Parenthetical) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Outstanding notes payable	$ 121,178,878		$ 47,933,749
October 2025 Credit Facility
Debt Instrument [Line Items]
Effective interest rate	6.83%
Maturity date	Oct. 31, 2030
Debt instrument, payment terms	Quarterly principal installments of $1.5 million are due through September 30, 2027, $2.25 million from December 31, 2027 through September 30, 2030, with the remaining principal due as a final balloon payment on October 31, 2030.
Debt instrument, frequency of periodic payment	Quarterly
Outstanding notes payable	$ 120,000,000
October 2024 Credit Facility
Debt Instrument [Line Items]
Principal installment amount	$ 1,562,159
Debt instrument, frequency of periodic payment	monthly
Outstanding notes payable	$ 0		45,912,771
Redemption, Period One \| October 2025 Credit Facility
Debt Instrument [Line Items]
Principal installment amount	1,500,000
Redemption, Period Two \| October 2025 Credit Facility
Debt Instrument [Line Items]
Principal installment amount	$ 2,250,000
SOFR \| October 2025 Credit Facility
Debt Instrument [Line Items]
Interest rate	2.375%
SOFR \| October 2024 Credit Facility
Debt Instrument [Line Items]
Interest rate	1.43%
Financial Institution One
Debt Instrument [Line Items]
Effective interest rate	6.12%
Maturity date	Jan. 01, 2031
Debt instrument, frequency of periodic payment	Monthly
Outstanding notes payable	$ 1,087,500
Remaining principal balance due as final balloon payment	641,927
Financial Institution One \| Redemption, Period Five
Debt Instrument [Line Items]
Principal installment amount	$ 7,552
Unsecured Subordinated Notes Payable To Various Sellers
Debt Instrument [Line Items]
Effective interest rate	5.00%
Outstanding notes payable	$ 91,378	$ 0	511,400
Unsecured Subordinated Notes Payable To Various Sellers \| Redemption, Period Three
Debt Instrument [Line Items]
Principal installment amount	$ 125,000
Effective interest rate	7.00%
Debt instrument, frequency of periodic payment	quarterly
Unsecured Subordinated Notes Payable To Various Sellers \| Redemption, Period Four
Debt Instrument [Line Items]
Principal installment amount	$ 25,422
Effective interest rate	5.00%
Debt instrument, frequency of periodic payment	semi-annual
Financial Institution Two
Debt Instrument [Line Items]
Principal installment amount	$ 18,410
Debt instrument, frequency of periodic payment	monthly
Outstanding notes payable			$ 1,509,578
Financial Institution Two \| SOFR
Debt Instrument [Line Items]
Interest rate	2.15%

