Overview
- Keel reported second‑quarter results on August 10 that showed revenue fell about 50% year‑over‑year to roughly $30.4 million, an operating loss near $141 million, a net loss of about $65 million, and adjusted EBITDA of roughly negative $24 million.
- The company says it has finished decommissioning all U.S. Bitcoin miners and has divested Latin American assets while repurposing former mining sites in Washington and Pennsylvania for high‑performance computing and AI workloads.
- Keel raised liquidity during the quarter, selling 1,085 BTC for roughly $75 million, issuing $458 million of convertible notes, and reporting total liquidity of about $819 million, which management says supports development through 2028 as construction finance is sought.
- Operational work has begun at priority sites with the first Vertiv modules delivered to Moses Lake, fiber contracts being finalized, and a conditional 96 MW transfer and land purchase agreed in Sherbrooke, Quebec, but Keel has not yet recognized any U.S. HPC revenue.
- The near term hinges on converting active tenant negotiations into signed contracts and securing project‑level construction financing, and the company’s large non‑cash depreciation and G&A charges show the financial cost of the transition so far.