Keel Posts Q2 Losses as Bitcoin Exit Drives Revenue Decline

Keel, a company that's pivoted from Bitcoin mining to AI and high-performance computing data center infrastructure, released its Q2 2026 earnings on August 10. The financial results reflect the costs of this transition, with revenue declining 50.8% year-over-year to $30 million due to the decommissioning of U.S. Bitcoin mining operations.

Despite posting significant losses, Keel emphasized its strengthened balance sheet and strategic flexibility. The company raised $458 million through a convertible notes offering, which will be used to expand power capacity in Pennsylvania. As of August 7, Keel reported a liquidity position of $819 million, including unrestricted cash and Bitcoin holdings.

Keel's development pipeline spans three states and one Canadian province, with five sites securing power for data centers. The company is dual-tracking permitting and leasing discussions, with clear visibility on permit completion and multiple potential customers engaged at each site.