Income Taxes and Tax Receivable Agreement - Schedule of Components of Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
State and local	$ 1,691,154	$ 1,352,509
Total current tax expense	1,691,154	1,352,509
Deferred:
Federal	254,023
State and local	21,501
Total deferred tax expense	275,524	0	$ 0
Total federal - Current and deferred tax expense	254,023
Total state and local - Current and deferred tax expense	1,712,655	1,352,509
Total provision for income taxes	$ 1,966,678	$ 1,352,509	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 31,093,483	$ 28,297,234	$ 24,296,792
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	25,246,451	18,663,746	13,181,191
Amortization of debt issuance costs	98,922	0	0
Amortization of other intangible assets	7,128,310	85,840	3,250
(Gain) loss on disposal of property and equipment	(157,401)	13,534	(365,919)
Noncash stock compensation	5,868,592	0	0
(Earnings) losses from investments in unconsolidated affiliates	(94,408)	(99,555)	53,914
Provision for deferred income taxes	275,524	0	0
Changes in operating assets and liabilities:
Accounts receivable, net	(12,773,598)	(4,214,918)	(6,378,899)
Contract assets	(34,248,729)	426,371	(4,597,284)
Prepaid expenses	(1,509,800)	(33,282)	785,812
Other assets	(463,358)	1,447,457	971,630
Accounts payable	21,141,527	(3,000,049)	2,433,804
Accrued expenses	1,774,787	(650,940)	(679,699)
Contract liabilities	(5,479,415)	1,693,676	1,178,607
Net cash provided by operating activities	37,900,887	42,629,114	30,883,199
Cash flows from investing activities:
Proceeds from the sale of property and equipment	453,915	297,457	804,100
Purchases of property and equipment	(43,815,228)	(20,754,984)	(12,268,055)
Acquisitions, net of cash acquired	(59,398,397)	0	(10,894,939)
Investment in unconsolidated affiliate	0	(515,000)	0
Proceeds from repayment of related party receivable	1,263,667	0	0
Decrease in cash due to deconsolidation of variable interest entity	(4,388)	0	0
Net cash used in investing activities	(101,500,431)	(20,972,527)	(22,358,894)
Cash flows from financing activities:
Proceeds from notes payable	166,478,947	63,938,804	17,527,006
Principal payments on notes payable	(91,889,925)	(56,295,927)	(9,394,575)
Payment of debt issuance costs	(1,996,262)	0	0
Proceeds from credit facility line of credit	26,700,000	0	0
Repayment of credit facility line of credit	(26,700,000)	0	0
Principal payments on finance lease obligations	(3,275,226)	(2,613,163)	(1,661,580)
Payments of deferred consideration	(1,204,164)	0	0
Member distributions	(23,430,129)	(12,989,809)	(9,161,634)
Proceeds from stock subscription	3,834	0	0
Proceeds from equity offering, net of underwriting discounts	258,284,250	0	0
Repurchase of outstanding equity / Cardinal's OpCo units	(157,500,000)	0	0
Payment of initial public offering issuance costs	(5,639,464)	0	0
Net cash provided by/(used in) financing activities	139,831,861	(7,960,095)	(2,690,783)
Net change in cash	76,232,317	13,696,492	5,833,522
Cash
Beginning of period	20,917,108	7,220,616	1,387,094
End of period	97,149,425	20,917,108	7,220,616
Supplemental information:
Cash paid for interest	6,543,242	4,567,650	3,987,038
Cash paid for taxes - federal	0	0	0
Cash paid for taxes - state	1,691,154	1,352,509	0
Supplemental non-cash investing and financing activities:
Purchases of property and equipment acquired through acquisitions	20,895,000	0	10,000,000
Notes payable recognized on acquisitions	0	0	1,000,000
Purchases of property and equipment financed with finance leases	1,442,071	4,163,375	9,027,566
Right of use assets recognized with operating leases	6,942,779	2,556,542	2,808,137
(Decrease) increase in accrued and unpaid member distributions	0	(577,090)	279,074
Increase in deferred acquisition consideration payable	5,170,782	0	0
Derecognition of investments in unconsolidated affiliates upon deconsolidation of variable interest entity	1,078,449	0	0
Derecognition of notes payable upon deconsolidation of variable interest entity	1,343,893	0	0
Derecognition of property and equipment upon deconsolidation of variable interest entity	5,411,393	0	0
Derecognition of other assets, net upon deconsolidation of variable interest entity	(9,171)	0	0
Derecognition of non-controlling interest upon deconsolidation of variable interest entity	53,172	0	0
Recognition of operating lease liability upon deconsolidation of variable interest entity	513,273	0	0
Recognition of operating lease right-of-use assets upon deconsolidation of variable interest entity	468,904	0	0
Recognition of equitized loan distribution upon deconsolidation of variable interest entity	3,864,308	0	0
Increase in related party loan receivable	1,263,667	0	0
Rollover equity issued as consideration for acquisitions	4,540,000	0	2,070,000
Deferred offering costs accrued	(389,100)	0	0
Establishment of deferred tax asset related to the Tax Receivable Agreement	46,356,042
Establishment of liabilities under the Tax Receivable Agreement	39,423,529	0	0
Net effect of the Tax Receivable Agreement within additional paid in capital	$ 6,932,513	$ 0	$ 0

Consolidated Statements of Changes in Stockholders' and Members' Equity (Parenthetical) - Common Stock - Class A Common Stock $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Underwriting discounts	$ 19,441
Other offering expenses	$ 6,028

Retirement Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Retirement benefits, Description	The Company has a 401(k) retirement plan which covers all employees who have met the eligibility requirements. The Company makes matching contributions to each participant in an amount equal to 100% of the first 3% of the participant’s compensation plus 50% of the next 2% of the participant’s compensation.
Contributed amount	$ 1,321,546	$ 846,447	$ 517,376
Participants Compensation Scenario One
Defined Benefit Plan Disclosure [Line Items]
Matching contribution to each participant percentage	100.00%
Matching contribution, Participant's compensation percentage	3.00%
Participants Compensation Scenario Two
Defined Benefit Plan Disclosure [Line Items]
Matching contribution to each participant percentage	50.00%
Matching contribution, Participant's compensation percentage	2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2025 $ / shares shares
Preferred stock, par value \| $ / shares	$ 0.0001
Preferred stock, shares authorized	10,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Class A Common Stock
Common stock, par value per share \| $ / shares	$ 0.0001
Common stock, shares authorized	500,000,000
Common stock, shares issued	14,947,318
Common stock, shares outstanding	14,947,318
Class B Common Stock
Common stock, par value per share \| $ / shares	$ 0.0001
Common stock, shares authorized	500,000,000
Common stock, shares issued	23,387,813
Common stock, shares outstanding	23,387,813

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. Commitments and Contingencies

The Company is involved in litigation in the normal course of business and does not anticipate that such matters will ultimately have a material effect on its consolidated financial position or the results of its operations.

The Company is required to pay an monthly management fee of $18,272 in connection with equipment, subject to annual adjustments of 2% from January 2026 through June 2028.

Income Taxes and Tax Receivable Agreement

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes and Tax Receivable Agreement

15. Income Taxes and Tax Receivable Agreement

The Company is subject to U.S. federal, state and local income taxes on its taxable income, including its allocable share of the taxable income of Cardinal Civil Contracting Holdings LLC (“OpCo”), and is taxed at the applicable corporate income tax rates. The Company’s actual effective tax rate is affected by its ownership percentage in OpCo, which will increase over time as continuing OpCo owners redeem or exchange their LLC interests for shares of PubCo's Class A common stock (together with cancellation of an equal number of Class B shares), or as the Company acquires LLC interests directly from such continuing OpCo owners.

