Keel Infrastructure Corp.

Q2 2026 revenue was $30 million, down from $61 million in Q2 2025. Operating loss was $141 million versus operating income of $11 million a year ago, including $63 million of accelerated depreciation from mining rig shutdowns at Panther Creek and Scrubgrass. Change in fair value of Bitcoin and realized loss in Bitcoin was $20 million versus a gain of $32 million in Q2 2025; loss from continuing operations was $64 million, or $0.11 per share, versus income from continuing operations of $13 million in Q2 2025. Adjusted EBITDA was negative $24 million versus $7 million in the prior year period. The company sold 1,085 Bitcoin for $75 million in proceeds between April 1, 2026 and August 7, 2026, and held 1,861 Bitcoin as of August 7. Total liquidity was $819 million as of August 7, up from $533 million at the beginning of May. Jonathan Mir said cash SG&A averaged $23 million per quarter in the first half of 2026 and is tracking $100 million for the year. Forward-looking, management said the current liquidity should fund site development through lease signing, expansion-capacity opportunities, and cash SG&A through 2028. No specific next-quarter revenue or EPS guidance was provided.

Ben Gagnon framed the quarter as another step in Keel’s planned transformation into a U.S.-focused HPC and AI infrastructure developer. He emphasized that the company is now positioned to monetize scarce power assets from strength, with permitting largely derisked and multiple customers negotiating at all three priority sites. His tone was confident and repetitive on execution, saying Keel has delivered on its commitments and is now in its “goldilocks phase” of being neither too early nor too late.

Jonathan Mir focused on balance sheet strength and capital allocation discipline. He highlighted that the June convertible note deal raised $458 million, that total liquidity reached $819 million as of August 7, and that the proceeds are earmarked for expanding power capacity at derisked owned sites, not for new development risk. He also said the company is better capitalized than at any point in its history, cash SG&A averaged $23 million per quarter in the first half of 2026, and current liquidity is expected to fund cash SG&A through 2028 while supporting development and expansion work.

Analysts pressed on regulatory and permitting risk, especially around data centers and environmental approvals. Management said the political backdrop could actually increase the value of unaffected sites, that Pennsylvania remains relatively favorable, and that the final permits at Sharon and Panther Creek are standard environmental items rather than politically sensitive hurdles. Questions also focused on timing and site prioritization: management said Moses Lake is still expected to be first online in 2027, Panther Creek and Sharon remain end-2027 sites, and some customers want multiple sites but the company prefers to start with one asset and build a longer-term relationship. On Scrubgrass, management said it remains in the power-application stage, with a load study for 750 megawatts and a separate pipeline concept for 550 megawatts of on-site generation.