Keel Infrastructure (TSE:KEEL)
TSX:KEEL
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Keel Infrastructure
(TSX:KEEL)
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Rating:56Neutral
Price Target:
C$4.50
▲(13.64% Upside)
Action:ReiteratedDate:04/15/26
The score is held back primarily by weak financial performance (persistent losses, heavy cash burn, and higher leverage) and limited valuation support due to negative earnings. These are partially offset by strong technical momentum (price above major moving averages with positive MACD) and an earnings call that outlined substantial liquidity and a sizable pipeline, albeit with significant permitting and lease-execution risk.
Positive Factors
Strong liquidity position
Having $520M of cash and Bitcoin provides durable funding to progress permitting, A&E, and early construction without immediate capital raises. This reduces short-term dilution risk, supports multi-month execution on the 2.2 GW plan, and gives optionality to opportunistically monetize assets for buildout.
Negative Factors
Persistent negative cash flow
Sustained negative operating and free cash flow (-$347.1M TTM) indicates structural cash consumption, raising dependence on capital markets or asset monetization to fund development. Even with current liquidity, ongoing burn can shorten runway and force fundraising at unfavorable times if leases are delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity position
Having $520M of cash and Bitcoin provides durable funding to progress permitting, A&E, and early construction without immediate capital raises. This reduces short-term dilution risk, supports multi-month execution on the 2.2 GW plan, and gives optionality to opportunistically monetize assets for buildout.
Read all positive factors
Keel Infrastructure (KEEL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.32B
Dividend YieldN/A
Average Volume (3M)4.23M
Price to Earnings (P/E)―
Beta (1Y)2.34
Revenue Growth39.58%
EPS Growth-301.21%
CountryCA
Employees170
SectorTechnology
Sector Strength88
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.25
Shares Outstanding565,625,400
10 Day Avg. Volume5,119,214
30 Day Avg. Volume4,230,801
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)2.34
Price to Sales (P/S)5.71
P/FCF Ratio-3.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$6.12Price Target Upside54.57% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.26
Revenue Forecast (FY)C$112.68M
Keel Infrastructure Business Overview & Revenue Model
Company Description
Bitfarms Ltd. engages in the mining of cryptocurrency coins and tokens in North America. It owns and operates server farms that primarily validates transactions on the Bitcoin Blockchain and earning cryptocurrency from block rewards and transactio...
How the Company Makes Money
Bitfarms primarily makes money by mining Bitcoin. It deploys large fleets of ASIC miners at its facilities; these machines perform hashing work to compete for Bitcoin block rewards and transaction fees on the Bitcoin network. When Bitfarms (direct...
Keel Infrastructure Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
45
Neutral
Cash Flow
18
Very Negative
| Breakdown | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 229.28M | 192.88M | 146.37M | 142.43M | 169.49M |
| Gross Profit | -18.90M | -32.36M | -21.50M | 10.52M | 111.12M |
| EBITDA | -74.01M | 74.35M | -7.73M | -106.42M | 70.53M |
| Net Income | -208.51M | -54.06M | -104.04M | -175.64M | 22.13M |
Balance Sheet | |||||
| Total Assets | 1.30B | 667.62M | 378.73M | 343.10M | 542.59M |
| Cash, Cash Equivalents and Short-Term Investments | 573.46M | 146.84M | 84.04M | 35.44M | 191.63M |
| Total Debt | 683.78M | 23.41M | 19.87M | 65.01M | 84.74M |
| Total Liabilities | 735.97M | 59.62M | 83.96M | 87.70M | 183.58M |
| Stockholders Equity | 560.38M | 608.00M | 294.76M | 255.40M | 359.01M |
Cash Flow | |||||
| Free Cash Flow | -347.06M | -480.42M | -177.02M | -317.40M | -230.43M |
| Operating Cash Flow | -226.59M | -140.56M | -105.71M | -122.42M | -37.17M |
| Investing Cash Flow | 103.74M | -178.39M | 70.97M | 3.66M | -215.15M |
| Financing Cash Flow | 694.28M | 294.46M | 87.88M | 24.01M | 371.99M |
Keel Infrastructure Technical Analysis
Positive
3.96
Price Trends
3.02
Positive
3.41
Positive
3.38
Positive
Market Momentum
0.20
Negative
68.51
Neutral
88.31
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:KEEL, the sentiment is Positive. The current price of 3.96 is above the 20-day moving average (MA) of 3.11, above the 50-day MA of 3.02, and above the 200-day MA of 3.38, indicating a bullish trend. The MACD of 0.20 indicates Negative momentum. The RSI at 68.51 is Neutral, neither overbought nor oversold. The STOCH value of 88.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:KEEL.
Keel Infrastructure Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | C$11.41B | -28.89 | -16.27% | ― | 47.29% | -160.27% | |
56 Neutral | C$2.32B | -6.28 | -45.55% | ― | 39.58% | -301.21% | |
48 Neutral | C$59.84M | -5.39 | -8.68% | ― | 30.79% | 48.25% | |
46 Neutral | C$121.23M | 11.45 | -11.71% | ― | -34.67% | -203.85% | |
41 Neutral | C$9.55M | -2.83 | -13.56% | ― | 13.07% | -609.11% | |
41 Neutral | C$21.12M | -33.78 | ― | ― | 46.89% | 88.30% |
* Technology Sector Average
TSE:KEEL
Keel Infrastructure
4.18
2.84
211.94%
TSE:NDA
Neptune Digital Assets
0.98
-0.63
-39.13%
TSE:HUT
Hut 8
104.66
87.05
494.32%
TSE:DMGI
DMG Blockchain Solutions
0.30
0.05
22.92%
TSE:CBIT
Cathedra Bitcoin Inc
0.32
-0.74
-70.00%
TSE:BTCW
Bitcoin Well Inc
0.07
-0.04
-36.36%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.