Keel Infrastructure Slumps 10% After Revenue Halves in Q2
Keel Infrastructure's shares plummeted about 10% on Monday after its quarterly results revealed significant revenue decline and transition costs.
The company reported a net loss of $65 million for Q2 2026, compared to a profit of $5.5 million in the same period last year. Revenue fell by half to $30.4 million from $60.9 million in Q2 2025.
Keel attributed the revenue decline primarily to a lower average Bitcoin price and the April shutdown of bitcoin mining operations at Moses Lake, Washington. The company has since decommissioned all its US Bitcoin-mining operations to prepare the properties for data-center construction.
The total liquidity reached $819 million following a $458 million convertible note offering and the sale of $75 million in Bitcoin.