KEEL on Nasdaq
Keel Infrastructure Corp.
American finance services company based in Toronto, incorporated in Delaware. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerKEEL on Nasdaq2
- IndustryFinance Services2
- HeadquartersNew York, United States2
- Incorporated inDE3
- Business address120 Broadway, Suite 1075, New York, Ny 100043
- Filer categoryAccelerated filer3
- Legal formCorporation2
- LEI254900KSNSVR2IGS8P832
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O COGENCY GLOBAL INC., 19904 Dover, United States2
- Registered withDivision of Corporations, Department of State, 104979592
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Infrastructure Assets to support HPC data center operations and expect to continue such development in the coming years.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-8.2%Gross margin5
-65.2%Operating margin5
-124.1%Net margin5
72.0%Revenue growth, 20255
-50.8%Return on equity5
1.02×Debt to equity5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Cryptocurrency Mining brought in 90% of the revenue Keel Infrastructure Corp. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cryptocurrency Mining | $115.3M | $128.2M | $206.2M |
| Energy Sales | $14.0M | ||
| Electrical Services | $5.1M | $5.1M | $4.6M |
| Cryptocurrency Hosting | $4.5M |
Regions
United States brought in 51% of the revenue Keel Infrastructure Corp. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $11.5M | $16.5M | $116.4M |
| CA [member] | $108.9M | $116.8M | $112.9M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue100¢$248.2M
- Income tax0¢$101.0K
Out of $229.3M in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $229.3M | $133.3M | $120.4M |
| Cost of revenues | -$248.2M | -$149.2M | -$144.1M |
| Gross loss | -$18.9M | -$15.9M | -$23.7M |
| General and administrative expenses | -$78.3M | -$61.9M | -$33.9M |
| Change in fair value of digital assets | -$50.5M | $26.0M | $7.6M |
| Realized gain on sale of digital assets | $28.2M | $27.2M | $7.7M |
| (Loss) gain on disposition of property, plant and equipment and deposits | -$1.6M | $227.0K | -$2.1M |
| Impairment of long-lived assets and deposits | -$28.4M | -$3.6M | -$5.6M |
| Operating loss | -$149.6M | -$28.0M | -$50.0M |
| Interest income | $6.3M | $6.0M | $1.4M |
| Interest expense | -$8.6M | -$745.0K | -$2.9M |
| (Loss) gain on derivative assets and liabilities | -$50.4M | $17.8M | $48.0K |
| Gain on extinguishment of long-term debt | $12.8M | ||
| Other expense | -$6.1M | -$2.1M | -$1.5M |
| Total other (expense) income | -$58.8M | $21.0M | $9.9M |
| Loss before taxes from continuing operations | -$208.4M | -$7.0M | -$40.1M |
| Income tax (expense) recovery | -$101.0K | -$346.0K | $154.0K |
| Loss from continuing operations | -$208.5M | -$7.4M | -$39.9M |
| Loss from discontinued operations | -$76.0M | -$21.0M | -$15.6M |
| Net loss | -$284.5M | -$28.4M | -$55.5M |
| Basic loss per share from continuing operations (in Dollars per share) | -$0 | -$0 | -$0 |
| Diluted loss per share from continuing operations (in Dollars per share) | -$0 | -$0 | -$0 |
| Basic loss per share from discontinued operations (in Dollars per share) | -$0 | -$0 | -$0 |
| Diluted loss per share from discontinued operations (in Dollars per share) | -$0 | -$0 | -$0 |
| 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) | 551.7M shares | 414.7M shares | 262.2M shares |
| Weighted average number of common shares outstanding, diluted (in Shares) | 551.7M shares | 414.7M shares | 262.2M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash | $573.5M | $59.5M | $84.0M | |
| Accounts receivable, net | $5.5M | $1.3M | ||
| Digital assets | $174.7M | $87.3M | ||
| Digital assets - restricted | $5.6M | $32.8M | ||
| Other assets | $2.8M | $4.3M | ||
| Rights to renewable energy credits and waste tax credits | $18.5M | |||
| Assets held for sale | $28.7M | $9.4M | ||
| Short-term prepaid deposits | $6.3M | $14.6M | ||
| Inventories | $8.7M | $1.1M | ||
| Derivative assets | $2.3M | $3.4M | ||
| Total current assets | $826.5M | $213.7M | ||
| Restricted cash | $57.5M | |||
