Keel Infrastructure Q2 revenue falls 50% to $30 million as loss widens
Keel Infrastructure reported second-quarter 2026 results with revenue of $30 million, down 50% from a year earlier, as Bitcoin prices fell and its Moses Lake mining operations shut down in April. The company swung to a loss from continuing operations of $64 million, or $0.11 per share, compared with income of $13 million, or $0.02 per share, in the second quarter of 2025. Shareholders face a weaker operating picture, though the company reported liquidity of $819 million as of August 7, 2026, after raising $458 million through a convertible note offering during the quarter.
Key points
- Revenue of $30 million in Q2 2026, down 50% year over year
- Loss from continuing operations of $64 million, or $0.11 per share, vs. income of $13 million, or $0.02 per share, in Q2 2025
- Adjusted EBITDA was negative $24 million, compared with $7 million in Q2 2025
- Liquidity of approximately $819 million as of August 7, 2026, after a $458 million convertible note offering in the quarter
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 10, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.