SEC fundamentals
Bitfarms Ltd/Canada - US
Statement grid first, with controls and source context pinned to the rail.
Keel Infrastructure (formerly Bitfarms) develops and owns North American data centers and energy infrastructure for high-performance computing workloads.
Financial rows
Rail summarizes valuation, cash yield, and share count movement.
Revenue
Range
All history
| Summary | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | CAGR |
|---|---|---|---|---|---|---|---|
| Profitability | |||||||
| Revenue | $34.7M | $169.5M | $142.4M | $120.4M | $133.3M | $229.3M | +45.9% |
| YoY growth | — | +388.4% | −16% | −15.5% | +10.7% | +72% | |
| Gross profit | $2.9M | $111.1M | $10.5M | -$23.7M | -$15.9M | -$18.9M | — |
| YoY growth | — | +3767.7% | −90.5% | −325.7% | +33% | −18.8% | |
| Gross margin | 8.3% | 65.6% | 7.4% | -19.7% | -11.9% | -8.2% | −16.5pp |
| Operating income | -$6.7M | $63.6M | -$284.0M | -$50.0M | -$28.0M | -$149.6M | — |
| YoY growth | — | +1045.5% | −546.3% | +82.4% | +44% | −434% | |
| Operating margin | -19.4% | 37.5% | -199.4% | -41.5% | -21% | -65.2% | −45.8pp |
| Net income | -$16.3M | $22.1M | -$175.6M | -$55.5M | -$28.4M | -$284.5M | — |
| YoY growth | — | +235.9% | −893.7% | +68.4% | +48.9% | −903.2% | |
| Net margin | -46.9% | 13.1% | -123.3% | -46.1% | -21.3% | -124.1% | −77.2pp |
| EPS (diluted) | −$0.19 | $0.13 | −$0.85 | −$0.21 | −$0.07 | −$0.52 | — |
| YoY growth | — | +168.4% | −753.8% | +75.3% | +66.7% | −642.9% | |
| Cash generation | |||||||
| Operating cash flow | $7.2M | -$43.3M | -$122.4M | -$106.9M | -$141.7M | -$226.6M | — |
| YoY growth | — | −699.7% | −182.6% | +12.7% | −32.6% | −59.9% | |
| Free cash flow | — | — | -$275.6M | -$155.3M | -$428.6M | -$326.9M | — |
| YoY growth | — | — | — | +43.6% | −176% | +23.7% | |
| FCF margin | — | — | -193.5% | -129% | -321.6% | -142.6% | +50.9pp |
| Buybacks + dividends | — | — | — | — | — | — | — |
| Balance sheet | |||||||
| Cash & equivalents | $5.9M | $125.6M | $30.9M | $84.0M | $59.5M | $631.0M | +154.2% |
| Net debt | — | — | — | -$80.0M | -$58.0M | -$58.5M | — |
| Shares outstanding | — | 194.8M | 224.2M | 334.2M | 479.3M | 601.6M | +32.6% |
| YoY change | — | — | +15.1% | +49% | +43.4% | +25.5% | |
| Returns (fiscal years) | |||||||
| ROIC | — | — | — | — | — | — | — |
| Return on equity | -105.5% | 6.2% | -68.8% | -18.8% | -4.6% | -50.8% | +54.7pp |
| Return on assets | -31.5% | 4.1% | -51.2% | -14.7% | -4.3% | -21.9% | +9.6pp |
| Summary | Q4 2019 | Q4 2020 | Q4 2021 | Q4 2022 | Q4 2023 | Q4 2024 | Q1 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Profitability | |||||||||
| Revenue | — | — | — | — | — | — | $47.7M | — | $37.0M |
| YoY growth | — | — | — | — | — | — | — | — | −22.4% |
| Gross profit | — | — | — | — | — | — | $276.0K | — | -$26.3M |
| YoY growth | — | — | — | — | — | — | — | — | −9630.8% |
| Gross margin | — | — | — | — | — | — | 0.6% | — | -71.1% |
| Operating income | — | — | — | — | — | — | -$34.8M | — | -$98.4M |
| YoY growth | — | — | — | — | — | — | — | — | −182.4% |
| Operating margin | — | — | — | — | — | — | -73.1% | — | -266% |
| Net income | — | — | — | — | — | — | -$55.6M | — | -$145.4M |
| YoY growth | — | — | — | — | — | — | — | — | −161.6% |
| Net margin | — | — | — | — | — | — | -116.6% | — | -392.9% |
| EPS (diluted) | — | — | — | — | — | — | −$0.11 | — | −$0.24 |
| YoY growth | — | — | — | — | — | — | — | — | −118.2% |
