FY2025 · ended Dec 31, 2025 · Revenue $229.28M, +18.9% YoY · Filed Mar 31, 2026
Keel Infrastructure Corp. (KEEL) files with the SEC under industry code 6199, Finance Services. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $229.3 million and a net loss of $284.5 million. Free cash flow was -$326.9 million. As of Sep 30, 2026 it held $815.8 million in cash and investments and $1.0 billion in total debt.
Revenue
$229.28M
+18.9% vs prior year
Net income
$-284.54M
Operating cash flow
$-226.59M
-61.2% vs prior year
Free cash flow
$-326.89M
+23.5% vs prior year
EPS
$-0.52
Dividend per share
None
Shares outstanding
602.85M
+25.8% vs prior year
Net cash
$-217.79M
as of Sep 30, 2026
Operating margin
-65.2%
FY 2025
Company profile
- Industry
- Finance Services (SIC 6199)
- Listed as
- KEEL (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- New York, NY
- SEC filer status
- Accelerated filer
- SEC CIK
- 1812477
- Former names
- Bitfarms Ltd (until Mar 31, 2026)
Other Finance Services companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $229.3M | $192.9M | $146.4M | $142.4M | $169.5M |
| Operating income | -$149.6M | — | — | — | — |
| Net income | -$284.5M | — | — | — | — |
| Diluted EPS | -$0.52 | — | — | — | — |
| Operating cash flow | -$226.6M | -$140.6M | -$105.7M | -$122.4M | -$43.3M |
| Free cash flow | -$326.9M | -$427.5M | -$154.1M | — | — |
| Total assets | $1.3B | $663.1M | $378.7M | $343.1M | $542.6M |
| Total liabilities | $736.0M | $52.0M | $84.0M | $87.7M | $120.0M |
| Stockholders' equity | $560.4M | — | — | — | — |
| Cash and investments | $573.5M | — | $84.0M | $30.9M | $125.6M |
| Total debt | $683.8M | $25.7M | $373,000 | $26.1M | $9.8M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 10-Q | Quarterly report | Aug 10, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations
|
Aug 10, 2026 | Aug 10, 2026 |
| 8-K |
Current report
Officer or director change, Regulation FD disclosure
|
Jul 6, 2026 | Jul 5, 2026 |
| 8-K |
Current report
Auditor change
|
Jun 16, 2026 | Jun 11, 2026 |
| 8-K |
Current report
Material agreement, New debt, Unregistered share sale, Other events
|
Jun 10, 2026 | Jun 9, 2026 |
| 8-K |
Current report
Other events
|
Jun 5, 2026 | Jun 4, 2026 |
All 419 Keel Infrastructure Corp. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.