Keel Infrastructure Corp. (NASDAQ:KEEL) shares are trading lower after the company reported weaker-than-expected second quarter results.

• Keel Infrastructure shares are sliding. Why are KEEL shares down?

The company reported loss per share of 11 cents per share, missing the consensus loss of six cents, while revenue of $30.43 million fell short of the $32.40 million consensus.

Earnings Snapshot

Revenue declined 50% year-over-year to $30 million, owing to lower average Bitcoin prices and the April 2026 closure of its Moses Lake crypto mining operations.

The company reported operating loss of $141 million, versus operating income of $11 million in the prior year quarter. This includes $63 million of accelerated depreciation tied to mining-rig shutdowns at Panther Creek and Scrubgrass. Adjusted EBITDA fell to negative $24 million from $7 million a year ago quarter.

As of Aug. 7, total liquidity was approximately $819 million, including $698 million in unrestricted cash and $121 million in unencumbered Bitcoin.

As part of its Bitcoin wind-down, the company sold 1,085 Bitcoin for $75 million between April 1 and August 7, leaving it with 1,861 Bitcoin as of Aug. 7. Management plans to liquidate the remaining Bitcoin during 2026.

The company also completed a $458 million convertible senior notes offering in June, above the initially planned $350 million, to fund power-capacity expansion at Panther Creek and Scrubgrass.

Management believes its liquidity enables it to defer major capital spending until leases are signed, potentially lowering its cost of capital. The company remains focused on monetizing scarce power capacity while preserving negotiating leverage, prioritizing long-term lease economics and shareholder returns over accelerating customer announcements.

Key Updates

Keel said customer demand continues to exceed available leasing capacity, with interest from hyperscalers, AI companies, GPU cloud providers and enterprises.

Moses Lake is on track to become Keel’s first fully permitted data center, with commissioning targeted for 2027 and permitting expected by late third quarter of 2026. Sharon has secured zoning and land-development approval, with environmental permits progressing, while Panther Creek has 350 MW of PPL capacity with potential expansion to 500 MW or more.

Keel expects Panther Creek to be power-ready in 2027. The company is also advancing a 2-GW Pennsylvania expansion pipeline and expects an update by December or January. In Sherbrooke, Quebec in Canada, Keel has secured city and utility approvals, with provincial approval pending, for a potential 96-MW HPC and AI power agreement.

KEEL Stock Price Activity: Keel Infrastructure shares were down 11.47% at $3.43 at the time of publication Monday.

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