Because the Company consolidates OpCo for financial reporting purposes, its consolidated effective tax rate will vary from period to period based on multiple factors, including changes in the Company’s ownership of OpCo, the geographic mix of earnings, changes in tax law, and differences in tax rates among jurisdictions. The Company’s income tax provision includes U.S. federal, state, local and foreign income taxes, as applicable.

For the years ended December 31, 2025, 2024 and 2023, all of the Company’s income before income taxes was generated from domestic operations within the United States.

Income before the provision for income taxes was entirely attributable to domestic U.S. operations and totaled $3,083,265 for the post‑IPO period from December 10, 2025 to December 31, 2025. The Company has no undistributed earnings.

The components of the provision for income taxes are as follows:


	December 31, 2025		December 31, 2024		December 31, 2023
Current:
Federal	$	-	$	-	$	-
State and local		1,691,154		1,352,509		-
Total current tax expense	$	1,691,154	$	1,352,509	$	-

Deferred:
Federal	$	254,023	$	-	$	-
State and local		21,501		-		-
Total deferred tax expense	$	275,524	$	-	$	-

Total federal – Current and deferred tax expense	$	254,023	$	-	$	-
Total state and local – Current and deferred tax expense		1,712,655		1,352,509		-
Total provision for income taxes	$	1,966,678	$	1,352,509	$	-

A reconciliation of the U.S. federal statutory tax rate to the effective rate using both dollars and percentages is as follows:


	December 31, 2025					December 31, 2024					December 31, 2023
Statutory U.S. federal tax rate	$	6,942,634		21.0	%	$	6,226,446		21.0	%	$	5,102,326		21.0	%
Noncontrolling interests/effect of pass-through entities (LLC income)		(6,703,419	)	-20.3	%		(6,226,446	)	-21.0	%		(5,102,326	)	-21.0	%
State and local income taxes, net of federal income tax effect (1)		1,712,655		5.2	%		1,352,509		4.6	%		-		0.0	%
Nontaxable or nondeductible items		14,808		0.0	%		-		0.0	%		-		0.0	%
Effective income tax rate	$	1,966,678		5.9	%	$	1,352,509		4.6	%	$	-		0.0	%

(1) The states that contribute to the majority (greater than 50%) of the tax effect in this category include North Carolina for 2025.

The effective tax rate for December 10, 2025 to December 31, 2025 was driven primarily from the permanent differences in the share of partnership taxable income.

Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows:


	December 31, 2025
Deferred tax assets
Transaction expense	$	1,284,305
Tax receivable agreement		8,979,697
Investment in partnership		32,184,418
Net operating loss - federal		3,407,319
Net operating loss - state		218,361
Stock compensation		6,418
Deferred tax assets, gross		46,080,518
Valuation allowance		-
Total deferred tax assets, net of valuation allowance		46,080,518
Deferred tax liabilities		-
Total net deferred tax asset	$	46,080,518

The Company's sole material asset is its investment in OpCo, which is treated as a partnership for U.S. income tax purposes and for purposes of certain jurisdictional income taxes. OpCo's net taxable income and any related tax credits are passed through to its partners and are included in the partners' tax returns, even though such net taxable income or tax credits may not have actually been distributed. While the Company consolidates OpCo for financial reporting purposes, the Company will be taxed on its share of earnings of OpCo not attributed to the noncontrolling interest holders, which will continue to bear their share of income tax on allocable earnings of OpCo. The income tax burden on the earnings taxed to the noncontrolling interest holders is not reported by the Company in its consolidated financial statements under GAAP. As a result, the Company's effective tax rate differs materially from the statutory rate. The primary factor impacting the effective tax rate is income attributable to noncontrolling interests that is not subject to corporate income tax.

At December 31, 2025, the Company has a net tax loss, credit, and other carry forwards for income tax purposes of approximately $16.3 million. Of these net tax losses all may be carried forward indefinitely.

At December 31, 2025 and 2024, there were no uncertain tax positions.

The Company has net operating loss (“NOL”) carryforwards were generated from domestic operations within the period December 10, 2025 through December 31, 2025. The federal NOLs will carryover indefinitely. The state NOLs will expire between 2045 and 2040, however, due to planned corporate tax rate reductions in the state of North Carolina, the expected life of these NOLs is expected to be less than 4 years. The Company provides a valuation allowance when it is more likely than not that some portion of the deferred tax assets will not be realized. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. Based on this evaluation, the Company did not record a valuation allowance as of December 31, 2025, as management believes it is more likely than not that the deferred tax asset will be realized.

The Company and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various state, local jurisdictions. The Company is not currently under examination and the initial tax year (2025) is subject to examination.

The Company recognizes interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of operations. Accrued interest and penalties are included within accounts payable or accrued expenses in the consolidated statements of balance sheets. The Company had no amount of interest and penalties payable as of December 31, 2025.

