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Hamilton Spectator
30-07-2025
- Business
- Hamilton Spectator
Badger Infrastructure Solutions Ltd. Delivers Double Digit Growth in 2025 Second Quarter Revenue, Adjusted EBITDA and Adjusted Net Earnings
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. '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. '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.' FINANCIAL HIGHLIGHTS (1) 'Adjusted EBITDA', 'Adjusted EBITDA per share', 'Adjusted EBITDA margin', 'Adjusted net earnings', 'Adjusted net earnings per share', 'Compliance EBITDA', 'Total debt' and 'RPT' are not standardized financial measures prescribed by IFRS® Accounting Standards ('IFRS') and may not be comparable to similar measures presented by other companies or entities. See 'Non-IFRS Financial Measures' and p.15-18 of the Management's Discussion and Analysis for the year ended December 31, 2024 (the 'Annual MD&A) for additional detail on the definition and calculation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings, Compliance EBITDA and Total debt. See 'Key Financial Metrics and Other Operational Metrics' and p.13 of the Annual MD&A for additional details on RPT. Per share, basic and diluted measures are calculated by dividing the financial measure with the weighted average common shares outstanding for the period. . (2) Effective January 31, 2025, the Company changed the reporting segment disclosure to one consolidated segment. As a result, RPT is presented as a consolidated total in U.S. dollars. Comparative periods were restated to reflect the change. (3) See 'Share Capital' in the Company's Management's Discussion and Analysis ('MD&A') for the three and six months ended June 30, 2025 and 2024 for additional details and Note 12 of the Company's interim condensed consolidated financial statements for the three and six months ended June 30, 2025 and 2024 for additional details on the changes to share capital. For the remainder of 2025, we see continued opportunities for growth, particularly in the U.S.. Accordingly, Badger's focus remains unchanged. We will continue to leverage our customer relationships through our Sales and National Account strategies to drive higher activity levels across our broad branch network, capturing more density in major markets. Further, we are increasingly focused on our operating efficiency and leveraging our overhead support functions. Badger is focused on fleet management and utilization opportunities to support its organic growth and will continue to leverage its vertically integrated manufacturing capabilities. Our planned investments in our hydrovac fleet remain unchanged, with planned growth of 4% to 7% in 2025. Together with our programs to capture pricing opportunities, the capacity in our current fleet and our disciplined 2025 capital program, Badger is well positioned to meet our growing customer needs. (1) Total capital spend includes the cost to manufacture new hydrovacs, refurbishments, ancillary equipment and other capital projects and does not include the potential impact of tariffs or retaliatory tariffs. Badger continues to manage its financial leverage. We have capacity to continue investing in the business to grow organically. We intend to renew our NCIB, maintaining our ability to make opportunistic share purchases in addition to returning capital to our shareholders through dividends. Badger Infrastructure Solutions Ltd. (TSX:BDGI) is North America's largest provider of non-destructive excavating and related services. Badger works for contractors and facility owners in a broad range of infrastructure industries and in general commercial construction. Badger's customers typically operate near high concentrations of underground power, communication, water, gas and sewer lines, where safety and economic risks are high and where non-destructive excavation provides a safe alternative for certain customer excavation requirements. The Company's key technology is the Badger HydrovacTM, which is used primarily for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquify the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger is unique in the non-destructive excavation industry because it designs and manufactures all of its hydrovac units at its plant in Red Deer, Alberta, which has an annual production capacity of more than 350 hydrovac units. The Company has a refurbishment program to extend the service life of certain units when it is financially prudent to do so based on the condition of the unit at the end of its normal useful life. To complement the Badger Hydrovac and extend the Company's service offerings, the Company has a select number of specialty units, mainly combo trucks, sewer and flusher units, and airvacs. A conference call and webcast for investors, analysts and brokers to discuss the 2025 second quarter results is scheduled for 7:00 a.m. MT on Thursday, July 31 2025. To join the call and ask a question during the live questions and answers session, or to join the call with audio only: ses/8jbOzr1-z8bKOSf0OBqnLA~~ . Badger's second quarter 2025 MD&A and interim condensed consolidated financial statements for the three and six months ended June 30, 2025, along with all Badger's previous public filings may be found on SEDAR+ at . This press release contains references to certain financial measures, including some that do not have any standardized meaning prescribed by IFRS and that may not be comparable to similar measures presented by other companies or entities. These financial measures are identified and defined below. See 'Non-IFRS Financial Measures' in the Company's Annual MD&A for detailed reconciliations of non-IFRS financial measures. 'Adjusted EBITDA' is earnings before interest, taxes, depreciation and amortization, share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange. Adjusted EBITDA is a measure of the Company's operating profitability and is therefore useful to management and investors as it provides improved continuity with respect to the comparison of operating results over time. Adjusted EBITDA provides an indication of the results generated by the Company's principal business activities prior to how these activities are financed, the results are taxed in various jurisdictions and assets are amortized. In addition, Adjusted EBITDA excludes gains and losses on sale of property, plant and equipment and right of use assets as these gains and losses are considered incidental and secondary to the principal business activities, gains and losses on foreign exchange as such gains and losses can vary significantly based on factors beyond the Company's control; and share-based compensation and gains and losses on derivative instruments as these expenses can vary significantly with changes in the price of the Company's common shares. 