Badger Infrastructure Solutions (BDGI) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenue of CAD 203.2 million, up 18% year-over-year, driven by strong commercial execution and demand across all regions and end markets, especially core infrastructure.

• Adjusted EBITDA grew 13% year-over-year to CAD 38.1 million, reflecting increased utilization and fleet growth.

• Revenue per truck per month increased 11% to CAD 39,009, indicating higher fleet productivity.

• Investments in fleet, branch network, team, and operational excellence are positioning the business for sustained long-term growth and scalability.

Financial highlights

• Q1 revenue reached CAD 203.2 million, up 18% year-over-year, entirely organic.

• Adjusted EBITDA was CAD 38.1 million, up 13% year-over-year; adjusted EBITDA margin was 18.7% (down from 19.6% last year due to growth investments).

• Adjusted EPS was CAD 0.22, compared to CAD 0.19 in the prior year.

• Net earnings for the quarter were CAD 0.03 per share, down from CAD 0.10 per share year-over-year.

• Capital expenditures rose to CAD 40.0 million from CAD 25.6 million year-over-year.

Outlook and guidance

• Expect continued strong demand and positive momentum for the remainder of 2026, supported by robust infrastructure spending and large-scale projects.

• Fleet build guidance increased to the upper end of 270–310 trucks for the year, with plans to refurbish 30–50 and retire 130–150 units.

• Margin expansion toward the 25%-30% target is expected by next year, with investments' impact on margins dissipating as growth stabilizes.

• Launching two new service lines with $15–$25 million in capital investment.

• Plans $170–$200 million in capital spend for new builds, plus $18–$30 million for potential tariffs.