Keel Infrastructure Corp.

What they do

Keel owns and operates power generation facilities, grid interconnections in PJM, and 100% renewable hydroelectric capacity in Quebec and Washington state. Its Infrastructure Assets total a 2.2 GW power capacity pipeline, comprising 648 MW of secured capacity and 1,513 MW of planned capacity. Currently those assets run Bitcoin Mining, but the primary growth area is HPC Infrastructure, which intends to lease data center capacity to hyperscalers, cloud service providers, AI companies, and enterprises under long-term contracts.

Revenue drivers

• Bitcoin Mining — Legacy business line managed for cash generation, operating ASIC miners contributing hashrate to Mining Pools under Full Pay Per Share arrangements, with fees paid daily in Bitcoin; one Mining Pool operator accounted for 88% of total revenue in fiscal 2025.
• Power generation (Pennsylvania) — The Bitcoin Mining business line also includes revenue, expenses, and capital expenditures associated with operating power generation facilities in Pennsylvania.
• HPC Infrastructure — Primary growth area developing data centers for HPC and AI workloads to be leased under long-term contracts; as of December 31, 2025, this line had not yet generated revenue, with initial data center revenue anticipated in 2027.

Recent performance

Q2 2026 revenue was $30 million, down 50% year over year, largely due to a decline in average Bitcoin price and the April 2026 shutdown of Moses Lake cryptocurrency mining operations in the U.S. The company reported a Q2 2026 operating loss of $141 million, including $84 million of non-cash depreciation, compared to operating income of $11 million in Q2 2025. Loss from continuing operations was $64 million, or a $0.11 loss per basic and diluted share, versus income from continuing operations of $13 million, or $0.02 per share, in Q2 2025. Adjusted EBITDA was negative $24 million, down from $7 million in Q2 2025. General and administrative expenses rose to $31 million from $19 million in Q2 2025.

Strategy

The company is pivoting away from Bitcoin Mining and winding down most legacy mining operations while developing three priority HPC sites. It is completing permitting and site development at Panther Creek, Sharon and Moses Lake, and has advanced the Sherbrooke, QC project with an agreement with Hydro-Sherbrooke for conditional transfer and operation of 96 MW of existing capacity plus a land purchase agreement. Management cited $819 million of total liquidity as of August 7, 2026 to support site development through lease signing and expansion. It raised $458 million via a convertible note offering during Q2 2026 and sold 1,085 Bitcoin for $75 million between April 1 and August 7, 2026.

Risks

• No HPC revenue yet — As of December 31, 2025, the HPC Infrastructure business had not generated revenue, and initial data center revenue generation is not anticipated until 2027.
• Mining pool concentration — During fiscal 2025, one Mining Pool operator accounted for 88% of total revenue, making results highly dependent on that counterparty.
• Bitcoin price and mining economics — Q2 2026 revenue fell 50% year over year due largely to a decline in average Bitcoin price, and the company plans no incremental capital for hashrate expansion while mining winds down.
• Execution and transition risk — The strategy depends on decommissioning mining operations and building HPC data centers on schedule, and the Q2 2026 operating loss of $141 million reflects the cost of that transition.

Outlook

Management anticipates initial data center revenue generation in 2027 and says all three priority sites are nearing full permitting with multiple prospective tenants negotiating for each. CEO Ben Gagnon stated the company has $819 million of liquidity and uncommitted 2027 capacity across PJM and Washington. CFO Jonathan Mir said the company is better capitalized than at any point in its history and is positioned to finance each site's construction.