Keel Infrastructure Reports Deepening Loss as it Transitions from Bitcoin to HPC
Keel Infrastructure Corp., a North American digital infrastructure and energy company, reported its Q2 2026 financial results. The company's CEO, Ben Gagnon, stated that 'Power is the constraint... Eighteen months ago, we positioned the Company around this thesis, and today all three of our priority sites are nearing full permitting with multiple prospective tenants negotiating for each one.'
The company reported a $141 million operating loss in Q2 2026, including non-cash depreciation of $84 million. This compares to an operating income of $11 million in Q2 2025. Keel's adjusted EBITDA was negative $24 million, down from $7 million in Q2 2025.
Keel raised $458 million via a convertible note offering during the quarter and has a total liquidity of approximately $819 million. The company sold 1,085 Bitcoin for $75 million in proceeds during the period beginning April 1, 2026, and ending August 7, 2026.