Keel Infrastructure Sees 50% Revenue Drop Amid Q2 Loss

Keel Infrastructure reported a revenue drop of 50% year over year in Q2 2026, with $30.4 million in revenue and an operating loss of $140.8 million.

The company's net loss widened to $65.0 million from a $5.5 million loss in the same period last year.

Keel raised $458 million through a convertible note offering, increasing its liquidity to $819 million as of August 7, 2026, including $698 million in cash and $121 million in unencumbered Bitcoin.