The company's financial profile has shifted toward higher leverage, with total debt increasing to $591.0 million by 2026Q1, resulting in a debt-to-equity ratio of 1.41.
Keel Infrastructure Corp. (KEEL) balance sheet — 9-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Total Current Assets | 860.1M | 826.47M | 213.71M | 129.98M | 69.09M | 287.13M | 9.17M | 6.55M | 3.29M | 8.48M |
| Cash & Short-Term Investments | 815.83M | 573.46M | 146.84M | 84.04M | 35.44M | 191.63M | 5.95M | 2.16M | 552K | 4.52M |
| Cash Only | 815.83M | 573.46M | 59.54M | 84.04M | 30.81M | 125.59M | 5.95M | 2.16M | 552K | 4.52M |
| Short-Term Investments | 0 | 0 | 87.3M | 0 | 4.63M | 66.03M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.56M | 5.47M | 8.97M | 714K | 16.77M | 1.04M | 1.4M | 3.69M | 1.26M | 519K |
| Days Sales Outstanding | 16.03 | 8.71 | 16.97 | 1.78 | 42.97 | 2.24 | 14.72 | 41.55 | 13.57 | 21.11 |
| Inventory | 9.24M | 8.68M | 1.18M | 705K | 588K | 548K | 169K | 135K | 124K | 431K |
| Days Inventory Outstanding | 13.68 | 12.76 | 1.91 | 1.53 | 1.63 | 3.43 | 1.94 | 2.35 | 1.97 | 112.57 |
| Other Current Assets | 26.13M | 232.54M | 42.18M | 44.53M | 3.37M | 90.71M | 1.45M | 7K | 1.28M | 2.94M |
| Total Non-Current Assets | 517.42M | 469.88M | 453.91M | 248.74M | 274.01M | 255.46M | 42.54M | 46.31M | 22.94M | 26.06M |
| Property, Plant & Equipment | 318.35M | 371.56M | 423.4M | 200.33M | 268.02M | 146.25M | 41.22M | 44.13M | 20.86M | 21.34M |
| Fixed Asset Turnover | 0.33x | 0.62x | 0.46x | 0.73x | 0.53x | 1.16x | 0.84x | 0.73x | 1.62x | 0.42x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 16.95M | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.85M | 2.98M | 4.04M | 3.7M | 33K | 1.68M | 377K | 675K | 1.01M | 4.72M |
| Long-Term Investments | 176.26M | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 196.22M | 94.08M | 26.47M | 44.71M | 5.96M | 86.68M | 942K | 1.5M | 1.06M | 0 |
| Total Assets | 1.38B | 1.3B | 667.62M | 378.73M | 343.1M | 542.59M | 51.7M | 52.86M | 26.23M | 34.55M |
| Asset Turnover | 0.09x | 0.18x | 0.29x | 0.39x | 0.42x | 0.31x | 0.67x | 0.61x | 1.29x | 0.26x |
| Asset Growth % | 274.37% | 94.18% | 76.28% | 10.38% | -36.77% | 949.41% | -2.18% | 101.49% | -24.07% | - |
| Total Current Liabilities | 70.91M | 148.11M | 36.27M | 69.15M | 67.41M | 164.75M | 28.48M | 4.01M | 4.66M | 5.74M |
| Accounts Payable | 29.98M | 16.27M | 21.91M | 9.08M | 12.9M | 14.48M | 2.06M | 2.29M | 1.91M | 4.45M |
| Days Payables Outstanding | 40.78 | 23.93 | 35.51 | 19.74 | 35.69 | 90.55 | 23.61 | 39.78 | 30.37 | 1.16K |
| Short-Term Debt | 798K | 97.02M | 146K | 4.02M | 43.05M | 70.26M | 17.17M | 874K | 1.02M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 761K | 0 |
| Other Current Liabilities | 893K | 14.39M | 8.14M | 40.43M | 169K | 58.97M | 4.67M | 0 | 175K | 1.28M |
| Current Ratio | 12.13x | 5.58x | 5.89x | 1.88x | 1.02x | 1.74x | 0.32x | 1.63x | 0.71x | 1.48x |
| Quick Ratio | 12.00x | 5.52x | 5.86x | 1.87x | 1.02x | 1.74x | 0.32x | 1.60x | 0.68x | 1.40x |
| Cash Conversion Cycle | -11.07 | -2.46 | -16.63 | -16.42 | 8.91 | -84.88 | -6.95 | 4.12 | -14.83 | -1.03K |
| Total Non-Current Liabilities | 1.03B | 587.86M | 23.35M | 14.81M | 20.29M | 18.83M | 7.78M | 20.76M | 925K | 909K |
| Long-Term Debt | 1.02B | 572.45M | 1.43M | 0 | 4.09M | 910K | 174K | 14.85M | 693K | 0 |
| Capital Lease Obligations | 45.95M | 12.58M | 19.75M | 12.99M | 14.21M | 9.23M | 7.4M | 5.72M | 0 | 0 |
| Deferred Tax Liabilities | 260K | 65K | 65K | 0 | 0 | 8.45M | 0 | 0 | 0 | 702K |
| Other Non-Current Liabilities | 1.83M | 2.76M | 2.11M | 1.82M | 1.98M | 239K | 209K | 193K | 232K | 207K |
| Total Liabilities | 1.1B | 735.97M | 59.62M | 83.96M | 87.7M | 183.58M | 36.26M | 24.77M | 5.58M | 6.64M |
| Total Debt | 1.03B | 683.78M | 23.41M | 19.87M | 65.01M | 84.74M | 28.37M | 22.19M | 1.72M | 0 |
| Net Debt | 217.79M | 110.32M | -36.13M | -64.17M | 34.2M | -40.85M | 22.42M | 20.03M | 1.17M | -4.52M |
| Debt / Equity | 3.78x | 1.22x | 0.04x | 0.07x | 0.25x | 0.24x | 1.84x | 0.79x | 0.08x | - |
| Debt / EBITDA | -6.28x | - | 0.70x | 1.57x | - | 0.96x | 5.97x | 2.69x | - | - |
| Net Debt / EBITDA | -1.32x | - | -1.08x | -5.07x | - | -0.46x | 4.72x | 2.43x | - | -0.53x |
| Interest Coverage | -13.34x | -11.28x | -38.33x | -25.05x | -12.58x | 13.47x | -1.64x | 0.85x | -287.52x | - |