| Property, plant and equipment, net | $358.3M | $237.3M | ||
| Operating lease right-of-use assets, net | $11.1M | $21.3M | ||
| Finance lease right-of-use assets, net | $2.1M | $2.3M | ||
| Long-term deposits and equipment prepayments | $31.0M | $44.6M | ||
| Refundable deposits | $350.0K | $14.2M | ||
| Intangible assets, net | $3.0M | $4.6M | ||
| Assets held for sale | $125.1M | |||
| Investment in equity securities | $1.2M | |||
| Long-term derivative assets | $5.2M | |||
| Total assets | $1.3B | $663.1M | ||
| Accounts payable and accrued expenses | $46.4M | $25.8M | ||
| Current portion of long-term debt | $97.0M | $146.0K | ||
| Current portion of operating lease liabilities | $1.5M | $2.0M | ||
| Current portion of finance lease liabilities | $235.0K | $130.0K | ||
| Derivative liabilities | $2.9M | $128.0K | ||
| Total current liabilities | $148.1M | $28.2M | ||
| Long-term debt | $572.4M | $1.4M | ||
| Operating lease liabilities | $10.6M | $17.4M | ||
| Finance lease liabilities | $2.0M | $2.3M | ||
| Deferred tax liability | $65.0K | $65.0K | ||
| Other non-current liabilities | $2.8M | $2.6M | ||
| Total liabilities | $736.0M | $52.0M | ||
| Common stock - no par value; Authorized unlimited number of shares; Issued and outstanding 601,579,999 and 479,332,885 shares | $1.1B | $837.8M | ||
| Additional paid-in capital | $108.3M | $101.3M | ||
| Accumulated deficit | -$612.5M | -$327.9M | ||
| Total stockholders equity | $560.4M | $611.1M | $325.4M | $246.5M |
| Total liabilities and stockholders equity | $1.3B | $663.1M | ||
| Common stock, shares issued (in Shares) | 601.6M shares | 479.3M shares | ||
| Common stock, shares outstanding (in Shares) | 601.6M shares | 479.3M shares | 334.2M shares | 224.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash | $573.5M | $59.5M | $84.0M | |
| Accounts receivable, net | $5.5M | $1.3M | ||
| Digital assets | $174.7M | $87.3M | ||
| Digital assets - restricted | $5.6M | $32.8M | ||
| Other assets | $2.8M | $4.3M | ||
| Rights to renewable energy credits and waste tax credits | $18.5M | |||
| Assets held for sale | $28.7M | $9.4M | ||
| Short-term prepaid deposits | $6.3M | $14.6M | ||
| Inventories | $8.7M | $1.1M | ||
| Derivative assets | $2.3M | $3.4M | ||
| Total current assets | $826.5M | $213.7M | ||
| Restricted cash | $57.5M | |||
| Property, plant and equipment, net | $358.3M | $237.3M | ||
| Operating lease right-of-use assets, net | $11.1M | $21.3M | ||
| Finance lease right-of-use assets, net | $2.1M | $2.3M | ||
| Long-term deposits and equipment prepayments | $31.0M | $44.6M | ||
| Refundable deposits | $350.0K | $14.2M | ||
| Intangible assets, net | $3.0M | $4.6M | ||
| Assets held for sale | $125.1M | |||
| Investment in equity securities | $1.2M | |||
| Long-term derivative assets | $5.2M | |||
| Total assets | $1.3B | $663.1M | ||
| Accounts payable and accrued expenses | $46.4M | $25.8M | ||
| Current portion of long-term debt | $97.0M | $146.0K | ||
| Current portion of operating lease liabilities | $1.5M | $2.0M | ||
| Current portion of finance lease liabilities | $235.0K | $130.0K | ||
| Derivative liabilities | $2.9M | $128.0K | ||
| Total current liabilities | $148.1M | $28.2M | ||
| Long-term debt | $572.4M | $1.4M | ||
| Operating lease liabilities | $10.6M | $17.4M | ||
| Finance lease liabilities | $2.0M | $2.3M | ||
| Deferred tax liability | $65.0K | $65.0K | ||
| Other non-current liabilities | $2.8M | $2.6M | ||
| Total liabilities | $736.0M | $52.0M | ||
| Common stock - no par value; Authorized unlimited number of shares; Issued and outstanding 601,579,999 and 479,332,885 shares | $1.1B | $837.8M | ||
| Additional paid-in capital | $108.3M | $101.3M | ||
| Accumulated deficit | -$612.5M | -$327.9M | ||
| Total stockholders equity | $560.4M | $611.1M | $325.4M | $246.5M |
| Total liabilities and stockholders equity | $1.3B | $663.1M | ||
| Common stock, shares issued (in Shares) | 601.6M shares | 479.3M shares | ||
| Common stock, shares outstanding (in Shares) | 601.6M shares | 479.3M shares | 334.2M shares | 224.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$284.5M | -$28.4M | -$55.5M |
