Keel Infrastructure stock rises despite Q2 revenue miss and mining exit

Keel Infrastructure reported second quarter 2026 revenue of $30.4 million, falling short of Wall Street's $33.42 million forecast, yet shares climbed 1.57% on the announcement.

The company's top-line contracted 50% year-over-year, primarily due to the cessation of cryptocurrency mining at its Moses Lake facility in April 2026 and reduced Bitcoin valuations. The transition reflects management's strategic shift toward high-performance computing infrastructure.

The quarter saw an operating loss of $140.8 million compared with $10.8 million in operating income in the prior year period, which included $84 million in non-cash depreciation. Net losses reached $65 million, or $0.11 per share, versus net income of $13 million or $0.02 per share in Q2 2025. Adjusted EBITDA turned negative at $23.7 million from positive $6.6 million a year earlier.

Despite the operational challenges, Keel secured $458 million in capital through a convertible note offering and reported total liquidity of approximately $819 million as of August 7. This comprises $698 million in unrestricted cash and $121 million in unencumbered Bitcoin holdings. Chief executive Ben Gagnon highlighted power infrastructure as the company's competitive advantage, stating that "power is the constraint. Everything else is downstream of it." Three development sites are advancing through permitting processes, and the company has begun finalizing fiber optic contracts across all three locations.