Keel Q2 Revenue Drops 50% to $30.43M as Mining Halts for HPC

Keel Infrastructure reports Q2 revenue of $30.43M, down 50% YoY, with a $65M net loss. The firm has ceased all Bitcoin mining to pivot fully to HPC data centers.

Woofun AI reports that Keel Infrastructure disclosed second-quarter 2026 financial results, showing total revenue of $30.43 million, representing a 50% year-on-year decline. The reduction stems from lower Bitcoin prices and the cessation of mining activities at the Moses Lake facility in April 2026. The company recorded a net loss of $65 million and adjusted EBITDA of -$23.69 million.

As of August 7, total liquidity stood at approximately $819 million, comprising $698 million in cash and roughly $121 million in unencumbered Bitcoin. Between April 1 and August 7, the firm sold 1,085 Bitcoins to raise $75 million in cash, retaining 1,861 Bitcoins. Keel raised $458 million via convertible bonds and is transitioning entirely to HPC services, having exited all US Bitcoin mining operations. Development projects target 2.2 GW capacity, with Panther Creek, Sharon, and Moses Lake sites nearing full permitting and engaging tenants. In the fourth quarter of 2026, the company received initial Vertiv modules, finalized fiber contracts for all three sites, and agreed to conditionally acquire a 96 MW facility in Sherbrooke, Quebec, from Hydro-Sherbrooke.