Keel Infrastructure Corp.
KEEL Nasdaq Finance Services Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$229M
72.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−65.2%
44.2 pts
Net income
Profit after all expenses, interest and tax.
−$285M
Free cash flow
Cash from operations minus capital spending.
−$327M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−19.7%
15.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.52 EPS (TTM)
What Keel Infrastructure Corp. does
No business description yet.
- Legal name
- Keel Infrastructure Corp.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 31, 2026
- Accession · CIK
- 0001213900-26-037514
0001812477
Revenue and margins
Keel Infrastructure Corp. had $229M of revenue in fiscal 2025, up 72.0% on the year before.
FY23
Revenue $120M
FY24
Revenue $133M
FY25
Revenue $229M
Q1 '25
Revenue $47.7M
Q2 '25
Revenue $60.9M
Q1 '26
Revenue $37.0M
Q2 '26
Revenue $30.4M
FY23
Gross −19.7%
Operating −41.5%
Net −46.1%
FCF −129.0%
FY24
Gross −11.9%
Operating −21.0%
Net −21.3%
FCF −321.6%
FY25
Gross −8.2%
Operating −65.2%
Net −124.1%
FCF −142.6%
Gross
Operating
Net
FCF
Q1 '25
Gross 0.6%
Operating −73.1%
Net −116.6%
FCF −130.5%
Q2 '25
Gross −6.4%
Operating 17.7%
Net −9.0%
FCF −153.7%
Q1 '26
Gross −71.1%
Operating −266.0%
Net −392.9%
FCF −202.8%
Q2 '26
Gross −285.1%
Operating −462.6%
Net −213.6%
FCF −315.5%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income −$55.5M
FY24
Net income −$28.4M
FY25
Net income −$285M
Q1 '25
Net income −$55.6M
Q2 '25
Net income −$5.5M
Q1 '26
Net income −$145M
Q2 '26
Net income −$65.0M
FY23
Diluted EPS −$0.21
FY24
Diluted EPS −$0.07
FY25
Diluted EPS −$0.52
Q1 '25
Diluted EPS −$0.11
Q2 '25
Diluted EPS −$0.01
Q1 '26
Diluted EPS −$0.24
Q2 '26
Diluted EPS −$0.11
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital −16.1%
Return on equity −17.1%
Return on assets —
FY24
Return on capital −4.0%
Return on equity −6.1%
Return on assets −4.3%
FY25
Return on capital −19.7%
Return on equity −48.6%
Return on assets −29.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$327M in fiscal 2025, −142.6% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$155M
FY24
Free cash flow −$429M
FY25
Free cash flow −$327M
Q1 '25
Free cash flow −$62.2M
Q2 '25
Free cash flow −$93.6M
Q1 '26
Free cash flow −$75.0M
Q2 '26
Free cash flow −$96.0M
FY23
Cash from operations −$107M
Capital spending $48.4M
FY24
Cash from operations −$142M
Capital spending $287M
FY25
Cash from operations −$227M
Capital spending $100M
Cash from operations
Capital spending
Q1 '25
Cash from operations −$18.8M
Capital spending $43.3M
Q2 '25
Cash from operations −$74.9M
Capital spending $18.7M
Q1 '26
Cash from operations −$64.7M
Capital spending $10.3M
Q2 '26
Cash from operations −$52.9M
Capital spending $43.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Keel Infrastructure Corp. returned — to shareholders in fiscal 2025. The diluted share count rose 33.0%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.26B
FY24
Diluted shares 0.41B
FY25
Diluted shares 0.55B
Balance sheet
Cash, debt and the ratios that show how comfortably Keel Infrastructure Corp. can carry it.
