NASDAQ : KEEL
Keel Infrastructure Corp. — Financial statements
United States
Last price 2.06 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.27B
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Financial statements
Keel Infrastructure Corp. (KEEL) reported revenue of 188.14M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 188.14M | 229.28M | 133.27M | 120.40M | 142.43M | 169.49M |
| Cost of Revenue | 248.83M | 248.18M | 174.96M | 144.14M | 131.91M | 58.37M |
| Gross Profit | -60.69M | -18.90M | -41.69M | -23.74M | 10.52M | 111.12M |
| Selling, General & Admin | 99.48M | 78.34M | 61.92M | 33.87M | 51.51M | 43.24M |
| Other Operating Expenses | -25.78M | |||||
| Operating Expenses | 99.48M | 78.34M | 36.15M | 33.87M | 51.51M | 43.24M |
| Operating Income | -160.18M | -97.24M | -77.84M | -57.61M | -40.99M | 67.88M |
| Interest Expense | -20.46M | -14.47M | -745.00K | -2.87M | -14.22M | -3.42M |
| Interest & Investment Income | 11.63M | 6.29M | 6.04M | 1.42M | 456.00K | |
| Currency Exchange Gain (Loss) | -164.00K | -422.00K | -896.00K | -590.00K | -2.94M | -647.00K |
| Other Non Operating Income (Expenses) | -23.38M | -50.21M | 16.61M | -890.00K | -92.62M | -28.23M |
| EBT Excluding Unusual Items | -192.55M | -156.06M | -56.84M | -60.53M | -150.31M | 35.58M |
| Impairment of Goodwill | -17.90M | |||||
| Gain (Loss) on Sale of Investments | 51.65M | 6.15M | ||||
| Gain (Loss) on Sale of Assets | -10.63M | 26.61M | 27.44M | 5.66M | -1.28M | 848.00K |
| Asset Writedown | -82.53M | -78.96M | 22.39M | 1.95M | -75.21M | 60.00K |
| Other Unusual Items | -21.60M | 12.84M | ||||
| Pretax Income | -374.97M | -208.41M | -7.01M | -40.09M | -193.06M | 42.64M |
| Income Tax Expense | -107.00K | 101.00K | 346.00K | -154.00K | -17.41M | 20.51M |
| Earnings From Continuing Operations | -374.86M | -208.51M | -7.36M | -39.93M | -175.64M | 22.13M |
| Earnings From Discontinued Operations | -58.98M | -76.03M | -21.01M | -15.58M | ||
| Net Income to Company | -433.84M | -284.54M | -28.36M | -55.51M | -175.64M | 22.13M |
| Net Income | -433.84M | -284.54M | -28.36M | -55.51M | -175.64M | 22.13M |
| Net Income to Common | -433.84M | -284.54M | -28.36M | -55.51M | -175.64M | 22.13M |
| Shares Outstanding (Basic) | 589.59M | 551.68M | 414.67M | 262.24M | 207.78M | 157.65M |
| Shares Outstanding (Diluted) | 589.59M | 551.68M | 414.67M | 262.24M | 207.78M | 169.39M |
| EPS (Basic) | -0.74 | -0.52 | -0.07 | -0.21 | -0.85 | 0.14 |
| EPS (Diluted) | -0.74 | -0.52 | -0.07 | -0.21 | -0.85 | 0.13 |
| Free Cash Flow | -414.87M | -352.68M | -481.56M | -180.59M | -317.40M | -236.57M |
| Free Cash Flow Per Share | -0.70 | -0.64 | -1.16 | -0.69 | -1.53 | -1.40 |
| Gross Margin | -32.26% | -8.24% | -31.28% | -19.72% | 7.38% | 65.56% |
| Operating Margin | -85.14% | -42.41% | -58.40% | -47.85% | -28.78% | 40.05% |
| Profit Margin | -230.59% | -124.11% | -21.28% | -46.11% | -123.32% | 13.06% |
| Free Cash Flow Margin | -220.52% | -153.82% | -361.33% | -149.99% | -222.85% | -139.58% |
| EBITDA | -57.34M | 25.39M | 57.59M | 26.71M | 27.36M | 90.69M |
