Keel Falls 10% as Revenue Halves, Shuts Bitcoin Mines for AI Data Centers
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Key Takeaways
- Keel Infrastructure reported a Q2 2026 operating loss of $141 million, including $84 million in non-cash depreciation.
- Total liquidity reached $819 million following a $458 million convertible note offering and the sale of $75 million in Bitcoin.
- The company has decommissioned all U.S. Bitcoin mining operations to pivot toward high-performance computing (HPC) infrastructure.
- A 96 MW power capacity transfer agreement was reached with Hydro-Sherbrooke for a consolidated data center campus in Quebec.
Keel Infrastructure (NASDAQ: KEEL) shares tumbled about 10% on Monday, leading a broader decline among Bitcoin mining and AI infrastructure stocks after its quarterly results showed falling revenue, mounting transition costs and no new data center customer agreement.
The retreat placed Keel among the sector’s worst performers while Bitdeer (NASDAQ: BTDR) also experienced a 7% decline at the market's opening on Monday.
Keel reported a net loss of $65 million for the quarter ended June 30, compared with $5.5 million a year earlier. Revenue fell 50% to $30.4 million from $60.9 million, while adjusted earnings before interest, taxes, depreciation and amortization swung to a $23.7 million loss from a $6.6 million profit.
The company attributed the revenue decline primarily to a lower average Bitcoin price and the April shutdown of bitcoin mining operations at Moses Lake, Washington. Keel has since decommissioned all its US Bitcoin-mining operations to prepare the properties for data-center construction, according to its earnings release.