FY23
Cash $84.0M
Debt $4.0M
FY24
Cash $59.5M
Debt $1.6M
FY25
Cash $631M
Debt $669M
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $84.0M | $59.5M | $631M |
| Debt incl. finance leases | $4.0M | $1.6M | $669M |
| Net debt / EBITDA | −2.3x | −0.5x | — |
| Debt / equity | 0.0x | 0.0x | 1.2x |
| Interest coverage | −17.5x | −37.6x | −17.3x |
| Current ratio | — | 7.6x | 5.6x |
| Quick ratio | — | 7.6x | 5.5x |
| Total assets | — | $663M | $1.3B |
| Total liabilities | — | $52.0M | $736M |
| Shareholders' equity | $325M | $611M | $560M |
| Net debt (− = net cash) | −$80.0M | −$58.0M | $38.5M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ |
| Debt fell relative to assets | — | — | ✕ |
| Current ratio rose | — | — | ✕ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 5 | 2 / 9 |
| Accruals ratio | — | 17.1% | −5.9% |
| Altman Z'' | — | 12.28 | 1.92 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $120M | $133M | $229M |
| Net interest income | $1.4M | $6.0M | $6.3M |
| Gross profit | −$23.7M | −$15.9M | −$18.9M |
| Operating income | −$50.0M | −$28.0M | −$150M |
| Interest expense | $2.9M | $0.7M | $8.6M |
| Pretax income | −$40.1M | −$7.0M | −$208M |
| Income tax | −$0.2M | $0.3M | $0.1M |
| Net income | −$55.5M | −$28.4M | −$285M |
| Diluted EPS | −$0.21 | −$0.07 | −$0.52 |
| Diluted shares | 0.26B | 0.41B | 0.55B |
| Cash flow | |||
| Cash from operations | −$107M | −$142M | −$227M |
| Capital expenditure | $48.4M | $287M | $100M |
| Free cash flow | −$155M | −$429M | −$327M |
| Depreciation and amortization | $84.3M | $135M | $123M |
| Stock-based compensation | $10.9M | $12.7M | $15.0M |
| Acquisitions | — | — | $48.1M |
| Balance sheet | |||
| Cash and short-term investments | $84.0M | $59.5M | $631M |
| Total debt | $4.0M | $1.6M | $669M |
| Current assets | — | $214M | $826M |
| Current liabilities | — | $28.2M | $148M |
| Inventory | — | $1.1M | $8.7M |
| Property and equipment, net | — | $237M | $358M |
| Intangible assets | — | — | $3.0M |
| Total assets | — | $663M | $1.3B |
| Total liabilities | — | $52.0M | $736M |
| Preferred stock | — | — | $0.0M |
| Shareholders' equity | $325M | $611M | $560M |
| Margins | |||
| Gross margin | −19.7% | −11.9% | −8.2% |
| Operating margin | −41.5% | −21.0% | −65.2% |
| EBITDA margin | 28.5% | 80.6% | −11.8% |
| Net margin | −46.1% | −21.3% | −124.1% |
| FCF margin | −129.0% | −321.6% | −142.6% |
| Net interest share of revenue | 1.2% | 4.5% | 2.7% |
| Returns | |||
| Return on capital | −16.1% | −4.0% | −19.7% |
| Return on capital employed | — | −4.4% | −13.0% |
| Return on equity | −17.1% | −6.1% | −48.6% |
| Return on assets | — | −4.3% | −29.0% |
| Return on tangible equity | −17.1% | −4.6% | −51.0% |
| Growth | |||
| Revenue growth | — | 10.7% | 72.0% |
| Share count change | — | 58.1% | 33.0% |
| Financial health | |||
| Net debt / EBITDA | −2.3x | −0.5x | — |
| Debt / equity | 0.0x | 0.0x | 1.2x |
| Interest coverage | −17.5x | −37.6x | −17.3x |
| Current ratio | — | 7.6x | 5.6x |
| Quick ratio | — | 7.6x | 5.5x |
| Capital allocation | |||
| Capex / revenue | 40.2% | 215.3% | 43.7% |
| Stock comp / revenue | 9.1% | 9.5% | 6.5% |
| Quality scores | |||
| Piotroski F-score | — | — | 2.0 |
| Altman Z'' | — | 12.3 | 1.9 |
| Accruals ratio | — | 17.1% | −5.9% |
Source: SEC EDGAR XBRL filings (CIK 0001812477). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.