Revenue volatility remains a primary concern, with quarterly figures contracting to $15.4 million in 2025Q4 alongside a persistent -71.1% gross margin reported in 2026Q1.
Keel Infrastructure Corp. (KEEL) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 110.41M | 229.28M | 192.88M | 146.37M | 142.43M | 169.49M | 34.7M | 32.42M | 33.8M | 8.97M |
| Revenue Growth % | -59.12% | 18.87% | 31.78% | 2.76% | -15.97% | 388.4% | 7.04% | -4.09% | 276.68% | - |
| Cost of Goods Sold | 248.06M | 248.18M | 225.24M | 167.87M | 131.91M | 58.37M | 31.83M | 20.98M | 22.93M | 1.4M |
| COGS % of Revenue | - | 108.25% | 116.78% | 114.69% | 92.62% | 34.44% | 91.72% | 64.72% | 67.82% | 15.57% |
| Gross Profit | -137.66M | -18.9M | -32.36M | -21.5M | 10.52M | 111.12M | 2.87M | 11.44M | 10.88M | 7.58M |
| Gross Margin % | -124.68% | -8.25% | -16.78% | -14.69% | 7.38% | 65.56% | 8.28% | 35.28% | 32.18% | 84.43% |
| Gross Profit Growth % | - | 41.58% | -50.49% | -304.43% | -90.53% | 3767.73% | -74.88% | 5.17% | 43.55% | - |
| Operating Expenses | 153.92M | 130.7M | 75.2M | 50.63M | 294.54M | 47.48M | 9.6M | 10.04M | 28.88M | 177.15K |
| OpEx % of Revenue | - | 57% | 38.99% | 34.59% | 206.8% | 28.01% | 27.67% | 30.97% | 85.42% | 1.97% |
| Selling, General & Admin | 116.44M | 78.34M | 73.38M | 39.29M | 51.51M | 43.24M | 8.25M | 9.98M | 8.81M | 177.15K |
| SG&A % of Revenue | - | 34.17% | 38.05% | 26.85% | 36.16% | 25.51% | 23.77% | 30.79% | 26.08% | 1.97% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.11M | 52.36M | 1.82M | 11.34M | 243.03M | 4.24M | 1.35M | 56K | 20.06M | 0 |
| Operating Income | -291.58M | -149.6M | -107.56M | -72.13M | -284.02M | 63.64M | -6.73M | 1.4M | -18M | 7.4M |
| Operating Margin % | -264.09% | -65.25% | -55.77% | -49.28% | -199.41% | 37.55% | -19.4% | 4.32% | -53.24% | 82.45% |
| Operating Income Growth % | - | -39.08% | -49.13% | 74.6% | -546.29% | 1045.48% | -581.13% | 107.77% | -343.22% | - |
| EBITDA | -164.7M | -26.97M | 33.4M | 12.66M | -211.6M | 88.12M | 4.75M | 8.24M | -5.45M | 8.55M |
| EBITDA Margin % | -149.17% | -11.76% | 17.32% | 8.65% | -148.57% | 51.99% | 13.7% | 25.42% | -16.12% | 95.23% |
| EBITDA Growth % | -2314.62% | -180.74% | 163.94% | 105.98% | -340.14% | 1753.12% | -42.31% | 251.23% | -163.77% | - |
| D&A (Non-Cash Add-back) | 134.29M | 122.63M | 140.97M | 84.78M | 72.42M | 24.48M | 11.49M | 6.84M | 12.55M | 1.15M |
| EBIT | -209.32M | -97.24M | -66.61M | -102.2M | -178.84M | 46.06M | -10.01M | 2.78M | -18.11M | 7.14M |
| Net Interest Income | 1.03M | -2.33M | 4.3M | -2.66M | -13.77M | -3.42M | -6.1M | -3.27M | -63K | 0 |
| Interest Income | 16.73M | 6.29M | 6.04M | 1.42M | 456K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 15.7M | 8.62M | 1.74M | 4.08M | 14.22M | 3.42M | 6.1M | 3.27M | 63K | 0 |
| Other Income/Expense | -52.88M | -58.81M | 39.21M | -37.19M | 90.97M | -21M | -9.39M | -1.88M | -179K | -264.17K |
| Pretax Income | -344.46M | -208.41M | -68.35M | -109.32M | -193.06M | 42.64M | -16.12M | -484K | -18.18M | 7.14M |
| Pretax Margin % | -311.99% | -90.9% | -35.44% | -74.69% | -135.55% | 25.16% | -46.44% | -1.49% | -53.77% | 79.51% |
| Income Tax | 6.99M | 101K | -14.29M | -401K | -17.41M | 20.51M | 172K | -2.59M | 59K | 2.05M |
| Effective Tax Rate % | -2.03% | -0.05% | 20.91% | 0.37% | 9.02% | 48.1% | -1.07% | 535.33% | -0.32% | 28.79% |
| Net Income | -412.11M | -284.54M | -54.06M | -108.92M | -175.64M | 22.13M | -16.29M | 2.9M | -9.36M | 5.08M |
| Net Margin % | -373.27% | -124.11% | -28.03% | -74.42% | -123.32% | 13.06% | -46.94% | 8.94% | -27.7% | 56.62% |
| Net Income Growth % | -216.23% | -426.32% | 50.37% | 37.99% | -893.69% | 235.86% | -661.88% | 130.96% | -284.26% | - |
| Net Income (Continuing) | -351.45M | -208.51M | -54.06M | -108.92M | -175.64M | 22.13M | -16.29M | 2.11M | -18.24M | 5.08M |
| Discontinued Operations | -3.32M | -76.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.21M | 0 |
| EPS (Diluted) | -0.67 | -0.52 | -0.13 | -0.42 | -0.85 | 0.13 | -0.19 | 0.04 | -0.16 | 0.09 |
| EPS Growth % | -204.85% | -300% | 69.05% | 50.59% | -753.85% | 168.42% | -575% | 125% | -279.57% | - |
| EPS (Basic) | - | -0.52 | -0.13 | -0.42 | -0.85 | 0.14 | -0.19 | 0.04 | -0.16 | 0.09 |
| Diluted Shares Outstanding | 617.26M | 551.68M | 414.67M | 262.24M | 207.78M | 169.39M | 84.92M | 71.06M | 56.92M | 57.05M |
