Key Highlights
- Second quarter revenue reached $30.4M, representing a 50% year-over-year decline and falling short of the $33.42M analyst consensus
- Company reported an operating loss of $141M, a significant reversal from the $11M operating profit recorded in Q2 2025
- Continuing operations produced negative adjusted EBITDA of $24M, compared to a positive $7M in the prior-year period
- The company maintains $819M in total liquidity, comprising $698M in unrestricted cash reserves and $121M in Bitcoin holdings
- Three high-priority HPC development sites are approaching complete permitting status, with active tenant discussions underway at each location
On August 10, Keel Infrastructure (KEEL) released its second quarter 2026 financial results, posting revenue of $30.4 million that fell below analyst expectations of $33.42 million. Despite the shortfall, shares gained 1.57% in response to the announcement.
The 50% year-over-year revenue contraction reflects the deliberate phase-out of cryptocurrency mining activities and decreased Bitcoin valuations. In April 2026, the company ceased all Bitcoin mining operations at its Moses Lake facility as part of its comprehensive pivot toward high-performance computing infrastructure development.
Operating results showed a $140.8 million loss for the quarter, representing a sharp contrast to the $10.8 million operating profit generated during the second quarter of 2025. This figure incorporates $84 million in non-cash depreciation charges.
The company posted a net loss of $65 million, translating to $0.11 per diluted share. This marks a reversal from the year-ago period’s net income of $13 million, or $0.02 per share.
From continuing operations, adjusted EBITDA came in at negative $23.7 million, down substantially from the positive $6.6 million recorded in the second quarter of last year.
Chief Executive Officer Ben Gagnon emphasized the company’s strategic focus on power infrastructure as its core competitive advantage. “Power is the constraint. Everything else is downstream of it,” Gagnon stated in the earnings release.
During the quarter, Keel secured $458 million through a convertible note issuance. The company reported total liquidity of approximately $819 million as of August 7.
This liquidity position consists of approximately $698 million in unrestricted cash holdings and roughly $121 million in unencumbered Bitcoin assets.
HPC Site Development Advances
Each of Keel’s three prioritized development sites is approaching complete permitting approval. Environmental permit submissions continue to progress at all locations, while zoning and land development clearances have been obtained for both the Panther Creek and Sharon facilities.
At Moses Lake, the company received its initial Vertiv modular units and initiated final fiber-optic contract negotiations spanning all three priority sites.
In Canada, Keel moved forward with its Sherbrooke, Quebec data center initiative, finalizing an arrangement with Hydro-Sherbrooke for the potential transfer of 96 MW of existing power capacity, accompanied by a land acquisition agreement.
Executive Appointments and Crypto Asset Liquidation
The company named Ganesh Aiyer as President to oversee commercial strategy and expansion initiatives. Additionally, Keel completed the full shutdown of all domestic Bitcoin mining facilities.
From April 1 through August 7, 2026, Keel liquidated 1,085 Bitcoin, generating $75 million in proceeds as part of its disclosed strategy to wind down its cryptocurrency holdings.
The company’s Bitcoin treasury currently holds 1,861 BTC as of August 7.
General and administrative costs increased to $31 million from $19 million in the second quarter of 2025, primarily due to strategic recruitment of senior-level technical specialists as Keel transitions into active project implementation.
Chief Financial Officer Jonathan Mir noted the company possesses stronger capitalization than at any previous point in its corporate history, and anticipates structuring construction financing for each site on terms that generate shareholder value.
Several potential tenants are currently engaged in active lease negotiations at each of the three primary development sites, with available 2027 capacity remaining across both the PJM interconnection and Washington state markets.
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