NASDAQ: KEEL
Keel Infrastructure Corp.CIK 0001812477 · SIC 6199 · Finance Services
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KEEL: revenue $30.4M, net income -$65.0M. Keel (ex-Bitfarms) exits U.S. Bitcoin mining, pivots to HPC/AI; Q2 loss widens
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Keel Infrastructure appoints Ganesh Aiyer as President to lead commercial expansion
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Keel Infrastructure switches to PwC USA from PwC Canada following U.S. redomiciliation
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Keel Infrastructure raises $458M via 1.25% convertible notes due 2032 at $7.41 conversion price
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Keel prices $400M convertible notes offering, upsized from $350M, to fund data center growth
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Keel Infrastructure announces $350M convertible notes offering to fund data center expansion
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KEEL: revenue $37.0M, net income -$145.4M. Keel (ex-Bitfarms) pivots to HPC/AI data centers, exits Bitcoin mining amid Q1 loss
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Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(Expressed in thousands of U.S. dollars, except per share amounts - unaudited)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenues | 30,430 | 60,908 | 67,422 | 108,559 |
| Cost of revenues | (117,183) | (64,794) | (180,480) | (112,169) |
| Gross loss | (86,753) | (3,886) | (113,058) | (3,610) |
| Operating expenses | ||||
| General and administrative expenses | (31,311) | (19,384) | (58,148) | (37,002) |
| Change in fair value of digital assets | (9,029) | 16,283 | (50,478) | (6,750) |
| Realized (loss) gain on sale of digital assets | (11,180) | 16,005 | (12,990) | 20,982 |
| (Loss) gain on disposition of property, plant and equipment and deposits | (918) | 1,791 | (919) | 2,348 |
| Impairment of long-lived assets | (1,583) | — | (3,569) | — |
| Operating (loss) income | (140,774) | 10,809 | (239,162) | (24,032) |
| Interest income | 2,885 | 460 | 6,608 | 1,262 |
| Interest expense | (2,114) | (1,582) | (5,714) | (1,767) |
| Gain on derivative assets and liabilities | 77,040 | 3,784 | 75,476 | 70 |
| Loss on extinguishment of long-term debt | — | — | (21,596) | — |
| Other expenses | (971) | (275) | (7,123) | (488) |
| Total other income (expense) | 76,840 | 2,387 | 47,651 | (923) |
| (Loss) income before taxes from continuing operations | (63,934) | 13,196 | (191,511) | (24,955) |
| Income tax expense | (17) | — | (14) | (222) |
| (Loss) income from continuing operations | (63,951) | 13,196 | (191,525) | (25,177) |
| Loss from discontinued operations | (1,044) | (18,697) | (18,823) | (35,877) |
| Net loss | (64,995) | (5,501) | (210,348) | (61,054) |
| Earnings (loss) per common share | ||||
| Basic earnings (loss) per share from continuing operations | (0.11) | 0.02 | (0.32) | (0.05) |
| Diluted earnings (loss) per share from continuing operations | (0.11) | 0.02 | (0.32) | (0.05) |
| Basic and diluted loss per share from discontinued operations | — | (0.03) | (0.03) | (0.07) |
| Basic and diluted loss per share | (0.11) | (0.01) | (0.35) | (0.12) |
| Weighted average number of common shares outstanding | ||||
| Basic | 605,370,634 | 555,843,347 | 603,983,769 | 528,157,206 |
| Diluted continuing operations | 605,370,634 | 560,569,145 | 603,983,769 | 528,157,206 |
| Diluted discontinued operations | 605,370,634 | 555,843,347 | 603,983,769 | 528,157,206 |
| See accompanying notes to the unaudited condensed consolidated financial statements | ||||
Consolidated Balance Sheets (Unaudited)
(Expressed in thousands of U.S. dollars - unaudited)
| Description | As of June 30, 2026 | As of December 31, 2025 |
|---|---|---|
| Assets | ||
| Current | ||
| Cash | 715,516 | 573,462 |
| Accounts receivable, net | 5,015 | 5,471 |
| Digital assets | 132,384 | 174,726 |
| Digital assets restricted | — | 5,559 |
| Other assets | 4,316 | 2,825 |
| Rights to renewable energy credits and waste tax credits | 9,139 | 18,478 |
| Assets held for sale | 15,914 | 28,664 |
| Short-term prepaid deposits | 5,329 | 6,317 |
| Inventories | 8,853 | 8,676 |
| Derivative assets | — | 2,287 |
| Total current assets | 896,466 | 826,465 |
| Non-current | ||
| Rights to waste tax credits | 2,069 | — |
| Long-term derivative assets | 78,800 | 5,200 |
| Operating lease right-of-use assets, net | 10,219 | 11,103 |
| Finance lease right-of-use assets, net | 1,916 | 2,127 |
| Restricted cash | 53,377 | 57,500 |
| Long-term deposits and equipment prepayments | 81,328 | 31,033 |
