What Badger Infrastructure Solutions does

Badger Infrastructure Solutions Ltd. is a Calgary-headquartered, publicly traded (TSX: BADG) provider of non-destructive excavation services, founded in 1992 and self-described as North America's largest operator in the category. The company deploys a fleet of approximately 1,778 hydrovac trucks across 140+ field offices in Canada and the United States, serving customers in oil & gas, power generation, construction, industrial, railway, transportation, utilities, and government segments. Its flagship Badger Hydrovac system uses highly pressurized water to liquefy soil and a proprietary vacuum to extract slurry into truck-mounted debris tanks, with specialized capabilities including excavation up to 50 feet deep and 600 feet from the truck, and operations in temperatures as low as -40°F enabled by onboard water heaters. All hydrovac units are manufactured in-house at the company's Red Deer, Alberta facility, providing vertical integration over fleet quality and build velocity.

The company monetizes through four integrated service lines: Hydrovac Services (11 specialized applications including daylighting, potholing, trenching, pipelines, and tank cleanouts), Sewer Services (9 inspection and maintenance offerings such as CCTV, laser profiling, and smoke testing), Locating Solutions (electromagnetic locating with GPS data collection launched June 2020), and Disaster Response (rapid mobilization for storm and emergency scenarios). Revenue is project-based, usage-driven, and quote-driven rather than subscription-tiered; pricing is set per project via region-specific toll-free sales channels. In Q1 2026, the company reported record revenue of CAD 203 million (+18% YoY organic), adjusted EBITDA of CAD 38.1 million (+13% YoY) at an 18.7% margin, and revenue per truck per month of CAD 39,000. FY2025 revenue grew 12% YoY with 21% adjusted net EPS growth, and management is targeting a medium-term adjusted EBITDA margin of 25-30%.

Go-to-market is direct sales-led with no channel intermediaries, supported by the corporate website, an investor relations portal, and region-specific field sales presence across Western Canada, Eastern Canada, and four U.S. regions. The asset-heavy operating model is funded by a mix of operating cash flow and debt; the company closed a C$300 million private placement of 5.375% senior unsecured notes due May 2031, led by CIBC World Markets and TD Securities, to refinance credit facilities and support growth. 2026 capital spending is guided to CAD 198-230 million, funding 270-310 new hydrovac unit builds (7-10% fleet growth) and continued operational scaling under recently appointed COO Logan Mellott.

Name

Badger Infrastructure Solutions

Legal name

Badger Infrastructure Solutions Ltd.

Website

https://badgerinc.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Badger Infrastructure Solutions is North America's largest non-destructive hydrovac excavation provider, operating 1,778 trucks from 140+ field offices across Canada and the United States. Founded in 1992 and publicly traded on the TSX (BADG), the Calgary-based company serves oil & gas, construction, utilities, power, and government customers with in-house manufactured hydrovac, sewer, and locating services.

Ownership category

akta.pro rank

Product category

Non-Destructive Excavation Services

NAICS

Water and Sewer Line and Related Structures Construction (23711)

SIC

Water, Sewer, Pipeline, Comm & Power Line Construction (1623), Sanitary Services (4950)

akta.pro primary industry

Plumbing & Utility Systems (Potable/Non-Potable Water, Sanitary, Storm, Sewage Lift) (EUAEAFAF)

akta.pro secondary industries

Field Operations & Repair Services (Emergency Response, Leak Repair, Crew Dispatch) (EUANAKAL), Storm Drain & Yard Drain Cleaning & Repair (HSAOABAL)

Keywords

• Hydrovac excavation services
• Non-destructive excavation
• Sewer inspection services
• Underground utility locating
• Disaster response services

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure

Revenue model

1. Hydrovac Excavation Services: Service fees charged for non-destructive hydro-excavation services including daylighting, potholing, trenching, and utility pole hole digging. Revenue per truck per month reached CAD 39,000 in Q1 2026. Revenue is project-based and driven by fleet utilization and pricing.
2. Sewer Services: Comprehensive sewer inspection and maintenance services including CCTV inspections, flushing, cleaning, air testing, laser profiling, mandrel testing, reaming, and smoke testing. Billed per service/project.
3. Underground Locating Services: Infrastructure locating and mapping services including electromagnetic locating, GPS data collection, depth surveys, and CAD/GIS exports. Started June 2020.
4. Disaster Response Services: Emergency response services with rapid mobilization capability for hurricane and storm-related scenarios across North America.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Badger Infrastructure Solutions provides non-destructive hydrovac excavation services across North America, using pressurized water and vacuum systems to safely expose underground infrastructure. The company also delivers sewer inspection and rehabilitation, subsurface utility locating, and emergency disaster response services to industrial, energy, utility, and government customers.

