Keel Infrastructure (KEEL) Q2 2026 earnings summary

Executive summary

• Transitioned from Bitcoin mining to focus on U.S. HPC and AI data center infrastructure, exiting Latin America and crypto operations, and ceasing all U.S. mining by June 29, 2026.

• Site development and permitting advanced at Moses Lake, Sharon, and Panther Creek, with strong commercial negotiations and multiple prospective tenants, including leading AI companies and hyperscalers.

• Fully decommissioned Bitcoin mining operations at key sites, with legacy Latin American assets sold or discontinued.

• Leadership strengthened by appointing Ganesh Aiyer as President to drive commercial and expansion activities.

• Secured strong liquidity, raising $458 million via convertible notes, with total liquidity at $819 million as of August 7, 2026.

Financial highlights

• Q2 2026 revenue was $30.4 million, down from $61 million in Q2 2025, mainly due to lower Bitcoin prices and mining shutdowns.

• Operating loss of $141 million, including $84 million in non-cash depreciation and $63 million in accelerated depreciation, compared to $11 million operating income in Q2 2025.

• Net loss from continuing operations was $65 million, versus net income of $13 million in Q2 2025.

• Adjusted EBITDA was negative $24 million, down from $7 million in Q2 2025.

• Gross margin declined to -285% from -6% year-over-year.

Outlook and guidance

• Confident in securing additional expansion capacity, with Moses Lake, Sharon, and Panther Creek on track for 2027 commissioning and Sherbrooke targeted for 2028.

• Management expects to finance site construction smoothly, leveraging $819 million in liquidity.

• Pipeline growth for 2028 and beyond remains a key priority, with advanced HPC/AI development underway.

• Intends to fully liquidate Bitcoin holdings in 2026.