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Keel Infrastructure Corp.

EDGAR

BITF Quarterly report (10-Q) · filed 2026-08-10

Annual consolidated revenue for 2025: about USD 229.3M, using the latest reported figures. The previous period, 2024, was about USD 133.3M.

Inspect reported changes Compare with another company Historical disclosures Search filings Segments

Watchlist

Latest quarter

Revenue

30.4 million USD

2026 Q2 · USD

Exact inputs and evidence

Revenue: 30430000 USD Source

Operating margin

-462.62%

2026 Q2 · %

Exact inputs and evidence

Operating Income: -140774000 USD Source
Revenue: 30430000 USD Source

Operating cash flow

-52.9 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating Cash Flow: -117615000 USD Source
Operating Cash Flow: -64687000 USD Source

Cash and cash equivalents: 59.5 million USD 2024-12-31 Source
Exact value

59542000 USD
Long-term debt including current maturities: 1.03 billion USD 2026-06-30 Source
Exact value

1025829000 USD
Shares outstanding: 617 million shares 2026-06-30 Source
Exact value

616736107 shares

Reported share-count change

10.62% · 59.2 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence

557548857 shares · 2025-06-30· Source
616736107 shares · 2026-06-30· Source

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-10.

Financial data available through: 2025-12-31.

Coverage by financial measure

Revenue: 6 of 11 periods available· newest 2025-12-31
Operating income: 6 of 11 periods available· newest 2025-12-31
Net income: 5 of 11 periods available· newest 2025-12-31
Operating cash flow: 6 of 11 periods available· newest 2025-12-31
Capital expenditure: 3 of 11 periods available· newest 2024-12-31
Total assets: 6 of 11 periods available· newest 2025-12-31
Total liabilities: 6 of 11 periods available· newest 2025-12-31
Current assets: 6 of 11 periods available· newest 2025-12-31
Current liabilities: 6 of 11 periods available· newest 2025-12-31
Cash and cash equivalents: 5 of 11 periods available· newest 2024-12-31
Long-term debt including current maturities: 3 of 11 periods available· newest 2025-12-31
Shares outstanding: 4 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

Revenue
+72%

Prior period

USD 133.27 million

2024-01-01 – 2024-12-31
Current period

USD 229.28 million

2025-01-01 – 2025-12-31

Exact inputs and evidence

229276000 − 133274000 = 96002000 USD

133274000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
229276000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Revenue · Keel Infrastructure Corp. · 2025-12-31 Keel Infrastructure Corp. (edgar:1812477) Year-over-year change in Revenue: 96002000 USD Concept: fundies:Revenue Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:Revenue: 229276000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#2403833 Filing: 000121390026037514 Input fundies:Revenue: 133274000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#2404292 Filing: 000121390026037514
The citation records this snapshot. The page link may show a newer release later.
Net income
−USD 256.18 million

Prior period

−USD 28.37 million

2024-01-01 – 2024-12-31
Current period

−USD 284.54 million

2025-01-01 – 2025-12-31

Exact inputs and evidence

-284544000 − -28365000 = -256179000 USD

-28365000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
-284544000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Net income · Keel Infrastructure Corp. · 2025-12-31 Keel Infrastructure Corp. (edgar:1812477) Year-over-year change in Net income: -256179000 USD Concept: fundies:NetIncome Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:NetIncome: -284544000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1169488 Filing: 000121390026037514 Input fundies:NetIncome: -28365000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1169865 Filing: 000121390026037514
The citation records this snapshot. The page link may show a newer release later.
Operating cash flow
−USD 84.89 million

Prior period

−USD 141.71 million

2024-01-01 – 2024-12-31
Current period

−USD 226.59 million

2025-01-01 – 2025-12-31

Exact inputs and evidence

-226594000 − -141707000 = -84887000 USD

-141707000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
-226594000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Operating cash flow · Keel Infrastructure Corp. · 2025-12-31 Keel Infrastructure Corp. (edgar:1812477) Year-over-year change in Operating cash flow: -84887000 USD Concept: fundies:OperatingCashFlow Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:OperatingCashFlow: -226594000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1191966 Filing: 000121390026037514 Input fundies:OperatingCashFlow: -141707000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1192464 Filing: 000121390026037514
The citation records this snapshot. The page link may show a newer release later.

