Keel Infrastructure Corp. reported second quarter 2026 revenue of $30.4 million, falling short of the $35.0 million estimate as the company aggressively decommissioned legacy Bitcoin mining operations. The net loss from continuing operations widened to $0.11 per share, missing consensus estimates by $0.03, primarily due to increased hiring of subject-matter experts and non-cash depreciation as assets were repurposed for High-Performance Computing (HPC).
Key Highlights
- Total liquidity increased to $819 million, including $698 million in unrestricted cash, supported by a $458 million convertible note offering during the period.
- Completed the total decommissioning of all U.S. Bitcoin mining operations to prepare the 2.2 GW development pipeline for high-performance computing and AI workloads.
- Secured material zoning and land development approvals for the Panther Creek and Sharon sites, with conditional land development progress at Moses Lake.