Keel Infrastructure Sinks on Q2 Earnings Miss

Keel Infrastructure reported disappointing Q2 earnings, missing estimates on revenue and loss per share. The company's shares are down 11.47% at $3.43. Revenue declined 50% year-over-year to $30 million due to lower average Bitcoin prices and the April 2026 closure of its Moses Lake crypto mining operations.

The operating loss was a significant $141 million, up from an operating income of $11 million in the prior year quarter. This includes $63 million of accelerated depreciation tied to mining-rig shutdowns at Panther Creek and Scrubgrass. Adjusted EBITDA fell to negative $24 million from $7 million a year ago.

Keel still has significant liquidity, with approximately $819 million in total, including $698 million in unrestricted cash and $121 million in unencumbered Bitcoin. As part of its Bitcoin wind-down, the company sold 1,085 Bitcoin for $75 million between April 1 and August 7, leaving it with 1,861 Bitcoin.

Management plans to liquidate the remaining Bitcoin during 2026. Keel also completed a $458 million convertible senior notes offering in June to fund power-capacity expansion at Panther Creek and Scrubgrass. The company remains focused on monetizing scarce power capacity while preserving negotiating leverage.