Keel Infrastructure Reports Third Quarter 2026 Results
Q3 revenue fell 59% y/y to $28M, adjusted EBITDA was -$27M, and the loss per share was $0.10 on a $55M capped-call charge.
What this release says
Keel reported a third-quarter 2026 loss from continuing operations of $62 million, or $0.10 per share, driven mainly by a $55 million non-cash loss on capped calls tied to its convertible notes. Revenue fell to $28 million from $68 million as Bitcoin mining was stopped to focus on HPC/AI development. The company says construction has started at Moses Lake and expects it to be the first energized site generating HPC revenue in 2027, but lease signings at its other sites are still pending.
Key figures
- Q3 2026 revenue
- $28 million
- Q3 2025 revenue
- $68 million
- Loss from continuing operations
- $62 million
- Loss per share
- $0.10
- Cash liquidity
- approximately $780 million
- Secured capacity for data centers
- 478 MW
Positive for shareholders
- Construction has begun at Moses Lake after all necessary permits were received.
- Cash liquidity of about $780 million, with no current need for debt or equity financing before signing a lease.
- Load studies could lift secured data center capacity from 478 MW to 1,928 MW, with completion expected in Q1 2027.
Negative for shareholders
- Revenue fell 59% year over year as Bitcoin mining was stopped.
- General and administrative expenses roughly doubled to $34 million.
- Adjusted EBITDA was negative $27 million, down from $19 million a year earlier.
- Lease signings and project financing for the near-term sites are not yet complete.
Written by Quantisnow AI from this release. Not financial advice.
Key terms
- HPC:
- High-performance computing, the demanding computing work that powers AI models and similar tasks.
- Capped calls:
- Options contracts a company buys to offset potential dilution from convertible notes, whose value can swing with the stock price.
- Notice to Proceed:
- A formal authorization allowing a construction project to officially begin.
- Secured Capacity:
- The amount of power Keel has locked up for data center use, measured in megawatts (MW).
FAQ
Why did Keel's loss widen this quarter?
The release attributes the larger loss mainly to a $55 million non-cash unrealized loss on capped calls linked to the 2025 convertible notes offering.
When does Keel expect its first HPC revenue?
Keel expects Moses Lake to be its first energized site generating HPC revenue in 2027, which the release describes as an expectation rather than a certainty.
Does Keel need to raise money soon?
The CFO said Keel has about $780 million of cash liquidity and no current need for debt or equity financing before signing a lease.
Historical context for KEEL
Across the 15 sessions after earlier KEEL headlines, the stock closed higher 4 times and lower 11 times, with a median move of 5.4% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | KEEL | SPY |
|---|---|---|---|
| Oct 22, 2026 | Keel Infrastructure Schedules Third Quarter 2026 Conference Call on November 5, 2026 | -6.7% | -1.2% |
| Aug 21, 2026 | Keel Infrastructure Supports Governor Shapiro’s GRID Standards for Responsible Data Center Development | -1.5% | +0.4% |
| Aug 10, 2026 | Keel Infrastructure Reports Second Quarter 2026 Results | -12.4% | -0.0% |
| Jul 27, 2026 | Keel Infrastructure Schedules Second Quarter 2026 Conference Call on August 10, 2026 | -4.9% | +0.0% |
| Jul 22, 2026 | BTIG Research initiated coverage on Keel Infrastructure with a new price target | +0.9% | -0.1% |
| Jul 15, 2026 | Keel Infrastructure Advances Sherbrooke, Québec Data Center Project | -3.1% | +0.4% |
Keep researching KEEL
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- KEEL financial statementsRevenue, profit, cash flow and balance sheet from Keel Infrastructure Corp.'s SEC filings.
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