Core Insights - Badger Infrastructure Solutions Ltd. reported a strong second quarter with an 11% increase in revenue to $208.2 million and an 18% rise in adjusted EBITDA year-over-year, indicating effective business strategies and customer demand [3][4][6] Financial Highlights - Total revenue for Q2 2025 was $208.2 million, up from $186.8 million in Q2 2024, with non-destructive excavation services contributing $197.4 million [5][6] - Adjusted EBITDA reached $52.7 million, an 18% increase from $44.6 million in the same quarter last year, with an adjusted EBITDA margin of 25.3% [5][6] - Net earnings for Q2 2025 were $18.5 million, compared to $11.9 million in Q2 2024, resulting in adjusted net earnings per share of $0.60, up 33% year-over-year [5][6][7] Operational Performance - Year-to-date revenue growth was 9%, with adjusted EBITDA increasing by 17% and adjusted net earnings per share rising by 32% [4] - The company maintained a gross profit margin of 30.5%, up from 29.2% in 2024, reflecting improved operational efficiency [6] Business Outlook - Badger anticipates continued growth opportunities, particularly in the U.S., and plans to leverage customer relationships to drive higher activity levels [10][11] - The company is focused on fleet management and utilization, with planned growth of 4% to 7% in its hydrovac fleet for 2025 [11][12] - Total capital expenditure for 2025 is projected to be between $95 million and $115 million, which includes investments in new hydrovacs and refurbishments [13] Shareholder Returns - The board approved a quarterly cash dividend of CAD$0.1875 per common share for Q3 2025, with payment scheduled for on or after October 15, 2025 [6] - Badger repurchased 191,800 shares at an average price of CAD$36.94 during Q2 2025, with a total of 492,800 shares repurchased year-to-date [6][7][14]

Company Overview - Badger Infrastructure Solutions Ltd. is North America's largest provider of non-destructive excavating and related services, operating in various infrastructure industries and general commercial construction [5] - The company specializes in non-destructive excavation, particularly using its proprietary Badger Hydrovac technology, which liquefies soil using pressurized water and removes it with a vacuum system [5] - Badger designs and manufactures all of its hydrovac units at its facility in Red Deer, Alberta, with an annual production capacity exceeding 350 units [5] Market Upgrade - Badger Infrastructure Solutions Ltd. has upgraded to trade on the OTCQX Best Market from the Pink market, enhancing its market access and liquidity for U.S. investors [1][4] - The upgrade allows the company to provide transparent trading and utilize its home market reporting to make information available in the U.S. [3] - The move is expected to broaden Badger's investor base and enhance its visibility within the U.S. investment community [4] Trading Information - Badger Infrastructure Solutions Ltd. began trading on OTCQX under the symbol "BDGIF," with financial disclosures and real-time quotes available on the OTC Markets website [2] - The OTCQX Market requires companies to meet high financial standards and adhere to best practice corporate governance [3]