Core Insights - Badger Infrastructure Solutions Ltd. reported strong third-quarter results, with revenue growth of 13% year-over-year to $237.3 million and Adjusted EBITDA increasing by 15% to $66.8 million, indicating effective execution of business strategies and investments in fleet capacity [3][4][6]. Operational Highlights - The company experienced a 13% increase in revenue compared to the same quarter in 2024, with non-destructive excavation services contributing significantly to this growth [5][6]. - Year-to-date revenue growth stands at 11%, with Adjusted EBITDA up 16% and Adjusted net earnings per share rising by 40%, showcasing the effectiveness of the company's customer-centric service approach [4][6]. Financial Highlights - Total revenue for the third quarter was $237.3 million, up from $209.4 million in 2024, with a gross profit margin of 32.6% [5][6]. - Adjusted EBITDA for the quarter was $66.8 million, reflecting a 15% increase from $58.3 million in the previous year, with an Adjusted EBITDA margin of 28.2% [5][6]. - Adjusted net earnings per share reached $0.91, a 25% increase from $0.73 in 2024 [6]. Business Outlook - The company anticipates continued growth opportunities in various end markets, particularly in the U.S. and metropolitan areas, as the market recovers from previous uncertainties [10]. - Badger plans to increase its hydrovac production to meet rising demand, with expectations of producing between 180 to 210 units in 2025 [11]. - Capital expenditures for 2025 are projected to rise to between $115 million and $130 million, reflecting increased manufacturing and fleet expansion efforts [12][13]. Strategic Initiatives - The company has successfully converted its Denver franchise to a corporate branch, which is expected to enhance growth in that region [11]. - Badger is developing its own refurbishment facility in the central U.S. to improve control over refurbishment processes and costs, expected to be operational in 2026 [11]. Financial Management - As of September 30, 2025, the company's total debt to compliance EBITDA ratio improved to 1.3x, down from 1.5x a year earlier, indicating better financial leverage management [15]. - The company renewed its Normal Course Issuer Bid (NCIB) program, allowing for opportunistic share repurchases while continuing to return capital to shareholders through dividends [15].

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]