KEELKeel Infrastructure Corp.
Finance Services
- Revenue
- $229M
- 72% YoY
- Operating margin
- -65.2%
- 210% YoY
- EBITDA
- −$27M
- 125% YoY
- Market cap
- $1.3B
- Employees
- 274
- $837K revenue each
- Net debt / EBITDA
- —
- $310M net debt
- AI in 10-K
- 9.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo7% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo—Any vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$837K · 55th pctBottom quartile of its SIC industry
- Quiet on AINo9.2 per 10K words · 91st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes6 filingsActive-intent 13D in 18 months
- Net insider sellingNo$526K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | — | $120M | $133M | $229M | 72% |
| Operating income | — | — | −$50M | −$28M | −$150M | 434% |
| Net income | — | — | −$56M | −$28M | −$285M | 903% |
| Operating cash flow | — | — | −$107M | −$142M | −$227M | 60% |
| Capex | — | — | $48M | $287M | $100M | 65% |
| Stock-based comp | — | — | $11M | $13M | $15M | 18% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 18, 2025 | Riot Platforms, Inc. | SCHEDULE 13D/A | 4.6% | Active |
| Aug 8, 2025 | Riot Platforms, Inc. | SCHEDULE 13D/A | 7.2% | Active |
| Jul 23, 2025 | Riot Platforms, Inc. | SCHEDULE 13D/A | 8.3% | Active |
| Jul 16, 2025 | Riot Platforms, Inc. | SCHEDULE 13D/A | 9.8% | Active |
| Jul 8, 2025 | Riot Platforms, Inc. | SCHEDULE 13D/A | 11.2% | Active |
| Jul 1, 2025 | Riot Platforms, Inc. | SCHEDULE 13D/A | 12.3% | Active |
| Jun 20, 2025 | Riot Platforms, Inc. | SCHEDULE 13D/A | 13.4% | Passive |
| Jun 6, 2025 | Riot Platforms, Inc. | SCHEDULE 13D/A | 14.6% | Passive |
| Apr 9, 2025 | Riot Platforms, Inc. | SCHEDULE 13D/A | 16.3% | Passive |
| Sep 23, 2024 | Riot Platforms, Inc. | SC 13D/A | 19.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $526K · 4
- Open-market sells, 12 mo
- $0 · 0
- Net
- $526K
Pay vs performance
No pay-versus-performance disclosure yet.