Keel Infrastructure Corp. KEEL
is a North American digital and energy infrastructure company that develops, owns, and plans to operate data centers and energy infrastructure
for HPC and AI workloads. We currently maintain our legacy North American Bitcoin Mining operations to help fund our operations and development
efforts.
TSX under the ticker symbol "BITF". On or about April 1, 2026, we expect to complete our U.S. Redomiciliation, pursuant to
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $229.3M | $133.3M | $120.4M | $142.4M | $169.5M | $34.7M | — |
| Cost of revenue | $248.2M | $149.2M | $144.1M | $131.9M | $58.4M | — | — |
| Gross profit | -$18.9M | -$15.9M | -$23.7M | $10.5M | $111.1M | — | — |
| SG&A | $78.3M | $61.9M | $33.9M | — | — | — | — |
| Operating income | -$149.6M | -$28.0M | -$50.0M | -$284.0M | $63.6M | -$6.7M | — |
| Interest expense | $8.6M | $745.0K | $2.9M | — | — | — | — |
| Pre-tax income | -$208.4M | -$7.0M | -$40.1M | — | — | — | — |
| Income tax | $101.0K | $346.0K | $154.0K | — | — | — | — |
| Net income | -$284.5M | -$28.4M | -$55.5M | -$175.6M | $22.1M | -$16.3M | — |
| EPS, basic | -0.52 | -0.07 | -0.21 | — | — | — | — |
| EPS, diluted | -0.52 | -0.07 | -0.21 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $551.7M | $414.7M | $262.2M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $631.0M | $59.5M | $84.0M | $30.9M | — | — | — |
| Receivables | $5.5M | $1.3M | — | — | — | — | — |
| Inventory | $8.7M | $1.1M | — | — | — | — | — |
| Total current assets | $826.5M | $213.7M | — | — | — | — | — |
| Property, plant and equipment | $358.3M | $237.3M | — | — | — | — | — |
| Total assets | $1.30B | $663.1M | $378.7M | $343.1M | $542.6M | $51.7M | — |
| Accounts payable | $16.3M | $8.2M | — | — | — | — | — |
| Short-term debt | $97.0M | $146.0K | — | — | — | — | — |
| Total current liabilities | $148.1M | $28.2M | — | — | — | — | — |
| Long-term debt | $572.4M | $1.4M | $4.0M | — | — | — | — |
| Total liabilities | $736.0M | $52.0M | — | — | — | — | — |
| Retained earnings | -$612.5M | -$327.9M | — | — | — | — | — |
| Total equity | $560.4M | $611.1M | $325.4M | $246.5M | $359.0M | $15.4M | $28.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$226.6M | -$141.7M | -$106.9M | — | — | — | — |
| Depreciation and amortisation | $122.6M | $135.4M | $84.3M | — | — | — | — |
| Stock-based compensation | $15.0M | $12.7M | $10.9M | — | — | — | — |
| Capital expenditure | $100.3M | $286.9M | $48.4M | — | — | — | — |
| Investing cash flow | $103.7M | -$178.4M | $71.0M | — | — | — | — |
| Financing cash flow | $694.3M | $295.6M | $89.1M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-037514.
Others in SIC 6199
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| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $15.06B | 1.9x | 84.1% |