Headline revenue and EPS miss consensus (consensus EPS was $-0.07 on a street convention, but the GAAP loss was $0.11), but the $819M liquidity, $458M convertible raise, and permitting milestones are the real story. Watch for future lease execution announcements at Panther Creek, Sharon, and Moses Lake — that is the catalyst that justifies the current valuation. No lease signed yet means the stock remains speculative until a concrete customer agreement materializes.
Price Chart
Executive Summary
Keel Infrastructure reported Q2 2026 revenue of $30M, down 50% YoY, and a $0.11 GAAP loss per share, swinging from a $0.02 profit in Q2 2025, as the company winds down Bitcoin mining to focus on HPC/AI data center development. The headline numbers are weak due to the legacy mining shutdown, but the company raised $458M in convertible notes, ended the quarter with $819M in liquidity, and advanced permitting across three priority sites. The stock will trade on development progress and the timeline to lease execution, not the declining legacy revenue.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $30 million, down 50% year-over-year from $60.9 million, driven by Bitcoin price decline and mining shutdown at Moses Lake
- Loss from continuing operations of $64 million ($0.11 loss per share) vs. income of $13 million ($0.02 EPS) in Q2 2025
- Adjusted EBITDA from continuing operations was negative $24 million in Q2 2026 vs. positive $7 million in Q2 2025
- Raised $458 million via convertible note offering; total liquidity of approximately $819 million ($698M cash + $121M unencumbered Bitcoin) as of August 7, 2026
- Completed decommissioning of all U.S. Bitcoin mining operations; sold 1,085 Bitcoin for $75 million in Q2 2026
- Zoning and land development approvals secured for Panther Creek and Sharon; conditional hydro agreement for 96 MW in Sherbrooke, QC
- Appointed Ganesh Aiyer as President to lead commercial and expansion activities
Financial Impact
Q2 2026 continuing operations loss of $64 million vs. Q2 2025 income of $13 million; EBITDA swung from +$41M to +$19M on non-cash depreciation of $84M
Risk Factors
- No executed customer leases yet for HPC data center sites — development success still uncertain
- Continuing operations still losing money on an adjusted EBITDA basis (-$24M in Q2)
- Dilution risk from $458M convertible note conversion, which could pressure common equity
- Bitcoin price volatility still impacts financial results as $121M in BTC remains on the balance sheet
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001812477-26-000021 |
| Document: keel-20260810.htm | 0001812477-26-000021 |
| Document: 0001812477-26-000021-index-headers.html | 0001812477-26-000021 |
| Document: 0001812477-26-000021-index.html | 0001812477-26-000021 |
| Document: 0001812477-26-000021.txt | 0001812477-26-000021 |
| 8-K Data (Synthetic) | 0001812477-26-000021 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 6w ago | Insider Cluster | $3.32 $4.07 | ▲ +22.59% | ▲ +23.12% | $3.62 (+9.04%) |
Aug 20, 2026 6w ago | Insider Cluster | $3.37 $4.01 | ▲ +18.99% | ▲ +18.99% | $3.62 (+7.42%) |
Aug 17, 2026 6w ago | Insider Cluster | $3.16 $3.38 | ▲ +6.96% | ▲ +7.95% | $3.62 (+14.56%) |
Aug 10, 2026 7w ago | Press Release | $3.40 $3.73 | ▲ +9.71% | ▲ +10.62% | $3.62 (+6.47%) |
Aug 10, 2026 7w ago | 8-K | $3.40 $3.73 | ▲ +9.71% | ▲ +10.62% | $3.62 (+6.47%) |
Jul 27, 2026 9w ago | Press Release | $4.05 $3.25 | ▼ −19.75% | ▼ −23.05% | $3.62 (−10.62%) |
Jul 6, 2026 12w ago | 8-K | $4.84 $3.97 | ▼ −17.98% | ▼ −17.41% | $3.62 (−25.21%) |
Jun 5, 2026 17w ago | 8-K | $5.13 $4.84 | ▲ +5.65% | ▲ +7.51% | $3.62 (+29.43%) |
Jun 4, 2026 17w ago | 8-K | $5.13 $4.84 | ▲ +5.65% | ▲ +7.51% | $3.62 (+29.43%) |
May 11, 2026 20w ago | 8-K | $4.30 $5.42 | ▼ −26.05% | ▼ −26.35% | $3.62 (+15.81%) |
US Market Status
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