TLDR
- Q2 revenue came in at $30.4M, down 50% year-over-year and missed the $33.42M consensus estimate
- Operating loss hit $141M, swinging from operating income of $11M in Q2 2025
- Adjusted EBITDA from continuing operations was negative $24M, down from positive $7M a year ago
- Keel holds $819M in total liquidity, including $698M in unrestricted cash and $121M in Bitcoin
- All three priority HPC sites are nearing full permitting, with multiple tenants in active negotiations at each
Keel Infrastructure (KEEL) reported Q2 2026 results on August 10, with revenue of $30.4 million falling short of Wall Street’s $33.42 million estimate. The stock was up 1.57% following the release.
Revenue dropped 50% year-over-year, driven by the wind-down of Bitcoin mining operations and a decline in average Bitcoin prices. The company shut down its Moses Lake cryptocurrency mining operations in April 2026 as part of a broader strategic shift toward high-performance computing infrastructure.
$KEEL INFRASTRUCTURE Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $30.0M (Est. $32.4M) 🔴; -50% YoY
🔹 EPS: -$0.11 (Est. -$0.07) 🔴
🔹 Operating Loss: -$141M; vs $11M LY
🔹 Adjusted EBITDA: -$24M (Est. -$10.6M) 🔴Other Q2 Metrics:
🔹 Liquidity: $819M
🔹 G&A: $31M; vs $19M LY…— Wall St Engine (@wallstengine) August 10, 2026
The operating loss for the quarter came in at $140.8 million, compared to operating income of $10.8 million in Q2 2025. Non-cash depreciation of $84 million was included in that figure.
Net loss for the quarter was $65 million, or $0.11 per share. That compares to net income of $13 million, or $0.02 per share, in the same period last year.
Adjusted EBITDA from continuing operations was negative $23.7 million, down from positive $6.6 million in Q2 2025.
CEO Ben Gagnon pointed to the company’s positioning around power infrastructure as the key thesis. “Power is the constraint. Everything else is downstream of it,” he said in a statement.
Keel raised $458 million through a convertible note offering during the quarter. As of August 7, the company had total liquidity of approximately $819 million.
That liquidity breaks down to roughly $698 million in unrestricted cash and $121 million in unencumbered Bitcoin.
Site Development Progress
All three of Keel’s priority sites are nearing full permitting. Environmental permit applications are progressing across all three locations, with zoning and land development approvals secured at Panther Creek and Sharon.
The company accepted delivery of its first Vertiv modules at Moses Lake and began executing final fiber contracts across all three sites.
Keel also advanced its Sherbrooke, Quebec data center project, signing an agreement with Hydro-Sherbrooke for the conditional transfer of 96 MW of existing capacity, along with a land purchase agreement.
Leadership and Bitcoin Wind-Down
Ganesh Aiyer was appointed President to lead commercial and expansion activities. The company also completed the decommissioning of all U.S. Bitcoin mining operations.
Between April 1 and August 7, 2026, Keel sold 1,085 Bitcoin for $75 million in proceeds as part of its previously announced wind-down of its Bitcoin position.
As of August 7, the company’s Bitcoin balance stands at 1,861 BTC.
General and administrative expenses rose to $31 million from $19 million in Q2 2025, driven by targeted hiring of senior subject-matter experts as Keel moves into the project management phase.
CFO Jonathan Mir said the company is better capitalized today than at any point in its history, and expects to finance each site’s construction on terms that create value for shareholders.
Multiple prospective tenants are currently in active negotiations at each of the three priority sites, with uncommitted 2027 capacity available across PJM and Washington.
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