This stock no longer trades (delisted March 6, 2026)

Delisted / no longer publicly traded (per market data provider) Everything below is based on the last available data — treat it as historical, not a live read.

Keel Infrastructure

BITF.TO

Software - Services · Technology

Price

C$7.74

-0.02 (-0.26%)

Market Cap

C$4.67B

Exchange

Toronto Stock Exchange

Winston Score

Historical score — this stock no longer trades, so the score is frozen at the last available data.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Share count rising — dilution

+228.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 169.4M (2021) → 556.5M (2025)

Winston Score History

The full picture

Bitfarms is a cryptocurrency mining company. It uses large warehouses full of specialized computers to solve complex math problems, which earns the company Bitcoin as a reward. It is one of the larger publicly traded Bitcoin miners in North America, listed on both the Toronto Stock Exchange and Nasdaq.

The company makes money by selling the Bitcoin it mines. It operates mining facilities mainly in Canada, the United States, Paraguay, and Argentina, where it seeks low-cost electricity to keep expenses down. Cheap power is the core competitive advantage in this industry, since electricity is the biggest cost. The main risk Bitfarms faces is that Bitcoin's price is highly volatile, and the negative gross and operating margins shown today reflect how hard it is to stay profitable when mining costs rise or Bitcoin prices fall — a challenge made worse by periodic "halving" events that cut mining rewards in half.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-60.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-120.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

11.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$847M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$847M cash & investments at current burn rate

Revenue declining

Keel Infrastructure's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-285.1%

Thin — -285.1% gross margin

Profit after running costs

Operating Margin

-388.0%

Losing money on operations — -388.0%

Return on the money invested

ROCE

-14.5%

Weak — -14.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-38.2%

Shrinking sales (-38.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-235.0%

Burning cash (-235.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

3.13

Heavy debt load (3.13)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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