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MARKETS / NASDAQ / KEEL
NASDAQ · FINANCE SERVICES · MID CAP

Keel Infrastructure Corp. KEEL

3 fiscal years on record · USD · FY2025 reported · SEC filings only
$229.3M
▲ 72.0% YoY
$-284.5M
$-326.9M
In brief

What this company does

The company holds a portfolio of Infrastructure Assets that include owned and operated power generation facilities with collocated Bitcoin Mining data centers, established grid interconnections within the wholesale electricity market administered by PJM Interconnection in Pennsylvania, and renewable hydroelectric capacity in Canada and Washington state. Its Infrastructure Assets are currently deployed to support its Bitcoin Mining activities. During the fiscal year ended December 31, 2025, one Mining Pool operator accounted for 88% of the company's total revenue. As of December 31, 2025, the company operated 113,649 ASIC miners with total hashrate of 14.8 EH/s. As of March 27, 2026, the company had 274 employees across Canada and the United States. Bitcoin Mining is the company's legacy business line, managed for cash generation during the redeployment of its Infrastructure Assets from Mining to HPC data center operations. Bitfarms was founded in 2017 and is publicly traded on the Nasdaq and TSX under the ticker symbol "BITF".

Written from the business description in Bitfarms Ltd.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth
USD 229.3M
Revenue, FY2025 · full 3-year series below
Revenue $M Net income $M
FY2025 · Revenue 229.3 · Net income -284.5
80M160M-100M-200M202320242025
Compound annual growth
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−124 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -65.2% · Net -124.1%
-50%-100%202320242025
ROE
FY2025 · ROE -48.6%
-20%-40%202320242025

Each USD of equity lost 49 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -326.9
-200M-400M202320242025

Total assetsUSD 1.3B
EquityUSD 560.4M
CashUSD 631.0M
Gross debtUSD 669.5M
Net debtUSD 38.5M
Current ratio5.58×

Net debt stands at 7% of equity.

The 3-year record
3 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023
Revenue $B0.20.10.1
Operating income $B−0.1−0.0−0.0
EBITDA $B−0.00.10.0
Income tax $B0.00.0−0.0
Net income $B−0.3−0.0−0.1
Free cash flow $B−0.3−0.4−0.2
EPS, diluted $−0.52−0.07−0.21
Dividend / sh $···
Payout %···
ROE %−48.6−6.1−19.4
Shares out B0.600.480.33

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 15 reconciliationsAUDITED

Reconciled in 5 of 19 fiscal years. 80 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityFinance Services
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2021

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