Keel Infrastructure Corp. (KEEL)KEELKeel Infrastructure Corp.

Income Statement

Revenue, expenses, and profitability analysis

Quarterly Income 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
Revenue	199.420M	36.992M	15.383M	69.245M	77.800M	66.848M	56.163M	44.853M	41.548M
Cost of Goods Sold	244.087M	63.297M	25.383M	72.127M	83.280M	67.390M	54.776M	56.642M	52.823M
Gross Profit	-44.667M	-26.305M	-10.000M	-2.882M	-5.480M	-542K	1.387M	-11.789M	-11.275M
Gross Profit Margin	-71.1%	-71.1%	-65.0%	-4.2%	-7.0%	-0.8%	2.5%	-26.3%	-27.1%
Total Operating Expenses	125.716M	26.837M	38.659M	26.074M	34.146M	31.817M	17.772M	32.103M	12.303M
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	85.003M	26.837M	23.998M	17.036M	17.132M	20.173M	18.042M	27.600M	8.849M
Operating Income (EBIT)	-244.815M	-127.574M	-48.659M	-28.956M	-39.626M	-32.359M	-16.385M	-43.892M	-23.578M
Operating Margin	-344.9%	-344.9%	-316.3%	-41.8%	-50.9%	-48.4%	-29.2%	-97.9%	-56.7%
Income Before Tax (EBT)	-323.514M	-145.350M	-92.076M	-48.605M	-37.483M	-30.249M	5.458M	-36.651M	-24.895M
Interest Income	9.064M	3.723M	4.288M	585K	468K	947K	839K	2.472M	2.042M
Interest Expense	4.380M	-3.600M	3.911M	1.884M	2.185M	643K	557K	442K	349K
Other Income/Expense	-78.699M	-17.776M	-43.417M	-19.649M	2.143M	2.110M	21.843M	7.241M	-1.317M
Net Income	-394.022M	-145.353M	-139.056M	-80.769M	-28.844M	-35.875M	15.165M	-36.649M	-26.599M
Income Tax Expense	-5.522M	3K	5.461M	-2.347M	-8.639M	5.626M	-9.707M	-2K	1.704M
Net Profit Margin	-392.9%	-392.9%	-904.0%	-116.6%	-37.1%	-53.7%	27.0%	-81.7%	-64.0%
EBITDA	635K	27.694M	-15.491M	-13.243M	1.675M	89K	7.419M	-7.384M	24.031M
EBITDA Margin	74.9%	74.9%	-100.7%	-19.1%	2.2%	0.1%	13.2%	-16.5%	57.8%
Depreciation & Amortization	120.631M	27.694M	22.451M	33.478M	37.008M	29.693M	24.074M	28.829M	48.577M
EPS Basic	-0.69	-0.24	-0.26	-0.14	-0.05	-0.07	0.03	-0.08	-0.07
EPS Diluted	-0.69	-0.24	-0.26	-0.14	-0.05	-0.07	0.03	-0.08	-0.07
Shares Outstanding	602.578M	602.578M	551.677M	556.540M	555.843M	500.163M	479.333M	448.712M	401.239M
Diluted Shares Outstanding	602.578M	602.578M	551.677M	556.540M	555.843M	500.163M	479.333M	448.712M	401.239M

Annual Income 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
Revenue	229.276M	192.881M	146.366M	142.428M	169.491M	34.703M	32.421M	33.805M
Cost of Goods Sold	248.180M	225.240M	167.868M	131.910M	58.371M	31.830M	20.982M	22.928M
Gross Profit	-18.904M	-32.359M	-21.502M	10.518M	111.120M	2.873M	11.439M	10.877M
Gross Profit Margin	-8.2%	-16.8%	-14.7%	7.4%	65.6%	8.3%	35.3%	32.2%
Total Operating Expenses	130.696M	75.204M	50.627M	294.540M	47.480M	9.604M	10.040M	28.875M
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	78.339M	73.382M	39.292M	51.506M	43.238M	8.250M	9.984M	8.815M
Operating Income (EBIT)	-149.600M	-107.563M	-72.129M	-284.022M	63.640M	-6.731M	1.399M	-17.998M
Operating Margin	-65.2%	-55.8%	-49.3%	-199.4%	37.5%	-19.4%	4.3%	-53.2%
Income Before Tax (EBT)	-208.413M	-68.353M	-109.323M	-193.056M	42.637M	-16.117M	-484K	-18.177M
Interest Income	6.288M	6.037M	1.420M	456K	—	—	—	—
Interest Expense	8.623M	1.738M	4.079M	14.221M	3.420M	6.104M	3.268M	63K
Other Income/Expense	-58.813M	39.210M	-37.194M	90.966M	-21.003M	-9.386M	-1.883M	-179K
Net Income	-284.544M	-54.063M	-108.922M	-175.644M	22.130M	-16.289M	2.899M	-9.363M
Income Tax Expense	101K	-14.290M	-401K	-17.412M	20.507M	172K	-2.591M	59K
Net Profit Margin	-124.1%	-28.0%	-74.4%	-123.3%	13.1%	-46.9%	8.9%	-27.7%
EBITDA	-26.970M	74.352M	-17.413M	-106.415M	70.533M	1.473M	9.627M	-5.566M
EBITDA Margin	-11.8%	38.5%	-11.9%	-74.7%	41.6%	4.2%	29.7%	-16.5%
Depreciation & Amortization	122.630M	140.967M	84.785M	72.420M	24.476M	11.486M	6.843M	12.548M
EPS Basic	-0.52	-0.13	-0.42	-0.85	0.14	-0.19	0.04	-0.16
EPS Diluted	-0.52	-0.13	-0.42	-0.85	0.13	-0.19	0.04	-0.16
Shares Outstanding	551.677M	414.670M	262.237M	207.776M	157.652M	84.915M	67.044M	56.916M
Diluted Shares Outstanding	551.677M	414.670M	262.237M	207.776M	169.392M	84.915M	71.058M	56.916M

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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