Keel Infrastructure Corp. (KEEL)

KEEL Cash Flow Statement

Operating, investing, and financing cash flow analysis

KEEL Quarterly Cash Flow Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Cash from Operations (CFO)	-272.700M	-64.687M	-73.650M	-59.838M	-74.525M	-18.581M	-154.666M	-13.831M	9.654M
Net Income	-394.022M	-145.353M	-139.056M	-80.769M	-28.844M	-35.875M	15.165M	-36.649M	-26.599M
Depreciation & Amortization	120.631M	27.694M	22.451M	33.478M	37.008M	29.693M	24.074M	28.829M	48.577M
Stock-Based Compensation	14.211M	3.664M	4.082M	2.850M	3.615M	4.437M	4.021M	5.159M	1.675M
Change in Accounts Receivable	18.044M	5.357M	5.471M	3.274M	3.942M	2.680M	1.259M	1.473M	735K
Change in Inventory	—	—	—	—	—	—	—	—	—
Change in Accounts Payable	—	—	—	—	—	—	—	—	—
Change in Working Capital	-27.785M	0.00	-17.042M	3.109M	-13.852M	27.785M	-2.777M	5.594M	-11.710M
Cash from Investing	—	—	—	—	—	—	—	—	—
Capital Expenditures (CapEx)	-62.804M	-10.325M	-24.110M	-9.353M	-19.016M	-47.818M	-74.663M	-111.062M	-76.194M
Acquisitions	-32.038M	0.00	-62.163M	15.500M	14.625M	-16.046M	0.00	0.00	0.00
Cash from Financing	—	—	—	—	—	—	—	—	—
Debt Repayment	—	—	—	—	—	—	—	—	—
Stock Repurchased (Buybacks)	-9.954M	0.00	2K	-9.956M	0.00	0.00	0.00	0.00	0.00
Dividends Paid	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow (FCF)	-335.504M	-75.012M	-97.760M	-69.191M	-93.541M	-66.399M	-229.329M	-124.893M	-66.540M
Net Change in Cash	359.806M	-232.610M	519.010M	1.513M	71.893M	-20.996M	-13.371M	-65.706M	72.706M

KEEL Annual Cash Flow Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Cash from Operations (CFO)	-226.594M	-140.562M	-105.711M	36.250M	-37.170M	7.223M	6.020M	13.761M
Net Income	-284.544M	-54.063M	-108.922M	-175.644M	22.130M	-16.289M	2.899M	-9.363M
Depreciation & Amortization	122.630M	140.967M	84.785M	72.420M	24.476M	11.486M	6.843M	12.548M
Stock-Based Compensation	14.984M	13.949M	10.915M	21.788M	22.585M	2.201M	2.873M	746K
Change in Accounts Receivable	5.471M	1.259M	714K	701K	1.038M	1.103M	1.550M	912K
Change in Inventory	—	—	—	—	—	—	—	—
Change in Accounts Payable	—	—	—	—	—	—	—	—
Change in Working Capital	0.00	-9.216M	1.235M	-3.978M	15.390M	3.243M	-3.026M	-162K
Cash from Investing	—	—	—	—	—	—	—	—
Capital Expenditures (CapEx)	-100.297M	-339.854M	-71.305M	-194.978M	-193.256M	-4.484M	-23.778M	-22.791M
Acquisitions	-48.084M	0.00	0.00	10.084M	-23.000M	925K	1.447M	569K
Cash from Financing	—	—	—	—	—	—	—	—
Debt Repayment	—	—	—	—	—	—	—	—
Stock Repurchased (Buybacks)	-9.954M	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividends Paid	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow (FCF)	-326.891M	-480.416M	-177.016M	-158.728M	-230.426M	2.739M	-17.758M	-9.030M
Net Change in Cash	571.420M	-24.496M	53.151M	-94.708M	119.648M	3.788M	1.607M	-3.966M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Keel Infrastructure Corp.

Keel Infrastructure Corp. operates as a digital infrastructure and energy company that develops and owns data centers and energy infrastructure for computing workloads, including AI in North America. The company was founded in 2017 and is headquartered in New York, New York.

New York, NY

274 employees

www.keelinfra.com

Technology / Software - Services

Sector: Technology
Industry: Software - Services
CEO: Benjamin Gagnon

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