Keel Infrastructure Corp.

KEEL

$3.07

-2.54%

2026-09-01 16:00:01 EDT-$0.08

Technology

Information Technology Services

NASDAQ

Active Trading

Keel Infrastructure Corp. operates as a digital infrastructure and energy company that develops and owns data centers and energy infrastructure for computing ...

Price Action of KEEL

$3.07

-2.54%-$0.08

High—

Low—

52W High-58.3%

Rel. vol—

Interval

Range6.5h

Volume—SMA5SMA10

—

Keel Infrastructure Corp. (KEEL) is a North American digital infrastructure and energy company that develops, owns, and operates data centers and energy infrastructure designed to support high-performance computing (HPC) and artificial intelligence (AI) workloads. The company was founded in 2017, originally under the name Bitfarms Ltd., and rebranded to Keel ...Keel Infrastructure Corp. (KEEL) is a North American digital infrastructure and energy company that develops, owns, and operates data centers and energy infrastructure designed to support high-performance computing (HPC) and artificial intelligence (AI) workloads. The company was founded in 2017, originally under the name Bitfarms Ltd., and rebranded to Keel Infrastructure Corp. on April 1, 2026, marking the completion of a strategic transformation from a Bitcoin mining operation to a broader infrastructure-focused enterprise. Headquartered in New York City, the company leverages secured energy assets and established grid interconnections to offer scalable data center solutions across North America, including the United States and Canada. Keel Infrastructure's business model focuses on providing infrastructure-first solutions, catering to the growing demand for AI and HPC computing power. The company's product and service offerings include data center development, energy infrastructure, and related services that ensure reliable power supply for computing needs. Financially, Keel Infrastructure has a market capitalization of approximately $2.34 billion, with a current stock price of $3.88 USD as of the latest data. The company reported revenue per share of $0.331, but has been operating at a loss, with negative net profit margins (-197.6%) and negative EBITDA margins (-26.3%). The enterprise value stands at $2.58 billion, with a high price-to-sales ratio of 11.75, indicating significant market expectations relative to its current sales. The company's financial leverage is notable, with a debt-to-equity ratio of 1.41, and it has a negative free cash flow to equity of -$448.7 million, suggesting substantial capital expenditures to fund its infrastructure projects. Key leadership includes CEO Benjamin Gagnon, who has been leading the company through its rebranding and strategic pivot, along with President Ganesh Aiyer and Senior Vice President of Commercial Jeff LaBerge. The company employs 274 full-time employees and is listed on the NASDAQ exchange under the symbol KEEL, with a CUSIP of 486917107 and ISIN US4869171078. Keel Infrastructure aims to become a prominent player in the digital infrastructure and energy sector, capitalizing on the exponential growth in AI and HPC demands. The company's vision is to provide critical infrastructure that supports the digital economy, with a focus on sustainability and energy security. Despite its current financial losses, the company is investing heavily in future growth, with a strategy to own and operate energy assets that can power its data centers, ensuring long-term stability and competitive advantage. As the AI industry continues to expand, Keel Infrastructure is well-positioned to benefit from the increasing need for specialized computing infrastructure.ExpandCollapse

Founded

2017

Employees

274

CEO

Benjamin J. Gagnon

Full Name

Keel Infrastructure Corp.

Sector

Technology

Industry

Information Technology Services

ROE

-89.64%

Market Cap

$1.85B

Current Ratio

16.26

WACC

18.50%

ROIC

-19.83%

Contact Information

https://www.keelinfra.com

(929)-264-5151

120 Broadway, New York, NY 10004

Key Metrics of KEEL

Snapshot

Latest / TTM · 6 periods

Market Cap

$1.85B

ROCE

-20.0%

EV / EBITDA

-20.22x

-6.9% YoY

FCF Yield

-17.7%

+7.5% YoY

Cash Conversion Cycle

-37.6d

Current Ratio

16.26

Quick take

TTM —

No major risk flags in selected headline metrics.

Financial Highlights of KEEL

Profitability trend

Latest / TTM · 6 periods

Gross Margin

-82.8%

Net Margin

-282.9%

P/E Ratio

-4.47x

n/a

Debt / Equity

3.16

n/a

Current Ratio

16.26

Dividend Yield

0.0%

Understanding

TTM —

High debt to equity

Interest coverage is weak

Calendar of KEEL

Upcoming

Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $-0.08 · Revenue $19.58M · 6 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $-0.08 · Revenue $18.81M · 3 analysts
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $-0.32 · Revenue $105.01M · 3 analysts
Mar 30, 2027
Q1 FY2027 · Estimated results
Est. EPS $-0.08 · Revenue $18.82M · 1 analysts

Recent history

Aug 10, 2026
Q2 FY2026 · Results reported
EPS $-0.11 · Revenue $30.43M
View filing
May 11, 2026
Q1 FY2026 · Results reported
EPS $-0.24 · Revenue $36.99M
View filing
Mar 31, 2026
Q4 FY2025 · Results reported
EPS $-0.26 · Revenue $15.38M
View filing
Sep 30, 2025
Q3 FY2025 · Results reported
EPS $-0.14 · Revenue $69.25M
Jun 30, 2025
Q2 FY2025 · Results reported
EPS $-0.05 · Revenue $77.80M
Mar 31, 2025
Q1 FY2025 · Results reported
EPS $-0.07 · Revenue $66.85M

Insider Transactions of KEEL

Acquisitions (A)

Since Jul 10, 2026

Disposals (D)

