# Keel Infrastructure Corp. (KEEL)

> Source: Nexqual · https://nexqual.com/KEEL · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Keel Infrastructure Corp. (KEEL), nexqual.com/KEEL" · informational, not investment advice.

**Price:** USD 2.31 (-4.94% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 2.43 · day 2.25–2.38 · 52w 1.68–7.37 · market cap $1.43B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $176M, net income -$271M (-154.2% margin) (SEC filings).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $526K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (11 analysts), mean target USD 6.23 (range 4–10).
- Total return with dividends: 1Y -43.1% vs S&P 500 +14.4%; 5Y -54.9% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD -0.12, revenue estimate $20.0M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $120M | $133M | $229M | $176M |
| Gross profit | -$23.7M | -$15.9M | -$18.9M | — |
| Operating income | -$50.0M | -$28.0M | -$150M | -$263M |
| Net income | -$55.5M | -$28.4M | -$285M | -$271M |
| EPS (diluted) | -$0.21 | -$0.07 | -$0.52 | — |
| Free cash flow | -$155M | -$429M | -$327M | -$327M |
| Gross margin | -19.7% | -11.9% | -8.2% | — |
| Operating margin | -41.5% | -21.0% | -65.2% | -149.6% |
| Net margin | -46.1% | -21.3% | -124.1% | -154.2% |
| Revenue growth | — | +10.7% | +72.0% | — |
| Cash + short-term investments | $84.0M | $59.5M | $631M | — |
| Total debt | $4.0M | $1.6M | $669M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 8.1x · P/B 4.3x · FCF yield -22.91% · Earnings yield -19.02%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $526K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-21 | Gagnon Benjamin | Chief Executive Officer | 38,888 | $129K | 3.33 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-20 | Wilson Liam Daniel | Chief Operating Officer | 30,769 | $100K | 3.25 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Wilson Liam Daniel | Chief Operating Officer | 26,472 | $100K | 3.78 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-13 | Gagnon Benjamin | Chief Executive Officer | 58,888 | $196K | 3.33 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 11 analysts; mean target USD 6.23 (low 4, high 10).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Overweight | $5 → $4 |
| 2026-07-22 | BTIG | Initiated | Buy | $8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -43.1% | -54.9% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -43.2% | -14.7% |
| Volatility (annualized) | 102.0% | 104.0% |
| Max drawdown | -67.4% (Jun 2026→Oct 2026) | -95.2% (Nov 2021→Dec 2022) |

## Peers (Information Technology Services)
PONY (Pony AI Inc.) USD 4.92 -2.57% · CHRN (ChronoScale Holdings Corporatio) USD 15.62 -8.25% · CSQR (Csquare, Inc.) USD 14.95 -2.86% · DXC (DXC Technology Company) USD 15.23 -5.34% · KD (Kyndryl Holdings, Inc.) USD 13.94 -1.06% · PENG (Penguin Solutions, Inc.) USD 58.79 -3.31%

## More
Full page: https://nexqual.com/KEEL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-10)

- "Bitcoin mining operations in preparation for HPC site construction. • Advanced the Sherbrooke, QC data center project with an agreement with Hydro-Sherbrooke for the conditional transfer and operation of 96 MW of existing capacity, as well as a purchase agreement for a parcel of land on which to develop the data center."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.12 | $-0.06 | −$0.06 | $20.0M | 4 |
| Next quarter (ends 2026-12-31) | $-0.11 | $-0.06 | −$0.05 | $17.9M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.56 | $-0.17 | −$0.39 | $106.0M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.40 | $-0.15 | −$0.25 | $84.6M | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.19 | −$0.07 | Miss −171.4% | — |
| — | Quarter ended Mar 31, 2026 | −$0.09 | −$0.04 | Miss −$0.05 | — |
| — | Quarter ended Dec 31, 2025 | −$0.11 | −$0.02 | Miss −$0.09 | — |
| — | Quarter ended Sep 30, 2025 | −$0.15 | −$0.02 | Miss −$0.13 | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-10 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1812477/000181247726000023/0001812477-26-000023-index.htm |
| 2026-08-10 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1812477/000181247726000021/0001812477-26-000021-index.htm |
| 2026-07-29 | Schedule 13G | BlackRock, Inc.: 8.4% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1812477/000201238326002888/0002012383-26-002888-index.htm |
| 2026-07-06 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On July 5, 2026, Keel Infrastructure Corp. (the "Company") appointed Ganesh Aiyer, age 55, as President, effective July 6, 2026. Mr. Aiyer will report directly to the Company's Chief Executive Officer. Mr. Aiyer most recently served as Chief Business Officer at Digital Realty Trust, one of the largest data center REITs in the world that owns and operates over 300 data centers across 25 countries, since 2019. At Digital Realty, Mr. Aiyer led global commercial strategy and business operations spanning hyperscale,…” | https://www.sec.gov/Archives/edgar/data/1812477/000121390026075205/0001213900-26-075205-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.