Shares of Keel Infrastructure (KEEL) fell 8.8% to $1.92 after the former Bitcoin miner reported third-quarter results that laid bare the financial cost of abandoning crypto for artificial-intelligence data centers. Revenue came in at $27.6 million, down from $68 million a year earlier , and adjusted EBITDA swung to a loss of $27.4 million from income of $19.2 million in Q3 2025 — a $46.7 million deterioration. For investors, the quarter crystallizes a stark reality: the old business is gone, and the new one doesn't produce revenue yet.
The Old Revenue Engine Was Shut Off Before the New One Starts
Keel ceased U.S. Bitcoin mining operations effective June 29, 2026, as part of its strategic transition to AI and high-performance computing data centers.
It maintains only legacy mining operations in Canada , which explains most of the 59% revenue collapse. CEO Ben Gagnon has said revenues from new AI/HPC contracts won't begin until 2027. That leaves at least four more quarters of revenue in free fall before any offset arrives.
A $780 Million Cash Pile Buys Runway — but the Clock Ticks
Keel reported approximately $780 million in unrestricted cash as of November 4, 2026.
The company sold its entire Bitcoin treasury of 2,261 coins plus 259 mined during the quarter, generating $192 million in proceeds. Management says no new financing is needed before signing a lease. Yet Keel holds roughly $1.03 billion in long-term debt against that cash , and quarterly cash SG&A alone is running near $24 million. If lease signings slip past 2026, the cushion erodes fast.
Wall Street Is Still Betting on the Blueprint, Not the Balance Sheet
Analyst consensus stands at 12 buy ratings and 2 holds with zero sells , and the one-year price target sits at $6.00 — more than triple today's price. But the elevated valuation relative to actual earnings suggests the market is pricing in growth that hasn't materialized.
Construction Progress Is the Only Near-Term Catalyst That Counts
Keel received permits and began construction at its Moses Lake, Washington site in September, expecting it to be its first location generating HPC revenue in 2027.
Management aims to sign three leases — at Panther Creek, Sharon, and Moses Lake — by year-end. Each signed lease converts speculative spending into contracted cash flow. Until pen meets paper, KEEL remains a $1.3 billion market-cap company burning cash on a promise.