Keel Infrastructure Posts $30.43M Q2 Revenue, Down 50% YoY; Exits All U.S. Mining Operations

According to Foresight News, Keel Infrastructure (Nasdaq/TSX: KEEL) reported Q2 2026 earnings on August 7, with total revenue of $30.43 million, down 50% year-over-year, primarily due to Bitcoin price decline and closure of its Moses Lake mining operations in April 2026. The company posted a net loss of $65 million and negative adjusted EBITDA of $23.69 million.

As of August 7, Keel held 1,861 Bitcoin and $698 million in cash, with total liquidity of $819 million. The company sold 1,085 Bitcoin between April 1 and August 7, raising $75 million. Keel has completed its exit from all U.S. Bitcoin mining and is transitioning fully to HPC data center operations. Three priority sites (Panther Creek, Sharon, Moses Lake) are nearing full licensing approval, with prospective tenants in active negotiations. The company raised $458 million via convertible debt and has a development pipeline of approximately 2.2 GW.