Badger Infrastructure (BDGI) ran nearly 20% on the back of its Q1 results, which delivered near-20% organic revenue growth…

… on broad-based end market demand, data centres in particular (now ~10% of top line) - which drove higher utilization across the company’s Hydrovac fleet and 11% Y/Y growth in revenue per truck.

To meet that demand, Badger is ramping production - adding nearly 80 new units in Q1 and tightening its 2026 guide toward the upper end of the original 270-310 unit range…

… with management targeting a four-year payback and 20% after tax IRR on each truck, providing line of sight for BDGI to grow into its multiple and then some if it can execute.