Keel Infrastructure Corp. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Fiscal 2025 was a transformative year as Bitfarms fully pivoted away from Bitcoin mining toward North American HPC and AI infrastructure development.
  • Company rebranding to Keel Infrastructure effective April 1, with new ticker KEEL trading within 2 business days after completion.
  • Keel aims to serve hyperscalers and neocloud companies with power-secured, colocation‑ready data center infrastructure.
  • Over 2 GW of secured and expansion energy capacity across Pennsylvania, Washington and Quebec.

Key Strategic Developments

  • Exited legacy Bitcoin operations; 2026 will complete majority of wind-down.
  • Stronghold acquisition, substantial power secured in Pennsylvania, portfolio fully rebalanced to North America.
  • Completed a $588 million institutional convertible raise; transitioned to U.S. GAAP; relocated HQ to New York.
  • Significant hiring: over 60 years of infrastructure and 50 years of data center construction expertise added.
  • Partnerships with major data center builders: T5, Turner Construction, Corgan, WWT and Vertiv.

Financial Performance (Compared to FY 2024)

  • Revenue: $229 million, up 72% from prior year.
  • Operating loss: $150 million vs. $28 million loss in 2024, driven by higher noncash depreciation ($98M) and higher impairments ($28M vs. $4M).

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Good day, and welcome to the Bitfarms Fiscal 2025 Conference Call. [Operator Instructions] Please note, this call is being recorded. I would like to turn the call over to Jennifer Drew-Bear from Bitfarms Investor Relations. Please go ahead. Jennifer Drew-Bear: Thank you, and welcome to Bitfarms Fiscal Year 2025 Conference Call. With me on the call today are Ben Gagnon, Chief Executive Officer and Director; and Jonathan Mir, Chief Financial Officer. Before we begin, please note this call is being webcast with an accompanying slide presentation. Today's press release and our presentation can be accessed on our website under the Investors section. Turning to Slide 2. I'd like to remind everyone that certain forward-looking statements will be made during the call, and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties. And I invite you to consult Bitfarms 10-K for a complete list. Also, please note that references will be made to certain non-GAAP financial measures, and therefore, may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's press release and our 10-K for definitions of the aforementioned non-GAAP measures and their reconciliations to GAAP measures. Please note that all financial references are denominated in U.S. dollars, unless always noted. And now turning to Slide 3. It is my

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional