# Keel Infrastructure Corp.: overview

KEEL · Nasdaq · CIK 1812477 · [Financials](/sectors/financials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/keel.md) · [Financials](/companies/keel/financials.md) · [Filings](/companies/keel/filings.md) · [Insiders](/companies/keel/insiders.md)

Latest reported revenue: [$30.4m](/filings/0001812477-26-000023.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 10, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001812477-26-000023).

## Last eight quarters

| Line item | Unit | period not labelled (2025-03-31) | period not labelled (2025-06-30) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: |
| Revenue | $m | [47.7](/filings/0001213900-26-054166.md) | [60.9](/filings/0001812477-26-000023.md) | [37.0](/filings/0001213900-26-054166.md) | [30.4](/filings/0001812477-26-000023.md) |
| Gross margin | % | [0.6%](/filings/0001213900-26-054166.md) | [(6.4%)](/filings/0001812477-26-000023.md) | [(71.1%)](/filings/0001213900-26-054166.md) | [(285.1%)](/filings/0001812477-26-000023.md) |
| Operating margin | % | [(73.1%)](/filings/0001213900-26-054166.md) | [17.7%](/filings/0001812477-26-000023.md) | [(266.0%)](/filings/0001213900-26-054166.md) | [(462.6%)](/filings/0001812477-26-000023.md) |
| Net margin | % | [(116.6%)](/filings/0001213900-26-054166.md) | [(9.0%)](/filings/0001812477-26-000023.md) | [(392.9%)](/filings/0001213900-26-054166.md) | [(213.6%)](/filings/0001812477-26-000023.md) |
| Diluted EPS | $ per share | [(0.11)](/filings/0001213900-26-054166.md) | [(0.01)](/filings/0001812477-26-000023.md) | [(0.24)](/filings/0001213900-26-054166.md) | [(0.11)](/filings/0001812477-26-000023.md) |
| Free cash flow | $m | [(62.2)](/filings/0001213900-26-054166.md) | [(93.6) d](/filings/0001812477-26-000023.md) | [(75.0)](/filings/0001213900-26-054166.md) | [(96.0) d](/filings/0001812477-26-000023.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquireProductiveAssets. Derived values: 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [169](/filings/0001213900-23-021559.md) | [142](/filings/0001213900-24-107072.md) | [120](/filings/0001213900-26-037514.md) | [133](/filings/0001213900-26-037514.md) | [229](/filings/0001213900-26-037514.md) |
| Gross margin | % | [65.6%](/filings/0001213900-23-021559.md) | [7.4%](/filings/0001213900-24-107072.md) | [(19.7%)](/filings/0001213900-26-037514.md) | [(11.9%)](/filings/0001213900-26-037514.md) | [(8.2%)](/filings/0001213900-26-037514.md) |
| Operating margin | % | [37.5%](/filings/0001213900-23-021559.md) | [(199.4%)](/filings/0001213900-24-107072.md) | [(41.5%)](/filings/0001213900-26-037514.md) | [(21.0%)](/filings/0001213900-26-037514.md) | [(65.2%)](/filings/0001213900-26-037514.md) |
| Net margin | % | [12.1%](/filings/0001213900-22-015279.md) | [(123.3%)](/filings/0001213900-24-107072.md) | [(46.1%)](/filings/0001213900-26-037514.md) | [(21.3%)](/filings/0001213900-26-037514.md) | [(124.1%)](/filings/0001213900-26-037514.md) |
| Diluted EPS | $ per share | [0.13](/filings/0001213900-23-021559.md) | [(0.85)](/filings/0001213900-24-107072.md) | [(0.21)](/filings/0001213900-26-037514.md) | [(0.07)](/filings/0001213900-26-037514.md) | [(0.52)](/filings/0001213900-26-037514.md) |
| Free cash flow | $m | not reported | [(276)](/filings/0001213900-24-107072.md) | [(155)](/filings/0001213900-26-037514.md) | [(429)](/filings/0001213900-26-037514.md) | [(327)](/filings/0001213900-26-037514.md) |

