Keel Infrastructure Corp. (TSE:KEEL)
NASDAQ:KEEL
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Keel Infrastructure
(NASDAQ:KEEL)
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Rating:54Neutral
Price Target:
C$6.00
▲(51.52% Upside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weak financial performance (expanding losses, sustained cash burn, and higher leverage). This is partially offset by strong technical momentum and a balanced earnings-call outlook supported by high liquidity and defined leasing milestones, though the lack of profitability makes valuation metrics unattractive.
Positive Factors
Strong Liquidity
Having roughly $533M in cash and Bitcoin is a durable buffer that funds near-term execution, supports G&A through 2028, and enables Keel to fund initial site work and leasing milestones without immediate equity raises, materially lowering financing timing risk while it pursues project financing post-lease.
Negative Factors
Negative Cash Generation
Sustained multi-year cash burn limits Keel's ability to self-fund construction and working capital; while liquidity is currently adequate, persistent negative operating and free cash flow increases dependence on external project financing or asset sales and raises execution funding risk during buildout.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Liquidity
Having roughly $533M in cash and Bitcoin is a durable buffer that funds near-term execution, supports G&A through 2028, and enables Keel to fund initial site work and leasing milestones without immediate equity raises, materially lowering financing timing risk while it pursues project financing post-lease.
Read all positive factors
Keel Infrastructure (KEEL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.02B
Dividend YieldN/A
Average Volume (3M)5.03M
Price to Earnings (P/E)―
Beta (1Y)2.36
Revenue Growth10.98%
EPS Growth-183.89%
CountryCA
Employees170
SectorTechnology
Sector Strength88
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.76
Shares Outstanding603,828,700
10 Day Avg. Volume6,689,554
30 Day Avg. Volume5,033,898
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$7.61Price Target Upside92.23% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-0.33
Revenue Forecast (FY)C$114.85M
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 Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Neutral
Balanced: The call highlighted substantial strategic progress — completed redomiciliation and rebrand, strengthened balance sheet with ~$533M liquidity, secured multi-hundred‑MW sites with zoning approvals, strong partner roster, and clear go‑to-market goals (three leases in 2026, revenue in 2027). Offsetting these positives were meaningful near-term financial headwinds: revenue declined 23% YoY, sizable operating and net losses, negative adjusted EBITDA, elevated energy costs, and remaining execution risks (permits, bandwidth and unsigned leases). The company appears well-capitalized to pursue its plan, but value realization depends on signing the targeted leases and delivering megawatts on schedule.Positive Updates
Corporate Transformation Completed
Redomiciled to the United States, rebranded as Keel Infrastructure, and closed sale of the Paso Pe site — completing a multiyear strategic pivot from Bitcoin mining to North American digital infrastructure.
Negative Updates
Revenue Decline
Q1 2026 revenue was $37 million, down 23% year-over-year.
Read all updates
Q1-2026 Updates
Positive
Negative
Corporate Transformation Completed
Redomiciled to the United States, rebranded as Keel Infrastructure, and closed sale of the Paso Pe site — completing a multiyear strategic pivot from Bitcoin mining to North American digital infrastructure.
Read all positive updates
Company Guidance
Keel guided that its near‑term plan is to sign three leases by year‑end 2026 (one at Panther Creek, one at Sharon and one at Moses Lake) with revenue expected to commence in 2027 and ready‑for‑service timelines targeted in 2027; key site metrics include Panther Creek’s 350 MW secured under an ESA (a possible +60 MW ISA conversion to ~400–430 MW and a 2025 load study supporting >500 MW long‑term), Sharon’s 110 MW secured (30 MW substation operational + 80 MW under development), and Moses Lake’s 18 MW (plus a secured option for an additional 10 MW) where major modular equipment and long‑lead items have been acquired to accelerate deployment; management said current liquidity of ~ $533 million in cash and Bitcoin (as of May 8, 2026) fully funds advancement to lease execution and the start of Moses Lake construction and covers G&A through 2028, expects run‑rate cash SG&A of about $25 million/quarter (~$100 million/year), and plans to access non‑recourse project financing post‑lease to fund construction while executing against a >2 GW development pipeline.Keel Infrastructure Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
32
Negative
Cash Flow
16
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
4.04
Positive
3.67
Positive
3.79
Positive
Market Momentum
0.68
Negative
72.05
Negative
79.43
Neutral
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 below the 20-day moving average (MA) of 5.22, below the 50-day MA of 4.04, and above the 200-day MA of 3.79, indicating a bullish trend. The MACD of 0.68 indicates Negative momentum. The RSI at 72.05 is Negative, neither overbought nor oversold. The STOCH value of 79.43 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | C$16.49B | -8.38 | -20.57% | ― | 114.22% | -367.82% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | C$4.02B | -2.04 | -69.94% | ― | 10.98% | -183.89% | |
48 Neutral | C$65.00M | -5.39 | -8.68% | ― | 30.79% | 48.25% | |
46 Neutral | C$138.54M | 11.45 | -5.30% | ― | -34.67% | -203.85% | |
44 Neutral | C$14.08M | 3.09 | ― | ― | 28.21% | 37.20% | |
41 Neutral | C$9.40M | -1.55 | -13.56% | ― | 13.07% | -609.11% |
* Technology Sector Average
TSE:KEEL
Keel Infrastructure
6.63
5.16
351.02%
TSE:NDA
Neptune Digital Assets
1.08
-0.78
-41.94%
TSE:HUT
Hut 8
146.34
123.07
528.88%
TSE:DMGI
DMG Blockchain Solutions
0.32
0.03
10.53%
TSE:CBIT
Cathedra Bitcoin Inc
0.32
-1.48
-82.22%
TSE:BTCW
Bitcoin Well Inc
0.05
-0.12
-70.59%
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.