Monitor for lease execution announcements at Panther Creek, Sharon, or Moses Lake — the company's $533M liquidity runway depends entirely on securing HPC/AI customers. Without a lease signing, the cash burn rate (negative $17M adjusted EBITDA per quarter) and ongoing transformation costs will continue to erode the balance sheet. The stock will likely trade on the pace of site development milestones rather than current financials.
Price Chart
Executive Summary
Keel Infrastructure reported Q1 2026 revenue of $37M, down 23% YoY, and a GAAP loss from continuing operations of $128M ($0.21 loss per share), compared to a $38M loss in Q1 2025. The company highlighted $533M in liquidity to fund site development at Panther Creek, Sharon, and Moses Lake through lease execution, but the headline financials show a deteriorating operating loss and negative adjusted EBITDA of -$17M.
Key Financial Metrics
Key Facts
- Revenue of $37M, down 23% YoY from $47.7M in Q1 2025
- GAAP loss from continuing operations of $128M ($0.21 loss per share), vs $38M loss ($0.08 loss per share) in Q1 2025
- Adjusted EBITDA of negative $17M (negative 45% of revenue), down from positive $7M (14% of revenue) in Q1 2025
- Operating loss of $98M, including $41M loss from change in fair value of digital assets and $22M loss on extinguishment of Macquarie credit facility
- Total liquidity of $533M as of May 8, 2026 ($336M cash + $197M unencumbered Bitcoin)
- Sold 269 Bitcoin for $20M in proceeds during Jan 1 - May 8, 2026 as part of wind down of Bitcoin position
- Completed U.S. redomiciliation and rebranding from Bitfarms to Keel Infrastructure on April 1, 2026
- No guidance provided for future periods
Financial Impact
Revenue declined $10.7M (22%) YoY; operating loss widened by $63.5M (182%) to $98M; net loss from continuing operations increased $89.2M (232%) to $128M
Risk Factors
- No lease agreements yet signed at any of the three near-term development sites
- Revenue declining 23% YoY with no near-term catalyst for reversal
- Negative adjusted EBITDA of -$17M per quarter from continuing operations
- Bitcoin price volatility affects both liquidity (via $197M BTC holdings) and income statement (via fair value changes)
- Strategic transformation from Bitcoin mining to HPC/AI infrastructure is pre-revenue and unproven
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-054167 |
| Document: ea0289914-8k_keelinfra.htm | 0001213900-26-054167 |
| Document: 0001213900-26-054167-index-headers.html | 0001213900-26-054167 |
| Document: 0001213900-26-054167-index.html | 0001213900-26-054167 |
| Document: 0001213900-26-054167.txt | 0001213900-26-054167 |
| 8-K Data (Synthetic) | 0001213900-26-054167 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 6w ago | Insider Cluster | $3.32 $4.07 | ▲ +22.59% | ▲ +23.12% | $3.63 (+9.49%) |
Aug 20, 2026 6w ago | Insider Cluster | $3.37 $4.01 | ▲ +18.99% | ▲ +18.99% | $3.63 (+7.86%) |
Aug 17, 2026 6w ago | Insider Cluster | $3.16 $3.38 | ▲ +6.96% | ▲ +7.95% | $3.63 (+15.03%) |
Aug 10, 2026 7w ago | Press Release | $3.40 $3.73 | ▲ +9.71% | ▲ +10.62% | $3.63 (+6.91%) |
Aug 10, 2026 7w ago | 8-K | $3.40 $3.73 | ▲ +9.71% | ▲ +10.62% | $3.63 (+6.91%) |
Jul 27, 2026 9w ago | Press Release | $4.05 $3.25 | ▼ −19.75% | ▼ −23.05% | $3.63 (−10.25%) |
Jul 6, 2026 12w ago | 8-K | $4.84 $3.97 | ▼ −17.98% | ▼ −17.41% | $3.63 (−24.90%) |
Jun 5, 2026 17w ago | 8-K | $5.13 $4.84 | ▲ +5.65% | ▲ +7.51% | $3.63 (+29.14%) |
Jun 4, 2026 17w ago | 8-K | $5.13 $4.84 | ▲ +5.65% | ▲ +7.51% | $3.63 (+29.14%) |
May 11, 2026 20w ago | 8-K | $4.30 $5.42 | ▼ −26.05% | ▼ −26.35% | $3.63 (+15.47%) |
US Market Status
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