Keel Infrastructure Q2 Earnings Miss Estimates Amid Ongoing Bitcoin Wind-Down
Keel Infrastructure Corp., listed on NASDAQ as KEEL, reported disappointing second-quarter results that have sent its shares plummeting.
The company's loss per share of 11 cents was higher than the estimated six cents, while revenue of $30.43 million fell short of the consensus estimate of $32.40 million.
The decline in revenue is largely attributed to lower average Bitcoin prices and the closure of its Moses Lake crypto mining operations in April 2026.
The company reported an operating loss of $141 million, compared to an operating income of $11 million in the same quarter last year. This includes a significant charge of $63 million for accelerated depreciation due to the shutdowns at Panther Creek and Scrubgrass.
Keel's total liquidity stands at approximately $819 million as of August 7, comprising $698 million in unrestricted cash and $121 million in unencumbered Bitcoin. The company has sold 1,085 Bitcoin for $75 million between April 1 and August 7, leaving it with 1,861 Bitcoin.
The company plans to liquidate the remaining Bitcoin during 2026 and has completed a $458 million convertible senior notes offering in June, exceeding its initial target of $350 million. This financing will fund power-capacity expansion at Panther Creek and Scrubgrass.