Badger Infrastructure Solutions Ltd. (BDGI) Earnings Call Transcripts

Badger Infrastructure Solutions Ltd.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Badger Infrastructure Solutions Ltd. reported record revenue of just over $203 million, reflecting an 18% year-over-year organic growth. Adjusted EBITDA also reached a record $38.1 million, up 13% from the prior year. Management maintained a positive outlook, signaling continued demand across all end markets and regions, while also indicating a focus on strategic investments that may temporarily impact margins but are expected to drive long-term growth.

Reported metrics

Guidance from management

Management maintained their outlook for continued growth in 2026, expecting to build between 270 to 310 hydrovacs. They indicated a positive trend in customer demand and infrastructure spending, which they believe will support their growth strategy.

What management said

Ian, it's Rob Dawson here. On a trailing 12-month basis, we're still 100 basis points out of that range. I would expect it would be a base case to be in that range by next year. But I think on a trend basis, we would expect to be heading towards that in the second half of this year.

All of that, I would say, Tim, relates to not only just direct costs, but if you think about opening new service lines and opening new branches, there is revenue as well. So it's a revenue, direct and indirect costs that go into our gross margins and the relative impact of all of that. Operational Excellence at this point is still mainly an investment, and so it's a cost, but it's a combination of both of those. But ...

What analysts pressed on

Analysts expressed concerns regarding the impact of ongoing investments on margins and the timeline for achieving targeted EBITDA margins of 25% to 30%. There were also questions about the competitive landscape and how Badger plans to maintain its market position amidst increasing demand.

Main topics on the call

• Record Revenue Growth — Badger achieved record revenue of just over $203 million, representing an 18% increase year-over-year, driven by strong commercial execution and increased fleet utilization. Management stated, "We met this demand through...
• Adjusted EBITDA Performance — Adjusted EBITDA grew by 13% year-over-year to a record $38.1 million, although the adjusted EBITDA margin decreased to 18.7% from 19.6% in the prior year. Management noted that investments impacted margins by about 100 t...
• Fleet Expansion Strategy — Badger ended the quarter with 1,778 hydrovacs, a 7% increase from the previous year, and increased the build rate at their Red Deer plant. Management indicated they expect to grow their fleet at the upper end of the prev...
• Investment in New Service Lines — Management is investing in new service lines and branch expansions, which they believe will drive future growth. They stated, "We view these investments as a core catalyst to reaching our 25% to 30% margin targets," desp...

Read the full Badger Infrastructure Solutions Ltd. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 34 Badger Infrastructure Solutions Ltd. earnings call transcripts on record, spanning March 12, 2020 to July 31, 2026. Based on this history, Badger Infrastructure Solutions Ltd. reports quarterly. The most recent call on file is dated July 31, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

BDGI

Exchange

TSX

Country

CA

Sector

Industrials

Industry

Construction and Engineering

Calls on record

34

First call

March 12, 2020

Most recent

July 31, 2026

Reporting cadence

quarterly