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Keel Infrastructure Corp. operates digital and energy infrastructure with focus on high-performance computing (HPC) and artificial intelligence (AI) workloads in North America, Canada, and the United States. It primarily owns and operates data centers housing computers to validate transactions on the bitcoin blockchain, as well as sells computational power used for hashing calculations for cryptocurrency mining. The company also provides electrician services to commercial and residential customers in Quebec, Canada. It also undertakes hosting of third-party mining hardware. The company was founded in 2017 and is based in New York, New York.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Public information on Keel Infrastructure Corp (KEEL.TO) is limited; disclosures do not clearly describe the company's core operations or portfolio. It appears to focus on infrastructure investment or development, which may benefit from long-term public spending, urbanization and the energy transition, but investors should review filings to confirm assets and strategy.
Key risks include limited disclosure, execution and financing risk for project-based activities and dependence on regulatory or government contracting outcomes.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -208.41M | -68.35M | -104.44M | -193.06M | 42.64M |
| Net income | -208.51M | -54.06M | -104.04M | -175.64M | 22.13M |
| Selling general administrative | 76.59M | 72.66M | 38.80M | 51.17M | 43.06M |
| Selling and marketing expenses | 1.75M | 0.72M | 0.49M | 0.33M | 0.17M |
| Gross profit | -18.90M | -32.36M | -21.50M | 10.52M | 111.12M |
| Reconciled depreciation | 122.63M | 135.42M | 84.32M | 72.42M | - |
| Ebit | -196.64M | -66.61M | -92.52M | -178.84M | 46.06M |
| Ebitda | -74.01M | 74.35M | -7.73M | -106.42M | 70.53M |
| Depreciation and amortization | 122.63M | 140.97M | 84.78M | 72.42M | 24.48M |
| Operating income | -97.24M | -107.56M | -72.13M | -284.02M | 63.64M |
| Other operating expenses | 326.52M | 300.44M | 218.50M | 426.45M | 105.85M |
| Interest expense | 11.77M | 1.74M | 4.08M | 14.22M | 3.42M |
| Tax provision | 0.10M | 0.35M | -0.15M | -17.41M | - |
| Interest income | 6.29M | 6.04M | 1.42M | 0.46M | - |
| Net interest income | -8.92M | 4.95M | -2.38M | -14.39M | - |
| Income tax expense | 0.10M | -14.29M | -0.40M | -17.41M | 20.51M |
| Total revenue | 229.28M | 192.88M | 146.37M | 142.43M | 169.49M |
| Total operating expenses | 78.34M | 75.20M | 50.63M | 294.54M | 47.48M |
| Cost of revenue | 248.18M | 225.24M | 167.87M | 131.91M | 58.37M |
| Total other income expense net | -111.17M | 39.21M | -32.31M | 90.97M | -21.00M |
| Net income from continuing ops | -208.51M | -7.36M | -39.93M | -175.64M | - |
| Net income applicable to common shares | - | -54.06M | -108.92M | -239.05M | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 1296.34M | 667.62M | 378.73M | 343.10M | 542.59M |
| Intangible assets | 2.98M | 4.04M | 3.70M | 0.03M | 1.68M |
| Other current assets | 217.55M | 64.43M | 44.53M | 16.29M | 93.92M |
| Total liab | 735.97M | 59.62M | 83.96M | 87.70M | 183.58M |
| Total stockholder equity | 560.38M | 608.00M | 294.76M | 255.40M | 359.01M |
| Other current liab | 33.09M | 12.12M | 52.09M | 7.81M | 63.58M |
| Common stock | 1064.57M | 852.29M | 530.12M | 404.93M | 354.71M |
| Capital stock | 1064.57M | 837.76M | 535.01M | 404.93M | - |
| Retained earnings | -612.48M | -334.51M | -294.92M | -197.19M | -21.55M |
| Good will | - | - | 0.00M | 0.00M | 16.95M |
| Other assets | - | 78.32M | 44.71M | 36.10M | - |
| Cash | 573.46M | 59.54M | 84.04M | 30.81M | 125.59M |
| Cash and equivalents | - | 59.54M | 84.04M | 30.89M | - |
| Total current liabilities | 148.11M | 36.27M | 69.15M | 67.41M | 164.75M |
| Net debt | 110.32M | -36.13M | -64.17M | 34.20M | -40.85M |
| Short term debt | 98.75M | 2.23M | 6.88M | 46.70M | 74.61M |
| Short long term debt | 97.02M | 0.15M | 4.02M | 43.05M | - |
| Short long term debt total | 683.78M | 23.41M | 19.87M | 65.01M | 84.74M |
| Other stockholder equity | 108.28M | 67.52M | 56.62M | 47.65M | 25.84M |
| Property plant equipment | - | 371.55M | 200.33M | 235.79M | - |
