Keel Infrastructure (KEEL) Q3 2026 earnings summary

Executive summary

• Continued pivot from Bitcoin mining to North American HPC/AI infrastructure; U.S. mining ended in June, while legacy mining continues in Canada. No HPC capacity was generating revenue at quarter-end.

• Moses Lake construction began in September after permits cleared; the 18 MW modular facility is expected to be the first energized site generating HPC revenue in 2027.

• Lease discussions advanced across three near-term sites with creditworthy prospects, but the prior year-end target for three leases is no longer expected amid permitting delays.

Financial highlights

• Q3 revenue was $27.6M vs. $68.0M YoY; operating loss narrowed to $7.7M from $18.5M, while gross loss widened to $14.6M from $2.3M.

• Continuing-operations loss was $62.4M, or $0.10 per share, vs. $11.0M; net loss was $62.7M vs. $38.8M.

• Adjusted EBITDA was a loss of $27.4M vs. income of $19.2M; G&A expense rose to $34.3M from $17.2M.

• Sold 2,520 Bitcoin for $192.2M; holdings were nominal at September 30, with future Québec production to be sold daily.

Outlook and guidance

• No further lease-date guidance; the prior goal of three leases by year-end is no longer expected, with updates focused on site-development progress.

• Moses Lake is expected to energize in 2027; Sharon and Panther Creek substations are expected to energize in 2027, with revenue anticipated from early 2028 and capacity ramping through 2028.

• Panther Creek and Scrubgrass load-study updates are expected in Q1 2027; studies assess potential added capacity of up to 500 MW and 1.3 GW, respectively.

• Unrestricted cash liquidity was $780M as of November 4; management said it covers pre-lease capex and cash SG&A through 2028, with no external financing expected before lease signing.