Keel Infrastructure Balance Sheet

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	357.28	573.46	59.54	84.04	30.89	125.6
Cash & Short-Term Investments	357.28	573.46	59.54	84.04	30.89	125.6
Cash Growth	826.88%	863.12%	-29.15%	172.08%	-75.41%	2011.91%
Accounts Receivable	5.36	5.47	1.26	0.71	0.7	1.04
Other Receivables	-	2.83	4.28	1.49	16.07	2.68
Receivables	5.36	8.3	5.54	2.21	16.77	3.72
Inventory	10.41	8.68	1.14	0.71	0.59	0.55
Other Current Assets	202.6	236.03	147.52	43.03	20.85	157.27
Total Current Assets	575.65	826.47	213.74	129.98	69.09	287.13
Property, Plant & Equipment	361.27	371.56	260.84	200.33	235.79	146.25
Long-Term Investments	-	1.25	-	-	-	-
Goodwill	-	-	-	-	-	16.96
Other Intangible Assets	3.03	2.98	4.64	3.7	0.03	1.68
Long-Term Deferred Tax Assets	-	-	-	-	-	3.9
Long-Term Deferred Charges	-	1.67	-	-	-	-
Other Long-Term Assets	126.77	92.41	183.93	44.71	38.19	86.68
Total Assets	1,067	1,296	663.13	378.73	343.1	542.59
Accounts Payable	17.91	16.27	8.23	9.08	12.9	9.87
Accrued Expenses	27.19	18.7	13.83	-	-	-
Short-Term Debt	-	-	-	-	-	60
Current Portion of Long-Term Debt	4.24	97.02	0.15	4.02	43.05	10.26
Current Portion of Leases	1.79	1.73	2.09	2.86	3.65	4.35
Current Income Taxes Payable	-	-	-	1.11	-	12.09
Other Current Liabilities	8.81	14.39	3.86	52.09	7.81	4.61
Total Current Liabilities	59.94	148.11	28.16	69.15	67.41	101.18
Long-Term Debt	573.2	572.45	1.43	-	4.09	0.91
Long-Term Leases	11.73	12.58	19.75	12.99	14.22	9.23
Long-Term Deferred Tax Liabilities	0.07	0.07	0.07	-	-	8.45
Other Long-Term Liabilities	2.63	2.76	2.59	1.82	1.98	0.24
Total Liabilities	647.58	735.97	51.99	83.96	87.7	120.01
Common Stock	1,066	1,065	837.76	535.01	404.93	378.89
Additional Paid-In Capital	110.96	108.28	101.32	56.62	47.65	43.7
Retained Earnings	-757.83	-612.48	-327.94	-299.81	-197.19	-0.02
Comprehensive Income & Other	-	-	-	2.94	-	-
Total Common Equity	419.14	560.38	611.15	294.76	255.4	422.58
Shareholders' Equity	419.14	560.38	611.15	294.76	255.4	422.58
Total Liabilities & Equity	1,067	1,296	663.13	378.73	343.1	542.59
Total Debt	590.97	683.78	23.42	19.87	65.01	84.74
Net Cash (Debt)	-233.69	-110.32	36.13	64.17	-34.12	40.85
Net Cash Growth	-	-	-43.70%	-	-	-
Net Cash Per Share	-0.40	-0.20	0.09	0.24	-0.16	0.24
Filing Date Shares Outstanding	603.83	602.85	553.64	339.27	238.39	201.25
Total Common Shares Outstanding	602.85	601.58	479.33	334.15	224.2	194.81
Working Capital	515.7	678.35	185.58	60.83	1.68	185.95
Book Value Per Share	0.70	0.93	1.27	0.88	1.14	2.17
Tangible Book Value	416.11	557.39	606.51	291.06	255.37	403.95
Tangible Book Value Per Share	0.69	0.93	1.27	0.87	1.14	2.07
Land	51.87	63.89	5.04	5.74	4.39	4.55
Machinery	481.3	469.68	337.1	356.07	309.29	157.19
Leasehold Improvements	14.66	14.54	59.45	50.73	45.28	5.78

Updated May 11, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.