Badger Infrastructure Solutions Reports Q3 2025 Revenue Growth and Capital Spend Increase

Badger Infrastructure Solutions Ltd (BDGIF) reported Q3 revenue of $237.3 million, a 13% increase year-over-year. Adjusted EBITDA rose by 15%, with a margin increase to 28.2%. Revenue per truck per month was $47,921, an 8% increase.

The company produced 57 hydrovacs in Q3, up from 48 units last year, and increased its fleet size to 1,703 hydrovacs, a 5% rise. Adjusted EPS reached $0.91, up 25%. General and administrative expenses were $10.6 million, down to 4% of revenue.

The debt to EBITDA ratio improved to 1.3 times. Capital spending guidance for 2025 was raised to $115 million to $130 million. The company also consolidated a franchise in Denver and plans to develop an in-house refurbishment facility by 2026. Data center work constitutes approximately 10% to 11% of operations, with direct work at 5% to 8%.