Comparable inputs unavailable for: Capital expenditure.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

Revenue USD 229.28 million 100% of revenue
Operating costs Derived USD 378.88 million 165% of revenue
Operating income −USD 149.6 million −65% of revenue
Tax, interest and other Derived USD 134.94 million 59% of revenue
Net income −USD 284.54 million −124% of revenue

Cash

Operating cash flow −USD 226.59 million −99% of revenue
Capital expenditure Unavailable An input is unavailable.
Free cash flow Derived Unavailable An input is unavailable.

Share of revenue by period

Net income
Tax, interest and other
Operating costs

2020 Operating loss: operating costs were 119% of revenue.
2021 12%25%62%
2022 Not shown: operating income or net income is not reported.
2023 Operating loss: operating costs were 142% of revenue.
2024 Operating loss: operating costs were 121% of revenue.
2025 Operating loss: operating costs were 165% of revenue.

Values and sources

Revenue breakdown by annual reporting period
Period	Revenue	Operating costs	Operating income	Tax, interest and other	Net income	Free cash flow	Source
2020 2020-01-01 – 2020-12-31	34703000	41434000 Derived	-6731000	-6903000 Derived	172000	Unavailable	Source 2020-01-01 – 2020-12-31: 34703000 USD Inspect Revenue Open source 2020-01-01 – 2020-12-31: -6731000 USD Inspect Operating Income Open source 2020-01-01 – 2020-12-31: 172000 USD Inspect Net Income Open source 2020-01-01 – 2020-12-31: 7223000 USD Inspect Operating Cash Flow Open source
2021 2021-01-01 – 2021-12-31	169491000	105851000 Derived	63640000	43133000 Derived	20507000	Unavailable	Source 2021-01-01 – 2021-12-31: 169491000 USD Inspect Revenue Open source 2021-01-01 – 2021-12-31: 63640000 USD Inspect Operating Income Open source 2021-01-01 – 2021-12-31: 20507000 USD Inspect Net Income Open source 2021-01-01 – 2021-12-31: -43319000 USD Inspect Operating Cash Flow Open source
2022 2022-01-01 – 2022-12-31	142428000	426450000 Derived	-284022000	Unavailable	Unavailable	-275562000 Derived	Source 2022-01-01 – 2022-12-31: 142428000 USD Inspect Revenue Open source 2022-01-01 – 2022-12-31: -284022000 USD Inspect Operating Income Open source 2022-01-01 – 2022-12-31: -122424000 USD Inspect Operating Cash Flow Open source 2022-01-01 – 2022-12-31: 153138000 USD Inspect Capital Expenditure Open source
2023 2023-01-01 – 2023-12-31	120400000	170397000 Derived	-49997000	5514000 Derived	-55511000	-155323000 Derived	Source 2023-01-01 – 2023-12-31: 120400000 USD Inspect Revenue Open source 2023-01-01 – 2023-12-31: -49997000 USD Inspect Operating Income Open source 2023-01-01 – 2023-12-31: -55511000 USD Inspect Net Income Open source 2023-01-01 – 2023-12-31: -106887000 USD Inspect Operating Cash Flow Open source 2023-01-01 – 2023-12-31: 48436000 USD Inspect Capital Expenditure Open source
2024 2024-01-01 – 2024-12-31	133274000	161288000 Derived	-28014000	351000 Derived	-28365000	-428626000 Derived	Source 2024-01-01 – 2024-12-31: 133274000 USD Inspect Revenue Open source 2024-01-01 – 2024-12-31: -28014000 USD Inspect Operating Income Open source 2024-01-01 – 2024-12-31: -28365000 USD Inspect Net Income Open source 2024-01-01 – 2024-12-31: -141707000 USD Inspect Operating Cash Flow Open source 2024-01-01 – 2024-12-31: 286919000 USD Inspect Capital Expenditure Open source
2025 2025-01-01 – 2025-12-31	229276000	378876000 Derived	-149600000	134944000 Derived	-284544000	Unavailable	Source 2025-01-01 – 2025-12-31: 229276000 USD Inspect Revenue Open source 2025-01-01 – 2025-12-31: -149600000 USD Inspect Operating Income Open source 2025-01-01 – 2025-12-31: -284544000 USD Inspect Net Income Open source 2025-01-01 – 2025-12-31: -226594000 USD Inspect Operating Cash Flow Open source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 229.3M 2025

