Earnings Releases·Nov 5, 2026, 7:01 AM ET

Keel Infrastructure — Q3 2026 Earnings Summary

Revenue declined 59% year-over-year to $28 million due to the cessation of U.S. Bitcoin mining and lower Bitcoin prices, while operating loss narrowed to $8 million from $18 million in the prior year period.
The company executed a strategic pivot by selling its entire Bitcoin treasury (2,520 BTC) for $192 million and divesting Paraguay and Argentina operations to focus exclusively on North American HPC infrastructure.
Construction commenced at the Moses Lake site in September 2026, with detailed load studies for Panther Creek and Scrubgrass expansion on track for completion in Q1 2027.
Management expects to secure leases for three near-term sites (Moses Lake, Sharon, and Panther Creek) in 2027 without requiring additional debt or equity financing prior to signing.
The company maintains $780 million in unrestricted cash liquidity as of November 4, 2026, despite a $62 million loss from continuing operations driven by non-cash unrealized losses on capped calls.