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Aug 10, 2026, 6:51 AM ETTechnology

Keel Infrastructure — Q2 2026 Earnings Summary

KEELKEEL INFRASTRUCTURE CORP
Source

Financial Performance

  • Revenue for the quarter ended June 30, 2026, was $30.4 million, a 50% decrease year-over-year from $60.9 million in Q2 2025.
  • General and administrative expenses increased to $31.3 million from $19.4 million in Q2 2025, driven by hiring senior subject-matter experts.
  • Operating loss was $140.8 million, compared to an operating income of $10.8 million in Q2 2025; this included $84.1 million in non-cash depreciation versus $26.4 million in the prior year period.
  • Loss from continuing operations was $63.9 million ($0.11 loss per share), compared to income of $13.2 million ($0.02 earnings per share) in Q2 2025.
  • Adjusted EBITDA was negative $23.7 million, a decline from positive $6.6 million in Q2 2025.
  • The company raised $458 million via a convertible note offering during the quarter.
  • Total liquidity as of August 7, 2026, stood at approximately $819 million, comprising $698 million in unrestricted cash and $121 million in unencumbered Bitcoin.
  • The company sold 1,085 Bitcoin for $75 million between April 1, 2026, and August 7, 2026, as part of winding down its Bitcoin position; the remaining balance was 1,861 BTC.

Business Segments and Product Lines

  • The company is pivoting from legacy Bitcoin mining to North American high-performance computing (HPC) infrastructure.
  • U.S. Bitcoin mining operations were fully decommissioned in April 2026 in preparation for HPC site construction.
  • Latin American assets (Rio Cuarto, Argentina and Paso Pe, Paraguay) are classified as discontinued operations.
  • The Sherbrooke, QC project advanced with a conditional transfer and operation agreement for 96 MW of existing capacity with Hydro-Sherbrooke and a land purchase agreement.
  • Zoning and land development approvals were secured for Panther Creek (conditional) and Sharon sites; environmental permits are progressing across all three priority sites.
  • First Vertiv modules were delivered at Moses Lake, with additional long-lead-time items accepted at Sharon and Moses Lake.
  • Final fiber contracts were executed across all three priority sites, and data center designs are being refined to improve power density.

Management Commentary and Tone

  • CEO Ben Gagnon stated that power is the primary constraint and that all three priority sites are nearing full permitting with multiple prospective tenants negotiating.
  • Management highlighted a position of strength with $819 million in liquidity and uncommitted 2027 capacity across PJM and Washington.
  • CFO Jonathan Mir noted the company is better capitalized than at any point in its history, enabling strategic commercial decisions and smooth site financing.

Other Key Points

  • Ganesh Aiyer was appointed President to lead commercial and expansion activities.
  • The company maintains a development pipeline of 2.2 gigawatts with established grid interconnections in Pennsylvania, Washington State, and Québec.
  • The company continues to refine data center designs to improve power density.