| Cash generation | |||||||||
| Operating cash flow | — | — | — | — | — | — | -$18.8M | — | -$64.7M |
| YoY growth | — | — | — | — | — | — | — | — | −243.3% |
| Free cash flow | — | — | — | — | — | — | -$62.2M | — | -$75.0M |
| YoY growth | — | — | — | — | — | — | — | — | −20.6% |
| FCF margin | — | — | — | — | — | — | -130.5% | — | -202.8% |
| Buybacks + dividends | — | — | — | — | — | — | — | — | — |
| Balance sheet | |||||||||
| Cash & equivalents | $2.2M | $5.9M | $125.6M | $30.9M | $84.0M | $59.5M | $38.5M | $631.0M | $398.4M |
| Net debt | — | — | — | — | -$80.0M | -$58.0M | — | -$58.5M | $174.9M |
| Shares outstanding | — | — | 194.8M | 224.2M | 334.2M | 479.3M | 553.6M | 601.6M | 602.9M |
| YoY change | — | — | — | +15.1% | +49% | +43.4% | — | +25.5% | +8.9% |
| Income statement | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | CAGR |
|---|---|---|---|---|---|---|---|
| Revenue & gross profit | |||||||
| Revenue | $34.7M | $169.5M | $142.4M | $120.4M | $133.3M | $229.3M | +45.9% |
| YoY growth | — | +388.4% | −16% | −15.5% | +10.7% | +72% | |
| Cost of revenue | $31.8M | $58.4M | $131.9M | $144.1M | $149.2M | $248.2M | +50.8% |
| Gross profit | $2.9M | $111.1M | $10.5M | -$23.7M | -$15.9M | -$18.9M | — |
| YoY growth | — | +3767.7% | −90.5% | −325.7% | +33% | −18.8% | |
| Gross margin | 8.3% | 65.6% | 7.4% | -19.7% | -11.9% | -8.2% | −16.5pp |
| Operating | |||||||
| Research & development | — | — | — | — | — | — | — |
| Selling, general & admin | — | — | — | $33.9M | $61.9M | $78.3M | +52.1% |
| Operating income | -$6.7M | $63.6M | -$284.0M | -$50.0M | -$28.0M | -$149.6M | — |
| YoY growth | — | +1045.5% | −546.3% | +82.4% | +44% | −434% | |
| Operating margin | -19.4% | 37.5% | -199.4% | -41.5% | -21% | -65.2% | −45.8pp |
| Bottom line | |||||||
| Interest expense | — | — | — | $2.9M | $745.0K | $8.6M | +73.5% |
| Pretax income | -$16.1M | $42.6M | -$193.1M | -$40.1M | -$7.0M | -$208.4M | — |
| Income tax | $172.0K | $20.5M | -$17.4M | -$154.0K | $346.0K | $101.0K | −10.1% |
| Effective tax rate | — | 48.1% | — | — | — | — | — |
| Net income | -$16.3M | $22.1M | -$175.6M | -$55.5M | -$28.4M | -$284.5M | — |
| YoY growth | — | +235.9% | −893.7% | +68.4% | +48.9% | −903.2% | |
| Net margin | -46.9% | 13.1% | -123.3% | -46.1% | -21.3% | -124.1% | −77.2pp |
| Per share | |||||||
| EPS (basic) | −$0.19 | $0.14 | −$0.85 | −$0.21 | −$0.07 | −$0.52 | — |
| EPS (diluted) | −$0.19 | $0.13 | −$0.85 | −$0.21 | −$0.07 | −$0.52 | — |
| YoY growth | — | +168.4% | −753.8% | +75.3% | +66.7% | −642.9% | |
| Basic shares (wtd. avg.) | 84.9M | 157.7M | 207.8M | 262.2M | 414.7M | 551.7M | +45.4% |
| Diluted shares (wtd. avg.) | 84.9M | 169.4M | 207.8M | 262.2M | 414.7M | 551.7M | +45.4% |
| Income statement | Q4 2019 | Q4 2020 | Q4 2021 | Q4 2022 | Q4 2023 | Q4 2024 | Q1 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & gross profit | |||||||||
| Revenue | — | — | — | — | — | — | $47.7M | — | $37.0M |
| YoY growth | — | — | — | — | — | — | — | — | −22.4% |
| Cost of revenue | — | — | — | — | — | — | $47.4M | — | $63.3M |
| Gross profit | — | — | — | — | — | — | $276.0K | — | -$26.3M |
| YoY growth | — | — | — | — | — | — | — | — | −9630.8% |
| Gross margin | — | — | — | — | — | — | 0.6% | — | -71.1% |
| Operating | |||||||||
| Research & development | — | — | — | — | — | — | — | — | — |
