Keel Infrastructure Corp.
Business
Keel Infrastructure Corp. develops, owns, and operates data centers and energy infrastructure for HPC and AI workloads across North America. The company provides grid-connected power capacity and colocation space to hyperscalers and cloud service providers under long-term contracts. Keel operates a power capacity pipeline across Pennsylvania, Washington, and Québec, leveraging owned generation facilities and renewable hydroelectric capacity. The company maintains legacy Bitcoin Mining operations for cash generation during its transition to HPC infrastructure.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Revenues | 229 | 133 | 120 | |
| Cost of revenues | −248 | −149 | −144 | |
| Gross loss | −19 | −16 | −24 | |
| General and administrative expenses | −78 | −62 | −34 | |
| Change in fair value of digital assets | −51 | 26 | 8 | |
| Realized gain on sale of digital assets | 28 | 27 | 8 | |
| (Loss) gain on disposition of property, plant and equipment and deposits | −2 | 227,000 | −2 | |
| Impairment of long-lived assets and deposits | −28 | −4 | −6 | |
| Operating loss | −150 | −28 | −50 | |
| Interest income | 6 | 6 | 1 | |
| Interest expense | −9 | −745,000 | −3 | |
| (Loss) gain on derivative assets and liabilities | −50 | 18 | 48,000 | |
| Gain on extinguishment of long-term debt | — | — | 13 | |
| Other expense | −6 | −2 | −2 | |
| Total other (expense) income | −59 | 21 | 10 | |
| Loss before taxes from continuing operations | −208 | −7 | −40 | |
| Income tax (expense) recovery | −101,000 | −346,000 | 154,000 | |
| Loss from continuing operations | −209 | −7 | −40 | |
| Loss from discontinued operations | −76 | −21 | −16 | |
| Net loss | −285 | −28 | −56 | |
| Basic loss per share from continuing operations (in Dollars per share) | −0.38 | −0.02 | −0.15 | |
| Diluted loss per share from continuing operations (in Dollars per share) | −0.38 | −0.02 | −0.15 | |
| Basic loss per share from discontinued operations (in Dollars per share) | −0.14 | −0.05 | −0.06 | |
| Diluted loss per share from discontinued operations (in Dollars per share) | −0.14 | −0.05 | −0.06 | |
| Basic loss per share (in Dollars per share) | −0.52 | −0.07 | −0.21 | |
| Diluted loss per share (in Dollars per share) | −0.52 | −0.07 | −0.21 | |
| Weighted average number of common shares outstanding, basic (in Shares) | 552 | 415 | 262 | |
| Weighted average number of common shares outstanding, diluted (in Shares) | 552 | 415 | 262 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash | 573 | 60 | 84 | — | |
| Accounts receivable, net | 5 | 1 | — | — | |
| Digital assets | 175 | 87 | — | — | |
| Digital assets - restricted | 6 | 33 | — | — | |
| Other assets | 3 | 4 | — | — | |
| Rights to renewable energy credits and waste tax credits | 18 | — | — | — | |
| Assets held for sale | 29 | 9 | — | — | |
| Short-term prepaid deposits | 6 | 15 | — | — | |
| Inventories | 9 | 1 | — | — | |
| Derivative assets | 2 | 3 | — | — | |
| Total current assets | 826 | 214 | — | — | |
| Restricted cash | 58 | — | — | — | |
| Property, plant and equipment, net | 358 | 237 | — | — | |
| Operating lease right-of-use assets, net | 11 | 21 | — | — | |
| Finance lease right-of-use assets, net | 2 | 2 | — | — | |
| Long-term deposits and equipment prepayments | 31 | 45 | — | — | |
| Refundable deposits | 350,000 | 14 | — | — | |
| Intangible assets, net | 3 | 5 | — | — | |
| Assets held for sale | — | 125 | — | — | |
| Investment in equity securities | 1 | — | — | — | |
| Long-term derivative assets | 5 | — | — | — | |
| Total assets | 1,296 | 663 | — | — | |
| Accounts payable and accrued expenses | 46 | 26 | — | — | |
| Current portion of long-term debt | 97 | 146,000 | — | — | |
| Current portion of operating lease liabilities | 1 | 2 | — | — | |
| Current portion of finance lease liabilities | 235,000 | 130,000 | — | — | |
| Derivative liabilities | 3 | 128,000 | — | — | |
| Total current liabilities | 148 | 28 | — | — | |
| Long-term debt | 572 | 1 | — | — | |
| Operating lease liabilities | 11 | 17 | — | — | |
| Finance lease liabilities | 2 | 2 | — | — | |
| Deferred tax liability | 65,000 | 65,000 | — | — | |
| Other non-current liabilities | 3 | 3 | — | — | |
| Total liabilities | 736 | 52 | — | — | |