| Depreciation and amortization | $122.6M | $135.4M | $84.3M |
| Impairment of long-lived assets and deposits | $101.8M | $3.6M | $12.6M |
| Total other expense (income) | $59.0M | -$21.1M | -$8.8M |
| Digital assets earned and hosting revenue received in Bitcoin | -$262.9M | -$186.5M | -$141.3M |
| Stock-based compensation | $15.0M | $12.7M | $10.9M |
| Income tax expense (recovery) | $833.0K | -$186.0K | $2.2M |
| Renewable energy credits earned | -$22.8M | ||
| (Gain) loss on disposition of assets and other | -$5.5M | -$691.0K | $1.6M |
| Digital assets exchanged for services | $10.0M | $1.5M | |
| Realized gain on disposition of digital assets | -$28.2M | -$27.2M | -$7.7M |
| Asset retirement obligation accretion expense | $222.0K | $270.0K | $214.0K |
| Change in fair value of digital assets | $50.5M | -$26.0M | -$7.6M |
| Interest income received | $4.6M | $5.6M | $1.8M |
| Interest expenses paid | -$1.3M | -$1.7M | -$13.9M |
| Income taxes (paid) received | -$427.0K | -$1.5M | $11.6M |
| Proceeds from disposition of renewable energy and waste tax credits | $13.3M | ||
| Changes in non-cash working capital components | $1.1M | -$7.5M | $2.7M |
| Net change in cash related to operating activities | -$226.6M | -$141.7M | -$106.9M |
| Proceeds from sale of digital assets | $171.1M | $152.1M | $129.3M |
| Purchase of property, plant and equipment and intangible assets | -$100.3M | -$286.9M | -$48.4M |
| Proceeds from sale of property, plant and equipment and assets held for sale | $34.6M | $5.5M | $3.1M |
| Costs related to purchase and sale of assets held for sale | -$8.0M | ||
| Purchase of marketable securities | -$34.0M | -$22.4M | -$36.3M |
| Proceeds from disposition of marketable securities | $34.0M | $24.7M | $48.5M |
| Refundable Hosting Deposit | -$15.6M | ||
| Purchase of derivative assets and liabilities | -$154.4M | -$14.0M | |
| Settlement of derivative assets and liabilities | $172.9M | $31.1M | |
| Equipment and construction prepayments | -$20.2M | -$52.9M | -$22.9M |
| Proceeds from disposal of business | $63.0M | ||
| Acquisition of business | -$48.1M | ||
| Investment in equity securities | -$1.2M | ||
| Acquisition of assets | -$5.6M | -$2.4M | |
| Net change in cash related to investing activities | $103.7M | -$178.4M | $71.0M |
| Repayment of long-term debt | -$785.0K | -$4.1M | -$30.5M |
| Proceeds from long-term debt, net of transaction costs | $666.5M | $1.7M | |
| Repayment of finance lease liabilities | -$820.0K | -$1.1M | -$2.5M |
| Lease incentive received | $714.0K | ||
| Issuance of common shares and warrants | $72.7M | $289.5M | $109.1M |
| Exercise of stock options and warrants | $35.7M | $8.9M | $13.0M |
| Purchase of capped calls | -$69.1M | ||
| Repurchase and cancellation of common shares | -$10.0M | ||
| Net change in cash related to financing activities | $694.3M | $295.6M | $89.1M |
| Net increase (decrease) in cash and restricted cash | $571.4M | -$24.5M | $53.1M |
| Exchange rates differences on currency translation | -$8.0K | -$8.0K | $18.0K |
| Cash flows from (used in) discontinued operations | $13.1M | $2.1M | -$1.1M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Keel Infrastructure Corp., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
- Chief executive officerBenjamin Gagnon Apr 1, 2026 to now12
- PresidentGanesh Aiyer Jul 13, 2026 to now13
- Chief financial officerJonathan Mir Apr 1, 2026 to now14
- Chief operating officerLiam Daniel Wilson Apr 1, 2026 to now15
Board members and other officers (9)
- Principal Accounting OfficerMarc-Andre Ammann Apr 1, 2026 to now16
- EVP, Gen. Counsel & Corp. Sec.Rachel Rose Silverstein Apr 6, 2026 to now17
- Board memberAmy Freedman Apr 1, 2026 to now18
- Board memberBenjamin Gagnon Apr 1, 2026 to now12
- Board memberBrian Howlett Apr 1, 2026 to now19
- Board memberEdith Hofmeister Apr 1, 2026 to now20
- Board memberFanny Philip Apr 1, 2026 to now21
- Board memberWayne Duso Apr 1, 2026 to now22
- General counselRachel Rose Silverstein Apr 1, 2026 to now23
Named in SEC Form D filings
People the company listed in its private-offering notices.