| Total Equity | 273.57M | 560.38M | 608M | 294.76M | 255.4M | 359.01M | 15.45M | 28.09M | 20.65M | 27.9M |
| Equity Growth % | -150.41% | -7.83% | 106.27% | 15.41% | -28.86% | 2224.12% | -45.01% | 36.01% | -25.99% | - |
| Book Value per Share | 0.44 | 1.02 | 1.47 | 1.12 | 1.23 | 2.12 | 0.18 | 0.40 | 0.36 | 0.49 |
| Total Shareholders' Equity | 273.57M | 560.38M | 608M | 294.76M | 255.4M | 359.01M | 15.45M | 28.09M | 15.44M | 27.9M |
| Common Stock | 618K | 1.06B | 852.29M | 535.01M | 404.93M | 354.71M | 32M | 30.48M | 162K | 115K |
| Retained Earnings | -885.54M | -612.48M | -334.51M | -299.81M | -197.19M | -21.55M | -22.14M | -5.86M | -8.76M | 4.91M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 22.7M | 2.94M | 0 | 0 | 5.59M | 3.47M | 4.39M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.21M | 0 |
Quick answers to the most common questions about buying KEEL stock.
As of 2025, Keel Infrastructure Corp. (KEEL) had total assets of $1.30B including $826.5M in current assets.
Keel Infrastructure Corp. (KEEL) carries total debt of $683.8M, offset by $573.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Keel Infrastructure Corp. (KEEL) has total shareholders' equity (book value) of $560.4M ($1.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Keel Infrastructure Corp. (KEEL) reported a current ratio of 5.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Capital Intensive Dilution Risk
Metrics are mathematically derived from official filings.
Leverage Shift Following Capital Expansion
As reported in recent financial statements, Bitfarms' total debt surged from $25.7 million in 2025Q1 to $591.0 million by 2026Q1, reflecting a strategic shift toward debt-funded expansion that has pushed the debt-to-equity ratio to 1.41, a significant departure from the company's historically conservative leverage profile.
The rapid accumulation of debt suggests management is aggressively financing infrastructure upgrades to maintain hashrate competitiveness in a post-halving environment. Investors should monitor whether this increased leverage creates refinancing pressure, particularly given the company's ongoing struggle to generate positive operating cash flow to service these obligations.
Asset Composition and Infrastructure Intensity
Based on the company's 2026Q1 balance sheet, net property, plant, and equipment (PPE) stands at $361.3 million, representing a substantial portion of the $1.1 billion total asset base, which underscores the capital-intensive nature of maintaining a modern, efficient mining fleet in a volatile commodity market.
The concentration of assets in hardware and infrastructure highlights the company's vulnerability to rapid technological obsolescence. If the current fleet fails to achieve expected efficiency gains, the carrying value of these assets may face impairment risks, further pressuring the company's book value.
Equity Quality and Dilution Concerns
According to historical balance sheet data, Bitfarms' retained earnings have deteriorated to a deficit of $757.8 million as of 2026Q1, indicating that persistent operational losses are being absorbed by equity, necessitating frequent capital raises that continue to dilute existing shareholders to fund ongoing operations.
The reliance on equity financing to offset negative retained earnings suggests that the business model has yet to reach a self-sustaining equilibrium. This pattern of dilution warrants careful investigation, as it shifts the burden of operational underperformance directly onto the shareholder base.
Liquidity Buffer Amidst Operational Burn
As indicated by the 2026Q1 filings, the company maintains a current ratio of 9.60, bolstered by $357.3 million in cash, which provides a significant, albeit temporary, liquidity buffer against the ongoing cash burn associated with its aggressive infrastructure deployment and mining operations.
While the high current ratio suggests an immediate ability to meet short-term obligations, the rapid depletion of cash reserves from the $573.5 million peak in 2025Q4 implies that this liquidity is being consumed at an unsustainable rate. Investors should monitor the cash runway closely, as the current burn rate may necessitate further capital market activity.