Keel Infrastructure Corp. Segments Disclosure

NOTE 24: SEGMENT AND GEOGRAPHICAL INFORMATION

 

Reportable segment

 

The Company has aggregated all of its Cryptocurrency Mining operating segments into a single operating segment, which is the Company’s only reportable segment, Cryptocurrency Mining. The CODM manages segment performance and resource allocation based upon net income (loss). The CODM uses consolidated net income (loss) to evaluate the overall financial performance of the Company, to compare actual results against internal budgets and forecasts and to inform capital allocation decisions, including the prioritization of investments across the Company’s Bitcoin Mining Operations. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the consolidated statements of operations and the more detailed component disclosed in Note 25.

 

Revenues

 

Revenues by country are as follows:

 

		Year ended December 31,
		2025				2024				2023
North America
United States			116,386				16,500				11,466
Canada			112,890				116,774				108,934
Total			229,276				133,274				120,400

 

Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

 

Property, Plant and Equipment and other non-current assets

 

The carrying amount of property, plant and equipment and other non-current assets (excluding financial assets, intangible assets and deferred tax assets) by country is as follows:

 

		As of December 31,												As of December 31,
		2025												2024
		PPE				Other				Total non-current assets				PPE				Other				Total non-current assets
North America
United States			292,196				26,865				319,061				63,147				14,535				77,682
Canada			66,125				17,362				83,487				117,025				52,819				169,844
Total			358,321				44,227				402,548				180,172				67,354				247,526