Keel Infrastructure (KEEL) Q3 2025 earnings summary

Executive summary

• Transitioning from Bitcoin mining to HPC/AI infrastructure, leveraging a large North American power portfolio and strategic site locations in Pennsylvania, Washington, and Quebec to capitalize on surging demand for compute and data center capacity.

• Announced conversion of key sites from Bitcoin mining to HPC/AI, focusing on next-gen NVIDIA Vera Rubin GPUs and higher lease rates and margins.

• Strategic U.S. pivot underway, including asset sales, transition to U.S. GAAP, redomicile plans, and a new NYC office to enhance index inclusion and institutional ownership.

• Robust political and financial support for HPC/AI development, especially in Pennsylvania, with expedited regulatory processes anticipated.

• Well-capitalized with over $1 billion in liquidity, including cash, Bitcoin, and project facilities, supporting all planned CapEx and development milestones.

Financial highlights

• Q3 2025 total revenue reached $84 million, with $69 million from continuing operations, up 156% year-over-year.

• Adjusted EBITDA from continuing operations was $20 million (28% margin), up from $2 million (8%) in Q3 2024 and $9 million (15%) in Q2 2025.

• Net loss from continuing operations was $46 million, or $0.08 per share, including a $9 million impairment charge.

• Gross mining margin was 35% in Q3 2025, compared to 44% in Q3 2024 and 47% in Q2 2025.

• Free cash flow from mining was approximately $8 million per month after G&A.

Outlook and guidance

• Over $1 billion in cash and Bitcoin on hand, plus additional funds available from the Macquarie facility to fund HPC/AI expansion.

• Expect continued strong free cash flow from Bitcoin mining to fund OpEx, G&A, debt service, and CapEx as the business transitions to HPC and AI.

• Initial phases of new projects prioritized, with ongoing evaluation of financing alternatives to maximize shareholder value.

• CapEx guidance for 2026 pending finalization of NVIDIA Vera Rubin reference designs, with more clarity expected in Q1 2026.

• U.S. redomicile targeted for 2026, with transition to U.S. GAAP accounting.