NASDAQ: KEEL
Keel Infrastructure Corp.CIK 0001812477 · SIC 6199 · Finance Services
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KEEL: revenue $30.4M, net income -$65.0M. Keel (ex-Bitfarms) exits U.S. Bitcoin mining, pivots to HPC/AI; Q2 loss widens
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Keel Infrastructure appoints Ganesh Aiyer as President to lead commercial expansion
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Keel Infrastructure switches to PwC USA from PwC Canada following U.S. redomiciliation
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Keel Infrastructure raises $458M via 1.25% convertible notes due 2032 at $7.41 conversion price
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Keel prices $400M convertible notes offering, upsized from $350M, to fund data center growth
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Keel Infrastructure announces $350M convertible notes offering to fund data center expansion
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KEEL: revenue $37.0M, net income -$145.4M. Keel (ex-Bitfarms) pivots to HPC/AI data centers, exits Bitcoin mining amid Q1 loss
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Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q2 ended Jun 30, 2026 | Q2 ended Jun 30, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 30.4 | 60.9 |
| Cost of revenue / cost of sales | 117.2 | 64.8 |
| Gross profit | (86.8) | (3.9) |
| Operating expenses: | ||
| Demand creation / marketing | 0.4 | 1.1 |
| Operating overhead | 31.3 | 19.4 |
| Other operating expenses, net | 22.3 | |
| Operating income | (140.8) | 10.8 |
| Interest expense | 2.1 | 1.6 |
| Other income/(expense), net | (1.0) | (0.3) |
| Income before income taxes | (63.9) | 13.2 |
| Income tax expense/(benefit) | 0.02 | — |
| Income from continuing operations | (64.0) | 13.2 |
| Discontinued operations, net of tax | (1.0) | (18.7) |
| Net income | (65.0) | (5.5) |
| Basic earnings per share | (0.11) | (0.01) |
| Diluted earnings per share | (0.11) | (0.01) |
Consolidated Balance Sheets (Unaudited)
| Description | Jun 30, 2026 | Dec 31, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 715.5 | 573.5 |
| Restricted cash | 53.4 | 57.5 |
| Accounts receivable, net | 5.0 | 5.5 |
| Inventories | 8.9 | 8.7 |
| Other current assets | 4.3 | 2.8 |
| Current assets of discontinued operations | 15.9 | 28.7 |
| Total current assets | 896.5 | 826.5 |
| Property, plant and equipment, net | 287.1 | 358.3 |
| Operating lease right-of-use assets, net | 10.2 | 11.1 |
| Identifiable intangible assets, net | 2.9 | 3.0 |
| Other assets | 1.6 | 1.6 |
| Other long-term assets | 217.5 | 95.9 |
| TOTAL ASSETS | 1,416 | 1,296 |
| Current liabilities: | ||
| Current portion of long-term debt | 6.8 | 97.0 |
| Accounts payable | 18.3 | 16.3 |
| Current portion of operating lease liabilities | 1.4 | 1.5 |
| Accrued liabilities | 16.7 | 18.7 |
| Other current liabilities | 12.0 | 14.6 |
| Total current liabilities | 55.1 | 148.1 |
| Long-term debt | 1,019 | 572.4 |
| Operating lease liabilities | 9.2 | 10.6 |
| Deferred income taxes and other liabilities | 0.07 | 0.07 |
| Total liabilities | 1,087 | 736.0 |
| Shareholders' equity: | ||
| Common stock | 0.6 | 0.6 |
| Capital in excess of stated value | 1,151 | 1,172 |
| Retained earnings (deficit) | (822.8) | (612.5) |
| Total shareholders' equity | 328.7 | 560.4 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,416 | 1,296 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended Jun 30, 2026 | Six months ended Jun 30, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | (117.6) | (93.7) |
| Investing Activities: | ||
| Net cash from investing activities | (40.9) | 74.0 |
| Financing Activities: | ||
| Net cash from financing activities | 296.4 | 70.6 |
| Effect of exchange rate changes | 0.05 | 0.04 |
| Net increase/(decrease) in cash | 137.9 | 50.9 |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