All income taxes paid, net of refunds received, were attributable to the State of North Carolina in the years ended December 31, 2025, 2024 and 2023. No other jurisdiction represented 5% or more of total income taxes paid, net of refunds received.

Tax Receivable Agreement

In connection with the Initial Public Offering and Reorganization Transactions, PubCo entered into a tax receivable agreement (the “Tax Receivable Agreement”) with Cardinal Civil Contracting Holdings LLC and the Continuing Equity Holders, which provides for the payment by PubCo to a Continuing Equity Holders of 85% of the amount of U.S. federal, state and local income or franchise tax savings, if any, that PubCo actually realizes (or in some circumstances is deemed to realize) as a result of (i) increases in the tax basis of Cardinal Civil Contracting Holdings LLC’s assets resulting from (a) the purchase

of LLC interests from such Continuing Equity Holders, including with the net proceeds from the IPO and any subsequent offerings or (b) redemptions or exchanges by such Continuing Equity Holders of LLC interests for shares of Class A common stock or for cash, as applicable, and (ii) certain other tax benefits related to PubCo making payments under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement are due within five (5) business days after delivery of the applicable schedule calculating the realized tax benefits and related payment amount, once such schedule becomes final in accordance with the Tax Receivable Agreement. The benefit schedule is required to be delivered within one hundred eighty (180) calendar days after the due date (including extensions) of the applicable annual federal income tax return for the relevant taxable year, and payments are based on the actual tax savings realized by PubCo. Substantially all payments due under the Tax Receivable Agreement are payable over fifteen years following the purchase of LLC interests from Continuing Equity Holders or redemption or exchanges by Continuing Equity Holder of LLC interests. The Company will account for the income tax effects resulting from taxable redemptions or exchanges of LLC interests by Continuing Equity Holder owners for shares of Class A common stock or cash, as the case may be, and purchases by PubCo of LLC interests from Continuing Equity Holders owners by recognizing an increase in deferred tax assets, based on enacted tax rates at the date of each redemption, exchange, or purchase, as the case may be. Further, PubCo evaluates the likelihood that it will realize the benefit represented by the deferred tax asset, and, to the extent that the PubCo estimates that it is more likely than not that it will not realize the benefit, it reduces the carrying amount of the deferred tax asset with a valuation allowance. The impact of any changes in the total projected obligations recorded under the Tax Receivable Agreement as a result of actual changes in the mix of the Company’s earnings, tax legislation and tax rates in various jurisdictions, or other factors that may impact PubCo's actual tax savings realized, will be reflected in income before taxes on the consolidated statements of operations in the period in which the change occurs.

As of December 31, 2025, the tax receivable agreement liability on the consolidated balance sheet totaled $39,423,529. However, if all of the Pre-IPO Common Unitholders were to exchange or sell us all of their Common Units, we would recognize a deferred tax asset of approximately $212,310,533 and a liability under the Tax Receivable Agreement of approximately $180,463,953, assuming: (i) all exchanges or purchases occurred on the same day; (ii) the unit price of $24.18 per share; (iii) a constant corporate tax rate of 22.78% (iv) that we will have sufficient taxable income to fully utilize the tax benefits; and (v) no material changes in tax law. These amounts are estimates and have been prepared for illustrative purposes only. The actual amount of deferred tax assets and related liabilities that we will recognize will differ based on, among other things, the timing of the exchanges, the price per share of our Class A common stock at the time of the exchange, and the tax rates then in effect.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 740
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Notes Payable & Credit Facility

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Notes Payable & Credit Facility

7. Notes Payable & Credit Facility

Notes payable consisted of the following at December 31, 2025 and December 31, 2024, respectively:


	December 31, 2025		December 31, 2024
Note payable under the October 2025 Credit Facility, bearing interest based on the Secured Overnight Financing Rate (“SOFR”) plus 2.375%, with interest payable monthly and scheduled quarterly principal amortization, maturing October 31, 2030. Quarterly principal installments of $1.5 million are due through September 30, 2027, $2.25 million from December 31, 2027 through September 30, 2030, with the remaining principal due as a final balloon payment on October 31, 2030. The effective interest rate, inclusive of the amortization of deferred financing costs, was 6.83% at December 31, 2025.	$	120,000,000	$	-
Unsecured subordinated notes payable to various sellers. Notes payable are due in (a) quarterly installments of $125,000 plus interest at 7% through September 2025, with $0 outstanding as of September 30, 2025 and (b) semi-annual payments of $25,422 including interest at 5% through July 2027 unless seller’s employment agreement is terminated without cause in which all principal and interest would be payable immediately. The effective interest rate was 5.00% at December 31, 2025.		91,378		511,400
Note payable to a financial institution, bearing interest based on Compounded SOFR, calculated daily, with interest payable monthly and scheduled monthly principal amortization, maturing January 1, 2031. Monthly principal installments of $7,552 are due through December 1, 2030, with the remaining principal balance of $641,927 due as a final balloon payment on January 1, 2031. The effective interest rate was 6.12% at December 31, 2025.		1,087,500		—
Notes payable under the October 2024 Credit Facility with monthly principal installments totaling $1,562,159, plus interest based on SOFR plus 1.43%, were repaid in full during 2025 using proceeds from a new debt issuance. Accordingly, no amounts were outstanding at December 31, 2025.		—		45,912,771
Notes payable to a financial institution with monthly principal installments totaling $18,410 plus interest based on SOFR plus 2.15%, with a final balloon payment due in October 2027. Notes payable were secured by real property of the Company and derecognized in September 2025 due to the deconsolidation of the Variable Interest Entity CCCRE Holdings Ltd.		—		1,509,578
Total Notes Payable		121,178,878		47,933,749
Less Current Portion		6,128,674		11,112,540
Less Unamortized Debt Issuance Costs		1,897,340		—
Long-Term Portion	$	113,152,864	$	36,821,209

Future maturities of notes payable are as follows as of December 31, 2025:


2026	$	6,128,674
2027		6,136,402
2028		9,090,625
2029		9,090,625
2030		90,090,625
Thereafter		641,927
	$	121,178,878

October 2025 Credit Facility

On October 1, 2025, Cardinal NC, Cardinal and certain wholly owned subsidiaries entered into a credit facility (the "October 2025 Credit Facility") with Truist Bank, as administrative agent and lender, which provides for a $75.0 million senior secured revolving credit facility, including a $10.0 million letter of credit sub-facility and a $10.0 million swingline sub-facility, and a $120.0 million senior secured term loan facility. The October 2025 Credit Facility matures on October 1, 2030 and is secured by substantially all assets of the Company and subsidiary guarantors. Borrowings bear interest, at the borrower's option, at either the base rate, SOFR Index, or Term SOFR, plus an applicable margin ranging from 0.875% to 1.625% per annum for base rate borrowings and 1.875% to 2.625% per annum for SOFR-based borrowings, in each case based on the Company's leverage ratio. Amounts under the term loan facility amortize quarterly, commencing March 31, 2026, in aggregate annual amounts equal to 5.0% of the original principal during the first two years and 7.5% during years three through five, with the remaining balance due at maturity. The October 2025 Credit Facility contains certain financial covenants and other customary affirmative and negative covenants. As of December 31, 2025, outstanding borrowings under the term loan facility and revolving credit facility totaled $120.0 million and $0 million, respectively. As of December 31, 2025, the effective interest rate on outstanding borrowings was 6.83%. As of December 31, 2025, the Company was in compliance with all covenants under the October 2025 Credit Facility.

October 2024 Credit Facility

On October 18, 2024, Cardinal NC and certain wholly owned subsidiaries entered into a senior secured credit facility (the "October 2024 Credit Facility") with Truist Bank and Truist Equipment Finance Corp. as lenders, which consisted of a term loan facility in the aggregate principal amount of approximately $1.5 million, a revolving credit facility providing up to $10.0 million in borrowing capacity, and a master equipment security agreement evidenced by promissory notes in an initial aggregate principal amount of approximately $45.9 million. The October 2024 Credit Facility was secured by substantially all assets of the Company and subsidiary guarantors, subject to certain permitted liens and interests of other parties. Borrowings under the October 2024 Credit Facility bore interest at an Adjusted Term SOFR Rate, and the facility contained certain financial covenants and other customary affirmative and negative covenants. As of December 31, 2024, outstanding borrowings under the term loan facility totaled approximately $1.5 million, outstanding borrowings under the equipment facility totaled approximately $45.9 million, and there was no outstanding balance on the revolving credit facility. As of December 31, 2024, the Company was in compliance with all covenants under the October 2024 Credit Facility. In January 2025, the Company amended the October 2024 Credit Facility to increase borrowing capacity by $27.0 million for future purchases of equipment, trucks and trailers, and to provide additional borrowing capacity of up to $6.0 million for construction of an asphalt plant. As of September 30, 2025, outstanding borrowings under the October 2024 Credit Facility totaled approximately $80.6 million. All amounts outstanding under the October 2024 Credit Facility, totaling approximately $81.1 million as of October 1, 2025, were repaid with proceeds from the October 2025 Credit Facility, and the October 2024 Credit Facility was terminated.

Other 2025 Financing Activity

In January 2025, the Company entered into a $7.2 million debt agreement with a financial institution in connection with the acquisition of the Purcell companies. The note payable was secured by real property and was payable in monthly principal installments over five years with interest payable monthly based on SOFR plus 2.35%. This debt was subsequently repaid with proceeds from the October 2025 Credit Facility.

In December 2025, the Company entered into a $1,087,500 Note payable to finance equipment. Interest is based on compounded SOFR, calculated daily, with interest payable monthly and scheduled monthly principal amortization, maturing January 1, 2031. Monthly principal installments of $7,552 are due through December 1, 2030, with the remaining principal balance of $641,927 due as a final balloon payment on January 1, 2031.

