Keel Infrastructure Corp.
KEEL · Finance Services · 603.8M shares · EDGAR filings ↗
Grade
D45Bitcoin miner (Bitfarms/Keel) mid-pivot to HPC/AI data centers, with a large loss year and no revenue yet from the new strategy.
Strengths
- Strong liquidity (current/quick ratio ~5.5, 77th pct) and revenue growth 72% (77th pct)
- 2.2 GW power pipeline and asset base provide optionality for the HPC transition
Risks
- $208.5M loss from continuing operations; net margin -124%, ROE -51%, negative OCF margin
- Speculative, capital-intensive HPC pivot with no contracted revenue, management's limited data-center experience, and Bitcoin-price dependence
Notable findings
Quarterly revenue
Last 2 quarters · from SEC filings.
Key metrics
Gross margin
-8.2%
Operating margin
-65.2%
Net margin
-124.1%
Return on equity
-50.8%
Return on assets
-21.9%
ROIC
-10.4%
Revenue growth (QoQ)
-22.4%
Debt / equity
1.0×
Current ratio
5.6×
EBITDA
-$27M
Tangible book value
$560M
Stock comp / revenue
6.5%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Auditor changeExhibits | filing ↗ |
| 2026-06-10 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2026-06-05 | OtherExhibits | filing ↗ |
| 2026-06-04 | OtherExhibits | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-04-03 | Exec/director changeExhibits | filing ↗ |
| 2026-04-01 | Material agreementDebt obligation3.023.035.01Exec/director change5.03Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-11 | 0001213900-26-069269 ↗ |
| 8-K | 2026-06-10 | 2026-06-09 | 0001213900-26-067042 ↗ |
| 8-K | 2026-06-05 | 2026-06-04 | 0001213900-26-065506 ↗ |
| 8-K | 2026-06-04 | 2026-06-04 | 0001213900-26-065369 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001213900-26-054166 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001213900-26-054167 ↗ |
| 8-K | 2026-04-03 | 2026-04-01 | 0001213900-26-039924 ↗ |
| 8-K | 2026-04-01 | 2026-04-01 | 0001213900-26-038080 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001213900-26-037514 ↗ |
| 40-F | 2025-04-01 | 2024-12-31 | 0001213900-25-026575 ↗ |
| 40-F | 2024-03-07 | 2023-12-31 | 0001213900-24-020602 ↗ |
| 40-F | 2023-03-21 | 2022-12-31 | 0001213900-23-021559 ↗ |