On August 10, Keel Infrastructure Corp declined 9.02% in regular trading, trading at $3.53/share, with turnover of approximately $24.30 million. The selloff was triggered by the company's Q2 earnings report, which significantly missed analyst expectations on both the top and bottom lines.

Keel Infrastructure reported a Q2 loss from continuing operations of $0.11 per share, swinging from income of $0.02 per share a year earlier. The loss was substantially worse than the analyst consensus estimate of $(0.06), missing by approximately 83%. Revenue for the quarter ended June 30 came in at $30.4 million, down 50% from $60.9 million in the year-ago period, and below the FactSet consensus estimate of $31.5 million.

The company noted that site development remains on track across near-term sites, with active negotiations at three sites and $819 million of liquidity. In July, BTIG Research initiated coverage with a Buy rating and an $8 price target, and the company secured municipal approval to operate 96 megawatts of capacity and acquire data center land. However, the steep year-over-year revenue decline and wider-than-expected losses weighed heavily on shares.

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