Keel Infrastructure's Stock Drops 8% Amid Liquidity Disclosure and AI Pipeline Confirmation
Keel Infrastructure's stock price dropped 8% on Friday after the company disclosed $819 million in liquidity and confirmed its 2.2-gigawatt AI pipeline. The Nasdaq-listed stock ended the session at $3.22, wiping out about $160 million in equity value.
The firm operates a North American power pipeline with a capacity of 2.2 gigawatts, but revenue for the second quarter dropped by half to $30.4 million due to mining shutdowns and a drop in Bitcoin prices. The company reported an operating loss of $141 million and adjusted EBITDA reported a loss of $23.7 million.
Keel Infrastructure is repurposing ex-Bitcoin-mining power facilities into high-performance computing campuses, resulting in lost revenue until new leases commence. Liquidity stands at $819 million, representing 41% of the market value and 27 times the company's quarterly revenue.