Values and sources

Revenue values and source evidence
Period	Series	Value(USD)	Source evidence
20202020-12-31	Revenue	34703000	Revenue: 34703000 Open source
20212021-12-31	Revenue	169491000	Revenue: 169491000 Open source
20222022-12-31	Revenue	142428000	Revenue: 142428000 Open source
20232023-12-31	Revenue	120400000	Revenue: 120400000 Open source
20242024-12-31	Revenue	133274000	Revenue: 133274000 Open source
20252025-12-31	Revenue	229276000	Revenue: 229276000 Open source

Revenue growth

Change in revenue from the same financial period one year earlier.

72% 2025

Values and sources

Revenue growth values and source evidence
Period	Series	Value	Source evidence
20202020-12-31	Year over year	No prior comparable period	Revenue: 34703000 Open source
20212021-12-31	Year over year	388.4%	Revenue: 169491000 Open source Revenue: 34703000 Open source
20222022-12-31	Year over year	-16%	Revenue: 142428000 Open source Revenue: 169491000 Open source
20232023-12-31	Year over year	-15.5%	Revenue: 120400000 Open source Revenue: 142428000 Open source
20242024-12-31	Year over year	10.7%	Revenue: 133274000 Open source Revenue: 120400000 Open source
20252025-12-31	Year over year	72%	Revenue: 229276000 Open source Revenue: 133274000 Open source

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin -65.2% 2025

Net margin -124.1% 2025

Free cash flow margin -321.6% 2024

Operating margin
Net margin
Free cash flow margin

Values and sources

Profit margins values and source evidence
Period	Series	Value	Source evidence
20202020-12-31	Operating margin	-19.4%	Operating Income: -6731000 Open source Revenue: 34703000 Open source
20212021-12-31	Operating margin	37.5%	Operating Income: 63640000 Open source Revenue: 169491000 Open source
20222022-12-31	Operating margin	-199.4%	Operating Income: -284022000 Open source Revenue: 142428000 Open source
20232023-12-31	Operating margin	-41.5%	Operating Income: -49997000 Open source Revenue: 120400000 Open source
20242024-12-31	Operating margin	-21%	Operating Income: -28014000 Open source Revenue: 133274000 Open source
20252025-12-31	Operating margin	-65.2%	Operating Income: -149600000 Open source Revenue: 229276000 Open source
20202020-12-31	Net margin	0.5%	Net Income: 172000 Open source Revenue: 34703000 Open source
20212021-12-31	Net margin	12.1%	Net Income: 20507000 Open source Revenue: 169491000 Open source
2022-12-31	Net margin	Not reported	Revenue: 142428000 Open source
20232023-12-31	Net margin	-46.1%	Net Income: -55511000 Open source Revenue: 120400000 Open source
20242024-12-31	Net margin	-21.3%	Net Income: -28365000 Open source Revenue: 133274000 Open source
20252025-12-31	Net margin	-124.1%	Net Income: -284544000 Open source Revenue: 229276000 Open source
20202020-12-31	Free cash flow margin	Not reported	Revenue: 34703000 Open source Operating Cash Flow: 7223000 Open source
20212021-12-31	Free cash flow margin	Not reported	Revenue: 169491000 Open source Operating Cash Flow: -43319000 Open source
20222022-12-31	Free cash flow margin	-193.5%	Revenue: 142428000 Open source Operating Cash Flow: -122424000 Open source Capital Expenditure: 153138000 Open source
20232023-12-31	Free cash flow margin	-129%	Revenue: 120400000 Open source Operating Cash Flow: -106887000 Open source Capital Expenditure: 48436000 Open source
20242024-12-31	Free cash flow margin	-321.6%	Revenue: 133274000 Open source Operating Cash Flow: -141707000 Open source Capital Expenditure: 286919000 Open source
20252025-12-31	Free cash flow margin	Not reported	Revenue: 229276000 Open source Operating Cash Flow: -226594000 Open source

Operating cash flow

Cash generated by the company’s normal business operations.