| Basic Shares Outstanding | 617.26M | 551.68M | 414.67M | 262.24M | 207.78M | 157.65M | 84.92M | 67.04M | 56.92M | 57.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying KEEL stock.
For fiscal year 2025, Keel Infrastructure Corp. (KEEL) reported total revenue of $229.3M. This represents a 2454.7% increase compared to $9.0M in 2017.
Keel Infrastructure Corp. (KEEL) reported a net loss of $284.5M for the fiscal year ending 2025.
Keel Infrastructure Corp. (KEEL) reported an operating income of $-149.6M, resulting in an operating profit margin of -65.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Keel Infrastructure Corp. (KEEL) generated $-18.9M in gross profit for the year, representing a gross profit margin of -8.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operational Margin Compression
Metrics are mathematically derived from official filings.
Volatile Revenue Amidst Network Shifts
As reported in recent financial filings, Bitfarms' quarterly revenue has exhibited significant volatility, peaking at $77.8 million in 2025Q2 before contracting to $15.4 million by 2025Q4, reflecting the inherent sensitivity of mining output to fluctuating Bitcoin prices and the compounding impact of network difficulty adjustments.
The revenue trajectory appears heavily influenced by external market factors rather than consistent operational scaling. Investors should monitor whether the recent decline in top-line figures represents a structural shift in production capacity or merely a temporary response to unfavorable network conditions.
Persistent Gross Margin Structural Deficits
Based on the company's historical income statements, Bitfarms has struggled to maintain positive gross margins, with the most recent 2026Q1 figure showing a -71.1% margin, suggesting that the cost of electricity and hardware depreciation frequently exceeds the market value of the digital assets produced.
This margin profile indicates a lack of pricing power, as the company remains a price-taker in a highly competitive global mining environment. The inability to consistently achieve positive gross margins warrants further investigation into the efficiency of their current ASIC fleet and the sustainability of their power cost structures.
Operating Leverage Constrained by Overhead
According to the provided data, Bitfarms' operating income has remained consistently negative, with 2026Q1 operating losses reaching $53.1 million, indicating that SG&A expenses continue to scale disproportionately to revenue, thereby preventing the realization of any meaningful operating leverage during periods of higher production.
The persistent gap between gross profit and operating income suggests that administrative and overhead costs are not being effectively managed relative to the company's mining output. This structure implies that the business model may require a significant increase in scale or a reduction in fixed costs to reach break-even.
Dilution and Non-Cash Expense Impact
As evidenced by the financial statements, Bitfarms' net income is frequently obscured by significant non-cash items and stock-based compensation, which totaled $3.7 million in 2026Q1, highlighting a reliance on equity-based incentives that may dilute shareholder value while the company remains in a net loss position.
The discrepancy between operational performance and bottom-line results suggests that GAAP earnings may not accurately reflect the underlying cash-generating capability of the mining operations. Investors should be cautious of the recurring nature of these non-cash charges and their long-term impact on per-share earnings potential.
Sustainability of Current Mining Economics
Based on the reported figures, short-sellers may focus on the company's inability to achieve consistent profitability, as evidenced by the -143.7% operating margin in 2026Q1, which raises questions about the long-term viability of the current business model in a post-halving environment with rising network difficulty.
The reliance on external capital to fund operations, despite a substantial cash position, may indicate that the core mining business is not yet self-sustaining. This warrants further investigation into whether the company's strategic investments in infrastructure will eventually yield the necessary efficiency gains to offset current operational losses.