Keel Infrastructure (KEEL) Q1 2026 earnings summary

Executive summary

• Completed rebranding and redomiciliation to the U.S., finalizing a two-year strategic transformation focused on North American HPC/AI infrastructure and exiting Latin American and Bitcoin operations.

• Portfolio includes major projects in Pennsylvania, Washington, and Québec, with a 2.2 GW pipeline and 430 MW secured capacity, targeting hyperscalers, neoclouds, enterprise, and government clients.

• Zoning secured and site development progressing at Panther Creek, Sharon, and Moses Lake, with all three sites prioritized for lease execution by year-end 2026.

• Strong demand for North American HPC/AI infrastructure persists, with a strategic focus on high-barrier-to-entry, supply-constrained markets.

Financial highlights

• Q1 2026 revenue was $37 million, down 23% year-over-year, with gross margin at -71% and operating loss of $98 million, driven by digital asset fair value losses and higher non-cash depreciation.

• Net loss from continuing operations was $128 million, or $0.21 per share, compared to $38 million or $0.08 per share in Q1 2025.

• Adjusted EBITDA was negative $17 million (negative 45% margin), down from $7 million (14% margin) in Q1 2025.

• Net loss for the quarter was $145 million, up from $55.6 million in Q1 2025, reflecting asset impairments and debt extinguishment.

• Liquidity as of May 8, 2026, was $533 million, comprised of $336 million in unrestricted cash and $197 million in unencumbered Bitcoin.

Outlook and guidance

• Confident in signing leases at Panther Creek, Sharon, and Moses Lake by year-end 2026, with revenue from new leases expected to begin in 2027.

• SG&A expected to run at $25–27 million per quarter, reflecting investment in specialized expertise for HPC/AI build-out.

• Sufficient liquidity to fund all priority sites through lease execution and G&A through 2028; project-level financing anticipated post-lease.

• Bitcoin mining operations to decline from 14 exahash to around 5 exahash by year-end as sites are decommissioned.