Keel Infrastructure Corp. shares fell 3.36% on Monday. They dropped another 4.78% on Tuesday. This decline follows reports of delayed unspecified government infrastructure contracts, sparking investor concern.
The news intensified scrutiny of Keel's financial position. Keel holds a substantial cash reserve. However, the company carries over $1 billion in long-term debt. It remains unprofitable. Ongoing projects result in significant cash burn. These contract delays raise worries about Keel's path to profitability. The company is transitioning to developing data centers for artificial intelligence.