Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill are as follows:


	Three months ended March 31, 2026
Beginning balance	$	23,510,649
Goodwill acquired in current‑period business combinations		105,109,288
Ending balance	$	128,619,937

Schedule of Intangible Assets


		March 31, 2026			December 31, 2025
	Weighted Average Life (Years)	Gross Carrying Amount	Accumulated Amortization	Carrying Value	Gross Carrying Amount	Accumulated Amortization	Carrying Value
Backlog	1.4	$25,971,000	$(8,551,521)	$17,419,479	$7,542,000	$(6,479,500)	$1,062,500
Customer relationships	11.1	82,500,000	(1,752,601)	80,747,399	14,600,000	(523,808)	14,076,192
Trade name	9.5	10,071,000	(357,014)	9,713,986	500,000	(125,000)	375,000
Non-compete agreements	4.0	1,200,000	(34,521)	1,165,479	—	—	—
Total	9.1	$119,742,000	$(10,695,657)	$109,046,343	$22,642,000	$(7,128,308)	$15,513,692

In the three months ended March 31, 2026 and 2025 amortization expense was $3,567,348 and $1,527,500, respectively.

Schedule of Estimated Aggregate Amortization Expense

The estimated aggregate amortization expense for each of the next five years is as follows:


2026	$	16,955,154
2027		17,155,685
2028		9,240,205
2029		9,240,205
2030		8,980,685
Thereafter		47,474,409
Total	$	109,046,343

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Cardinal Infrastructure Group Inc. 10-Q