Keel Infrastructure (TSE:KEEL)
TSX:KEEL
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Keel Infrastructure
(TSX:KEEL)
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Rating:46Neutral
Price Target:
C$2.50
▼(-14.38% Downside)
Action:ReiteratedDate:04/06/26
The score is held down primarily by weak financial performance (persistent losses, substantial cash burn, and higher leverage) and bearish technicals (price below major moving averages with negative MACD). The latest earnings call provides some offset via improved liquidity and a sizable HPC/AI pipeline, but the plan’s value hinges on permitting and lease execution that have not yet converted into contracted revenue.
Positive Factors
Secured Power & Land Pipeline
A secured 2.2 GW pipeline provides durable scale and rare access to low-cost power and land in constrained markets. That organic capacity underpins multi-year revenue potential from infrastructure leases, creates barriers to entry, and supports long-term commercial growth as sites convert to megawatts delivered.
Negative Factors
Persistent Cash Burn
Consistent negative operating cash flow and deeply negative free cash flow signal structural cash consumption. Sustained cash burn forces continued reliance on capital markets or asset monetization, risks dilution or higher borrowing costs, and constrains the company’s ability to self-fund project rollouts if execution is slower than planned.
Read all positive and negative factors
Positive Factors
Negative Factors
Secured Power & Land Pipeline
A secured 2.2 GW pipeline provides durable scale and rare access to low-cost power and land in constrained markets. That organic capacity underpins multi-year revenue potential from infrastructure leases, creates barriers to entry, and supports long-term commercial growth as sites convert to megawatts delivered.
Read all positive factors
Keel Infrastructure (KEEL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.65B
Dividend YieldN/A
Average Volume (3M)4.27M
Price to Earnings (P/E)―
Beta (1Y)2.29
Revenue Growth51.69%
EPS Growth28.00%
CountryCA
Employees170
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-0.25
Shares Outstanding565,625,400
10 Day Avg. Volume4,665,458
30 Day Avg. Volume4,269,874
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$5.47Price Target Upside87.38% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.27
Revenue Forecast (FY)C$109.53M
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
Neutral
2.92
Price Trends
2.96
Negative
3.41
Negative
3.30
Negative
Market Momentum
-0.05
Negative
49.08
Neutral
68.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:KEEL, the sentiment is Neutral. The current price of 2.92 is below the 20-day moving average (MA) of 2.96, below the 50-day MA of 2.96, and below the 200-day MA of 3.30, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 49.08 is Neutral, neither overbought nor oversold. The STOCH value of 68.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:KEEL.
Keel Infrastructure Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
57 Neutral | C$9.73B | -28.89 | 18.75% | ― | 7.46% | -4.30% | |
46 Neutral | C$1.65B | -6.28 | -45.55% | ― | 51.69% | 28.00% | |
44 Neutral | C$48.49M | -5.39 | -8.68% | ― | 39.64% | -70.96% | |
43 Neutral | C$121.87M | -6.21 | -11.71% | ― | -21.21% | -84.82% | |
41 Neutral | C$9.11M | -2.83 | -13.56% | ― | 40.83% | -123.25% | |
41 Neutral | C$21.12M | -33.78 | ― | ― | 72.86% | -2.13% |
* Financial Sector Average
TSE:KEEL
Keel Infrastructure
2.92
1.80
160.71%
TSE:NDA
Neptune Digital Assets
0.95
-0.47
-33.10%
TSE:HUT
Hut 8
87.71
70.84
419.92%
TSE:DMGI
DMG Blockchain Solutions
0.24
<0.01
4.44%
TSE:CBIT
Cathedra Bitcoin Inc
0.31
-0.59
-65.56%
TSE:BTCW
Bitcoin Well Inc
0.08
-0.05
-37.50%
Keel Infrastructure Corporate Events
Business Operations and StrategyStock BuybackDelistings and Listing Changes
Bitfarms Rebrands as Keel Infrastructure and Moves Headquarters to U.S. in AI Pivot
Positive
Apr 1, 2026
Keel Infrastructure, the rebranded successor to Bitfarms, has completed its redomiciliation from Canada to the United States and will now operate as a Delaware corporation headquartered in New York City, continuing the existing business focused on...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and FinancingShareholder Meetings
Bitfarms Moves to U.S. as Keel Infrastructure, Bolsters Data Center Pipeline
Positive
Mar 31, 2026
Bitfarms reported its 2025 results while accelerating commercialization at its Panther Creek, Sharon and Moses Lake sites and advancing a 2.2 GW development pipeline across North America. The company ended March 27, 2026 with $520 million in cash ...
Business Operations and StrategyExecutive/Board Changes
Bitfarms Boosts U.S. Leadership to Accelerate HPC and AI Infrastructure Push
Positive
Mar 9, 2026
Bitfarms has expanded its leadership ranks with a series of senior U.S.-based hires as it accelerates development of high-performance computing and AI data centers and moves toward U.S. domiciliation. The company is building a domestic leadership ...
Business Operations and StrategyShareholder Meetings
Proxy Advisors Back Bitfarms’ U.S. Redomiciliation Ahead of Pivotal Shareholder Vote
Positive
Mar 5, 2026
Independent proxy advisory firms, including Institutional Shareholder Services Inc., have recommended that Bitfarms shareholders vote in favor of the company’s proposed redomiciliation to the U.S. ahead of a special shareholder meeting on Ma...
Business Operations and StrategyDelistings and Listing ChangesShareholder Meetings
Bitfarms Sets Shareholder Vote on U.S. Move and Rebrand to Keel Infrastructure
Positive
Feb 24, 2026
Bitfarms has begun distributing materials for a special shareholder meeting on March 20, 2026, where investors will vote on a plan to redomicile the company from Canada to the U.S. and rebrand it as Keel Infrastructure. The board unanimously suppo...
Business Operations and StrategyExecutive/Board Changes
Bitfarms Names Edie Hofmeister Board Chair Ahead of U.S. Redomiciliation
Positive
Jan 14, 2026
Bitfarms has appointed American executive and longtime corporate governance specialist Edie Hofmeister as Chair of its Board of Directors, succeeding Brian Howlett, who will remain on the board as an independent director. The leadership change is ...
Business Operations and Strategy
Bitfarms to Spotlight Digital Infrastructure Strategy at Needham Growth Conference
Positive
Jan 7, 2026
Bitfarms Ltd. will participate in Needham’s 28th Annual Growth Conference in New York City, where its CFO Jonathan Mir and COO Liam Wilson are scheduled to deliver a management presentation on January 13 and host one-on-one meetings with inv...
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.