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CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Badger Infrastructure Solutions Ltd. (“Badger”, the “Company”, “we”, “our” or “us”) (TSX:BDGI) reported second quarter results today. All results are presented in U.S. dollars unless otherwise stated.
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2025 SECOND QUARTER OPERATIONAL HIGHLIGHTS
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- Revenue was $208.2 million, up 11% from 2024.
- Gross profit margin was 30.5%, up from 29.2% in 2024.
- Adjusted EBITDA(1) improved to $52.7 million, up 18% from 2024.
- Adjusted EBITDA margin(1) rose to 25.3%, up from 23.9% in 2024.
- Revenue per truck per month (“RPT”)(1) was $41,867, compared to $40,837 in 2024.
- Adjusted earnings per share(1) was $0.60, up 33% from 2024.
- The Company’s board of directors has approved a quarterly cash dividend of CAD$0.1875 per common share for the third fiscal quarter of 2025, with payment to be made on or after October 15, 2025, to all shareholders of record on September 30, 2025.
- During the second quarter of 2025, Badger purchased 191,800 shares at a weighted average price of CAD $36.94 per share under the Company’s normal course issuer bid (the “NCIB”). For the year to date, the company purchased 492,800 shares at a weighted average price of CAD $37.78 per share.
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- Badger intends to file a notice of intention to renew its NCIB with the Toronto Stock Exchange pursuant to which the Company may acquire common shares for cancellation.
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“In the second quarter, we built on the strong momentum from Q1, delivering revenue growth of 11% to $208.2 million. Adjusted EBITDA increased 18% year-over-year, reflecting our continued attention on margin expansion and profitability. These results underscore the successful execution of our business strategies focused on supporting our customers’ growing demand across our diverse range of end markets.” said Rob Blackadar, President & Chief Executive Officer.
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“With the busy construction season well underway, we are maximizing revenue and fleet utilization through disciplined pricing and targeted sales efforts. Year-to-date, we’ve grown revenue by 9%, Adjusted EBITDA by 17%, and Adjusted net earnings per share by 32%. This performance is a testament to the strength of our field team’s ability to deliver safe, efficient and reliable services. Badger remains well positioned as North America’s leading provider of non-destructive excavation services, supporting long-term growth.”
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FINANCIAL HIGHLIGHTS
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| Three months ended June 30, | Six months ended June 30, | |||||||||||
| ($ U.S. thousands except RPT, per share amounts, share information and ratios) | 2025 | 2024 | 2025 | 2024 | ||||||||
| Revenue: | ||||||||||||
| Non-destructive excavation service | 197,416 | 177,193 | 362,251 | 329,184 | ||||||||
| Other | 10,790 | 9,645 | 18,588 | 19,216 | ||||||||
| Total revenue | 208,206 | 186,838 | 380,839 | 348,400 | ||||||||
| RPT – Consolidated (U.S. dollars)(1)(2) | $41,867 | $40,837 | $38,448 | $37,657 | ||||||||
| Adjusted EBITDA(1) | 52,718 | 44,632 | 86,510 | 73,811 | ||||||||
| Adjusted EBITDA per share, basic and diluted(1) | $1.56 | $1.29 | $2.56 | $2.14 | ||||||||
| Adjusted EBITDA margin(1) | 25.3% | 23.9% | 22.7% | 21.2% | ||||||||
| Net earnings before income tax | 24,366 | 16,551 | 30,253 | 18,893 | ||||||||
| Net earnings | 18,503 | 11,910 | 21,758 | 13,689 | ||||||||
| Net earnings per share, basic and diluted(1) | $0.55 | $0.35 | $0.64 | $0.40 | ||||||||
| Adjusted net earnings(1) | 20,313 | 15,466 | 26,537 | 20,298 | ||||||||
| Adjusted net earnings per share, basic and diluted(1) | $0.60 | $0.45 | $0.78 | $0.59 | ||||||||
| Cash flow from operations before working capital and other adjustments | 52,745 | 44,618 | 86,424 | 73,814 | ||||||||
| Cash flow from operations before working capital and other adjustments per share, basic and diluted(1) | $1.56 | $1.29 | $2.56 | $2.14 | ||||||||
| Total debt to Compliance EBITDA(1) | 1.4x | 1.5x | 1.4x | 1.5x | ||||||||
| Capital expenditures | 29,626 | 29,121 | 55,238 | 59,152 | ||||||||
| Hydrovac truck count | 1,682 | 1,584 | 1,682 | 1,584 | ||||||||
| Dividends paid | 4,584 | 4,614 | 8,873 | 9,057 | ||||||||
| Cash paid to repurchase common shares under the NCIB | 5,023 | — | 12,744 | — | ||||||||
| Common shares repurchased and cancelled under the NCIB | 191,800 | — | 492,800 | — | ||||||||
| Weighted average common shares outstanding(3) | 33,769,487 | 34,473,438 | 33,769,487 | 34,473,438 | ||||||||
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