Keel Infrastructure Stock Tumbles on Q2 Earnings
Keel Infrastructure (KEEL) stock plummeted by over 12% after the company reported its second-quarter results. The decline in price was partly due to a significant slump in Bitcoin's value, which affected Keel's legacy business.
The company's revenue fell by 50% year-over-year to $30 million. Despite trimming operating expenses to $54 million from almost $69 million a year ago, the net loss deepened to nearly $65 million ($0.11 per share) compared to $59 million in the previous quarter.
Keel emphasized that its priority sites are near full permitting and that it is discussing potential tenants with multiple entities. However, development of AI data centers faces numerous bottlenecks, including power generation needs, leading some investors to lose patience with the company's strategic pivot.