Keel Infrastructure Corp. (KEEL) AI Stock Summary

Snapshot

Keel is a former Bitcoin miner pivoting into data centers for AI computing. FY 2025 revenue grew 18.9% to $229.3M, but the company posted a $284.5M net loss and negative gross margin, meaning it loses money on every dollar of sales before even counting overhead. Free cash flow was -$326.9M, funded by $715.5M in cash against $1.04B in debt.

What's Happening Right Now

• Wed 9th Sep '26 · Earnings: Q2 2026 revenue fell about 50% YoY to $30.4M with a $65.0M net loss, as the company shut down all U.S. Bitcoin mining sites to pivot toward HPC/AI data centers, driving an $86.8M quarterly gross loss.
• Wed 9th Sep '26 · Partnership: PowerSecure, a Southern Company subsidiary, agreed to supply a backup power resiliency system for Keel's Moses Lake, Washington data center campus.
• Mon 10th Aug '26 · Financing: To fund its shift to HPC infrastructure, Keel raised $458M via convertible notes and ended Q2 with $819M in total liquidity, while securing zoning approvals at its Panther Creek and Sharon sites.
• Wed 15th Jul '26 · Expansion: Keel received Sherbrooke, Quebec city approval to partner with Hydro-Sherbrooke on a 96 MW data center project, though the capacity transfer still needs Quebec regulatory sign-off.
• Mon 6th Jul '26 · Leadership: On July 6, 2026, Keel appointed Ganesh Aiyer, former Digital Realty Trust Chief Business Officer, as President to lead commercial and pipeline expansion.

Ownership

Institutions hold 63.1%, insiders hold 0.4%.

Bottom Line

Keel is mid-transition: winding down a shrinking, negative-margin crypto-mining business while pouring cash into an unbuilt data-center pipeline, and the FY 2025 numbers show a $284.5M net loss and negative gross margin, not just an accounting quirk. Signal8 models roughly 30.8 months of runway, and both the CEO and COO made small open-market purchases in August 2026. The story here is a capital-intensive pivot that isn't cash-flow positive yet, and a reader would need to believe the 2.2 GW pipeline converts into leases before the cash runs thinner.