Keel Infrastructure — Q3 2026 Earnings Summary

Financial Performance:

• Revenue for the quarter ended September 30, 2026, was $28 million, a 59% decrease from $68 million in Q3 2025, driven by the cessation of U.S. Bitcoin mining operations and a decline in Bitcoin prices.
• General and administrative expenses increased to $34 million from $17 million in Q3 2025, attributed to hiring senior subject-matter experts, higher professional fees, and increased stock-based compensation.
• Operating loss improved to $8 million from $18 million in Q3 2025, excluding non-cash depreciation of $13 million compared to $27 million in the prior year period.
• Loss from continuing operations was $62 million ($0.10 per share), compared to a loss of $11 million ($0.02 per share) in Q3 2025, primarily due to a $55 million non-cash unrealized loss on capped calls associated with 2025 convertible notes.
• Adjusted EBITDA was negative $27 million, down from positive $19 million in Q3 2025.
• The company reported $780 million in unrestricted cash liquidity as of November 4, 2026.
• During the quarter, the company sold its entire treasury of 2,261 Bitcoin plus 259 newly mined Bitcoin (totaling 2,520) for $192 million in proceeds.

Guidance and Future Outlook:

• Moses Lake is expected to be the first energized site to generate High-Performance Computing (HPC) revenue in 2027.
• Detailed load studies for expansion capacity at Panther Creek (up to 500 MW) and Scrubgrass (up to 1.3 GW) are on track for completion in Q1 2027.
• Management expects to sign leases for three near-term sites (Moses Lake, Sharon, and Panther Creek) with competitive tension and multiple creditworthy parties at the negotiation table.
• The company does not anticipate a need for debt or equity financing prior to signing leases, as capital deployed ahead of leasing becomes part of the equity contribution to project financing.

Business Segments and Product Lines:

• Construction commenced at Moses Lake in September 2026 after receiving all necessary permits and clearing the Notice to Proceed.
• The Moses Lake site has been engineered to support next-generation Vera Rubin architecture (formerly GB300), positioning Keel as a full Vera Rubin platform company.
• Permitting advanced at Sharon and Panther Creek sites, with three permits cleared and four environmental permits remaining (two in draft stage).
• Revised site plans for Sharon and Panther Creek are fully compliant with Pennsylvania's new Executive Order, with no meaningful changes to project costs or tenant timelines.
• The company sold its Paraguay operations on April 21, 2026, and its Argentina subsidiary on June 24, 2026, as part of a strategic pivot to North American HPC infrastructure.
• Bitcoin mined in Quebec will be sold daily moving forward, effectively eliminating exposure to Bitcoin price movements on treasury holdings.

Market and Competitive Landscape:

• The company faces high competitive tension at all three near-term sites with multiple creditworthy parties negotiating leases.
• Keel operates in high-demand power markets across Pennsylvania, Washington State, and Québec, with a development pipeline of 2.2 gigawatts.
• The strategic transformation focuses on North American HPC infrastructure and energy, moving away from legacy Bitcoin mining operations.

Risks and Challenges:

• Risks include the potential failure of the strategic transformation from Bitcoin mining to HPC infrastructure, inability to secure leases on acceptable terms, and reliance on reliable, economical power sources.
• Regulatory risks include potential rate increases in Québec due to Orders-in-Council 88-2026 and 89-2026, and restrictive zoning or permitting requirements in Pennsylvania.
• The company faces supply chain disruptions, trade restrictions, and tariff risks due to reliance on third-party suppliers in foreign jurisdictions.
• High volatility in Bitcoin prices continues to impact the profitability of remaining mining operations, and the company holds capped call transactions associated with convertible notes.
• Significant competition exists from other digital infrastructure developers and established data center operators with greater resources.

Management Commentary and Tone:

• CEO Ben Gagnon expressed confidence that the company will sign leases delivering the most attractive returns for shareholders, noting that 2027 and 2028 power is more secure and closer to delivery than the previous quarter.
• CFO Jonathan Mir highlighted the company's strong capitalization and strategy to advance at the speed customers require while securing project financing on favorable terms.
• Management emphasized the deliberate cessation of U.S. Bitcoin mining to advance HPC/AI development.

Other Key Points:

• The company executed the sale of its entire Bitcoin treasury position during the quarter, totaling $192 million in proceeds.
• The company is a North American digital infrastructure and energy company trading under the ticker symbol "KEEL" on Nasdaq and TSX.
• A conference call regarding Q3 2026 results was hosted on November 5, 2026, at 8:00 a.m. Eastern.
• The company's development pipeline includes 2.2 gigawatts with established grid interconnections in Pennsylvania, Washington State, and Québec.