| Commitments and contingencies (Note 27) | — | — | — | — | |
| Common stock - no par value; Authorized unlimited number of shares; Issued and outstanding 601,579,999 and 479,332,885 shares | 1,065 | 838 | — | — | |
| Additional paid-in capital | 108 | 101 | — | — | |
| Accumulated deficit | −612 | −328 | — | — | |
| Total stockholders equity | 560 | 611 | 325 | 247 | |
| Total liabilities and stockholders equity | 1,296 | 663 | — | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Depreciation and amortization | 123 | 135 | 84 | |
| Impairment of long-lived assets and deposits | 102 | 4 | 13 | |
| Total other expense (income) | 59 | −21 | −9 | |
| Digital assets earned and hosting revenue received in Bitcoin | −263 | −187 | −141 | |
| Stock-based compensation | 15 | 13 | 11 | |
| Income tax expense (recovery) | 833,000 | −186,000 | 2 | |
| Renewable energy credits earned | −23 | — | — | |
| (Gain) loss on disposition of assets and other | −5 | −691,000 | 2 | |
| Digital assets exchanged for services | 10 | 1 | — | |
| Realized gain on disposition of digital assets | −28 | −27 | −8 | |
| Asset retirement obligation accretion expense | 222,000 | 270,000 | 214,000 | |
| Change in fair value of digital assets | 51 | −26 | −8 | |
| Interest income received | 5 | 6 | 2 | |
| Interest expenses paid | −1 | −2 | −14 | |
| Income taxes (paid) received | −427,000 | −2 | 12 | |
| Proceeds from disposition of renewable energy and waste tax credits | 13 | — | — | |
| Changes in non-cash working capital components | 1 | −7 | 3 | |
| Net change in cash related to operating activities | −227 | −142 | −107 | |
| Proceeds from sale of digital assets | 171 | 152 | 129 | |
| Purchase of property, plant and equipment and intangible assets | −100 | −287 | −48 | |
| Proceeds from sale of property, plant and equipment and assets held for sale | 35 | 5 | 3 | |
| Costs related to purchase and sale of assets held for sale | −8 | — | — | |
| Purchase of marketable securities | −34 | −22 | −36 | |
| Proceeds from disposition of marketable securities | 34 | 25 | 49 | |
| Refundable Hosting Deposit | — | −16 | — | |
| Purchase of derivative assets and liabilities | −154 | −14 | — | |
| Settlement of derivative assets and liabilities | 173 | 31 | — | |
| Equipment and construction prepayments | −20 | −53 | −23 | |
| Proceeds from disposal of business | 63 | — | — | |
| Acquisition of business | −48 | — | — | |
| Investment in equity securities | −1 | — | — | |
| Acquisition of assets | −6 | — | −2 | |
| Net change in cash related to investing activities | 104 | −178 | 71 | |
| Repayment of long-term debt | −785,000 | −4 | −31 | |
| Proceeds from long-term debt, net of transaction costs | 666 | 2 | — | |
| Repayment of finance lease liabilities | −820,000 | −1 | −2 | |
| Lease incentive received | — | 714,000 | — | |
| Issuance of common shares and warrants | 73 | 290 | 109 | |
| Exercise of stock options and warrants | 36 | 9 | 13 | |
| Purchase of capped calls | −69 | — | — | |
| Repurchase and cancellation of common shares | −10 | — | — | |
| Net change in cash related to financing activities | 694 | 296 | 89 | |
| Net increase (decrease) in cash and restricted cash | 571 | −24 | 53 | |
| Exchange rates differences on currency translation | −8,000 | −8,000 | 18,000 | |
| Cash flows from (used in) discontinued operations | 13 | 2 | −1 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Keel Infrastructure Corp.'s CIK number?
Keel Infrastructure Corp.'s SEC CIK number is 0001812477 (1812477). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Keel Infrastructure Corp.'s SEC filings?
All of Keel Infrastructure Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Keel Infrastructure Corp. last report earnings?
Keel Infrastructure Corp. (KEEL) most recently filed an earnings 8-K with the SEC on May 11, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001213900-26-054167). This is Keel Infrastructure Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Keel Infrastructure Corp.'s most recent earnings 8-K?
Keel Infrastructure Corp.'s latest earnings 8-K (Item 2.02) was filed May 11, 2026 under accession 0001213900-26-054167. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Keel Infrastructure Corp.'s latest earnings 8-K →
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