| EBITDA Margin | -30.48% | 11.07% | 43.21% | 22.19% | 19.21% | 53.51% |
| D&A For EBITDA | 102.83M | 122.63M | 135.42M | 84.32M | 68.35M | 22.81M |
| EBIT | -160.18M | -97.24M | -77.84M | -57.61M | -40.99M | 67.88M |
| EBIT Margin | -85.14% | -42.41% | -58.40% | -47.85% | -28.78% | 40.05% |
| Effective Tax Rate | 48.10% | |||||
| Advertising Expenses | 1.75M | 697.00K | 456.00K | 333.00K | 174.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 715.52M | 573.46M | 59.54M | 84.04M | 30.89M | 125.59M |
| Cash & Short-Term Investments | 715.52M | 573.46M | 59.54M | 84.04M | 30.89M | 125.59M |
| Accounts Receivable | 5.01M | 5.47M | 1.26M | 714.00K | 701.00K | 1.04M |
| Other Receivables | 2.83M | 4.28M | 1.49M | 16.07M | 2.68M | |
| Receivables | 5.01M | 8.30M | 5.54M | 2.21M | 16.77M | 3.71M |
| Inventory | 8.85M | 8.68M | 1.14M | 705.00K | 588.00K | 548.00K |
| Other Current Assets | 167.08M | 236.03M | 147.51M | 43.03M | 20.85M | 157.27M |
| Total Current Assets | 896.47M | 826.47M | 213.74M | 129.98M | 69.09M | 287.13M |
| Property, Plant & Equipment | 299.19M | 371.56M | 260.83M | 200.33M | 235.79M | 146.25M |
| Long-Term Investments | 1.25M | |||||
| Goodwill | 16.95M | |||||
| Other Intangible Assets | 2.94M | 2.98M | 4.64M | 3.70M | 33.00K | 1.68M |
| Long-Term Deferred Tax Assets | 3.90M | |||||
| Long-Term Deferred Charges | 1.67M | |||||
| Other Long-Term Assets | 217.17M | 92.41M | 183.93M | 44.71M | 38.19M | 86.68M |
| Total Assets | 1.42B | 1.30B | 663.13M | 378.73M | 343.10M | 542.59M |
| Accounts Payable | 18.28M | 16.27M | 8.23M | 9.08M | 12.90M | 9.87M |
| Accrued Expenses | 16.68M | 18.70M | 13.82M | |||
| Short-Term Debt | 60.00M | |||||
| Current Portion of Long-Term Debt | 6.75M | 97.02M | 146.00K | 4.02M | 43.05M | 10.26M |
| Current Portion of Leases | 1.68M | 1.73M | 2.09M | 2.86M | 3.65M | 4.35M |
| Current Income Taxes Payable | 1.11M | 12.09M | ||||
| Other Current Liabilities | 11.74M | 14.39M | 3.86M | 52.09M | 7.81M | 4.61M |
| Total Current Liabilities | 55.12M | 148.11M | 28.16M | 69.15M | 67.41M | 101.18M |
| Long-Term Debt | 1.02B | 572.45M | 1.43M | 4.09M | 910.00K | |
| Long-Term Leases | 10.85M | 12.58M | 19.75M | 12.99M | 14.21M | 9.23M |
| Long-Term Deferred Tax Liabilities | 65.00K | 65.00K | 65.00K | 8.45M | ||
| Other Long-Term Liabilities | 1.94M | 2.76M | 2.59M | 1.82M | 1.98M | 239.00K |
| Total Liabilities | 1.09B | 735.97M | 51.99M | 83.96M | 87.70M | 120.00M |
| Common Stock | 617.00K | 1.06B | 837.76M | 535.01M | 404.93M | 378.89M |
| Additional Paid-In Capital | 1.15B | 108.28M | 101.32M | 56.62M | 47.65M | 43.70M |
| Retained Earnings | -822.83M | -612.48M | -327.94M | -299.81M | -197.19M | -15.00K |
| Comprehensive Income & Other | 2.94M | |||||
| Total Common Equity | 328.72M | 560.38M | 611.15M | 294.76M | 255.40M | 422.58M |
| Shareholders' Equity | 328.72M | 560.38M | 611.15M | 294.76M | 255.40M | 422.58M |
| Total Liabilities & Equity | 1.42B | 1.30B | 663.13M | 378.73M | 343.10M | 542.59M |
| Total Debt | 1.04B | 683.78M | 23.41M | 19.87M | 65.01M | 84.74M |