| Property, plant and equipment, net | 287,055 | 358,333 |
| Intangible assets, net | 2,936 | 2,983 |
| Other non-current assets | 1,600 | 1,600 |
| Total assets | 1,415,766 | 1,296,344 |
| Liabilities | ||
| Current | ||
| Accounts payable and accrued expenses | 46,693 | 46,443 |
| Current portion of long-term debt | 6,754 | 97,022 |
| Current portion of operating lease liabilities | 1,387 | 1,490 |
| Current portion of finance lease liabilities | 288 | 235 |
| Derivative liabilities | — | 2,922 |
| Total current liabilities | 55,122 | 148,112 |
| Non-current | ||
| Long-term debt | 1,019,075 | 572,447 |
| Operating lease liabilities | 9,232 | 10,606 |
| Finance lease liabilities | 1,619 | 1,978 |
| Deferred tax liability | 65 | 65 |
| Other non-current liabilities | 1,937 | 2,761 |
| Total liabilities | 1,087,050 | 735,969 |
| Commitments and contingencies (Note 21) | ||
| Stockholders’ equity | ||
| Preferred stock Class A $0.001 par value; 120,000,000 shares authorized; no shares issued and outstanding | — | — |
| Common stock, $0.001 par value per share; 1,500,000,000 shares authorized; 616,736,107 and 601,579,999 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 617 | 602 |
| Additional paid-in capital | 1,150,928 | 1,172,254 |
| Accumulated deficit | (822,829) | (612,481) |
| Total stockholders' equity | 328,716 | 560,375 |
| Total liabilities and stockholders' equity | 1,415,766 | 1,296,344 |
| See accompanying notes to the unaudited condensed consolidated financial statements | ||
Consolidated Statements of Cash Flows (Unaudited)
(Expressed in thousands of U.S. dollars - unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows used in operating activities | ||
| Net loss | (210,348) | (61,054) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 111,843 | 63,977 |
| Impairment of long-lived assets | 17,186 | 33,696 |
| Total other (income) expenses | (47,725) | 489 |
| Digital assets earned and hosting revenue received in Bitcoin | (62,553) | (135,127) |
| Stock-based compensation | 13,512 | 7,768 |
| Renewable energy credits earned | (6,119) | (6,540) |
| (Gain) loss on disposition of assets | 759 | (7,451) |
| Digital assets exchanged for services | — | 5,125 |
| Realized loss (gain) on sale of digital assets | 12,990 | (20,982) |
| Other | 1,205 | 250 |
| Change in fair value of digital assets | 50,478 | 6,750 |
| Interest income received | 6,217 | 873 |
| Interest expenses paid | (3,641) | (1,145) |
| Income tax paid | (877) | (237) |
| Proceeds from disposition of renewable energy and waste tax credits | 13,389 | 4,070 |
| Changes in non-cash working capital components | (13,931) | 15,816 |
| Net change in cash related to operating activities | (117,615) | (93,722) |
| Cash flows (used in) from investing activities | ||
| Proceeds from sale of digital assets | 47,344 | 137,734 |
| Purchase of property, plant and equipment and intangible assets | (53,413) | (62,063) |
| Proceeds from sale of property, plant and equipment and assets held for sale | 2,330 | 3,045 |
| Purchase of marketable securities | (2,783) | (9,628) |
| Proceeds from disposition of marketable securities | 2,828 | 10,048 |
| Purchase of derivative assets and liabilities | — | (78,463) |
| Settlement of derivative assets and liabilities | 1,396 | 79,924 |
| Equipment and construction prepayments | (51,721) | (4,771) |
| Proceeds from disposal of businesses | 13,129 | 47,538 |
| Acquisition of business | — | (48,084) |
| Investment in equity securities | — | (1,250) |
| Net change in cash related to investing activities | (40,890) | 74,030 |
| Cash flows from financing activities | ||
| Repayment of long-term debt | (113,637) | (209) |
| Repayment of finance lease liabilities | (280) | (394) |
| Issuance of common shares and warrants | — | 23,608 |
| Proceeds from long-term debt, net of transaction costs | 445,124 | 47,544 |
| Exercise of stock options | 7,017 | 3 |
| Purchase of capped calls | (41,840) | — |
| Net change in cash related to financing activities | 296,384 | 70,552 |
| Net increase in cash and restricted cash | 137,879 | 50,860 |
| Cash and restricted cash, beginning of the period | 630,962 | 59,542 |
| Exchange rates differences on currency translation | 52 | 37 |
| Cash and restricted cash, end of the period | 768,893 | 110,439 |
| Cash flows from discontinued operations | 11,735 | 3,806 |
| See accompanying notes to the unaudited condensed consolidated financial statements | ||
Amounts as printed on the EDGAR/iXBRL face — (Expressed in thousands of U.S. dollars, except per share amounts - unaudited); (Expressed in thousands of U.S. dollars - unaudited). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