Overview
- Keel disclosed second-quarter results on August 10 showing revenue of about $30.4 million, a 50% drop year over year, an operating loss near $141 million, a net loss of roughly $65 million, and adjusted EBITDA of negative $23.7 million.
- The company has finished decommissioning its U.S. Bitcoin mining fleet and reoriented the business toward developing AI and high-performance computing data centers, a shift first signaled in 2025 and formalized with its April 1 rebrand to Keel.
- Keel raised $458 million through a convertible note offering and reported total liquidity of about $819 million as of August 7, having sold 1,085 BTC for roughly $75 million and retaining 1,861 BTC in its treasury.
- Project work is advancing at priority sites: permitting is nearing completion at Moses Lake, Sharon, and Panther Creek, initial Vertiv module deliveries arrived at Moses Lake, final fiber contracts are being executed, and Keel has a conditional 96 MW transfer and land agreement for Sherbrooke, Quebec.
- The quarter’s large losses largely reflect accelerated and non-cash depreciation from shutdowns and higher G&A for hiring project staff, and management says the balance sheet gives it flexibility to negotiate tenants and fund construction while competing with hyperscalers for power-constrained AI capacity.