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 tied to mining rig shutdowns at Panther Creek and Scrubgrass. Loss from continuing operations was $64 million, or $0.11 per share, compared with income from continuing operations of $13 million in Q2 2025. Adjusted EBITDA was negative $24 million versus $7 million in the prior-year quarter. The company sold 1,085 Bitcoin for $75 million in proceeds from April 1, 2026 through August 7, 2026, and held 1,861 Bitcoin as of August 7. Liquidity was $819 million as of August 7, up from $533 million at the beginning of May. Management said it is tracking about $100 million of cash SG&A for 2026, and said liquidity supports site development through lease signing, expansion capacity and cash SG&A through 2028. Forward-lookingly, management said Moses Lake should be the first fully commissioned data center in 2027, Panther Creek’s earliest RFS remains 2027, Sharon’s RFS is still expected at end-2027, and Scrubgrass is still in the energy application phase with an update expected as early as December or January. For expansion capacity, management expects an update on the Pennsylvania pipeline as early as December or January and said the Sherbrooke project still awaits provincial approval.

Ben Gagnon’s message was that Keel is now executing exactly the strategy it outlined 18 months ago: exit Bitcoin and Latin America, rebuild the balance sheet, and become a U.S. HPC/AI infrastructure developer. He emphasized that scarcity of near-term power is creating real negotiating leverage, not a sales pitch, and repeatedly framed the company as being in a “goldilocks phase” with permitting largely derisked and multiple counterparties competing for limited capacity. His tone was confident and assertive, but he also stressed patience on lease signing so Keel does not cap long-term asset value with a rushed deal.

Jonathan Mir said Keel is “better capitalized” than at any point in its history, which gives the company flexibility to advance and derisk projects without being forced by liquidity pressure. He quantified Q2 revenue at $30 million, operating loss at $141 million, loss from continuing operations at $64 million, adjusted EBITDA at negative $24 million, and noted about $63 million of accelerated depreciation tied to mining shutdowns. He also highlighted that cash SG&A averaged $23 million per quarter in the first half of 2026 and that the company is tracking $100 million for the full year, while total liquidity reached $819 million after the $458 million convertible note issuance. Mir said the proceeds are earmarked for incremental power capacity at Panther Creek and Scrubgrass, not new development risk, and added that project-level debt markets remain accessible, especially with investment-grade offtake or wraps.

Analysts focused on regulation/permitting, the timing of leases, the exposure of the power pipeline to new policy scrutiny, and whether Keel still expects three lease announcements in 2026. Management said the secured capacity is currently unimpacted, expansion capacity could be affected by future policy changes, and that the company is increasingly confident it can secure additional Pennsylvania power, with an update likely by December or January. On Panther Creek, management said the DEP timing is a few months longer than expected but does not change the power schedule, economics or commercial interest; on Moses Lake, it said the site is being simplified to an 18 MW plan after dropping the extra 10 MW option. Keel also said multiple customers want all 3 sites, but it prefers to structure deals site-by-site and build long-term expansion relationships.