Product overview

Badger Infrastructure Solutions operates as a unified service platform offering non-destructive hydro-excavation as its core capability, supported by four main service lines: Hydrovac Services, Sewer Services, Locating Solutions, and Disaster Response. The Hydrovac platform is the central technology, using pressurized water and vacuum systems to excavate underground infrastructure safely. Hydrovac Services encompasses 11 specialized applications including Daylighting, Potholing, Pipelines, Trenching, Utility Pole Holes, Tank Cleanouts, Debris Removal, Shoring Installation, Service Pits, Power Distribution, and Anode Installations. Sewer Services provides 9 inspection and maintenance sub-services including CCTV Inspections, Flushing & Cleaning, Laser Profiling, Air Testing, Mandrel Testing, Mainline to Lateral Line Inspections, Reaming & Concrete Removal, Sewer and Main Line Locating, and Smoke Testing. Locating Solutions, launched in June 2020, provides electromagnetic locating, GPS data collection, and infrastructure mapping. Disaster Response enables rapid mobilization for emergency situations across North America. The company manufactures all its hydrovac units at its facility in Red Deer, Alberta and operates over 1,300 trucks from 140+ field offices across North America.

Differentiator

Problem solved

Functional benefit

Products and services

• Hydrovac Services
• Sewer Services

Quantifiable outcome

• Record Q1 2026 revenue of CAD 203 million, up 18% year over year on organic basis
• +4 more outcomes

Segments8 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• GapVax: GapVax is a manufacturer and operator of hydro-excavation and industrial vacuum trucks serving North American utility, oil & gas, and municipal customers. It is comparable to Badger as a hydrovac equipment maker and service provider, though at smaller scale and primarily U.S.-focused.

Others

• Ditch Witch (Charles Machine Works): Ditch Witch is a leading manufacturer of underground construction equipment including trenchers, vibratory plows, and horizontal directional drills. It is an indirect competitor to Badger through alternative excavation methods and a key equipment supplier to infrastructure contractors.
• Vactor Manufacturing: Vactor is a leading manufacturer of sewer cleaners, hydro-excavation trucks, and industrial vacuum equipment. While not a direct service competitor to Badger, Vactor is a key equipment supplier/benchmark for hydrovac fleets and shapes industry pricing and capability standards.
• Vermeer Corporation: Vermeer is a major manufacturer of underground construction, trenching, and excavation equipment used by infrastructure contractors. Comparable to Badger as an equipment ecosystem player and indirect competitor via horizontal directional drilling alternatives to hydrovac excavation.

Broad incumbents

• Republic Services: Republic Services is one of North America's largest waste management and environmental services companies, providing collection, treatment, and disposal services. It overlaps with Badger's sewer services line (CCTV inspection, cleaning, smoke testing) within municipal/industrial sanitary services.
• US Ecology: US Ecology (now part of Republic Services' Specialty Waste business) provides hazardous and industrial waste management, spill response, and field services. Comparable to Badger in disaster response and oil/fuel spill cleanup, though focused on waste management rather than excavation.
• Clean Harbors: Clean Harbors is a large publicly traded environmental and industrial services company offering waste management, emergency response, and field services across North America. It overlaps with Badger in industrial cleaning, spill response, and disaster response services, though it is far broader and not specialized in hydrovac excavation.

Direct peers

• Pro-Vac LLC: Pro-Vac is a regional hydrovac and industrial cleaning services provider operating across the Pacific Northwest and Western U.S. It directly competes with Badger in daylighting, potholing, and utility hydro-excavation services for municipal and utility customers.
• Artera (formerly USIC): Artera is one of North America's largest providers of utility locating and infrastructure services, directly comparable to Badger's Locating Solutions line. Both serve utility, telecom, and energy customers with damage-prevention and underground mapping services, and increasingly bundle locating with excavation-adjacent offerings.
• Hydro-Vac Excavating Inc. Hydro-Vac Excavating is a regional hydrovac services provider serving Western Canada with daylighting, potholing, and trenching services. It is a direct competitor to Badger's core hydrovac offering in the same geography, though at materially smaller scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Badgerinfra
• Facebookfacebook.com/Badger-Daylighting-Corp-301969623293533
• LinkedInlinkedin.com/company/badgerinfra

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Badger Infrastructure Solutions