| Net Cash (Debt) | -322.84M | -110.32M | 36.13M | 64.17M | -34.12M | 40.85M |
| Net Cash Per Share | -0.55 | -0.20 | 0.09 | 0.24 | -0.16 | 0.24 |
| Filing Date Shares Outstanding | 617.57M | 602.85M | 553.64M | 339.27M | 238.38M | 201.25M |
| Total Common Shares Outstanding | 616.74M | 601.58M | 479.33M | 334.15M | 224.20M | 194.81M |
| Working Capital | 841.34M | 678.35M | 185.58M | 60.83M | 1.68M | 185.95M |
| Book Value Per Share | 0.53 | 0.93 | 1.27 | 0.88 | 1.14 | 2.17 |
| Tangible Book Value | 325.78M | 557.39M | 606.51M | 291.06M | 255.37M | 403.95M |
| Tangible Book Value Per Share | 0.53 | 0.93 | 1.27 | 0.87 | 1.14 | 2.07 |
| Land | 51.76M | 63.89M | 5.04M | 5.74M | 4.39M | 4.55M |
| Machinery | 310.85M | 469.68M | 337.10M | 356.06M | 309.29M | 157.19M |
| Leasehold Improvements | 14.38M | 14.54M | 59.45M | 50.73M | 45.28M | 5.78M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -433.84M | -284.54M | -28.36M | -55.51M | -175.64M | 22.13M |
| Depreciation & Amortization | 102.83M | 122.63M | 135.42M | 84.32M | 72.31M | 24.24M |
| Other Amortization | 109.00K | 235.00K | ||||
| Loss (Gain) From Sale of Assets | 2.75M | -5.46M | -691.00K | 1.60M | 1.28M | 4.01M |
| Asset Writedown & Restructuring Costs | 223.60M | 152.37M | -22.39M | 5.03M | 93.11M | -60.00K |
| Loss (Gain) From Sale of Investments | -51.65M | -6.15M | ||||
| Stock-Based Compensation | 20.73M | 14.98M | 12.68M | 10.91M | 21.79M | 22.59M |
| Other Operating Activities | -117.84M | -227.68M | -230.89M | -155.97M | -79.75M | -125.70M |
| Change in Accounts Receivable | -5.02M | -1.50M | -545.00K | -13.00K | 429.00K | 64.00K |
| Change in Inventory | -2.50M | -4.99M | -475.00K | -117.00K | ||
| Change in Accounts Payable | -10.85M | -2.05M | -15.83M | -533.00K | 94.00K | 9.24M |
| Change in Income Taxes | -406.00K | -406.00K | -178.00K | 156.00K | -126.00K | 11.78M |
| Change in Other Net Operating Assets | -9.86M | 10.05M | 9.55M | 3.23M | -4.38M | -5.70M |
| Operating Cash Flow | -250.49M | -226.59M | -141.71M | -106.89M | -122.42M | -43.32M |
| Capital Expenditures | -164.39M | -126.09M | -339.85M | -73.70M | -194.98M | -193.26M |
| Sale of Property, Plant & Equipment | 33.85M | 34.56M | 5.46M | 3.11M | 10.50M | 1.11M |
| Cash Acquisitions | -48.08M | -23.00M | ||||
| Divestitures | 28.63M | 63.04M | ||||
| Investment in Securities | -388.00K | -1.26M | 2.31M | 12.24M | 51.65M | 6.15M |
| Other Investing Activities | 91.12M | 181.57M | 153.69M | 129.31M | 136.49M | |
| Investing Cash Flow | -11.18M | 103.74M | -178.39M | 70.97M | 3.66M | -209.00M |
| Short-Term Debt Issued | 40.00M | 60.00M | ||||
| Long-Term Debt Issued | 666.47M | 1.70M | 67.20M | 14.23M | ||
| Total Debt Issued | 1.06B | 666.47M | 1.70M | 107.20M | 74.23M | |
| Short-Term Debt Repaid | -100.00M | |||||
| Long-Term Debt Repaid | -1.60M | -5.22M | -33.00M | -37.30M | -24.73M | |
| Lease Payments | -6.08M | -4.23M | ||||
| Total Debt Repaid | -114.92M | -1.60M | -5.22M | -33.00M | -137.30M | -24.73M |
| Net Debt Issued (Repaid) | 949.13M | 664.86M | -3.52M | -33.00M | -30.10M | 49.49M |
