Keel Infrastructure Corp. Common Stock (KEEL)

FairStock Score: 23/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for businesses that earn good returns on capital and sell at a sensible price. Keel does neither today. It owns data centers and energy infrastructure serving bitcoin mining and HPC/AI, but the filed numbers show a company consuming cash. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $30.4M and net income was -$65.0M; in fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $37.0M and net income was -$145.4M. For FY2025, ended 2025-12-31, revenue was $229.3M and net loss was $284.5M. FY2024 and FY2023 also lost money. Trailing free cash flow was -$409.2M, and the FairStock FCF yield is -23.1%. The balance sheet looks strained: debt-to-equity of 3.16, Altman Z-Score 0.62, Piotroski 3/9. Returns are deeply negative: ROE -75.64% and ROCE -8.92%. At the 2026-10-13 close of $2.87 and $1.8B market cap, FairStock calculates a P/E of -4.42 and P/B of 5.42. Paying over five times book for a loss-making, cash-burning business is not Graham's idea of margin of safety. The FairStock Score is 23/100. Growth is not compensating: revenue growth is -22.37% and profit growth -161.65%. A 4.07 beta adds volatility. Maybe AI/HPC demand could rescue these assets, but I see no durable moat or profit record yet. I need evidence of positive earnings and cash generation before calling this a value opportunity.

In plain English: Keel Infrastructure operates data centers and energy infrastructure for bitcoin mining, high-performance computing and AI, and also provides electrician services. The business looks weak: it has lost money for at least three years, recent revenue has fallen, and cash flow is sharply negative. At $2.87, the stock looks expensive against those weak current numbers, even though it has traded much higher and lower over the past year.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer