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Keel Infrastructure KEEL Exercise Of Warrants

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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$2.34B+90.5%
Enterprise value$2.58B
P/S15.5×

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 Infrastructure in its filing.

Tagged under the XBRL concept bitf:ExerciseOfWarrants.

The source filing: Keel Infrastructure’s 10-K, filed March 31, 2026.

Filed
Mar 31, 2026, 4:31 PM EDT
Fiscal year
FY2026
Accession
0001213900-26-037514
Line itemYear ended December 31, 2025Year ended December 31, 2024Year ended December 31, 2023
Exercise of Options12,591,4492,644,8733,047,346
Settlement of share awards1,543,320
Issuance of common shares related to right-of-use asset1,532,745
Exercise of warrants15,191,8555,111,1119,269,630
Settlement of restricted share units2,744,083416,666250,002
2023 private placement44,444,446
Issuance through acquisition of assets8,500,000820,837
Outstanding, December 31,601,579,999479,332,885334,153,330

ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

FAQ

What is Keel Infrastructure's exercise of warrants?
Keel Infrastructure (KEEL) reported exercise of warrants of 15.2M in Q4 2025.
What does exercise of warrants mean?
This tracks the cash proceeds and share issuances resulting from the exercise of outstanding warrants by investors or third parties. Warrants are often issued as part of financing rounds, and their exercise represents a conversion of debt-like instruments into equity. This impacts the total share count and the company's cash position.

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