Other 2024 Financing Activity

In October 2024, the Company's prior revolving line of credit with a maximum borrowing capacity of $15.0 million, secured by vehicles and equipment and bearing interest at SOFR plus 2.75%, was terminated. There was no outstanding balance on this line of credit at the time of termination.

Total interest incurred during the years ended December 31, 2025, 2024, and 2023 was $7,038,106, $4,832,839, and $3,990,288 respectively. Substantially all of the carrying value of assets of the Company are pledged as collateral at December 31, 2025 and December 31, 2024, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

16. Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to Cardinal Infrastructure Group Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed by adjusting the net income available to Cardinal Infrastructure Group Inc. and the weighted average shares outstanding to give effect to potentially dilutive securities. Shares of Class B common stock are not entitled to receive any distributions or dividends and are therefore excluded from this presentation since they are not participating securities.

As a result of the acquisition, all continuing equity holders were exchanged for Class B non-participating securities. All earnings prior to December 10, 2025, the date of the IPO, were entirely allocable to the non-controlling interests and LLC owners, as a result, earnings per share information is not applicable for reporting periods prior to this date. Consequently, only earnings per share for net income for periods subsequent to December 9, 2025 are presented.

Basic and diluted earnings per share of common stock have been computed as follows:


	For the period from December 10, 2025 to December 31, 2025
Numerator:
Net income attributable to Cardinal Infrastructure Group Inc., Basic and Diluted	$	863,593

Denominator:
Weighted average shares of common stock outstanding, Basic		14,787,094
Dilutive effects of:
Unvested RSUs		22,114
Weighted average shares of common stock outstanding, Diluted		14,809,208

Basic earnings per share	$	0.06
Diluted earnings per share	$	0.06

The dilutive impact of 23,387,813 LLC interests that are exchangeable for Class A common stock is not included in the calculation of diluted earnings per share as the effect would be anti-dilutive.

Consolidated Statements of Changes in Stockholders'/Members' Equity - USD ($)	Total	Members' Equity	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interests
Beginning Balance at Dec. 31, 2022	$ (9,456,623)	$ (11,713,516)					$ 2,256,893
Net income	24,296,792	20,572,320					3,724,472
Member distributions	(9,440,708)	(8,415,483)					(1,025,225)
Rollover equity issued in business combinations	2,070,000						2,070,000
Ending Balance at Dec. 31, 2023	7,469,461	443,321					7,026,140
Net income	28,297,234	21,357,346					6,939,888
Member distributions	(12,412,719)	(10,042,952)					(2,369,767)
Ending Balance at Dec. 31, 2024	23,353,976	11,757,715					11,596,261
Net income	31,093,483
Net income prior to the Reorganization Transactions and initial public offering	28,285,742	21,822,464					6,463,278
Member distributions	(23,088,393)	(22,404,058)					(684,335)
Member distribution - non-cash equitized loan	(3,864,308)	(3,864,308)
Rollover equity issued in business combinations	4,540,000						4,540,000
Unit-based compensation prior to the IPO	5,765,487	5,765,487
Deconsolidation of CCCRE	(57,560)						(57,560)
September 2025 Reorganization		21,857,644					(21,857,644)
Balance prior to the IPO and IPO Reorganization	34,934,944	34,934,944
Recapitalization of Continuing Owners	3,261	$ (34,934,944)	$ 172	$ 3,089	$ 6,784,147		28,150,797
Recapitalization of Continuing Owners, Shares			1,718,750	30,887,813
Exchange of Class B Units from Continuing Owners			$ 750	$ (750)	6,835,414		(6,835,414)
Exchange of Class B Units from Continuing Owners, Shares			7,500,000	(7,500,000)
Redemption of Class B Units to Continuing Owners	(157,500,000)				(157,500,000)
Issuance of Class A common stock sold in initial public offering and greenshoe, net of underwriting discounts of $19.441 million, other offering expenses of $6.028 million	252,256,259		$ 573		252,255,686
Issuance of Class A common stock sold in initial public offering and greenshoe, net of underwriting discounts of $19.441 million and other offering costs of $6.028 million, Shares			5,725,000
Allocation of equity to non-controlling interests					(57,817,051)		57,817,051
Net income subsequent to the Reorganization Transactions and IPO	2,807,741					$ 863,593	1,944,148
Restricted stock awards, net	103,105				103,105
Vesting of restricted stock units	0		$ 0
Vesting of restricted stock units, Shares			3,568
Establishment of tax receivable agreement liability and corresponding deferred tax assets	6,932,513				6,932,513
Ending Balance at Dec. 31, 2025	$ 139,537,823		$ 1,495	$ 2,339	$ 57,593,814	$ 863,593	$ 81,076,582
Ending Balance, Shares at Dec. 31, 2025			14,947,318	23,387,813

Variable Interest Entities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of determining primary beneficiary	If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary.
Noncontrolling interest	$ 57,560
Distributions	$ 3,864,308

Earnings Per Share - Additional Information (Details)	12 Months Ended
Earnings Per Share - Additional Information (Details)	Dec. 31, 2025 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	23,387,813

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Line Items]

Summary of Gross Consideration Paid for Acquisitions Presented in Condensed Consolidated Statements of Cash Flows


Page cash consideration paid	$	5,681,831
Page liabilities assumed and paid at closing		2,049,537
Page deferred consideration paid within three months of closing		200,000
Purcell cash consideration paid		10,851,397
Purcell liabilities assumed and paid at closing		803,129
Purcell deferred consideration paid within three months of closing		312,500
Red Clay cash consideration paid		39,000,000
Red Clay deferred consideration paid within three months of closing		500,003
Cash consideration paid for acquisitions	$	59,398,397

Summary of Unaudited Pro Forma Information


	Year ended December 31, 2025						Year ended December 31, 2024
	Cardinal NC and Purcell		Cardinal NC and Page		Cardinal NC and Red Clay		Cardinal NC and Purcell		Cardinal NC and Page		Cardinal NC and Red Clay
Revenue	$	456,045,369	$	460,155,042	$	493,175,863	$	340,982,627	$	324,881,523	$	360,085,109
Net income, including noncontrolling interests	$	36,552,430	$	32,203,725	$	31,937,411	$	29,722,827	$	28,312,437	$	25,934,372

Purcell

Business Combination [Line Items]

Schedule of Total Purchase Consideration

Total purchase consideration was as follows:


Cash	$	10,396,871
Rollover equity		2,800,000
Deferred consideration		1,250,000
Liabilities assumed and paid at closing		803,129
Net working capital adjustment payment		454,526
Total consideration transferred	$	15,704,526

Schedule of Purchase Price Allocation

The Purcell purchase price allocation is as follows:


Accounts receivable	$	4,066,405
Contract assets		976,696
Property and equipment		5,080,000
Other assets		308,041
Backlog intangible asset		5,236,000
Goodwill		2,324,808
Accounts payable		(1,092,267	)
Contract liabilities		(887,116	)
Other liabilities		(308,041	)
Total net assets acquired	$	15,704,526

Page

Business Combination [Line Items]

Schedule of Total Purchase Consideration

Total purchase consideration was as follows:


Cash	$	5,510,463
Deferred consideration		800,000
Rollover equity		1,740,000
Liabilities assumed and paid at closing		2,049,537
Net working capital adjustment payment		171,368
Total consideration transferred	$	10,271,368

Schedule of Purchase Price Allocation

The Page purchase price allocation is as follows:


Accounts receivable	$	139,748
Contract assets		762,848
Property and equipment		6,692,500
Other assets		644,414
Backlog intangible asset		606,000
Goodwill		2,352,038
Accounts payable		(106,158	)
Contract liabilities		(175,609	)
Other liabilities		(644,413	)
Total net assets acquired	$	10,271,368

Red Clay

Business Combination [Line Items]

Schedule of Total Purchase Consideration

Total purchase consideration was as follows:


Purchase Consideration
Cash	$	39,000,000
Deferred consideration		1,000,000
Estimated net working capital adjustment payable		3,133,284
Total consideration	$	43,133,284

Schedule of Purchase Price Allocation

The Red Clay purchase price allocation is as follows:


Purchase Price Allocation
Accounts receivable	$	5,997,700
Contract assets		1,205,607
Prepaid expenses		9,373
Property and equipment		9,122,500
Operating lease right of use assets		328,427
Intangible assets:
Customer relationships		14,600,000
Backlog		1,700,000
Trade name		500,000
Goodwill		11,782,840
Contract liabilities		(1,104,736	)
Current portion of operating lease liabilities		(425,696	)
Operating lease liabilities, less current portion		(582,731	)
Total net assets acquired	$	43,133,284

Roadways

Business Combination [Line Items]

Schedule of Total Purchase Consideration

The tables below present the consideration transferred and the allocation of the total consideration to tangible and intangible assets acquired and liabilities assumed from the acquisition of Roadways based on the respective fair values as of the acquisition date:


Purchase Consideration
Purchase Price Allocation	$	13,800,000
Working Capital Adjustment		164,939
Total consideration		13,964,939
Seller Note Payable		(1,000,000	)
Issuance of CCCC class B units		(2,070,000	)
Total consideration	$	10,894,939

Purchase Price Allocation
Accounts receivable	$	4,071,438
Other assets		1,002,939
Contract assets		3,055
Prepaid expenses		31,958
Property and equipment		10,000,000
Goodwill		2,660,099
Accounts payable		(2,322,295	)
Accrued expenses		(279,862	)
Contract liabilities		(1,202,393	)
Total net assets acquired	$	13,964,939

Schedule of Purchase Price Allocation


Purchase Consideration
Purchase Price Allocation	$	13,800,000
Working Capital Adjustment		164,939
Total consideration		13,964,939
Seller Note Payable		(1,000,000	)
Issuance of CCCC class B units		(2,070,000	)
Total consideration	$	10,894,939

Purchase Price Allocation
Accounts receivable	$	4,071,438
Other assets		1,002,939
Contract assets		3,055
Prepaid expenses		31,958
Property and equipment		10,000,000
Goodwill		2,660,099
Accounts payable		(2,322,295	)
Accrued expenses		(279,862	)
Contract liabilities		(1,202,393	)
Total net assets acquired	$	13,964,939

