Keel Infrastructure Corp. (KEEL) FY2026 YTD Q2 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-01-01 to 2026-06-30

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Keel Infrastructure Corp. cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Proceeds from long-term debt, net of transaction costs → financing reconciliation: $445,124,000.00Exercise of stock options → financing reconciliation: $7,017,000.00financing reconciliation → Net cash from financing activities: $296,384,000.00financing reconciliation → Repayment of long-term debt: $113,637,000.00financing reconciliation → Purchase of capped calls: $41,840,000.00financing reconciliation → Repayment of finance lease liabilities: $280,000.00Proceeds from sale of digital assets → investing reconciliation: $47,344,000.00Proceeds from disposal of businesses → investing reconciliation: $13,129,000.00Proceeds from disposition of marketable securities → investing reconciliation: $2,828,000.00Proceeds from sale of property, plant and equipment and assets held for sale → investing reconciliation: $2,330,000.00Settlement of derivative assets and liabilities → investing reconciliation: $1,396,000.00investing reconciliation → Purchase of property, plant and equipment and intangible assets: $53,413,000.00investing reconciliation → Equipment and construction prepayments: $51,721,000.00investing reconciliation → Purchase of marketable securities: $2,783,000.00Net cash used in operating activities → operating reconciliation: $117,615,000.00Depreciation and amortization → operating reconciliation: $111,843,000.00Change in fair value of digital assets → operating reconciliation: $50,478,000.00Impairment of long-lived assets → operating reconciliation: $17,186,000.00Stock-based compensation → operating reconciliation: $13,512,000.00Proceeds from disposition of renewable energy and waste tax credits → operating reconciliation: $13,389,000.00Realized loss (gain) on sale of digital assets → operating reconciliation: $12,990,000.00Interest income received → operating reconciliation: $6,217,000.00Other → operating reconciliation: $1,205,000.00(Gain) loss on disposition of assets → operating reconciliation: $759,000.00operating reconciliation → Net loss: $210,348,000.00operating reconciliation → Digital assets earned and hosting revenue received in Bitcoin: $62,553,000.00operating reconciliation → Total other (income) expenses: $47,725,000.00operating reconciliation → Changes in non-cash working capital components: $13,931,000.00operating reconciliation → Renewable energy credits earned: $6,119,000.00operating reconciliation → Interest expenses paid: $3,641,000.00operating reconciliation → Income tax paid: $877,000.00Net cash used in investing activities → investing reconciliation: $40,890,000.00Exchange-rate effect → Cash sources and uses: $52,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $630,962,000.00Net cash from financing activities → Cash sources and uses: $296,384,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $768,893,000.00Cash sources and uses → Net cash used in investing activities: $40,890,000.00Cash sources and uses → Net cash used in operating activities: $117,615,000.00Net loss: -$210,348,000.00Net loss−$210.35 MDepreciation and amortization: $111,843,000.00Depreciation & amortization+$111.84 MImpairment of long-lived assets: $17,186,000.00Impairment of long-lived assets+$17.19 MTotal other (income) expenses: -$47,725,000.00Other non-cash items−$47.73 MDigital assets earned and hosting revenue received in Bitcoin: -$62,553,000.00Bitcoin earned & hosting revenue−$62.55 MStock-based compensation: $13,512,000.00Stock-based compensation+$13.51 MRenewable energy credits earned: -$6,119,000.00Renewable energy credits earned−$6.12 M(Gain) loss on disposition of assets: $759,000.00Asset disposal gain & loss+$759.00 KDigital assets exchanged for services: $0.00Realized loss (gain) on sale of digital assets: $12,990,000.00Digital asset sale gain & loss+$12.99 MOther: $1,205,000.00Other operating, net+$1.21 MChange in fair value of digital assets: $50,478,000.00Digital asset gain & loss+$50.48 MInterest income received: $6,217,000.00Interest income received+$6.22 MInterest expenses paid: -$3,641,000.00Interest expenses paid−$3.64 MIncome tax paid: -$877,000.00Income tax paid−$877.00 KProceeds from disposition of renewable energy and waste tax credits: $13,389,000.00Energy & waste tax credit sales+$13.39 MChanges in non-cash working capital components: -$13,931,000.00Working capital components−$13.93 MNet cash used in operating activities: -$117,615,000.00. Cash required to fund net payments.Operating cash−$117.62 Moperating reconciliation: $345,194,000.00Repayment of long-term debt: -$113,637,000.00Long-term debt repaid−$113.64 MRepayment of finance lease liabilities: -$280,000.00Finance lease payments−$280.00 KIssuance of common shares and warrants: $0.00Proceeds from long-term debt, net of transaction costs: $445,124,000.00Debt issued, net of costs+$445.12 MExercise of stock options: $7,017,000.00Exercise of stock options+$7.02 MPurchase of capped calls: -$41,840,000.00Capped call purchases−$41.84 MNet cash from financing activities: $296,384,000.00Financing cash+$296.38 Mfinancing reconciliation: $452,141,000.00Proceeds from sale of digital assets: $47,344,000.00Digital asset sales+$47.34 MProceeds from sale of property, plant and equipment and assets held for sale: $2,330,000.00PP&E sales+$2.33 MProceeds from disposition of marketable securities: $2,828,000.00Marketable securities proceeds+$2.83 MSettlement of derivative assets and liabilities: $1,396,000.00Investing derivative proceeds+$1.40 MProceeds from disposal of businesses: $13,129,000.00Business & asset sales+$13.13 MPurchase of property, plant and equipment and intangible assets: -$53,413,000.00Capital expenditures−$53.41 MPurchase of marketable securities: -$2,783,000.00Marketable securities purchases−$2.78 MPurchase of derivative assets and liabilities: $0.00Equipment and construction prepayments: -$51,721,000.00Equipment & construction advances−$51.72 MAcquisition of business: $0.00Investment in equity securities: $0.00Net cash used in investing activities: -$40,890,000.00. Cash required to fund net payments.Investing cash−$40.89 Minvesting reconciliation: $107,917,000.00Cash sources and uses: $927,398,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $630,962,000.00Beginning cash$630.96 MEnding cash: Cash, cash equivalents, and restricted cash: $768,893,000.00Ending cash$768.89 MExchange-rate effect: $52,000.00FX effect+$52.00 KCASH RECONCILIATIONFinancingflowsInvestingflowsOperatingflowsNet loss −$210.35M + net operating adjustments $92.73M = operating cash −$117.62MFree cash flow−$171.03 MOperating cash − cash spent on productive assetsCash flow / Net incomeNot meaningfulOperating cash flow ÷ net incomeNet cash change+$137.93 MEnding cash − beginning cash
Chart details

