Keel Infrastructure Corp. (KEEL) financials
NASDAQ · Technology · Information Technology Services · 274 employees · CEO Benjamin J. Gagnon
- Price
- $2.08 -9.96%
- Market cap
- $1.26B
- Enterprise value
- $1.58B
- Last report
- Q2 '26 filed 2026-08-10
- Next report
- 2026-11-05 EPS est. -$0.09
Revenue (TTM)$152M-38.1% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-178.6%-124.7 pp vs a year agoOperating income -$272M
Net income (TTM)-$430M-399.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$358M+30.3% vs a year agoCapex $107M
Diluted EPS (TTM)-$0.75-329.6% vs a year agoSum of the last 4 quarters
Net cash-$323M-564.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $1.26B EV $1.58B
- Revenue
- $152M Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -282.9% Net income / revenue, TTM
- P/E
- -2.8×
- P/S
- 8.3× Price / sales, TTM
- EV / EBITDA
- -49.6× TTM
- Free cash flow
- -$358M Trailing 12 months
- Net income
- -$430M Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-05 Revenue est. $17.7M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-10): revenue missed by 3.3%, EPS missed by 62.3%Revenue $30.4M vs $31.5M expected (-3.3%); EPS -$0.11 vs -$0.07 (-62.3%).
- Revenue growth slowing: -60.9% year on yearQ2 '26 revenue $30.4M, against an average of 6.1% over the four quarters before.
- Operating margin -178.6% (TTM), -124.7 pp on a year agoOperating income grew -105.3% while revenue grew -38.1%.
- Capex 70.4% of revenue (a year ago 102.8%)$107M invested in the last 4 quarters (-57.6% on a year earlier). Free cash flow -$358M.
- Diluted share count up 8.9% in a year605M diluted shares in Q2 '26, 556M a year earlier.
- Net debt $323MCash + short-term investments $716M, debt incl. leases $1.04B; a year ago net cash $69.6M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $30.4M | $77.8M | -60.9% |
| Gross margin | -285.1% | -7.0% | -278.0 pp |
| Operating income | -$141M | -$39.6M | -255.3% |
| Operating margin | -462.6% | -50.9% | -411.7 pp |
| Net income | -$65M | -$28.8M | -125.3% |
| Diluted EPS | -$0.11 | -$0.05 | -111.9% |
| Operating cash flow | -$52.9M | -$74.5M | +29.0% |
| Capex | $43.1M | $19M | +126.6% |
| Free cash flow | -$96M | -$93.5M | -2.6% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $9.85M | $3.62M | +172.4% |
Reported vs consensus
2026-08-10| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $30.4M | $31.5M | -3.3% |
| EPS (as estimated) | -$0.11 | -$0.07 | -62.3% |
From the report of 2026-08-10 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Depreciation And Amortization | $84.1M | – | 81.4% | – | – | |
| Energy Service | $19.2M | – | 18.6% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $11.4M | – | 37.3% | – | – | |
| CANADA | $19.1M | – | 62.7% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$251M
- Capex
- -$107M
- Buybacks
- -$51.8M
- Dividends
- $0
- Acquisitions
- $16.4M
- Net debt issued
- $950M
- Stock-based compensation
- $20.4M
- Free cash flow
- -$358M
- Returned to shareholders / FCF
- -14.5%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -2.8× | 36.1× 1 of 5 years | 36.1× – 36.1× |
| EV / EBITDA | -49.6× | 24.6× 3 of 5 years | 7.8× – 55.4× |
| EV / Sales | 10.4× | 3.9× | 0.9× – 6.1× |
| Price / FCF | -3.5× | – | – |
| Price / Book | 3.8× | 1.7× | 0.4× – 2.6× |
| FCF yield | -28.5% | -65.7% | -173.6% – -23.2% |
| Return on invested capital | -19.8% | -24.2% | -80.2% – 7.3% |
| Return on equity | -89.6% | -31.8% | -68.8% – 6.2% |
Analysts
Consensus target $6.13 (+194.7%)
range $4.00 – $8.00 · rating Buy
Strong buy0
Buy5
Hold0
Sell0
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 324 figures Keel Infrastructure Corp. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $25.5M2026-06-30 | $54.5M | -53.2% | – | – | – | |
| $206M2026-06-30 | $103M | +100.2% | – | – | – | |
| -$11.2M2026-06-30 | $16M | -169.9% | – | – | – | |
| $2.89M2026-06-30 | $460K | +527.2% | – | – | – | |
| Accounts Payable and Accrued Liabilities, Current | $46.7M2026-06-30 | – | – | $46.4M2025-12-31 | $25.8M | +80.1% |
| Accounts Payable and Accrued Liabilities, Fair Value Disclosure | $35M2025-12-31 | $22.1M | +58.6% | $35M2025-12-31 | $22.1M | +58.6% |
| Accounts Payable, Current | $18.3M2026-06-30 | – | – | $16.3M2025-12-31 | $8.23M | +97.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $5.02M2026-06-30 | – | – | $5.47M2025-12-31 | $1.26M | +334.6% |
| Accounts Receivable, Allowance for Credit Loss, Current | $66K2025-12-31 | $63K | +4.8% | $66K2025-12-31 | $63K | +4.8% |
| Accounts Receivable, Allowance for Credit Loss, Recovery | – | – | – | $1K2023-12-31 | – | – |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | – | – | – | $16K2023-12-31 | – | – |
| Accounts Receivable, Credit Loss Expense (Reversal) | $02026-06-30 | $0 | – | $3K2025-12-31 | -$5K | +160.0% |
