Keel revenue falls 50% to $30.4 million in Q2

• Keel Infrastructure reported Q2 2026 revenue of $30.4 million, down 50% year over year, following lower Bitcoin prices and the shutdown of Moses Lake crypto mining.
• The company reported a $65 million net loss and negative adjusted EBITDA of $23.7 million from continuing operations.
• Keel raised $458 million through a convertible note offering as it shifts focus toward high-performance computing infrastructure.

Keel Infrastructure (NASDAQ:KEEL) reported Q2 2026 revenue of $30.4 million, down 50% year over year, as lower Bitcoin prices and the April shutdown of Moses Lake crypto mining reduced results.

The decline followed changes in the company’s operations as Keel moved away from U.S. Bitcoin mining activities and focused on developing high-performance computing infrastructure.

Keel reported an operating loss of $140.8 million and a net loss of $65 million from total operations, while general and administrative expenses increased 62% to $31.3 million due to higher staffing costs.

Adjusted EBITDA from continuing operations was negative $23.7 million compared with positive $6.6 million in Q2 2025, while the company raised $458 million through a convertible note offering.

Keel reported $819 million in liquidity as of August 7, 2026, including $698 million in cash and $121 million in unencumbered Bitcoin.

The company also advanced permitting and zoning activities at three priority North American sites, accepted initial Vertiv modules at Moses Lake and signed agreements related to a potential 96 MW data center capacity transfer in Sherbrooke, Quebec.