Badger Infrastructure Solutions (BDGI) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 revenue of $237.3 million, up 13% year-over-year, with double-digit growth in gross profit, adjusted EBITDA, and adjusted net earnings.

• Adjusted EBITDA rose 15% to $66.8 million, and adjusted EBITDA margin improved to 28.2%, reflecting operational efficiencies and pricing strategies.

• Adjusted net earnings per share grew 25% to $0.91, demonstrating strong operational execution and margin improvement.

• Revenue and profitability grew at more than double the rate of fleet growth, demonstrating strong operating leverage.

• Board approved a quarterly cash dividend of CAD $0.1875 per share for Q4 2025.

Financial highlights

• Gross profit margin was 32.6%, slightly up from 32.5% in Q3 2024.

• Revenue per truck per month (RPT) reached $47,921 in Q3, up 8% year-over-year.

• Year-to-date revenue up 11%, adjusted EBITDA up 16%, and adjusted EPS up 29%.

• Net earnings for Q3 2025 were $29.0 million, up from $23.3 million in Q3 2024.

• G&A expenses were $10.6 million (4% of revenue), down from 5% of revenue last year.

Outlook and guidance

• Full-year Hydrovac production expected at the upper end of 180-210 units due to increased demand.

• 2025 retirements projected at the upper end of 90-130 units; refurbishment range reduced to 30-40 units due to third-party capacity constraints.

• Capital spend guidance raised to $115-$130 million for 2025.

• Anticipates continued growth in key US regions and large metropolitan areas, with strong infrastructure and construction spending.

• New refurbishment facility planned for 2026.