Keel Infrastructure Corp. cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026

Cash flows for Jan 1, 2026 through Jun 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2025. Ending cash: Jun 30, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2025
630,962,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
negative 117,615,000 US dollars. Net cash used.
Net loss
negative 210,348,000 US dollars
Depreciation and amortization
111,843,000 US dollars
Impairment of long-lived assets
17,186,000 US dollars
Total other (income) expenses
negative 47,725,000 US dollars
Digital assets earned and hosting revenue received in Bitcoin
negative 62,553,000 US dollars
Stock-based compensation
13,512,000 US dollars
Renewable energy credits earned
negative 6,119,000 US dollars
(Gain) loss on disposition of assets
759,000 US dollars
Digital assets exchanged for services
0 US dollars
Realized loss (gain) on sale of digital assets
12,990,000 US dollars
Other
1,205,000 US dollars
Change in fair value of digital assets
50,478,000 US dollars
Interest income received
6,217,000 US dollars
Interest expenses paid
negative 3,641,000 US dollars
Income tax paid
negative 877,000 US dollars
Proceeds from disposition of renewable energy and waste tax credits
13,389,000 US dollars
Changes in non-cash working capital components
negative 13,931,000 US dollars
Investing activities
negative 40,890,000 US dollars. Net cash used.
Proceeds from sale of digital assets
47,344,000 US dollars
Proceeds from sale of property, plant and equipment and assets held for sale
2,330,000 US dollars
Proceeds from disposition of marketable securities
2,828,000 US dollars
Settlement of derivative assets and liabilities
1,396,000 US dollars
Proceeds from disposal of businesses
13,129,000 US dollars
Purchase of property, plant and equipment and intangible assets
negative 53,413,000 US dollars
Purchase of marketable securities
negative 2,783,000 US dollars
Purchase of derivative assets and liabilities
0 US dollars
Equipment and construction prepayments
negative 51,721,000 US dollars
Acquisition of business
0 US dollars
Investment in equity securities
0 US dollars
Financing activities
296,384,000 US dollars. Net cash provided.
Repayment of long-term debt
negative 113,637,000 US dollars
Repayment of finance lease liabilities
negative 280,000 US dollars
Issuance of common shares and warrants
0 US dollars
Proceeds from long-term debt, net of transaction costs
445,124,000 US dollars
Exercise of stock options
7,017,000 US dollars
Purchase of capped calls
negative 41,840,000 US dollars
Operating adjustment reconciliation
345,194,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
452,141,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
107,917,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
52,000 US dollars
Ending cash on Jun 30, 2026
768,893,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
927,398,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
137,931,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
Not meaningful. Operating cash flow divided by reconciliation net income for the same period. The ratio is not meaningful when net income is zero or negative.
Operating cash flow
negative 117,615,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
53,413,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
negative 171,028,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net loss −$210.35M + net operating adjustments $92.73M = operating cash −$117.62M. The loss reduces the earnings basis of the reconciliation; it is not a cash payment. The signed loss remains a deduction at the operating reconciliation junction.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: negative 117,615,000 US dollars minus 53,413,000 US dollars equals negative 171,028,000 US dollars.
Keel Infrastructure Corp. (KEEL) FY2026 YTD Q2 Statement of Cash Flows Sankey chart
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