Dear friend,
There is a man in Raleigh, North Carolina, named Jeremy Spivey. He is the chief executive of a company called Cardinal Infrastructure Group. Cardinal digs the trench and lays the pipe that carries the water in and the sewage out, before anything else is built on a lot.
Mr. Spivey founded the company in 2013. It went public on the ninth of December, at twenty-one dollars a share. Yesterday it reported the first quarter it has ever reported as a public company. Their own words follow:
“Revenue of $167.5 million; up 105% in total or 64% organically year-over-year. Net income of $11.5 million; up 73% from Q[1] 2025. Adjusted EBITDA of $26.8 million, up 84% year-over-year. Backlog as of March 31, 2026 was $854 million, up 60% from the prior year.”
They raised the full-year revenue guidance.
Cardinal has bought six companies since 2013. We would like, if you will indulge us, to list them.
| 2021 | Harrelson Utility Repair & Contracting | Raleigh |
| 2022 | G. Goodwin Enterprises | Raleigh |
| 2023 | Monroe Roadways | Charlotte |
| 2025 | Purcell Construction | Charlotte |
| 2025 | Page & Associates | Greensboro |
| 2026 | A. L. Grading Contractors | Sugar Hill, Georgia |
Six people sold their companies to Cardinal. All six are still there.
A. L. Grading is the most recent. They are a fourth-generation grading family from Sugar Hill, Georgia. The president, Lee Wood, joined Cardinal's board. The vice president, Benji Wood, became the chief operating officer. The chief financial officer, Rick Leeson, kept the title he had.
We will not be writing about any of the other one hundred and sixty-three companies that filed earnings on Tuesday. We do not have anything to say about them.
Yours,
Q[B]