Keel Infrastructure Corp. (KEEL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the KEEL SEC filings page.
Keel Infrastructure Corp. (KEEL) reported $229.3M in revenue for fiscal year 2025, up 72.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Negative unit economics are being masked by scale, while expansion coincides with a leveraged balance-sheet shift.
From FY2024 to FY2025, revenue increased72.0% while gross margin stayed negative; added volume therefore did not establish positive gross economics. Operating margin fell to-65.3% as SG&A reached$78.3M , indicating the sharp deterioration occurred below gross profit rather than at the sales line, pointing to poor cost absorption.
Total liabilities expanded from
FY2025 operating cash flow was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Keel Infrastructure Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Keel Infrastructure Corp. has an operating margin of -65.3%, meaning the company loses $65 on every $100 of revenue. This results in a profitability score of 21/100. This is down from -21.0% the prior year.
Keel Infrastructure Corp.'s revenue surged 72.0% year-over-year to $229.3M, reflecting rapid business expansion. This strong growth earns a score of 92/100.
Keel Infrastructure Corp. has a moderate D/E ratio of 1.02. This balance of debt and equity financing earns a leverage score of 47/100.
With a current ratio of 5.58, Keel Infrastructure Corp. holds $5.58 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.
Keel Infrastructure Corp.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 2/100.
Keel Infrastructure Corp. posts a -50.8% return on equity (ROE), meaning it loses $51 for every $100 of shareholders' equity. This results in a returns score of 29/100. This is down from -4.6% the prior year.
Keel Infrastructure Corp. scores 1.56, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.2B) relative to total liabilities ($736.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Keel Infrastructure Corp. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Keel Infrastructure Corp. reported a net loss of $284.5M while operations used $226.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Keel Infrastructure Corp. reported an operating loss of $149.6M against $8.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Keel Infrastructure Corp. generated $30.4M in revenue in Q2 2026. This represents a decrease of 50.0% from the same quarter a year earlier. Against the prior quarter it is down 17.7%.
Keel Infrastructure Corp.'s EBITDA was -$56.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 222.0% from the same quarter a year earlier. Against the prior quarter it is up 19.9%.
Keel Infrastructure Corp. reported -$65.0M in net income in Q2 2026. This represents a decrease of 1081.5% from the same quarter a year earlier. Against the prior quarter it is up 55.3%.
Keel Infrastructure Corp. earned -$0.11 per diluted share (EPS) in Q2 2026. This represents a decrease of 1000.0% from the same quarter a year earlier. Against the prior quarter it is up 54.2%.
Cash & Balance Sheet
Keel Infrastructure Corp. recorded an outflow of $96.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 2.6% from the same quarter a year earlier. Against the prior quarter it is down 28.0%.
Keel Infrastructure Corp. held $768.9M in cash against $1.0B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Keel Infrastructure Corp.'s ROE was -19.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 18.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 14.9 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Keel Infrastructure Corp. invested $43.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 130.1% from the same quarter a year earlier. Against the prior quarter it is up 317.3%.
Not reported for Q2 2026.
Not reported for Q2 2026.
