Monitor site-specific lease announcements and construction milestones as key catalysts. The $819M liquidity runway provides flexibility through the pre-revenue development phase, but the lack of signed tenant commitments at priority sites means the stock remains a binary bet on HPC/AI leasing execution. Track permitting progress at Panther Creek, Moses Lake, and Sherbrooke.
Price Chart
Executive Summary
Keel Infrastructure reported Q2 2026 revenue of $30M, down 50% YoY, and a GAAP loss of $0.11 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 $30M, down 50% YoY from $60.9M
- GAAP loss from continuing operations of $0.11 per share vs $0.02 profit in Q2 2025
- Adjusted EBITDA of negative $24M, down from positive $7M in Q2 2025
- Completed decommissioning of all U.S. Bitcoin mining operations
- Raised $458M via convertible note offering during the quarter
- Total liquidity of $819M as of Aug 7, 2026 ($698M cash + $121M in Bitcoin)
- Sold 1,085 Bitcoin for $75M in proceeds as part of wind-down
- Advanced permitting at Panther Creek, Sharon, and Moses Lake sites
- Appointed Ganesh Aiyer as President to lead commercial activities
- Agreement with Hydro-Sherbrooke for 96 MW capacity transfer for QC data center
Financial Impact
Revenue decline of 50% YoY to $30M; operating loss of $141M vs operating income of $11M; GAAP loss of $0.11/sh vs $0.02 profit
Risk Factors
- No signed tenant commitments at priority sites — lease execution risk
- Convertible note dilution risk with $458M raised
- Bitcoin price volatility impacts liquidity via remaining 1,861 BTC holdings
- General and administrative expenses rising 62% YoY as headcount scales
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3341696 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access