Key Takeaways Second quarter revenue totaled $30.4M, representing a 50% year-over-year decline and falling short of the $33.42M analyst consensus Company posted an operating loss of $141M, a
On August 10, Keel Infrastructure (KEEL) disclosed its second quarter 2026 financial performance, posting revenue of $30.4 million that failed to meet Wall Street’s anticipated $33.42 million figure. Despite the earnings miss, shares climbed 1.57% in response to the announcement.
Keel Infrastructure Corp. (KEEL)The year-over-year revenue contraction of 50% stemmed primarily from the discontinuation of Bitcoin mining activities and reduced average Bitcoin valuations. In April 2026, the company ceased cryptocurrency mining operations at its Moses Lake facility, marking a significant milestone in its strategic transformation toward high-performance computing infrastructure development.
$KEEL INFRASTRUCTURE Q2’26 EARNINGS HIGHLIGHTS
Revenue: $30.0M (Est. $32.4M)
; -50% YoY
Other Q2 Metrics:
— Wall St Engine (@wallstengine) August 10, 2026
For the quarter, the company recorded an operating loss of $140.8 million, contrasting sharply with the $10.8 million in operating income generated during the second quarter of 2025. This figure incorporated $84 million in non-cash depreciation charges.
The net loss reached $65 million, translating to $0.11 per share. This represents a significant shift from the net income of $13 million, or $0.02 per share, achieved in the comparable quarter last year.
From continuing operations, adjusted EBITDA turned negative at $23.7 million, declining from the positive $6.6 million recorded in Q2 2025.
Chief Executive Officer Ben Gagnon emphasized the company’s strategic focus on power infrastructure as a fundamental competitive advantage. “Power is the constraint. Everything else is downstream of it,” he articulated in a company statement.
During the quarter, Keel secured $458 million in capital through a convertible note offering. As of August 7, the company reported total liquidity of approximately $819 million.
This liquidity position consists of approximately $698 million in unrestricted cash holdings and $121 million in unencumbered Bitcoin assets.
Keel’s three high-priority development sites are advancing toward complete permitting approval. Environmental permit submissions are moving forward at all three locations, with zoning and land development authorizations already finalized at the Panther Creek and Sharon facilities.
The organization took delivery of its initial Vertiv module shipment at Moses Lake and began finalizing fiber optic contracts for all three sites.
Keel also made substantial progress on its Sherbrooke, Quebec data center initiative, executing an agreement with Hydro-Sherbrooke for the conditional transfer of 96 MW of existing power capacity, accompanied by a land acquisition agreement.
The company named Ganesh Aiyer as President to oversee commercial operations and expansion initiatives. Keel also finalized the decommissioning of all domestic Bitcoin mining facilities.
From April 1 through August 7, 2026, Keel liquidated 1,085 Bitcoin for gross proceeds of $75 million, continuing its previously disclosed strategy to wind down its cryptocurrency holdings.
As of August 7, the company’s Bitcoin inventory totals 1,861 BTC.
General and administrative costs increased to $31 million from $19 million in the second quarter of 2025, reflecting strategic recruitment of senior specialized professionals as Keel transitions into the project management and execution phase.
Chief Financial Officer Jonathan Mir noted that the company maintains stronger capitalization than at any previous point in its history, and anticipates securing construction financing for each site under terms that will deliver shareholder value.
Several prospective tenants are presently engaged in active lease negotiations at each of the three priority development sites, with available 2027 capacity remaining across PJM and Washington regions.
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