KEEL

MKT CAP:$2B

Keel Infrastructure Corp.

Market Cap

$2B

Technology·Information Technology Services·🇺🇸 United States·NASDAQ

Technology·IT Services·🇺🇸·NASDAQ

Stock Price

$3.24+$0.64 (+24.62%)

Apr 23, 2026

Company Details

Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in North America. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and tra...

CEO

Benjamin J. Gagnon

IPO Date

Aug 16, 2019

Website

www.bitfarms.com

Key Metrics TTM

Revenue

$231M

+46.1% YoY

Net Income

-$128M

EPS (Diluted)

-$0.27

Free Cash Flow

-$351M

Revenue / Share

$0.42

Gross Margin

-12.6%

Operating Margin

-60.4%

Net Margin

-55.4%

FCF Margin

-152.1%

P/S

8.1x

P/E

—

Earnings Reports

Q3 2025

May 13, 2026

PENDING

FY 2025

Mar 31, 2026

$229M+18.9%EPS -$0.52

Q2 2025

Aug 12, 2025

$78M+87.3%EPS -$0.05

Q1 2025

May 14, 2025

$67M+32.9%EPS -$0.07

FY 2024

Mar 31, 2025

$193M+31.8%EPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$11M	$3M	$567.0K
Q1 21	$28M	$19M	$16M
Q2 21	$37M	$23M	-$2M
Q3 21	$45M	$29M	$34M
Q4 21	$60M	$39M	$15M
Q1 22	$40M	$17M	$7M
Q2 22	$42M	$10M	-$173M
Q3 22	$33M	-$4M	-$98M
Q4 22	$27M	-$12M	-$20M
Q3 23	$35M	-$9M	-$19M
Q4 23	$46M	$2M	-$13M
Q1 24	$50M	-$11M	-$24M
Q2 24	$42M	-$11M	-$24M
Q3 24	$45M	-$12M	-$44M
Q1 25	$67M	-$542.0K	-$32M
Q2 25	$78M	-$5M	-$40M

Valuation

Quarter	P/S	P/E
Q4 20	5.6x	—
Q1 21	11.1x	—
Q2 21	7.3x	—
Q3 21	6.3x	108.2x
Q4 21	5.9x	45.1x
Q1 22	4.6x	24.3x
Q2 22	1.5x	—
Q3 22	1.4x	—
Q4 22	1.1x	—
Q3 23	2.7x	—
Q4 23	7.1x	—
Q1 24	5.8x	—
Q2 24	7.0x	—
Q3 24	5.2x	—
Q1 25	1.9x	—
Q2 25	1.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	$3M	$3M
Q1 21	-$8M	-$37M
Q2 21	-$9M	-$82M
Q3 21	-$16M	-$46M
Q4 21	-$6M	-$67M
Q1 22	-$40M	-$108M
Q2 22	$28M	-$39M
Q3 22	$15M	-$21M
Q4 22	$33M	$9M
Q3 23	$8M	-$11M
Q4 23	$14M	-$11M
Q1 24	-$31M	-$109M
Q2 24	$10M	-$67M
Q3 24	-$14M	-$125M
Q1 25	-$19M	-$66M
Q2 25	-$75M	-$94M

Capital Expenditures

Quarter	CapEx
Q4 20	$418.0K
Q1 21	$29M
Q2 21	$73M
Q3 21	$30M
Q4 21	$61M
Q1 22	$68M
Q2 22	$68M
Q3 22	$36M
Q4 22	$24M
Q3 23	$18M
Q4 23	$24M
Q1 24	$78M
Q2 24	$76M
Q3 24	$111M
Q1 25	$48M
Q2 25	$19M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+7.3%	+3.1%
Q1 21	+208.4%	+11.4%
Q2 21	+396.1%	+335.2%
Q3 21	+558.9%	+4.8%
Q4 21	+427.4%	+315.4%
Q1 22	+42.0%	+180.2%
Q2 22	+14.0%	+456.3%
Q3 22	-25.7%	+1126.4%
Q4 22	-54.6%	+5.5%
Q3 23	-14.2%	+59.1%
Q4 23	+10.6%	-72.6%
Q1 24	+51.3%	-43.5%
Q2 24	+53.7%	+38.4%
Q3 24	+29.6%	+66.7%
Q1 25	+44.6%	+68.2%
Q2 25	+54.6%	+58.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$403.0K	3.6%
Q1 21	$420.0K	1.5%
Q2 21	$6M	17.3%
Q3 21	$6M	12.9%
Q4 21	$10M	16.8%
Q1 22	$6M	15.1%
Q2 22	$8M	19.0%
Q3 22	$4M	11.9%
Q4 22	$4M	14.0%
Q3 23	$2M	5.8%
Q4 23	$4M	8.4%
Q1 24	$3M	6.1%
Q2 24	$2M	4.0%
Q3 24	$5M	11.5%
Q1 25	$4M	6.6%
Q2 25	$4M	4.6%

OpEx Breakdown

Quarter	G&A	S&M
Q4 20	$2M	$38.0K
Q1 21	$3M	—
Q2 21	$11M	$78.0K
Q3 21	$11M	$7.0K
Q4 21	$19M	$87.0K
Q1 22	$14M	$50.0K
Q2 22	$15M	$69.0K
Q3 22	$10M	$32.0K
Q4 22	$12M	$182.0K
Q3 23	$8M	$73.0K
Q4 23	$13M	$131.0K
Q1 24	$13M	$116.0K
Q2 24	$9M	$165.0K
Q3 24	$27M	$332.0K
Q1 25	$20M	$118.0K
Q2 25	$16M	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$77M	$99M	$177M
Q2 22	$46M	$11M	$57M
Q3 22	$36M	$7M	$42M
Q4 22	$31M	$5M	$35M
Q1 23	$29M	$10M	$40M
Q2 23	$31M	$15M	$45M
Q3 23	$47M	$17M	$64M
Q4 23	$84M	$32M	$116M
Q1 24	$66M	$58M	$124M
Q2 24	$139M	$57M	$195M
Q3 24	$73M	$73M	$146M
Q4 24	$60M	$87M	$147M
Q1 25	$39M	$94M	$133M
Q2 25	$85M	$59M	$144M
Q3 25	$87M	$171M	$258M
Q4 25	$573M	$0	$573M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	85M	+0.5%	+19.5%
Q1 21	124M	+45.9%	+47.4%
Q2 21	152M	+22.7%	+79.5%
Q3 21	177M	+16.4%	+109.2%
Q4 21	194M	+9.5%	+127.9%
Q1 22	201M	+4.0%	+62.5%
Q2 22	204M	+1.1%	+33.9%
Q3 22	210M	+3.4%	+19.0%
Q4 22	224M	+6.6%	+15.8%
Q3 23	274M	+22.2%	+36.1%
Q4 23	334M	+22.0%	+64.2%
Q1 24	339M	+1.4%	+61.0%
Q2 24	401M	+18.4%	+79.0%
Q3 24	449M	+11.8%	+63.8%
Q1 25	500M	+11.5%	+49.7%
Q2 25	556M	+11.1%	+64.1%

Shares Outstanding