USD -226.6M 2025

Values and sources

Operating cash flow values and source evidence
Period	Series	Value(USD)	Source evidence
20202020-12-31	Operating cash flow	7223000	Operating Cash Flow: 7223000 Open source
20212021-12-31	Operating cash flow	-43319000	Operating Cash Flow: -43319000 Open source
20222022-12-31	Operating cash flow	-122424000	Operating Cash Flow: -122424000 Open source
20232023-12-31	Operating cash flow	-106887000	Operating Cash Flow: -106887000 Open source
20242024-12-31	Operating cash flow	-141707000	Operating Cash Flow: -141707000 Open source
20252025-12-31	Operating cash flow	-226594000	Operating Cash Flow: -226594000 Open source

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD -428.6M 2024

Values and sources

Free cash flow values and source evidence
Period	Series	Value(USD)	Source evidence
20202020-12-31	Free cash flow	Unavailable	Operating Cash Flow: 7223000 Open source
20212021-12-31	Free cash flow	Unavailable	Operating Cash Flow: -43319000 Open source
20222022-12-31	Free cash flow	-275562000	Operating Cash Flow: -122424000 Open source Capital Expenditure: 153138000 Open source
20232023-12-31	Free cash flow	-155323000	Operating Cash Flow: -106887000 Open source Capital Expenditure: 48436000 Open source
20242024-12-31	Free cash flow	-428626000	Operating Cash Flow: -141707000 Open source Capital Expenditure: 286919000 Open source
20252025-12-31	Free cash flow	Unavailable	Operating Cash Flow: -226594000 Open source

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

56.8% 2025

Values and sources

Liabilities to assets values and source evidence
Period	Series	Value	Source evidence
20202020-12-31	Liabilities / assets	70.1%	Total Liabilities: 36257000 Open source Total Assets: 51704000 Open source
20212021-12-31	Liabilities / assets	22.1%	Total Liabilities: 120005000 Open source Total Assets: 542587000 Open source
20222022-12-31	Liabilities / assets	25.6%	Total Liabilities: 87700000 Open source Total Assets: 343098000 Open source
20232023-12-31	Liabilities / assets	22.2%	Total Liabilities: 83963000 Open source Total Assets: 378725000 Open source
20242024-12-31	Liabilities / assets	7.8%	Total Liabilities: 51986000 Open source Total Assets: 663132000 Open source
20252025-12-31	Liabilities / assets	56.8%	Total Liabilities: 735969000 Open source Total Assets: 1296344000 Open source

Current assets to current liabilities

Current assets divided by current liabilities.

5.58× 2025

Values and sources

Current assets to current liabilities values and source evidence
Period	Series	Value	Source evidence
20202020-12-31	Current assets / current liabilities	0.32×	Current Assets: 9168000 Open source Current Liabilities: 28477000 Open source
20212021-12-31	Current assets / current liabilities	2.84×	Current Assets: 287127000 Open source Current Liabilities: 101178000 Open source
20222022-12-31	Current assets / current liabilities	1.02×	Current Assets: 69088000 Open source Current Liabilities: 67413000 Open source
20232023-12-31	Current assets / current liabilities	1.88×	Current Assets: 129984000 Open source Current Liabilities: 69154000 Open source
20242024-12-31	Current assets / current liabilities	7.59×	Current Assets: 213735000 Open source Current Liabilities: 28155000 Open source
20252025-12-31	Current assets / current liabilities	5.58×	Current Assets: 826465000 Open source Current Liabilities: 148112000 Open source