| Accounts Receivable, Fair Value Disclosure | $5.47M2025-12-31 | $1.26M | +334.6% | $5.47M2025-12-31 | $1.26M | +334.6% |
| Accrued Liabilities, Current | $16.7M2026-06-30 | – | – | $18.7M2025-12-31 | $13.8M | +35.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $166M2026-06-30 | – | – | $190M2025-12-31 | $164M | +15.5% |
| Additional Paid in Capital | $1.15B2026-06-30 | – | – | $108M2025-12-31 | $101M | +6.9% |
| Adjustments to Additional Paid in Capital, Warrant Issued | – | – | – | $20.1M2025-12-31 | – | – |
| Advertising Expense | $415K2026-06-30 | $1.09M | -61.9% | $1.75M2025-12-31 | $697K | +150.4% |
| Allowance for Doubtful Other Receivables, Current | – | – | – | $815K2024-12-31 | – | – |
| Amortization of Debt Discount (Premium) | $916K2026-06-30 | $491K | +86.6% | $3.15M2025-12-31 | – | – |
| Amortization of Debt Issuance Costs | – | – | – | $278K2025-12-31 | $139K | +100.0% |
| Amortization of Debt Issuance Costs and Discounts | – | – | – | $3.15M2025-12-31 | – | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 139M2026-06-30 | 0 | – | 39.5M2025-12-31 | 12.6M | +213.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $9.85M2026-06-30 | $3.5M | +181.4% | $15M2025-12-31 | $12.7M | +18.2% |
| Asset Impairment Charges | $1.58M2026-06-30 | $0 | – | – | – | – |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $222K2025-12-31 | $270K | -17.8% |
| Assets | $1.42B2026-06-30 | – | – | $1.3B2025-12-31 | $663M | +95.5% |
| Assets Held-in-trust | $14.1M2026-03-31 | – | – | $28.7M2025-12-31 | $135M | -78.7% |
| Assets Held-in-trust, Current | $28.7M2025-12-31 | $9.42M | +204.3% | $28.7M2025-12-31 | $9.42M | +204.3% |
| Assets Held-in-trust, Noncurrent | – | – | – | $125M2024-12-31 | – | – |
| Assets, Current | $896M2026-06-30 | – | – | $826M2025-12-31 | $214M | +286.7% |
| Assets, Fair Value Disclosure | $850M2026-06-30 | – | – | $651M2025-12-31 | $87.4M | +645.1% |
| Business Acquisition, Pro Forma Net Income (Loss) | – | – | – | -$216M2025-12-31 | -$63.1M | -242.6% |
| Business Acquisition, Pro Forma Revenue | – | – | – | $231M2025-12-31 | $198M | +16.8% |
| Business Combination, Acquisition Related Costs | – | – | – | $7.08M2025-12-31 | – | – |
| Business Combination, Consideration Transferred, Other | – | – | – | $7.75M2024-12-31 | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $3.27M2025-12-31 | – | – | $3.27M2025-12-31 | – | – |
| Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Costs | – | – | – | $1.57M2025-03-31 | – | – |
| Cash | $716M2026-06-30 | $85.4M | +737.5% | $573M2025-12-31 | $59.5M | +863.1% |
| Cash Acquired from Acquisition | – | – | – | $2.98M2025-12-31 | – | – |
| Cash and Cash Equivalents, Fair Value Disclosure | $573M2025-12-31 | $59.5M | +863.1% | $573M2025-12-31 | $59.5M | +863.1% |
| Cash Provided by (Used in) Financing Activities, Discontinued Operations | -$15K2026-03-31 | -$172K | +91.3% | -$274K2025-12-31 | -$296K | +7.4% |
| Cash Provided by (Used in) Investing Activities, Discontinued Operations | $1.7M2026-03-31 | -$2.88M | +158.9% | $26.2M2025-12-31 | $27.6M | -5.1% |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | -$1.06M2026-03-31 | $1.19M | -189.2% | -$12.8M2025-12-31 | -$25.2M | +49.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $769M2026-06-30 | $110M | +596.2% | $631M2025-12-31 | $59.5M | +959.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $371M2026-06-30 | $71.8M | +416.2% | $571M2025-12-31 | -$24.5M | +2,433.5% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $43.692026-05-14 | – | – | $1.302025-03-14 | – | – |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3.21M2025-12-31 | – | – | 3.21M2025-12-31 | – | – |
| Class of Warrant or Right, Outstanding | 2.2M2025-10-31 | – | – | 2.2M2025-10-31 | – | – |
| Common Stock, Par or Stated Value Per Share | $0.002026-06-30 | – | – | – | – | – |
| Common Stock, Shares Authorized | 1.5B2026-06-30 | – | – | – | – | – |
| Common Stock, Shares, Issued | 617M2026-06-30 | – | – | 602M2025-12-31 | 479M | +25.5% |
| Common Stock, Shares, Outstanding | 617M2026-06-30 | 558M | +10.6% | 602M2025-12-31 | 479M | +25.5% |
| Common Stock, Value, Issued | $617K2026-06-30 | – | – | $1.06B2025-12-31 | $838M | +27.1% |
| Construction in Progress, Gross | $72M2026-03-31 | – | – | $20.1M2025-12-31 | $2.53M | +696.3% |
| Contractual Obligation | $1.08B2026-06-30 | – | – | – | – | – |
| Contractual Obligation, to be Paid, Remainder of Fiscal Year | $2.89M2026-06-30 | – | – | – | – | – |
| Contractual Obligation, to be Paid, Year Four | $1.06B2026-06-30 | – | – | – | – | – |
| Contractual Obligation, to be Paid, Year One | $4.5M2026-06-30 | – | – | – | – | – |
| Contractual Obligation, to be Paid, Year Three | $4.27M2026-06-30 | – | – | – | – | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31
Data as of 2026-11-02