'Adjusted EBITDA margin' is Adjusted EBITDA as defined above, expressed as a percentage of revenues. 'Adjusted net earnings' is net earnings adjusted for share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and right of use assets, and gains and losses on foreign exchange, tax impacted using the effective tax rate. 'Revenue per truck per month' ('RPT') is a measure of non-destructive excavation fleet utilization. It is calculated using non-destructive excavation revenue only. RPT is calculated on a consolidated basis by dividing non-destructive excavation revenue only, in the Company's reporting currency, by the average number of non-destructive excavation units in service in the Company during the period. See 'Key Financial Metrics and Other Operational Metrics' on page 11 of the Company's 2025 second quarter MD&A for additional details on RPT. Certain statements and information contained in this press release and other continuous disclosure documents of the Company referenced herein, including statements and information that contain words such as 'could', 'should', 'can', 'anticipate', 'expect', 'believe', 'will', 'may', 'continue', 'position to', 'focus on', 'grow', 'intend', 'plans' and similar expressions relating to matters that are not historical facts, constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation. These statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. The Company believes the expectations reflected in such forward-looking statements and information are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements and information included in this press release should not be unduly relied upon. These forward-looking statements and information speak only as of the date of this press release. In particular, forward-looking information and statements in this press release include, but are not limited to the following: The forward-looking information and statements made in this press release rely on certain expected economic conditions and overall demand for Badger's services and are based on certain assumptions. The assumptions used to generate this forward-looking information and statements are, among other things, that: Risks and other uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements include, but are not limited to: political and economic conditions; industry competition; price fluctuations for oil and natural gas and related products and services; Badger's ability to attract and retain key personnel; the availability of future debt and equity financing; changes in laws or regulations, including taxation and environmental regulations which may adversely impact the labour supply and operating costs of Badger; extreme or unsettled weather patterns; and fluctuations in foreign exchange or interest rates. Readers are cautioned that the foregoing factors are not exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results is included in reports on file with securities regulatory authorities in Canada and may be accessed through the SEDAR+ website ( or at the Company's website. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Source: Badger Infrastructure Solutions Ltd.
Yahoo
30-05-2025
- Business
- Yahoo
OTC Markets Group Welcomes Badger Infrastructure Solutions Ltd. to OTCQX
NEW YORK, May 30, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Badger Infrastructure Solutions Ltd. (TSX: BDGI; OTCQX: BDGIF), North America's largest provider of non-destructive excavating and related services, has qualified to trade on the OTCQX® Best Market. Badger Infrastructure Solutions Ltd. upgraded to OTCQX from the Pink® market. Badger Infrastructure Solutions Ltd. begins trading today on OTCQX under the symbol 'BDGIF.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws. "We are excited to be added to the OTCQX® Best Market, which provides the opportunity to broaden our market access, enhance liquidity, and strengthen our U.S. investor presence. This move enhances our visibility within the U.S. investment community and provides a convenient way for investors to trade our shares in their own currency and local market. It positions us to expand our investor base as we continue to build sustainable, scalable growth while delivering exceptional service and value to our customers and stakeholders," said Rob Blackadar, Badger Infrastructure's President & CEO. About Badger Infrastructure Solutions Infrastructure Solutions Ltd. is North America's largest provider of non-destructive excavating and related services. Badger works for contractors and facility owners in a broad range of infrastructure industries and in general commercial construction. Badger's customers typically operate near high concentrations of underground power, communication, water, gas and sewer lines, where safety and economic risks are high and where non-destructive excavation provides a safe alternative for certain customer excavation requirements. The Company's key technology is the Badger HydrovacTM, which uses a pressurized water stream to liquify the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger is unique in the non-destructive excavation industry because it designs and manufactures all of its hydrovac units at its plant in Red Deer, AB, which has an annual production capacity of more than 350 hydrovac units. To complement the Badger Hydrovac, the Company has a select number of specialty units, including combo trucks, sewer and flusher units, and Air Vacs. The Company is headquartered in Calgary, AB, has a U.S. administrative office and training centre in Brownsburg, IN, a suburb of Indianapolis, IN, and services customers from approximately 140 field locations across both Canada and the United Sates. About OTC Markets Group Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit Subscribe to the OTC Markets RSS Feed Media Contact:OTC Markets Group Inc., +1 (212) 896-4428, media@ in to access your portfolio
