Free cash flow remains deeply negative, highlighted by a $75.0 million outflow in 2026Q1 and a capital intensity reflected in a 27.9% CapEx-to-revenue ratio.
Keel Infrastructure Corp. (KEEL) cash flow statement — 9-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Cash from Operations | -233.14M | -226.59M | -140.56M | -105.71M | 36.25M | -37.17M | 7.22M | 6.02M | 13.76M | 7.94M |
| Operating CF Margin % | - | -98.83% | -72.88% | -72.22% | 25.45% | -21.93% | 20.81% | 18.57% | 40.71% | 88.53% |
| Operating CF Growth % | -136.75% | -61.21% | -32.97% | -391.62% | 197.52% | -614.61% | 19.98% | -56.25% | 73.21% | - |
| Net Income | -412.11M | -284.54M | -54.06M | -108.92M | -239.05M | 22.13M | -16.29M | 2.11M | -18.24M | 5.08M |
| Depreciation & Amortization | 146.92M | 122.63M | 140.97M | 84.78M | 72.42M | 24.48M | 11.49M | 6.84M | 12.55M | 1.15M |
| Stock-Based Compensation | 26.41M | 14.98M | 13.95M | 10.91M | 21.79M | 22.59M | 2.2M | 2.87M | 746K | 0 |
| Deferred Taxes | 5.93M | 406K | -15.8M | 17.09M | -32.37M | 8.84M | 1.44M | -1.6M | -1.23M | 727.25K |
| Other Non-Cash Items | 28.89M | -81.18M | -216.4M | -110.82M | 217.44M | -130.59M | 5.14M | -1.17M | 20.09M | -5.18K |
| Working Capital Changes | -27.05M | 1.11M | -9.22M | 1.24M | -3.98M | 15.39M | 3.24M | -3.03M | -162K | 994.52K |
| Change in Receivables | -418K | -1.5M | -545K | -13K | 429K | 64K | 5K | -2K | -338K | -615.36K |
| Change in Inventory | -2.34M | -4.99M | -475K | -117K | 0 | -379K | -34K | -5K | 407K | -446.5K |
| Change in Payables | -23.65M | -2.05M | -15.83M | -315K | 94K | 9.24M | 109K | -16K | -107K | 729.32K |
| Cash from Investing | 86.39M | 103.74M | -178.39M | 70.97M | -155.01M | -215.15M | -3.6M | -22.36M | -22.08M | -14.19M |
| Capital Expenditures | -145.28M | -100.3M | -339.85M | -71.31M | -194.98M | -193.26M | -4.48M | -23.78M | -22.79M | -14.19M |
| CapEx % of Revenue | 131.59% | 43.75% | 176.2% | 48.72% | 136.9% | 114.02% | 12.92% | 73.34% | 67.42% | 158.07% |
| Acquisitions | 875K | -48.08M | 0 | 0 | 10.08M | -23M | 925.43K | 1.45M | 569K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 200.82M | 252.14M | 5.46M | 717K | 416.04K | -5.04M | -46.43K | -32.87K | 145K | 0 |
| Cash from Financing | 904.09M | 694.28M | 294.46M | 87.88M | 24.01M | 371.99M | 185K | 17.97M | 4.33M | 10.92M |
| Debt Issued (Net) | 950.56M | 664.86M | -4.67M | -34.18M | 29.9M | 49.49M | -1.87M | 12.94M | 1.39M | 0 |
| Equity Issued (Net) | 24.45M | 98.5M | 289.53M | 109.07M | 54.09M | 259.17M | 54K | 4.94M | 2.94M | 10.92M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -41.84M | -9.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -70.92M | -69.09M | 9.6M | 12.98M | -59.98M | 63.32M | 2M | 100K | 0 | 0 |
| Net Change in Cash | 757.28M | 571.42M | -24.5M | 53.15M | -94.71M | 119.65M | 3.79M | 1.61M | -3.97M | 4.68M |
| Free Cash Flow | -378.42M | -326.89M | -480.42M | -177.02M | -158.73M | -230.43M | 2.74M | -17.76M | -9.03M | -6.24M |
| FCF Margin % | -342.75% | -142.58% | -249.07% | -120.94% | -111.44% | -135.95% | 7.89% | -54.77% | -26.71% | -69.55% |
| FCF Growth % | 17.46% | 31.96% | -171.4% | -11.52% | 31.12% | -8512.78% | 115.42% | -96.66% | -44.67% | - |
| FCF per Share | -0.61 | -0.59 | -1.16 | -0.68 | -0.76 | -1.36 | 0.03 | -0.25 | -0.16 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.80x | 2.60x | 0.97x | -0.21x | -1.68x | -0.44x | 2.08x | -1.47x | 1.56x |
| Interest Paid | -2.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49K | 0 |
| Taxes Paid | 853K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.28M | 0 |
Quick answers to the most common questions about buying KEEL stock.
Keel Infrastructure Corp. (KEEL) generated $-226.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Keel Infrastructure Corp. (KEEL) reported negative free cash flow of $326.9M in 2025, indicating capital requirements exceeded cash from operations.
Keel Infrastructure Corp. (KEEL) spent $100.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Keel Infrastructure Corp. (KEEL) spent $10.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent Operating Cash Deficits
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Reality
According to the company's quarterly financial statements, the relationship between net income and operating cash flow remains consistently negative, with the 2026Q1 OCF/NI ratio of 0.45 highlighting a structural inability to convert accounting losses into positive cash generation, further complicating the assessment of underlying earnings quality.
The persistent gap between net income and operating cash flow suggests that non-cash charges, such as depreciation and stock-based compensation, are masking the true cash-burn nature of the mining operations. Investors should monitor this divergence, as it indicates that the company's reported losses are not merely accounting artifacts but reflect a fundamental struggle to generate positive cash flow from core mining activities.
Free Cash Flow Margin Erosion
As reported in recent financial filings, Bitfarms' free cash flow trajectory remains deeply negative, with the company recording a $75.0 million FCF outflow in 2026Q1, underscoring the severe pressure on liquidity as capital expenditures continue to outpace the company's ability to generate internal cash.
The consistent negative FCF margins suggest that the company is in a perpetual state of reinvestment, likely driven by the need to upgrade hardware to remain competitive against rising network difficulty. This trajectory implies that without a significant shift in Bitcoin pricing or operational efficiency, the company may remain reliant on external financing to sustain its current infrastructure footprint.
Capital Intensity Outpacing Revenue Growth
Based on the provided financial data, Bitfarms' capital intensity remains elevated, with a 2026Q1 CapEx-to-revenue ratio of 27.9%, indicating that the company is aggressively deploying capital into infrastructure despite the lack of a clear path to self-sustaining operational profitability in the current market environment.
The high level of capital expenditure relative to revenue suggests that the company is prioritizing fleet expansion and modernization over immediate cash preservation. This strategy appears to be a defensive necessity to maintain hashrate, yet it places significant strain on the balance sheet, warranting further investigation into the expected return on these specific hardware investments.
Working Capital Volatility and Efficiency
As evidenced by the quarterly cash flow data, working capital changes have been highly erratic, swinging from a $27.8 million inflow in 2025Q1 to a $17.0 million outflow in 2025Q4, which suggests significant instability in the company's ability to manage its short-term operational liquidity requirements.
The volatility in working capital movements may indicate challenges in managing inventory levels or timing payments for electricity and hardware components. Such fluctuations suggest that the company's cash position is sensitive to operational timing, which could exacerbate liquidity risks during periods of market volatility or unexpected network difficulty spikes.