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
Period	Net income	Operating cash flow	Capital expenditure	Free cash flow
2020 2020-01-01 – 2020-12-31	USD 172,000 Exact value Exact value: 172000 USD 2020-01-01 – 2020-12-31: 172000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Keel Infrastructure Corp. · 2020-12-31 Keel Infrastructure Corp. (edgar:1812477) Net Income: 172000 USD Concept: fundies:NetIncome Period: 2020-01-01 to 2020-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3ANetIncome&period=2020-12-31&surface=latest&period_type=duration&start=2020-01-01&unit=USD&dimensions= Input fundies:NetIncome: 172000 USD (2020-01-01 to 2020-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390022015279/f40f2021_bitfarmsltd_htm.xml#872912 Filing: 000121390022015279 The citation records this snapshot. The page link may show a newer release later.	USD 7.22 million Exact value Exact value: 7223000 USD 2020-01-01 – 2020-12-31: 7223000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Keel Infrastructure Corp. · 2020-12-31 Keel Infrastructure Corp. (edgar:1812477) Operating Cash Flow: 7223000 USD Concept: fundies:OperatingCashFlow Period: 2020-01-01 to 2020-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3AOperatingCashFlow&period=2020-12-31&surface=latest&period_type=duration&start=2020-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 7223000 USD (2020-01-01 to 2020-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390022015279/f40f2021_bitfarmsltd_htm.xml#176066 Filing: 000121390022015279 The citation records this snapshot. The page link may show a newer release later.	Unavailable Not reported for this period.	Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.
2021 2021-01-01 – 2021-12-31	USD 20.51 million Exact value Exact value: 20507000 USD 2021-01-01 – 2021-12-31: 20507000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Keel Infrastructure Corp. · 2021-12-31 Keel Infrastructure Corp. (edgar:1812477) Net Income: 20507000 USD Concept: fundies:NetIncome Period: 2021-01-01 to 2021-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3ANetIncome&period=2021-12-31&surface=latest&period_type=duration&start=2021-01-01&unit=USD&dimensions= Input fundies:NetIncome: 20507000 USD (2021-01-01 to 2021-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390022015279/f40f2021_bitfarmsltd_htm.xml#872754 Filing: 000121390022015279 The citation records this snapshot. The page link may show a newer release later.	−USD 43.32 million Exact value Exact value: -43319000 USD 2021-01-01 – 2021-12-31: -43319000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Keel Infrastructure Corp. · 2021-12-31 Keel Infrastructure Corp. (edgar:1812477) Operating Cash Flow: -43319000 USD Concept: fundies:OperatingCashFlow Period: 2021-01-01 to 2021-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3AOperatingCashFlow&period=2021-12-31&surface=latest&period_type=duration&start=2021-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: -43319000 USD (2021-01-01 to 2021-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390023021559/f40f2022_bitfarmsltd_htm.xml#223020 Filing: 000121390023021559 The citation records this snapshot. The page link may show a newer release later.	Unavailable Not reported for this period.	Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.
2022 2022-01-01 – 2022-12-31	Unavailable Not reported for this period.	−USD 122.42 million Exact value Exact value: -122424000 USD 2022-01-01 – 2022-12-31: -122424000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Keel Infrastructure Corp. · 2022-12-31 Keel Infrastructure Corp. (edgar:1812477) Operating Cash Flow: -122424000 USD Concept: fundies:OperatingCashFlow Period: 2022-01-01 to 2022-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3AOperatingCashFlow&period=2022-12-31&surface=latest&period_type=duration&start=2022-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: -122424000 USD (2022-01-01 to 2022-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390024107072/ea0223977-40fa1_bitfarms_htm.xml#284836 Filing: 000121390024107072 The citation records this snapshot. The page link may show a newer release later.	USD 153.14 million Exact value Exact value: 153138000 USD 2022-01-01 – 2022-12-31: 153138000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Keel Infrastructure Corp. · 2022-12-31 Keel Infrastructure Corp. (edgar:1812477) Capital Expenditure: 153138000 USD Concept: fundies:CapitalExpenditure Period: 2022-01-01 to 2022-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3ACapitalExpenditure&period=2022-12-31&surface=latest&period_type=duration&start=2022-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 153138000 USD (2022-01-01 to 2022-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390024107072/ea0223977-40fa1_bitfarms_htm.xml#285700 Filing: 000121390024107072 The citation records this snapshot. The page link may show a newer release later.	