Keel Infrastructure — Q3 2026 Earnings Summary

Keel Infrastructure Corp. reported a net loss of $62.7 million for the third quarter of 2026, driven primarily by a $55 million non-cash unrealized loss on capped calls associated with convertible notes and the cessation of U.S. Bitcoin mining operations. The company commenced construction at its Moses Lake site in September 2026, which is expected to be the first energized facility to generate high-performance computing revenue in 2027. Keel maintains approximately $780 million in cash liquidity and has advanced permitting for its Sharon and Panther Creek sites while engineering revised plans to comply with Pennsylvania's new Executive Order. Additionally, the company sold its entire Bitcoin treasury position during the quarter to eliminate exposure to price volatility as it pivots toward North American HPC infrastructure development.