- Revenue. XBRL Revenue: ifrs-full:Revenue; Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Gross profit: ifrs-full:GrossProfit; Revenue: ifrs-full:Revenue; Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: ifrs-full:ProfitLossFromOperatingActivities; Revenue: ifrs-full:Revenue; Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: ifrs-full:ProfitLossAttributableToOwnersOfParent; Revenue: ifrs-full:Revenue; Net income: ifrs-full:ProfitLoss; Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: ifrs-full:DilutedEarningsLossPerShare; Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: ifrs-full:CashFlowsFromUsedInOperatingActivities; Capital expenditure: ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities; Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquireProductiveAssets.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/keel/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $252.4m | 43,970,304 |  | New +43,970,304 |
| [Situational Awareness LP](/funds/2045724.md) | 2026-06-30 | $151.8m | 26,451,393 |  | New +26,451,393 |
| [Monarch Alternative Capital LP](/funds/1281084.md) | 2026-06-30 | $150.9m | 26,285,000 |  | New +26,285,000 |
| [JANE STREET GROUP, LLC](/funds/1595888.md) | 2026-06-30 | $133.1m | 23,183,128 |  | New +23,183,128 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $113.5m | 15,604,009 |  | New +15,604,009 |
| [JANE STREET GROUP, LLC](/funds/1595888.md) | 2026-06-30 | $98.9m | 17,234,900 | Call | New +17,234,900 |
| [SUSQUEHANNA INTERNATIONAL GROUP, LLP](/funds/1446194.md) | 2026-06-30 | $93.0m | 16,197,100 | Call | New +16,197,100 |
| [WELLS FARGO & COMPANY/MN](/funds/72971.md) | 2026-06-30 | $86.1m | 15,000,000 | Call | New +15,000,000 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $79.5m | 13,852,890 |  | New +13,852,890 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $75.2m | 13,096,088 |  | New +13,096,088 |

## Recent filings

[All 380 filings](/companies/keel/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-10 | 07:34 ET | [10-Q](/filings/0001812477-26-000023.md) | Quarterly report, period 2026-06-30 | 0001812477-26-000023 |
| 2026-08-10 | 06:51 ET | [8-K](/filings/0001812477-26-000021.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001812477-26-000021 |
| 2026-07-06 | 07:15 ET | [8-K](/filings/0001213900-26-075205.md) | 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001213900-26-075205 |
| 2026-06-16 | 16:17 ET | [8-K](/filings/0001213900-26-069269.md) | 4.01 Change of auditor; 9.01 Financial statements and exhibits | 0001213900-26-069269 |
| 2026-06-10 | 21:14 ET | [8-K](/filings/0001213900-26-067042.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 3.02 Unregistered sale of equity; 8.01 Other events; 9.01 Financial statements and exhibits | 0001213900-26-067042 |
| 2026-06-05 | 08:43 ET | [8-K](/filings/0001213900-26-065506.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001213900-26-065506 |
| 2026-06-04 | 17:11 ET | [8-K](/filings/0001213900-26-065369.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001213900-26-065369 |
| 2026-05-11 | 07:01 ET | [8-K](/filings/0001213900-26-054167.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001213900-26-054167 |
| 2026-05-11 | 07:00 ET | [10-Q](/filings/0001213900-26-054166.md) | Quarterly report, period 2026-03-31 | 0001213900-26-054166 |
| 2026-04-03 | 16:00 ET | [8-K](/filings/0001213900-26-039924.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001213900-26-039924 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001213900-26-037514.md), filed Mar 31, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/96712c7f-f8f4-40cd-ab8c-c6e59c5ece38)

## About the filer

- CIK: 1812477
- Tickers: KEEL
- Exchange: Nasdaq
- SIC code: 6199 Finance Services
- State of incorporation: DE
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:48 ET. No prices; not investment advice.