Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Keel Infrastructure Corp. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
34.7
169
142
146
193
229
Cost of revenue
31.8
58.4
132
144
149
248
Gross profit
2.87
111
10.5
-23.7
-15.9
-18.9
Selling, general and administrative
2.73
General and administrative
33.9
61.9
78.3
Operating income
-6.73
63.6
-284
-50
-28
-150
Interest expense
9.39
21
-0.07
2.87
0.75
8.62
Interest income
0.36
0.54
Other non-operating income
9.91
21
-58.8
Pre-tax income
-16.1
42.6
-193
-40.1
-7.01
-208
Income tax
0.17
20.5
-17.4
-0.15
0.35
0.1
Net income
0.17
20.5
-176
-55.5
-28.4
-285
EBITDA
4.76
88.1
-212
34.3
107
-27
EPS, basic
-0.07
0.05
-0.43
-0.21
-0.07
-0.52
EPS, diluted
-0.07
0.05
-0.43
-0.21
-0.07
-0.52
Shares, basic (weighted)
262
415
552
Shares, diluted (weighted)
262
415
552
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
5.95
126
30.9
84
59.5
631
Receivables
1.1
1.04
0.11
0.69
1.26
5.47
Inventory
0.71
1.14
8.68
Other current assets
4.28
2.83
Total current assets
9.17
287
69.1
130
214
826
Property, plant and equipment
35.8
137
219
186
237
358
Lease right-of-use assets
5.39
9.4
16.4
14.3
21.3
11.1
Goodwill
17
Intangible assets
0.38
1.68
0.03
3.7
4.04
2.98
Other non-current assets
1.6
Total assets
51.7
543
343
379
663
1,296
Accounts payable
2.7
14.5
20.5
20.7
8.23
16.3
Accrued liabilities
13.8
18.7
Short-term debt
0.15
97
Total current liabilities
28.5
101
67.4
69.2
28.2
148
Long-term debt
1.43
572
Lease liabilities
7.4
9.23
14.2
13
17.4
10.6
Other non-current liabilities
2.59
2.76
Total liabilities
36.3
120
87.7
84
52
736
Total debt
4.02
1.58
669
Paid-in capital
5.59
43.7
65.5
101
1,172
Retained earnings
-22.1
-0.02
-197
-300
-328
-612
Shareholders' equity
247
325
611
560
Total equity
15.4
359
255
295
608
560
Total liabilities and equity
51.7
543
343
379
663
1,296
Shares outstanding
448
334
479
602
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-16.3
22.1
-176
-55.5
-28.4
-285
Depreciation and amortization
11.5
24.5
72.4
84.3
135
123
Stock-based compensation
10.9
12.7
15
Change in receivables
0.01
0.55
1.5
Change in inventory
0.12
0.48
4.99
Change in payables
0.53
15.8
2.05
Cash from operations
7.22
-43.3
-122
-107
-142
-227
Capital expenditures
-153
-48.4
-287
-100
Acquisitions
-48.1
Purchases of investments
-36.3
-22.4
-34
Sales and maturities of investments
48.5
24.7
34
Cash from investing
-3.61
-209
3.66
71
-178
104
Debt issued
60
40
1.7
666
Debt repaid
-100
-30.5
-4.14
-0.79
Stock issued
54.1
109
290
Cash from financing
0.19
372
24
89.1
296
694
Exchange rate effect
-0.02
-0.02
0.04
0.02
-0.01
-0.01
Net change in cash
3.79
120
-94.8
53.1
-24.5
571
Free cash flow
-276
-155
-429
-327
Interest paid
13.9
1.74
1.26
Income taxes paid
15
-11.6
1.51
0.43
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $3.80 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
-8.2%
Gross profit / revenue.
Operating margin
-65.2%
Operating income / revenue.
EBITDA margin
-11.8%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-90.9%
Pre-tax income / revenue.
Net margin
-124.1%
Net income / revenue.
FCF margin
-142.6%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-98.8%
Cash from operations / revenue.
Return on equity (ROE)
-48.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-29.0%
Net income / average total assets.
Return on invested capital (ROIC)
-20.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
6.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
43.7%
Capital expenditures / revenue.
D&A / revenue
53.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
18.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
17.2%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
45.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y
-125.1%
EBITDA vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-8.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
31.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
95.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
55.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
90.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
33.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.58x
Current assets / current liabilities.
Quick ratio
4.30x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.26x
(Cash + short-term investments) / current liabilities.
Debt / equity
1.19x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
51.6%
Total debt / total assets.
Liabilities / assets
56.8%
Total liabilities / total assets.
Net debt
$38.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$0.52
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.52
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.42
Revenue / diluted weighted shares.
FCF per share
-$0.59
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.41
Cash from operations / diluted weighted shares.
Book value per share
$0.93
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
10.2x
Market cap / revenue.
P/B
4.19x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.21x
Market cap / tangible book value, when positive.
EV/Sales
10.4x
Enterprise value / revenue.
FCF yield
-13.9%
Free cash flow / market cap.
Earnings yield
-12.1%
Net income / market cap (the inverse of P/E).
What was Keel Infrastructure Corp.'s revenue in fiscal 2025?
Keel Infrastructure Corp. reported revenue of $229.3M for fiscal 2025, 18.9% higher than the year before.
Was Keel Infrastructure Corp. profitable in fiscal 2025?
No. It reported a net loss of $284.5M.
How much free cash flow did Keel Infrastructure Corp. generate in fiscal 2025?
Cash from operations of $226.6M minus capital expenditures of $100.3M left free cash flow of -$326.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.