Keel Infrastructure Corp.

Listed Company

KEELCIK 0001812477NasdaqAcceleratedFinance ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$229.28M

Net Income

$-284.54M

Total Assets

$1.30B

Equity

$560.38M

Shares Out

602.85M

Op. Cash Flow

$-226.59M

Business

Bitfarms Ltd is a vertically integrated cryptocurrency mining company that operates and develops large-scale, energy-focused data centers to validate blockchain transactions using specialized mining hardware. It provides mining services and hosting solutions, including ownership and operation of miner fleets and third-party hosting agreements, and engages in equipment procurement and firmware/software management. Key business segments include direct mining operations, hosted mining services, and data center development and expansion. Bitfarms distributes computing capacity across facilities and through partnerships in North and South America and select global markets.

Summary from filing dated 2025-04-01

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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

As of · In millions, except per-share amounts

Concept	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

Year Ended · In millions, except per-share amounts

Concept	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

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