Since Jul 10, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 21, 2026	Gagnon Benjamin	director, officer: Chief Executive Officer	Common Stock	A	38,888	$3.33
Aug 20, 2026	WILSON LIAM DANIEL	officer: Chief Operating Officer	Common Stock	A	30,769	$3.25
Aug 17, 2026	WILSON LIAM DANIEL	officer: Chief Operating Officer	Common Stock	A	26,472	$3.78
Aug 13, 2026	Gagnon Benjamin	director, officer: Chief Executive Officer	Common Stock	A	58,888	$3.33
Jul 10, 2026	Gagnon Benjamin	director, officer: Chief Executive Officer	Common Stock	A	215,579	—

Earnings Call Transcript of KEEL

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Ladies and gentlemen, thank you for standing by. Welcome to Keel Infrastructure Corp. Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference over to Laine Yonker, Keel Infrastructure Investor Relations. Please go ahead. Laine Yonker: Thank you, and welcome to Keel Infrastructure's Second Quarter 2026 Conference Call. With me on the call today are Director and Chief Executive Officer, Ben Gagnon; and Chief Financial Officer, Jonathan Mir. Before we begin, please note, this call is being webcast with an accompanying slide presentation. Today's press release and presentation can be accessed on our website under the Investors section. Turning to Slide 2. I'd like to remind everyone that certain forward-looking statements will be made during this call and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties. I invite you to consult Keel's 10-Q for a complete list, which will be available on our website and the SEC website. Please note that references will be made to certain non-GAAP financial measures, and therefore, may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's press release and our filed 10-Q for definitions of the non-GAAP measures and their reconciliations to GAAP measures. Please note that all financial references are denominated in U.S. dollars, unless otherwise noted. And now turning to Slide 3. It is my pleasure to turn the call over to Ben Gagnon, member of the Keel Board of Directors and our Chief Executive Officer. Ben, please go ahead. Benjamin Gagnon: Thank you, Laine, and good morning, everyone. 18 months ago, we laid out a clear vision for both Keel and the data center industry. We told you that the defining constraint of the most important technology of our lifetime was not chips or capital, it was power. And we told you that by the end of 2026, power would be even more constrained and even higher demand. We laid out a clear investment thesis that focusing on developing power in the right places on time lines that matter would be incredibly valuable to prospective tenants and value maximizing for shareholders. We explained the necessary work ahead of time, and we kept you informed step by step exactly how we would transform this company into a premier regional data center developer. We said we would exit Latin America and Bitcoin and become an American HPC and AI company. We did. We said we would rebuild the balance sheet to enable our transition to an HPC and AI infrastructure company. We did. We said we would be ready to monetize our assets when power was scarcer and demand was stronger. We are. Throughout this transition, we've delivered on our commitments, either on time or early. If time lines moved, we told you why, we …

Leadership Team of KEEL

2 executives

Name	Title	Compensation	Gender	Year Born	Status
Benjamin Gagnon	Chief Executive Officer	USD 1,687,239	Male	—	Active
Ganesh Aiyer	President	—	Male	1971	Active

Recent News of KEEL

Zacks Investment Research8/27/2026Neutral

KEEL Stock Jumps 56% in 6 Months: Here's What You Should Know

Keel's 56% six-month surge reflects its HPC/AI pivot, a 2.2-GW pipeline and progress at key data-center sites as tenant talks advance.

GlobeNewsWire8/20/2026Neutral

Keel Infrastructure Supports Governor Shapiro's GRID Standards for Responsible Data Center Development

Panther Creek and Sharon permitting continue to proceed on schedule and are unaffected by Executive Order 2026-05 Panther Creek and Sharon permitting continue to proceed on schedule and are unaffected by Executive Order 2026-05

Defense World8/19/2026Neutral

Financial Comparison: Exzeo Group (NYSE:XZO) and Keel Infrastructure (NASDAQ:KEEL)

Keel Infrastructure (NASDAQ: KEEL - Get Free Report) and Exzeo Group (NYSE: XZO - Get Free Report) are both technology companies, but which is the superior investment? We will compare the two businesses based on the strength of their analyst recommendations, dividends, profitability, valuation, earnings, risk and institutional ownership. Analyst Recommendations This is a breakdown of current

Zacks Investment Research8/11/2026Neutral

KEEL Q2 Earnings Call Highlights 2027 Power and Leasing Push

KEEL is pressing 2027 power availability to deepen lease talks at Moses Lake, Sharon and Panther Creek as permits and expansion plans advance.

Seeking Alpha8/11/2026Neutral

Keel Infrastructure: Beware Delta-Of-Ruin Profile

Keel Infrastructure is rated Avoid/Hold due to a high-risk capital structure and regulatory headwinds threatening long-term viability. KEEL's strategy to withhold 2027 capacity aims to extract premium lease rates but exposes the company to liquidity burn and refinancing risks. Regulatory crackdowns on behind-the-meter load defection, especially FERC/PJM tariffs, could compress margins and disrupt the company's yield-on-cost assumptions.

Historical Employee Count of KEEL

Current

274

Change

+39.09%

Minimum

Maximum

274

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	274	10-K	Mar 31, 2026	View
Dec 31, 2024	197	40-F	Apr 1, 2025	View
Dec 31, 2023	274	40-F	Mar 7, 2024	View
Dec 31, 2022	0	40-F	Mar 21, 2023	View
Dec 31, 2021	0	40-F	Mar 28, 2022	View

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Keel Infrastructure Corp.