- Executive OfficerAndrea Geoffrey Keen named Dec 13, 202324
- Executive OfficerBenoit Geoffrey Gobeil named Dec 13, 202324
- Executive OfficerDamian L. Polla named Dec 13, 202324
- Executive OfficerGuillaume L. Reeves named Dec 13, 202324
- Executive OfficerJeff (Jun Feng) Geoffrey Gao named Dec 13, 202324
- Executive OfficerJeffrey Geoffrey Lucas named Dec 13, 202324
- Executive Officer, DirectorL. Geoffrey Morphy named Dec 13, 202324
- Executive OfficerPatricia Geoffrey Osorio named Dec 13, 202324
- Executive OfficerPaul Geoffrey Magrath named Dec 13, 202324
- Executive OfficerPhillipe Geoffrey Fortier named Dec 13, 202324
- Executive OfficerStephanie Geoffrey Wargo named Dec 13, 202324
- DirectorAndres Finkielsztain named Dec 13, 202324
- DirectorEmiliano Grodzki named Dec 13, 202324
- DirectorNicolas Bonta named Dec 13, 202324
Former names
- Bitfarms LtdJun 15, 2020 to Mar 31, 20263
Timeline
Filings
394 filings to the SEC since October 2021: 6 annual reports, 2 quarterly reports, 9 major events, 33 insider forms, 35 large holders, 1 private raises, 308 other. The latest 20:
- Aug 21, 20264 EDGAR
- Aug 20, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 14, 20264 EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 10, 20268-K EDGAR
- Jul 29, 2026SCHEDULE 13G EDGAR
- Jul 14, 20264 EDGAR
- Jul 14, 20264 EDGAR
- Jul 14, 20264 EDGAR
- Jul 14, 20264 EDGAR
- Jul 13, 20264 EDGAR
- Jul 13, 20263 EDGAR
- Jul 6, 20268-K CURRENT REPORT EDGAR
- Jun 30, 20264 EDGAR
- Jun 16, 20268-K CURRENT REPORT EDGAR
- Jun 10, 20268-K CURRENT REPORT EDGAR
- Jun 5, 20268-K CURRENT REPORT EDGAR
- Jun 4, 20268-K CURRENT REPORT EDGAR
- May 18, 2026SCHEDULE 13G EDGAR
The 394 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
4 open-market trades by officers, directors and large owners since October 2021: 4 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Gagnon BenjaminChief Executive Officer | Buy | 38,888 | $3.33 | $129.5K | Form 4 |
| Aug 20, 2026 | WILSON LIAM DANIELChief Operating Officer | Buy | 30,769 | $3.25 | $100.0K | Form 4 |
| Aug 17, 2026 | WILSON LIAM DANIELChief Operating Officer | Buy | 26,472 | $3.78 | $100.1K | Form 4 |
| Aug 13, 2026 | Gagnon BenjaminChief Executive Officer | Buy | 58,888 | $3.33 | $196.1K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G, 1 filing Jul 29, 202625
- JANE STREET GROUP, LLCSCHEDULE 13G, 4 filings Oct 23, 2025 to May 18, 202626
- Citadel Securities GP LLCSCHEDULE 13G, 1 filing Feb 12, 202627
- CVI Investments, Inc.SC 13G/A, 2 filings Dec 1, 2023 to Feb 14, 202428
- InvescoSC 13G/A, 2 filings Feb 10, 2023 to Feb 1, 202429
- Emiliano GrodzkiSC 13G/A, 2 filings Feb 17, 2022 to Feb 14, 202330
Money raised
Private offerings the company reported to the SEC on Form D.
- Nov 28, 2023Raised $43.8 million in a private offering of equity Form D: 2 investors so far Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
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- 12
- 13SEC EDGARGanesh Aiyer, President
- 14
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- 17
- 18SEC EDGARAmy Freedman, Board member
- 19SEC EDGARBrian Howlett, Board member
- 20SEC EDGAREdith Hofmeister, Board member
- 21SEC EDGARFanny Philip, Board member
- 22SEC EDGARWayne Duso, Board member
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30