| Total current assets | 826.47M | 213.71M | 129.98M | 69.09M | 287.13M |
| Long term investments | 1.25M | 0.00M | - | - | - |
| Short term investments | - | 87.30M | 31.87M | 4.63M | 66.03M |
| Net receivables | 26.77M | 1.26M | 0.71M | 16.77M | 1.04M |
| Long term debt | 572.45M | 1.43M | 0.00M | 4.09M | - |
| Inventory | 8.68M | 1.18M | 0.70M | 0.59M | 0.55M |
| Accounts payable | 16.27M | 21.91M | 9.08M | 12.90M | 14.48M |
| Accumulated other comprehensive income | - | 22.70M | 2.94M | - | - |
| Non currrent assets other | 73.92M | 26.47M | 44.71M | 5.96M | 86.68M |
| Non current assets total | 469.88M | 453.91M | 248.74M | 274.01M | 255.46M |
| Capital lease obligations | 14.31M | 21.84M | 15.85M | 17.86M | - |
| Long term debt total | - | 21.18M | 12.99M | 18.31M | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 15.38M | 140.49M | 141.55M | 188.14M | - |
| Total cashflows from investing activities | 103.74M | -178.39M | 70.97M | 3.66M | -215.15M |
| Net borrowings | 664.86M | -3.52M | -33.00M | -30.10M | - |
| Total cash from financing activities | 694.28M | 294.46M | 87.88M | 24.01M | 371.99M |
| Net income | -284.54M | -54.06M | -108.92M | -175.64M | 22.13M |
| Change in cash | 571.42M | -24.50M | 53.15M | -94.71M | 119.65M |
| Begin period cash flow | 59.54M | 84.04M | 30.89M | 125.59M | 5.95M |
| End period cash flow | 630.96M | 59.54M | 84.04M | 30.89M | 125.59M |
| Total cash from operating activities | -226.59M | -140.56M | -105.71M | -122.42M | -37.17M |
| Issuance of capital stock | 72.75M | 289.53M | 109.07M | 54.09M | - |
| Depreciation | 122.63M | 140.97M | 84.78M | 72.42M | 24.48M |
| Other cashflows from investing activities | 193.87M | 5.46M | 0.72M | 10.50M | -5.04M |
| Change to inventory | -4.99M | -0.47M | -0.12M | - | -0.38M |
| Change to account receivables | -1.50M | -0.55M | -0.01M | 0.43M | 0.06M |
| Sale purchase of stock | -9.95M | 298.42M | 122.06M | 54.11M | - |
| Other cashflows from financing activities | -69.09M | 9.60M | 12.98M | 0.02M | 63.32M |
| Capital expenditures | 120.46M | 339.85M | 71.31M | 194.98M | 193.26M |
| Change in working capital | 1.11M | -9.22M | 1.24M | -3.98M | 15.39M |
| Stock based compensation | 14.98M | 13.95M | 10.91M | 21.79M | 22.59M |
| Other non cash items | -81.18M | -216.40M | -110.82M | -4.64M | -130.59M |
| Free cash flow | -347.06M | -480.42M | -177.02M | -317.40M | -230.43M |
Sector: Technology Industry: Information Technology Services
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| KEEL Keel Infrastructure Corp. |
0.39 14.66% |
3.05 | - | 84.03 | 10.28 | 3.05 | 7.98 | 22.52 |
| GIB-A CGI Inc |
-1.73 1.50% |
113.59 | 21.15 | 18.59 | 2.36 | 4.05 | 2.50 | 12.72 |
| ALYA Alithya Group inc Class A |
0.02 1.79% |
1.14 | - | 11.83 | 0.28 | 0.91 | 0.51 | 30.02 |
Keel Infrastructure Corp. operates digital and energy infrastructure with focus on high-performance computing (HPC) and artificial intelligence (AI) workloads in North America, Canada, and the United States. It primarily owns and operates data centers housing computers to validate transactions on the bitcoin blockchain, as well as sells computational power used for hashing calculations for cryptocurrency mining. The company also provides electrician services to commercial and residential customers in Quebec, Canada. It also undertakes hosting of third-party mining hardware. The company was founded in 2017 and is based in New York, New York.
| Name | Title | Year Born |
|---|---|---|
| Mr. Benjamin J. Gagnon | CEO & Director | NA |
| Mr. Jonathan Mir | Chief Financial Officer | 1972 |
| Mr. Liam Daniel Wilson | Chief Operating Officer | 1987 |
| Mr. Marc-Andre Ammann C.A., CPA | Executive Vice President of Finance & Accounting | NA |
| Ms. Rachel R. Silverstein | Executive VP, General Counsel of Global & Corporate Secretary | 1984 |
| Mr. Philippe Fortier CPA | Executive Vice President of Corporate Development | NA |
| Ms. Tara Goldstein | Senior Vice President of Marketing | NA |
| Ms. Andrea Keen Souza | Senior Vice President of People & Culture | NA |
| Mr. Michael Byrne | Senior Vice President of Construction | NA |
| Mr. Thomas Tyree III | Senior Vice President of Finance | NA |
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