Keel Infrastructure Reports Q3 2026 Revenue Decline Amid Transition to High-Performance Computing
Keel Infrastructure (KEEL) reported a significant downturn in third-quarter 2026 financial results, with revenue falling to $28 million from $68 million in the prior year. This decline is primarily attributed to the decommissioning of the company's U.S. Bitcoin mining operations as it pivots toward high-performance computing (HPC) infrastructure. The company faced a loss from continuing operations of $62 million ($0.10 per share) and an adjusted EBITDA of negative $27 million. Despite these losses, Keel maintains a strong liquidity position with approximately $780 million in unrestricted cash following the sale of 2,520 Bitcoin for $192 million to liquidate its treasury holdings. Looking forward, Keel is focused on an expansion portfolio totaling roughly 2 gigawatts. While projects like Sharon and Panther Creek have secured power capacity, management noted headwinds including rising interest rates and regulatory delays in Pennsylvania that have pushed back leasing timelines.
Topics: bitcoin mining earnings report liquidation of treasury holdings net loss revenue decrease