KEEL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q4'2310-K |
|---|---|---|---|---|---|---|---|
| Revenue | $30.4M-50.0% | $37.0M-22.4% | N/A | $60.9M | $47.7M | N/A | N/A |
| Cost of Revenue | $117.2M+80.9% | $63.3M+33.6% | N/A | $64.8M | $47.4M | N/A | N/A |
| Gross Profit | -$86.8M-2132.4% | -$26.3M-9630.8% | N/A | -$3.9M | $276K | N/A | N/A |
| SG&A Expenses | $31.3M+61.5% | $26.8M+52.3% | N/A | $19.4M | $17.6M | N/A | N/A |
| Operating Income | -$140.8M-1402.4% | -$98.4M-182.4% | N/A | $10.8M | -$34.8M | N/A | N/A |
| EBITDA | -$56.6M-222.0% | -$70.7M-991.5% | N/A | $46.4M | -$6.5M | N/A | N/A |
| Interest Expense | $2.1M+33.6% | $3.6M+1845.9% | N/A | $1.6M | $185K | N/A | N/A |
| Income Tax | $17K | -$3K-101.4% | N/A | $0 | $222K | N/A | N/A |
| Net Income | -$65.0M-1081.5% | -$145.4M-161.6% | N/A | -$5.5M | -$55.6M | N/A | N/A |
| EPS (Basic) | -$0.11-1000.0% | -$0.24-118.2% | N/A | -$0.01 | -$0.11 | N/A | N/A |
| EPS (Diluted) | -$0.11-1000.0% | -$0.24-118.2% | N/A | -$0.01 | -$0.11 | N/A | N/A |
| Diluted Shares (Avg) | N/A | 603M+20.5% | N/A | N/A | 500M | N/A | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
KEEL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q4'2310-K |
|---|---|---|---|---|---|---|---|
| Total Assets | $1.4B | $1.1B | $1.3B+95.5% | N/A | N/A | $663.1M | N/A |
| Current Assets | $896.5M | $575.6M | $826.5M+286.7% | N/A | N/A | $213.7M | N/A |
| Cash & Equivalents | $768.9M+596.2% | $398.4M+933.4% | $631.0M+959.7% | $110.4M | $38.5M | $59.5M-29.1% | $84.0M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $8.9M | $10.4M | $8.7M+663.1% | N/A | N/A | $1.1M | N/A |
| Accounts Receivable | $5.0M | $5.4M | $5.5M+334.6% | N/A | N/A | $1.3M | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.1B | $647.6M | $736.0M+1315.7% | N/A | N/A | $52.0M | N/A |
| Current Liabilities | $55.1M | $59.9M | $148.1M+426.1% | N/A | N/A | $28.2M | N/A |
| Non-Current Liabilities | $1.0B | $587.6M | $587.9M+2366.8% | N/A | N/A | $23.8M | N/A |
| Long-Term Debt | $1.0B | $573.2M | $572.4M+39931.3% | N/A | N/A | $1.4M-64.4% | $4.0M |
| Total Equity | $328.7M-50.4% | $419.1M-36.6% | $560.4M-8.3% | $662.2M | $661.4M | $611.1M+87.8% | $325.4M |
| Retained Earnings | -$822.8M | -$757.8M | -$612.5M-86.8% | N/A | N/A | -$327.9M | N/A |
Not reported in any period shown, so not listed: Goodwill.
KEEL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q4'2310-K |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$52.9M+29.3% | -$64.7M-243.3% | N/A | -$74.9M | -$18.8M | N/A | N/A |
| Depreciation & Amortization | $84.1M+136.3% | $27.7M-2.4% | N/A | $35.6M | $28.4M | N/A | N/A |
| Stock-Based Compensation | $9.8M+187.4% | $3.7M-14.2% | N/A | $3.4M | $4.3M | N/A | N/A |
| Capital Expenditures | $43.1M+130.1% | $10.3M-76.2% | N/A | $18.7M | $43.3M | N/A | N/A |
| Free Cash Flow | -$96.0M-2.6% | -$75.0M-20.6% | N/A | -$93.6M | -$62.2M | N/A | N/A |
| Investing Cash Flow | $13.9M-86.0% | -$54.8M-113.8% | N/A | $99.7M | -$25.7M | N/A | N/A |
Not reported in any period shown, so not listed: Financing Cash Flow, Dividends Paid, Share Buybacks.
KEEL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q4'2310-K |
|---|---|---|---|---|---|---|---|
| Gross Margin | -285.1% | -71.1%-71.7pp | N/A | -6.4% | 0.6% | N/A | N/A |
| Operating Margin | -462.6% | -266.0% | N/A | 17.8% | -73.1% | N/A | N/A |
| Net Margin | -213.6% | -392.9% | N/A | -9.0% | -116.6% | N/A | N/A |
| Return on Equity | -19.8%-18.9pp | -34.7%-26.3pp | N/A | -0.8% | -8.4% | N/A | N/A |
| Return on Assets | -4.6% | -13.6% | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 16.26 | 9.60 | 5.58-2.0x | N/A | N/A | 7.59 | N/A |
| Debt-to-Equity | 3.10 | 1.37 | 1.02+1.0x | N/A | N/A | 0.000.0x | 0.01 |
| Asset Turnover | 0.02 | 0.03 | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -315.5% | -202.8% | N/A | -153.7% | -130.5% | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Where Keel Infrastructure Corp. Ranks
Frequently Asked Questions
What is Keel Infrastructure Corp.'s annual revenue?
