Keel Infrastructure (KEEL) Investor presentation summary

Strategic growth and diversification

• Expanding beyond Bitcoin mining into HPC/AI, hosting, heat recapture, energy generation, and trading to diversify revenue streams and leverage digital infrastructure assets.

• U.S. expansion prioritized, especially in the PJM region, with completed site acquisitions and a development pipeline targeting over 675 MW operational capacity by year-end 2025 and 1.4 GW multi-year capacity.

• Acquisition of Stronghold Digital Mining adds vertically integrated power generation, increasing U.S. power capacity and providing accretive synergies.

• Strategic rebalancing of portfolio towards North America, aiming for approximately 80% of power capacity in the region by end of 2025.

• Flexible power strategy enables optimization between Bitcoin mining and HPC/AI, with sites under evaluation for conversion and pending strategic sales.

Financial performance and capital strategy

• Q3 2024 revenue reached $45M, up 8% quarter-over-quarter and 30% year-over-year, with gross mining margin at 38%.

• Robust liquidity at year-end 2024 with $60M in cash and $87M in BTC, totaling $147M, supporting projected $125M CAPEX for 2025 infrastructure growth.

• Synthetic HODL program delivered 135% ROIC since inception, using long-dated bitcoin call options to fund growth and maintain upside exposure.

• Launching "Bitcoin One" in 2025, an actively managed, leveraged Bitcoin accumulation strategy to capitalize on volatility and enhance returns.

• Expanding BTC leverage program after strong results and outperformance in 2024.

Market opportunities and infrastructure

• Macro tailwinds include 12-15% CAGR in global data center demand through 2030 and anticipated $250B annual spend on data center infrastructure.

• U.S. data center power consumption expected to double or triple in the next 3-4 years, driving demand for access to power and infrastructure.

• Pennsylvania sites offer over 1 GW of secured power, no curtailment requirements, and proximity to major fiber networks and data center clusters.

• North American sites are strategically located for HPC/AI, with feasibility analyses underway and secured, cost-effective power.

• Energy trading and demand response initiatives expected to optimize energy supply and further enhance portfolio value.