−USD 275.56 million Calculation and evidence -122424000 − 153138000 USD Exact free cash flow: -275562000 USD 2022-01-01 – 2022-12-31: -122424000 USD · Inspect Operating Cash Flow · Source 2022-01-01 – 2022-12-31: 153138000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Keel Infrastructure Corp. · 2022-12-31 Keel Infrastructure Corp. (edgar:1812477) Free cash flow: -275562000 USD Concept: free-cash-flow Period: 2022-01-01 to 2022-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: -122424000 USD (2022-01-01 to 2022-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390024107072/ea0223977-40fa1_bitfarms_htm.xml#284836 Filing: 000121390024107072 Input fundies:CapitalExpenditure: 153138000 USD (2022-01-01 to 2022-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390024107072/ea0223977-40fa1_bitfarms_htm.xml#285700 Filing: 000121390024107072 The citation records this snapshot. The page link may show a newer release later.
2023 2023-01-01 – 2023-12-31	−USD 55.51 million Exact value Exact value: -55511000 USD 2023-01-01 – 2023-12-31: -55511000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Keel Infrastructure Corp. · 2023-12-31 Keel Infrastructure Corp. (edgar:1812477) Net Income: -55511000 USD Concept: fundies:NetIncome Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3ANetIncome&period=2023-12-31&surface=latest&period_type=duration&start=2023-01-01&unit=USD&dimensions= Input fundies:NetIncome: -55511000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1170222 Filing: 000121390026037514 The citation records this snapshot. The page link may show a newer release later.	−USD 106.89 million Exact value Exact value: -106887000 USD 2023-01-01 – 2023-12-31: -106887000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Keel Infrastructure Corp. · 2023-12-31 Keel Infrastructure Corp. (edgar:1812477) Operating Cash Flow: -106887000 USD Concept: fundies:OperatingCashFlow Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3AOperatingCashFlow&period=2023-12-31&surface=latest&period_type=duration&start=2023-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: -106887000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1192943 Filing: 000121390026037514 The citation records this snapshot. The page link may show a newer release later.	USD 48.44 million Exact value Exact value: 48436000 USD 2023-01-01 – 2023-12-31: 48436000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Keel Infrastructure Corp. · 2023-12-31 Keel Infrastructure Corp. (edgar:1812477) Capital Expenditure: 48436000 USD Concept: fundies:CapitalExpenditure Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3ACapitalExpenditure&period=2023-12-31&surface=latest&period_type=duration&start=2023-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 48436000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390025026575/ea0234268-40f_bitfarms_htm.xml#329397 Filing: 000121390025026575 The citation records this snapshot. The page link may show a newer release later.	−USD 155.32 million Calculation and evidence -106887000 − 48436000 USD Exact free cash flow: -155323000 USD 2023-01-01 – 2023-12-31: -106887000 USD · Inspect Operating Cash Flow · Source 2023-01-01 – 2023-12-31: 48436000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Keel Infrastructure Corp. · 2023-12-31 Keel Infrastructure Corp. (edgar:1812477) Free cash flow: -155323000 USD Concept: free-cash-flow Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: -106887000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1192943 Filing: 000121390026037514 Input fundies:CapitalExpenditure: 48436000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390025026575/ea0234268-40f_bitfarms_htm.xml#329397 Filing: 000121390025026575 The citation records this snapshot. The page link may show a newer release later.