Keel Infrastructure Corp. (KEEL) reported $229.3M in total revenue for fiscal year 2025. This represents a 72.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Keel Infrastructure Corp.'s revenue growing?
Keel Infrastructure Corp. (KEEL) revenue grew by 72.0% year-over-year, from $133.3M to $229.3M in fiscal year 2025.
Is Keel Infrastructure Corp. profitable?
No, Keel Infrastructure Corp. (KEEL) reported a net income of -$284.5M in fiscal year 2025.
What is Keel Infrastructure Corp.'s EBITDA?
Keel Infrastructure Corp. (KEEL) had EBITDA of -$27.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Keel Infrastructure Corp. have?
As of fiscal year 2025, Keel Infrastructure Corp. (KEEL) had $631.0M in cash and equivalents against $572.4M in long-term debt.
What is Keel Infrastructure Corp.'s gross margin?
Keel Infrastructure Corp. (KEEL) had a gross margin of -8.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Keel Infrastructure Corp.'s operating margin?
Keel Infrastructure Corp. (KEEL) had an operating margin of -65.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Keel Infrastructure Corp.'s return on equity (ROE)?
Keel Infrastructure Corp. (KEEL) has a return on equity of -50.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Keel Infrastructure Corp.'s free cash flow?
Keel Infrastructure Corp. (KEEL) recorded an outflow of $326.9M in free cash flow during fiscal year 2025. This represents a 23.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Keel Infrastructure Corp.'s operating cash flow?
Keel Infrastructure Corp. (KEEL) recorded an outflow of $226.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Keel Infrastructure Corp.'s total assets?
Keel Infrastructure Corp. (KEEL) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Keel Infrastructure Corp.'s capital expenditures?
Keel Infrastructure Corp. (KEEL) invested $100.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Keel Infrastructure Corp.'s current ratio?
Keel Infrastructure Corp. (KEEL) had a current ratio of 5.58 as of fiscal year 2025, which is generally considered healthy.
What is Keel Infrastructure Corp.'s debt-to-equity ratio?
Keel Infrastructure Corp. (KEEL) had a debt-to-equity ratio of 1.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Keel Infrastructure Corp.'s return on assets (ROA)?
Keel Infrastructure Corp. (KEEL) had a return on assets of -21.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Keel Infrastructure Corp.'s P/E ratio?
Keel Infrastructure Corp. (KEEL) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $2.2B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Keel Infrastructure Corp.'s price-to-sales ratio?
Keel Infrastructure Corp. (KEEL) trades at 9.6x sales, its market capitalization divided by revenue of $229.3M revenue, FY2025. The market capitalization is $2.2B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Keel Infrastructure Corp.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Keel Infrastructure Corp. (KEEL) held $631.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $226.6M over that year. Dividing the one by the other, the reported balance equals about 33 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Keel Infrastructure Corp.'s Altman Z-Score?
Keel Infrastructure Corp. (KEEL) has an Altman Z-Score of 1.56, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Keel Infrastructure Corp.'s Piotroski F-Score?
Keel Infrastructure Corp. (KEEL) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Keel Infrastructure Corp.'s earnings high quality?
Keel Infrastructure Corp. (KEEL) reported a net loss of $284.5M while operations used $226.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Keel Infrastructure Corp. cover its interest payments?
Keel Infrastructure Corp. (KEEL) reported an operating loss of $149.6M against $8.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Keel Infrastructure Corp.?
Keel Infrastructure Corp. (KEEL) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.