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KEEL, Keel Infrastructure Corp.
We have a portfolio of assets that include owned and operated power generation facilities with collocated Bitcoin Mining data centers, established grid interconnections within the wholesale electricity market administered by PJM Interconnection in Pennsylvania, and 100% renewable hydroelectric capacity in Canada and Washington state.
We are developing data centers designed to support HPC and AI workloads, with the intention of leasing capacity to hyperscalers, cloud service providers, AI companies, and enterprises under long-term contracts.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~41 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has sat below the cost of equity (median -17%, above 12% in only 0 of 3 years). The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →49% of revenue comes from outside the United States.
- United States51%$116M
- Canada49%$113M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $120M | $133M | $229M | $188M | RevenueRevenue |
| $1M | $6M | $6M | $9M | Net interest incomeNet int. |
| ($40M) | ($7M) | ($208M) | — | Pretax incomePretax |
| ($56M) | ($28M) | ($285M) | ($434M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| — | -4.3% | -21.9% | -30.6% | Return on assetsROA |
| -17% | -5% | -51% | -132% | Return on equityROE |
| −17% | −5% | −51% | −132% | Retained to equityRetained/eq |
| -17% | -5% | -51% | -133% | Return on tangible equityROTCE |
| $71M | ($178M) | $104M | — | Investing cash flowInv. cash |
| $89M | $296M | $694M | — | Financing cash flowFin. cash |
| $18K | ($8K) | ($8K) | — | Exchange-rate effectFX |
| $53M | ($24M) | $571M | — | Change in cashΔ cash |
| Balance sheet | ||||
| — | $663M | $1.3B | $1.4B | Total assetsAssets |
| — | $52M | $736M | — | Total liabilitiesTotal liab. |
| $325M | $611M | $560M | $329M | Shareholders’ equityEquity |
| Per share | ||||
| 262M | 415M | 552M | 604M | Shares out (diluted)Shares |
| $-0.21 | $-0.07 | $-0.52 | $-0.72 | EPS (diluted)EPS |
| $1.24 | $1.47 | $1.02 | $0.54 | Book value / shareBVPS |
| $1.24 | $1.47 | $1.02 | $0.54 | Tangible book / shareTBVPS |
The diluted share count moved ×1.58 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Return on equity -51%Loss on equityNet income ($285M) ÷ equity $560MIndustry peers: median -1%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- LossNet income ÷ (equity − goodwill $0 − intangibles $0)Industry peers: median 2%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough data
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 43.2%Well capitalizedEquity $560M ÷ assets $1.3B
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Funding —Not enough data
What this means
Deposits or total assets missing.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
The franchise and the credit cycle
- Not enough data
What this means
The deposit mix isn't cleanly tagged in the filings' structured data; the funding read above carries what is.
- Not enough data
What this means
Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$769M
- Receivables$5M
- Inventory$9M
- Other current assets$114M
- Debt due within a year$7M
- Accounts payable$18M
- Other current liabilities$30M
From the company's latest filing.
Management, ownership & pay
From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$15M
The slice of the business handed to employees in shares in fiscal 2025, 6.5% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Peers, Capital Markets & Asset Management
The same industry, side by side on the bank lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | ROEmedian over the record | ROTCEmedian over the record | NII / assetsmedian over the record | Noninterest-bearing sharelatest FY |
|---|---|---|---|---|---|
| BKKTBakkt Inc. | $2.3B | -146% | -1302%2y | 0.5% | — |
| GDOTGreen DOT Corp | $2.1B | 5% | 13% | -0.1% | 97% |
| LULufax Holding Ltd | $1.2B | 15% | 17% | -0.0% | — |
| UPSTUpstart | $1.0B | -7% | -8% | 0.0% | — |
| YRDYiren Digital Ltd. | $848M | 20% | 20% | 0.8% | — |
| KEELKeel Infrastructure Corp. | $229M | -17% | -17% | 0.7%2y | — |
| VELVelocity Financial Inc. | $186M | — | — | 2.5%1y | — |
| NCTYThe9 Limited American Depository Shares | $16M | -54% | -54% | 0.6%1y | — |
| Group median | — | -7% | -8% | 0.5% | — |
The price
What a price has to assume.
What the price implies
price / tangible bookA bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Keel Infrastructure Corp.’s record justifies.
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.
Enter a price above to run it.
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $326M on 618M shares, a −17% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.
Manual order: ← KE its page in the Manual KELYA →
Industry order: ← JSM the Capital Markets & Asset Management chapter KKR →