Keel Infrastructure Posts Q1 Revenue Drop to $37M, Secures $533M Liquidity
KEEL•Keel Infrastructure reported Q1’s $37 million revenue (down 23% YoY) and a $128 million loss from continuing operations, driven by a $41 million digital asset writedown and $27 million in G&A expenses. The company holds $533 million liquidity to fund Panther Creek, Sharon, and Moses Lake site developments through lease execution.
1. Strategic Transformation and U.S. Redomiciliation
Keel Infrastructure completed a two-year strategic overhaul including U.S. redomiciliation and rebranding, exited Latin American megawatts with the sale of the Paso Pe site, and narrowed its focus to high-demand HPC and AI infrastructure markets in North America.
2. Q1 2026 Financial Results
Revenue from continuing operations totaled $37 million, a 23% decline year over year, while operating loss widened to $98 million due partly to a $41 million fair-value loss on digital assets; net loss reached $128 million or $0.21 per share and adjusted EBITDA was negative $17 million.
3. Liquidity Position and Digital Asset Wind-Down
As of May 8, the company held $533 million in liquidity—$336 million in cash and $197 million in unencumbered Bitcoin—and generated $20 million by selling 269 Bitcoin since January as part of its planned wind-down.
4. Site Development and Near-Term Pipeline
Zoning approvals and land-development permits are in progress at Panther Creek, Sharon, and Moses Lake, with the $533 million liquidity fully funding lease execution, start of construction at Moses Lake, and G&A through 2028.
