Badger Infrastructure Solutions (BDGI) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly results with revenue of $172.6 million, up 7% year-over-year, driven by strong commercial strategy and end-market demand.

• Adjusted EBITDA grew 16% year-over-year to $33.8 million, outpacing revenue growth due to operating leverage and stable G&A support.

• Adjusted earnings per share increased 36% to $0.19 compared to the same quarter last year.

• Gross profit margin improved to 25.5% from 24.8% year-over-year, and adjusted EBITDA margin rose to 19.6%.

• Despite adverse weather in early 2025, demand recovered in March, supporting continued market share gains.

Financial highlights

• Non-destructive excavation service revenue was $164.8 million, up from $152.0 million year-over-year.

• Net earnings rose to $3.3 million from $1.8 million, and net EPS doubled to $0.10.

• Cash flow from operations before working capital adjustments was $33.7 million, up from $29.2 million.

• Adjusted EBITDA margin rose to 19.6%, up 150 basis points from 18.1% in Q1 2024.

• G&A expenses were $10.3 million (5.9% of revenue), down from 6.7% of revenue last year.

Outlook and guidance

• Anticipates sustained demand in infrastructure and construction spending across North America.

• Expects stable to slightly growing revenue per truck per month (RPT) for 2025, with pricing opportunities as demand increases.

• Fleet growth planned at 4-7% for the year, based on year-end 2024 numbers.

• Operational excellence program rollout company-wide expected around the turn of 2026.

• Positioned in the lower half of financial leverage range, supporting organic growth and shareholder returns.