What is KEEL's exchange offer (note 12)?

KEEL (KEEL) reported exchange offer (note 12) of $50M in Q4 2025.

What does exchange offer (note 12) mean?

The value of debt or other financial instruments converted into equity shares during the period. This metric reflects changes in the capital structure and the dilution impact on existing shareholders. It indicates the company's ability to reduce debt obligations through equity-linked financing.

KEEL KEEL Exchange Offer (Note 12)

Exchange Offer (Note 12) at other companies

Applied DigitalAPLD

$191.92M+346%

Other financials

Income statement

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Revenue$37.0M-22.4%

Gross profit-$26.3M-9,631%

Operating income-$98.4M-182%

Net income-$145.4M-162%

EPS (diluted)-$0.24-118%

Balance sheet

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Cash & equivalents$357.3M+827%

Total debt$591.0M—

Total equity$419.1M-36.6%

Total assets$1.1B—

Cash flow

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Operating cash flow-$64.7M-243%

CapEx$10.3M-76.2%

Free cash flow-$75.0M-20.6%

Valuation

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Market cap$3.8B—

Enterprise value$4.03B—

P/S25.1×—

Profitability

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Gross margin-7.9%-2.8pp

Operating margin-37.8%+2.0pp

Net margin-52%+24.6pp

FCF margin-259.9%+201pp

Returns & leverage

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Return on equity-6.1%-2.5pp

Debt / equity1.4×—

Current ratio9.6×—

Where this comes from

Reported directly by KEEL in its filing.

Tagged under the XBRL concept us-gaap:ConversionOfStockAmountConverted1.

The official record: KEEL’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is KEEL's exchange offer (note 12)?: KEEL (KEEL) reported exchange offer (note 12) of $50M in Q4 2025.
What does exchange offer (note 12) mean?: The value of debt or other financial instruments converted into equity shares during the period. This metric reflects changes in the capital structure and the dilution impact on existing shareholders. It indicates the company's ability to reduce debt obligations through equity-linked financing.