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Goodwill and Intangible Assets - Schedule of Estimated Aggregate Amortization Expense (Details)	Dec. 31, 2025 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 3,523,214
2027	2,085,714
2028	2,085,714
2029	2,085,714
2030	2,085,714
Thereafter	3,647,622
Total	$ 15,513,692

Revenue - Additional Information (Details) - USD ($)	12 Months Ended
Revenue - Additional Information (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 516,764,766	$ 275,859,783	$ 204,734,401
Increase (decrease) in revenue resulted from performance obligation satisfied in prior period	$ 1,013,000	$ (108,000)	$ 273,000
Standalone Paving Contracts
Disaggregation of Revenue [Line Items]
Contracts completion term	one to three months
Revenue \| Customer \| Short Duration Contracts
Disaggregation of Revenue [Line Items]
Percentage of revenue	4.00%	6.00%	5.00%
Revenue \| Customer \| Fixed Price Contracts
Disaggregation of Revenue [Line Items]
Percentage of revenue	99.00%	99.00%	96.00%
Revenue \| Customer \| Time and Material Billed Contracts
Disaggregation of Revenue [Line Items]
Percentage of revenue	1.00%	1.00%	4.00%
Private Sector Customers
Disaggregation of Revenue [Line Items]
Contracts completion term	12 to 15 months
Private Sector Customers \| Revenue \| Customer
Disaggregation of Revenue [Line Items]
Percentage of revenue	95.00%	97.00%	98.00%
Public Sector Customers \| Revenue \| Customer
Disaggregation of Revenue [Line Items]
Percentage of revenue	5.00%	3.00%	2.00%

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 7,050,963
Goodwill acquired in current-period business combinations	16,459,686
Ending balance	$ 23,510,649

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Related Party Transactions - Additional Information (Details)		1 Months Ended		12 Months Ended			64 Months Ended
	Dec. 11, 2025 USD ($) shares	Oct. 31, 2025 USD ($)	Sep. 30, 2025 Lease	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2030 USD ($)	Jan. 01, 2024 USD ($)
Related Party Transaction [Line Items]
Outstanding balances due from related party				$ 61,282,268	$ 38,304,817			$ 34,089,899
Lease expense				7,685,345	6,656,634	$ 6,112,454
Number of new leases \| Lease			2
Redemption value				$ (157,500,000)
Tax receivable agreement ownership percentage				85.00%
Tax receivable agreement remaining ownership percentage	15.00%
Tax receivable agreement liability				$ 39,423,529	0
Envision \| Office Spaces
Related Party Transaction [Line Items]
Sublease income on month-to-month				3,178	4,087	4,087
Sublease income				38,141	49,044	49,044
Outstanding balances due from related party				0	0	0
Revenue					4,792	118,886
Wellfield
Related Party Transaction [Line Items]
Outstanding balances due from related party					14,422	822,244
Wellfield \| Work Performed
Related Party Transaction [Line Items]
Revenue				(5,275)	37,425	878,313
Park
Related Party Transaction [Line Items]
Outstanding balances due from related party				25,828	80,135	33,950
Park \| Work Performed
Related Party Transaction [Line Items]
Revenue				125,100	1,753,964	144,163
CCCRE Holdings
Related Party Transaction [Line Items]
Outstanding balances due from related party				0
Lease expense				88,306	$ 62,704	$ 62,704
Lease monthly payment				$ 6,367
Annual lease increase, Percent				5.00%
Lease terms				Lease terms are $6,367 per month with annual increases of 5% through September 2031.
Number of new leases \| Lease			2
Repayment of outstanding receivable		$ 1,263,667
CCCRE Holdings \| Lease One
Related Party Transaction [Line Items]
Expected lease payments				$ 120,000
Leases payments commencement date				Dec. 01, 2025
CCCRE Holdings \| Lease Two
Related Party Transaction [Line Items]
Expected lease payments				$ 1,140,000
Leases payments commencement date				Jan. 01, 2026
King Road
Related Party Transaction [Line Items]
Lease expense				$ 10,000
Lease terms				We expect to pay King Road $10,000 per month through December 2030. Management believes the terms of the lease are consistent with market rates and comparable to those that could have been obtained from an unrelated third party.
King Road \| Forecast
Related Party Transaction [Line Items]
Lease monthly payment							$ 10,000
Continuing Equity Holders
Related Party Transaction [Line Items]
Redemption of shares \| shares	7,500,000
Redemption value	$ 157,500,000
Tax receivable agreement ownership percentage	85.00%

Retirement Plan

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Plan

10. Retirement Plan

The Company has a 401(k) retirement plan which covers all employees who have met the eligibility requirements. The Company makes matching contributions to each participant in an amount equal to 100% of the first 3% of the participant’s compensation plus 50% of the next 2% of the participant’s compensation. The Company contributed $1,321,546, $846,447 and $517,376 during the years ended December 31, 2025, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details