Keel Infrastructure

KEEL · Nasdaq · Information Technology · Financials, fiscal 2020 to 2025

KEEL · Last close · November 6, 2026

$1.87

Keel Infrastructure's revenue rose 72.0% to $229 million in fiscal 2025. Its operating margin was −65.2%, down from −21.0% a year earlier. Free cash flow was −$327 million. The diluted share count rose 33.0%.

Keel Infrastructure Corp. Latest fiscal year ended December 31, 2025 10-K filed March 31, 2026 · 0001213900-26-037514 Updated November 6, 2026

Revenue

$229M

72.0%

Operating margin

−65.2%

44.2 pts

Net income

−$284M

Free cash flow

−$327M

Return on capital

−20.5%

14.7 pts

Market cap

$1.2B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Net debt to EBITDA for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

What Keel Infrastructure does

Keel Infrastructure, formerly Bitfarms, develops and owns data centers and energy infrastructure in North America. Today it earns its revenue by mining Bitcoin at sites in Pennsylvania, Québec and Washington state, some with their own power generation or grid connections. It was founded in 2017 and moved its incorporation to Delaware in 2026.

The company calls Bitcoin mining its legacy business, run to bring in cash. It adds its mining computing power to mining pools, which pay it daily in Bitcoin. Its main growth area is high-performance computing (HPC), meaning data centers built for artificial intelligence and other heavy computing work. It plans to lease that capacity to large cloud providers, AI companies and other businesses under long-term contracts.

The annual report says the HPC business had not yet earned any revenue by the end of 2025, and the company expects the first revenue in 2027. It expects to wind down Bitcoin mining step by step as it builds data centers on its sites.

Its biggest risks, as it describes them

Its plan to move into data centers for HPC and AI is new, and it has not yet earned revenue from it.
Its income today depends on mining Bitcoin, which is volatile and which it expects to wind down.
Heavy reliance on one mining pool operator for most of its revenue.
Needing to raise money to build data centers, and not yet earning steady profits.
A limited operating history and a business model that keeps changing.

From Keel Infrastructure's annual report on Form 10-K, filed March 31, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Keel Infrastructure lost money in fiscal 2025: a net loss of $284 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	126	31	84	60	631
Debt incl. finance leases	6	8	4	4	672
Net debt (negative means net cash)	−120	−23	−80	−56	41
Net debt to EBITDA	−1.4x	—	−2.3x	−0.5x	—
Debt to equity	0.0x	0.0x	0.0x	0.0x	1.2x
Interest coverage	3,349.5x	−3,054.0x	−233.6x	−78.2x	−17.4x
Current ratio	2.8x	1.0x	1.9x	7.6x	5.6x
Quick ratio	2.8x	1.0x	1.9x	7.5x	5.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Keel Infrastructure's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Keel Infrastructure's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $525,657 of Keel Infrastructure shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 21, 2026	Benjamin GagnonChief Executive Officer, Director	Bought	38,888	$3.33	$129,497	Form 4
Aug 20, 2026	Liam Daniel WilsonChief Operating Officer	Bought	30,769	$3.25	$99,999	Form 4
Aug 17, 2026	Liam Daniel WilsonChief Operating Officer	Bought	26,472	$3.78	$100,064	Form 4
Aug 13, 2026	Benjamin GagnonChief Executive Officer, Director	Bought	58,888	$3.33	$196,097	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 9	5 of 9	2 of 9
Rule of 40	−144.5%	−310.9%	−70.5%
Altman Z''	1.27	12.22	1.92
Accruals ratio	14.2%	21.8%	−5.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Fail	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	4 of 9	5 of 9	2 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Keel Infrastructure side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Keel Infrastructure	FY25	72.0%	−65.2%	−142.6%	−20.5%	—	2
Cipher Digital	FY25	48.0%	−188.2%	−310.7%	−18.2%	—	3	Compare
Hut 8	FY25	44.8%	−136.9%	—	—	—	—	Compare
TeraWulf	FY25	20.3%	−110.5%	−702.5%	—	—	1	Compare
Core Scientific	FY25	−37.5%	−77.0%	−141.3%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	35	170	142	120	133	229
Revenue growth	—	388.4%	−16.0%	−15.5%	10.7%	72.0%
Gross profit	3	111	10	−24	−16	−19
Research and development	—	—	—	—	—	—
Operating income	−7	64	−284	−50	−28	−150
Net income	0	20	−176	−56	−28	−284
Diluted EPS (US$)	−0.19	0.13	−0.85	−0.21	−0.07	−0.52
Diluted shares (millions)	85	169	208	262	415	552
Cash flow
Cash from operations	7	−43	−122	−107	−142	−227
Capital expenditure	—	—	153	48	287	100
Free cash flow	—	—	−276	−155	−429	−327
Dividends paid	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0
Acquisitions	0	23	0	0	0	48
Stock-based compensation	2	23	22	11	13	15
Balance sheet at fiscal year end
Cash and short-term investments	6	126	31	84	60	631
Debt incl. finance leases	17	6	8	4	4	672
Total assets	52	543	343	379	663	1,296
Total liabilities	36	120	88	84	52	736
Shareholders' equity	15	359	246	325	611	560
Margins and ratios
Gross margin	8.3%	65.6%	7.4%	−19.7%	−11.9%	−8.2%
Operating margin	−19.4%	37.5%	−199.4%	−41.5%	−21.0%	−65.2%
Net margin	0.5%	12.1%	−123.3%	−46.1%	−21.3%	−124.1%
Free cash flow margin	—	—	−193.5%	−129.0%	−321.6%	−142.6%
Rule of 40 (growth + FCF margin)	—	—	−209.4%	−144.5%	−310.9%	−70.5%
Return on capital	—	24.8%	−95.1%	−17.6%	−5.8%	−20.5%
Return on equity	—	10.9%	−58.0%	−19.4%	−6.1%	−48.6%
Return on assets	—	6.9%	−39.7%	−15.4%	−5.5%	−29.0%
Net debt to EBITDA	2.4x	−1.4x	—	−2.3x	−0.5x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Keel Infrastructure's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Keel Infrastructure.