| Selling, general & admin | — | — | — | — | — | — | $17.6M | — | $26.8M |
| Operating income | — | — | — | — | — | — | -$34.8M | — | -$98.4M |
| YoY growth | — | — | — | — | — | — | — | — | −182.4% |
| Operating margin | — | — | — | — | — | — | -73.1% | — | -266% |
| Bottom line | |||||||||
| Interest expense | — | — | — | — | — | — | $185.0K | — | $3.6M |
| Pretax income | — | — | — | — | — | — | -$38.2M | — | -$127.6M |
| Income tax | — | — | — | — | — | — | $222.0K | — | -$3.0K |
| Effective tax rate | — | — | — | — | — | — | — | — | — |
| Net income | — | — | — | — | — | — | -$55.6M | — | -$145.4M |
| YoY growth | — | — | — | — | — | — | — | — | −161.6% |
| Net margin | — | — | — | — | — | — | -116.6% | — | -392.9% |
| Per share | |||||||||
| EPS (basic) | — | — | — | — | — | — | −$0.11 | — | −$0.24 |
| EPS (diluted) | — | — | — | — | — | — | −$0.11 | — | −$0.24 |
| YoY growth | — | — | — | — | — | — | — | — | −118.2% |
| Basic shares (wtd. avg.) | — | — | — | — | — | — | 500.2M | — | 602.6M |
| Diluted shares (wtd. avg.) | — | — | — | — | — | — | 500.2M | — | 602.6M |
| Balance sheet | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | CAGR |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & equivalents | $5.9M | $125.6M | $30.9M | $84.0M | $59.5M | $631.0M | +154.2% |
| Current assets | — | — | — | — | $213.7M | $826.5M | — |
| Goodwill | — | $17.0M | — | — | — | — | — |
| Inventory | — | — | — | $705.0K | $1.1M | $8.7M | +250.8% |
| Total assets | $51.7M | $542.6M | $343.1M | $378.7M | $663.1M | $1.3B | +90.5% |
| YoY growth | — | +949.4% | −36.8% | +10.4% | +75.1% | +95.5% | |
| Liabilities | |||||||
| Current liabilities | — | — | — | — | $28.2M | $148.1M | — |
| Long-term debt | — | — | — | $4.0M | $1.6M | $572.4M | +1093% |
| Total liabilities | $36.3M | $120.0M | $87.7M | $84.0M | $52.0M | $736.0M | +82.6% |
| Equity & ratios | |||||||
| Stockholders' equity | $15.4M | $359.0M | $255.4M | $294.8M | $611.1M | $560.4M | +105.1% |
| YoY growth | — | +2224.1% | −28.9% | +15.4% | +107.3% | −8.3% | |
| Net debt | — | — | — | -$80.0M | -$58.0M | -$58.5M | — |
| Current ratio | — | — | — | — | 7.59× | 5.58× | — |
| Debt / equity | — | — | — | 0.01× | 0.00× | 1.02× | +1.01 |
| Shares outstanding | — | 194.8M | 224.2M | 334.2M | 479.3M | 601.6M | +32.6% |
| YoY change | — | — | +15.1% | +49% | +43.4% | +25.5% | |
| Book value per share | — | $1.84 | $1.14 | $0.88 | $1.27 | $0.93 | −15.7% |
| Balance sheet | Q4 2019 | Q4 2020 | Q4 2021 | Q4 2022 | Q4 2023 | Q4 2024 | Q1 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & equivalents | $2.2M | $5.9M | $125.6M | $30.9M | $84.0M | $59.5M | $38.5M | $631.0M | $398.4M |
| Current assets | — | — | — | — | — | $213.7M | — | $826.5M | $575.6M |
| Goodwill | — | — | $17.0M | — | — | — | — | — | — |
| Inventory | — | — | — | — | $705.0K | $1.1M | — | $8.7M | $10.4M |
| Total assets | — | $51.7M | $542.6M | $343.1M | $378.7M | $663.1M | — | $1.3B | $1.1B |
| YoY growth | — | — | +949.4% | −36.8% | +10.4% | +75.1% | — | +95.5% | — |
| Liabilities | |||||||||
| Current liabilities | — | — | — | — | — | $28.2M | — | $148.1M | $59.9M |
| Long-term debt | — | — | — | — | $4.0M | $1.6M | — | $572.4M | $573.2M |
| Total liabilities | — | $36.3M | $120.0M | $87.7M | $84.0M | $52.0M | — | $736.0M | $647.6M |
| Equity & ratios | |||||||||
| Stockholders' equity | $28.1M | $15.4M | $359.0M | $246.5M | $325.4M | $611.1M | $661.4M | $560.4M | $419.1M |
