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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Canada
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $116.4M | $16.5M | $11.5M |
| Canada | $112.9M | $116.8M | $108.9M |
As the company reported it, from the “Segment and Geographical Information - Schedule of Revenues by Country (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $34.7M | $169.5M | $142.4M | $120.4M | $133.3M | $229.3M |
| Gross profit | — | — | $111.1M | $10.5M | -$23.7M | -$15.9M | -$18.9M |
| Net income | — | -$16.3M | $22.1M | -$175.6M | -$55.5M | -$28.4M | -$284.5M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6199
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $211.52B | 20.4x | 6.4% |
| MSTR | Strategy Inc | $51.47B | — | 3.0% |
| COIN | Coinbase Global, Inc. | $43.32B | 37.0x | 9.4% |
| SYF | Synchrony Financial | $23.96B | 7.9x | — |
| CRCL | Circle Internet Group, Inc. | $21.32B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $18.88B | 37.5x | 23.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $13.51B | 1.7x | 84.1% |
| CHYM | Chime Financial, Inc. | $11.23B | — | 30.7% |