2024 2024-01-01 – 2024-12-31	−USD 28.37 million Exact value Exact value: -28365000 USD 2024-01-01 – 2024-12-31: -28365000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Keel Infrastructure Corp. · 2024-12-31 Keel Infrastructure Corp. (edgar:1812477) Net Income: -28365000 USD Concept: fundies:NetIncome Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3ANetIncome&period=2024-12-31&surface=latest&period_type=duration&start=2024-01-01&unit=USD&dimensions= Input fundies:NetIncome: -28365000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1169865 Filing: 000121390026037514 The citation records this snapshot. The page link may show a newer release later.	−USD 141.71 million Exact value Exact value: -141707000 USD 2024-01-01 – 2024-12-31: -141707000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Keel Infrastructure Corp. · 2024-12-31 Keel Infrastructure Corp. (edgar:1812477) Operating Cash Flow: -141707000 USD Concept: fundies:OperatingCashFlow Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3AOperatingCashFlow&period=2024-12-31&surface=latest&period_type=duration&start=2024-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: -141707000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1192464 Filing: 000121390026037514 The citation records this snapshot. The page link may show a newer release later.	USD 286.92 million Exact value Exact value: 286919000 USD 2024-01-01 – 2024-12-31: 286919000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Keel Infrastructure Corp. · 2024-12-31 Keel Infrastructure Corp. (edgar:1812477) Capital Expenditure: 286919000 USD Concept: fundies:CapitalExpenditure Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3ACapitalExpenditure&period=2024-12-31&surface=latest&period_type=duration&start=2024-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 286919000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390025026575/ea0234268-40f_bitfarms_htm.xml#329167 Filing: 000121390025026575 The citation records this snapshot. The page link may show a newer release later.	−USD 428.63 million Calculation and evidence -141707000 − 286919000 USD Exact free cash flow: -428626000 USD 2024-01-01 – 2024-12-31: -141707000 USD · Inspect Operating Cash Flow · Source 2024-01-01 – 2024-12-31: 286919000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Keel Infrastructure Corp. · 2024-12-31 Keel Infrastructure Corp. (edgar:1812477) Free cash flow: -428626000 USD Concept: free-cash-flow Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: -141707000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1192464 Filing: 000121390026037514 Input fundies:CapitalExpenditure: 286919000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390025026575/ea0234268-40f_bitfarms_htm.xml#329167 Filing: 000121390025026575 The citation records this snapshot. The page link may show a newer release later.
2025 2025-01-01 – 2025-12-31	−USD 284.54 million Exact value Exact value: -284544000 USD 2025-01-01 – 2025-12-31: -284544000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Keel Infrastructure Corp. · 2025-12-31 Keel Infrastructure Corp. (edgar:1812477) Net Income: -284544000 USD Concept: fundies:NetIncome Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3ANetIncome&period=2025-12-31&surface=latest&period_type=duration&start=2025-01-01&unit=USD&dimensions= Input fundies:NetIncome: -284544000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1169488 Filing: 000121390026037514 The citation records this snapshot. The page link may show a newer release later.	−USD 226.59 million Exact value Exact value: -226594000 USD 2025-01-01 – 2025-12-31: -226594000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Keel Infrastructure Corp. · 2025-12-31 Keel Infrastructure Corp. (edgar:1812477) Operating Cash Flow: -226594000 USD Concept: fundies:OperatingCashFlow Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-02T17:15:30Z Snapshot: 8584cf069903416cc41881e8af308f4ab433f886df7f9fc24a8aea8744c83009 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1812477/explain?concept=fundies%3AOperatingCashFlow&period=2025-12-31&surface=latest&period_type=duration&start=2025-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: -226594000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1812477/000121390026037514/ea0282809-10k_bitfarms.htm#1191966 Filing: 000121390026037514 The citation records this snapshot. The page link may show a newer release later.	Unavailable Not reported for this period.	Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

241 filings · 637 latest values · 637 originally reported values

Dataset published 2026-11-02. Source filing dates and reporting periods are shown separately.

Identifiers: 0001812477, 1812477, BITF, KEEL, edgar:1812477

Also known as BITFARMS LTD, Bitfarms Ltd, Bitfarms Ltd., Keel Infrastructure Corp.

Keel Infrastructure Corp.

Latest quarter

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2025 2025-01-01 – 2025-12-31

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