| YoY growth | — | −45% | +2224.1% | −31.3% | +32% | +87.8% | — | −8.3% | −36.6% |
| Net debt | — | — | — | — | -$80.0M | -$58.0M | — | -$58.5M | $174.9M |
| Current ratio | — | — | — | — | — | 7.59× | — | 5.58× | 9.60× |
| Debt / equity | — | — | — | — | 0.01× | 0.00× | — | 1.02× | 1.37× |
| Shares outstanding | — | — | 194.8M | 224.2M | 334.2M | 479.3M | 553.6M | 601.6M | 602.9M |
| YoY change | — | — | — | +15.1% | +49% | +43.4% | — | +25.5% | +8.9% |
| Book value per share | — | — | $1.84 | $1.10 | $0.97 | $1.27 | $1.19 | $0.93 | $0.70 |
| Cash flow | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | CAGR |
|---|---|---|---|---|---|---|---|
| Operations | |||||||
| Operating cash flow | $7.2M | -$43.3M | -$122.4M | -$106.9M | -$141.7M | -$226.6M | — |
| YoY growth | — | −699.7% | −182.6% | +12.7% | −32.6% | −59.9% | |
| Depreciation & amortization | — | — | — | $84.3M | $135.4M | $122.6M | +20.6% |
| Stock-based compensation | — | — | — | $10.9M | $12.7M | $15.0M | +17.2% |
| Capital expenditures | — | — | $153.1M | $48.4M | $286.9M | $100.3M | −13.2% |
| Free cash flow | — | — | -$275.6M | -$155.3M | -$428.6M | -$326.9M | — |
| YoY growth | — | — | — | +43.6% | −176% | +23.7% | |
| FCF margin | — | — | -193.5% | -129% | -321.6% | -142.6% | +50.9pp |
| FCF per share | — | — | −$1.33 | −$0.59 | −$1.03 | −$0.59 | — |
| Investing & financing | |||||||
| Investing cash flow | -$3.6M | -$209.0M | $3.7M | $71.0M | -$178.4M | $103.7M | — |
| Financing cash flow | $185.0K | $372.0M | $24.0M | $87.9M | $294.5M | — | +531.6% |
| Returned to shareholders | |||||||
| Dividends paid | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — |
| Capital returned | — | — | — | — | — | — | — |
| Cash flow | Q4 2019 | Q4 2020 | Q4 2021 | Q4 2022 | Q4 2023 | Q4 2024 | Q1 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operations | |||||||||
| Operating cash flow | — | — | — | — | — | — | -$18.8M | — | -$64.7M |
| YoY growth | — | — | — | — | — | — | — | — | −243.3% |
| Depreciation & amortization | — | — | — | — | — | — | $28.4M | — | $27.7M |
| Stock-based compensation | — | — | — | — | — | — | $4.3M | — | $3.7M |
| Capital expenditures | — | — | — | — | — | — | $43.3M | — | $10.3M |
| Free cash flow | — | — | — | — | — | — | -$62.2M | — | -$75.0M |
| YoY growth | — | — | — | — | — | — | — | — | −20.6% |
| FCF margin | — | — | — | — | — | — | -130.5% | — | -202.8% |
| FCF per share | — | — | — | — | — | — | −$0.12 | — | −$0.12 |
| Investing & financing | |||||||||
| Investing cash flow | — | — | — | — | — | — | -$25.7M | — | -$54.8M |
| Financing cash flow | — | — | — | — | — | — | — | — | — |
| Returned to shareholders | |||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — |
| Capital returned | — | — | — | — | — | — | — | — | — |
Source: SEC EDGAR companyfacts · SEC structured XBRL history since 2009 where available; newer public companies show only the periods they have filed. USD figures are as reported; shares outstanding remain the SEC period-end fact and are normalized for detected stock splits. Valuation may fall back to SEC weighted-average diluted/basic shares when that exact instant is unavailable. Hover any figure for the exact amount. Standalone quarters are reconstructed from cumulative filings; drv years are summed from quarters when no annual filing is stored; TTM is the trailing four quarters.