Badger Infrastructure Solutions Ltd. Delivers Solid Growth in 2025 First Quarter Revenue, Adjusted EBITDA and Adjusted Net Earnings

Core Insights - Badger Infrastructure Solutions Ltd. reported a strong start to 2025 with a revenue increase of 7% to $172.6 million and a 16% rise in Adjusted EBITDA compared to the previous year, demonstrating effective operational leverage despite adverse weather conditions in early 2025 [3][6]. Financial Highlights - Total revenue for Q1 2025 was $172.6 million, up from $161.6 million in Q1 2024, with non-destructive excavation services contributing $164.8 million [5][6]. - Adjusted EBITDA reached $33.8 million, a 16% increase from $29.2 million in Q1 2024, resulting in an Adjusted EBITDA margin of 19.6%, up from 18.1% [5][6]. - Net earnings for Q1 2025 were $3.3 million, compared to $1.8 million in Q1 2024, with Adjusted net earnings increasing to $6.4 million from $4.9 million [5][6]. - The company declared a quarterly cash dividend of CAD$0.1875 per common share for Q2 2025, payable on or after July 15, 2025 [6]. Operational Highlights - The hydrovac fleet is expected to grow by 4% to 7% in 2025, providing capacity to meet increasing demand [4][11]. - Revenue per truck per month (RPT) was $35,034, slightly down from $35,138 in the previous year [6][7]. - The company is focused on disciplined fleet management and operational efficiency to support organic growth [10][11]. Business Outlook - Badger anticipates continued growth opportunities in the U.S. market, despite uncertainties related to tariffs and trade disputes [10]. - The company plans to invest between $95 million to $115 million in capital expenditures for new builds, refurbishments, and ancillary equipment in 2025 [12]. - Badger aims to enhance customer experience through operational excellence initiatives across its field operations [10][11]. Company Overview - Badger Infrastructure Solutions Ltd. is North America's largest provider of non-destructive excavation services, primarily serving contractors and facility owners in various infrastructure industries [16][17]. - The company's key technology, the Badger Hydrovac™, is designed for safe excavation around critical infrastructure, utilizing a pressurized water stream and vacuum system [17].