| Issuance of Common Stock | 91.86M | 108.46M | 298.42M | 122.06M | 55.98M | 322.49M |
| Repurchase of Common Stock | -9.95M | -9.95M | ||||
| Other Financing Activities | -110.93M | -69.09M | 714.00K | -1.87M | ||
| Financing Cash Flow | 920.11M | 694.28M | 295.61M | 89.05M | 24.01M | 371.99M |
| Foreign Exchange Rate Adjustments | 7.00K | -8.00K | -8.00K | 18.00K | 43.00K | -21.00K |
| Net Cash Flow | 658.45M | 571.42M | -24.50M | 53.15M | -94.71M | 119.65M |
| Free Cash Flow | -414.87M | -352.68M | -481.56M | -180.59M | -317.40M | -236.57M |
| Free Cash Flow Margin | -220.52% | -153.82% | -361.33% | -149.99% | -222.85% | -139.58% |
| Free Cash Flow Per Share | -0.70 | -0.64 | -1.16 | -0.69 | -1.53 | -1.40 |
| Levered Free Cash Flow | -180.64M | -133.66M | -385.46M | 17.56M | -17.81M | -245.32M |
| Unlevered Free Cash Flow | -167.85M | -124.61M | -385.00M | 19.35M | -8.92M | -243.19M |
| Free Cash Flow After Leases | -414.87M | -352.68M | -481.56M | -180.59M | -323.48M | -240.81M |
| Cash Interest Paid | 3.75M | 1.26M | 1.74M | 13.92M | 17.72M | 3.98M |
| Cash Income Tax Paid | 1.07M | 427.00K | 1.51M | -11.59M | 14.96M | |
| Change in Working Capital | -28.64M | 1.11M | -7.48M | 2.73M | -3.98M | 15.39M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.15B | 1.41B | 704.10M | 937.40M | 96.04M | 974.49M |
| Enterprise Value | 1.48B | 1.39B | 655.14M | 916.92M | 156.37M | 952.35M |
| Last Close Price | 2.06 | 2.35 | 1.49 | 2.91 | 0.44 | 5.05 |
| PE Ratio | 44.03 | |||||
| Forward PE | 158.75 | 225.00 | 11.28 | 11.28 | 14.03 | |
| PS Ratio | 6.60 | 6.13 | 5.28 | 7.79 | 0.67 | 5.75 |
| PB Ratio | 3.86 | 2.51 | 1.15 | 3.18 | 0.38 | 2.31 |
| P/TBV Ratio | 3.81 | 2.52 | 1.16 | 3.22 | 0.38 | 2.41 |
| EV/Sales Ratio | 8.31 | 6.07 | 4.92 | 7.62 | 1.10 | 5.62 |
| EV/EBITDA Ratio | 54.83 | 11.38 | 34.32 | 5.71 | 10.50 | |
| EV/EBIT Ratio | 14.03 | |||||
| Debt / Equity Ratio | 3.16 | 1.22 | 0.04 | 0.07 | 0.26 | 0.20 |
| Debt / EBITDA Ratio | 23.11 | 0.39 | 0.74 | 2.08 | 0.92 | |
| Net Debt / Equity Ratio | 0.98 | 0.20 | -0.06 | -0.22 | 0.13 | -0.10 |
| Net Debt / EBITDA Ratio | -5.63 | 4.34 | -0.63 | -2.40 | 1.25 | -0.45 |
| Net Debt / FCF Ratio | -0.78 | -0.31 | 0.07 | 0.35 | -0.11 | 0.17 |
| Asset Turnover | 0.17 | 0.23 | 0.26 | 0.33 | 0.32 | 0.57 |
| Inventory Turnover | 31.17 | 50.58 | 189.97 | 222.96 | 232.24 | 162.82 |
| Quick Ratio | 13.07 | 3.93 | 2.31 | 1.25 | 0.71 | 1.28 |
| Current Ratio | 16.26 | 5.58 | 7.59 | 1.88 | 1.02 | 2.84 |
| Return on Equity (ROE) | -75.64% | -35.60% | -1.62% | -14.52% | -51.81% | 10.10% |
| Return on Assets (ROA) | -8.92% | -6.20% | -9.34% | -9.98% | -5.79% | 14.28% |
| Return on Invested Capital (ROIC) | -24.56% | -15.61% | -19.32% | -22.15% | -12.21% | 16.79% |
| Return on Capital Employed (ROCE) | -11.80% | -8.50% | -12.30% | -18.60% | -14.90% | 15.40% |
| Earnings Yield | -39.50% | -20.25% | -4.03% | -5.92% | -182.88% | 2.27% |
| FCF Yield | -33.42% | -25.10% | -68.39% | -19.27% | -330.49% | -24.28% |
| Buyback Yield / Dilution | -19.45% | -33.04% | -58.13% | -26.21% | -22.66% | -99.48% |