Continued progress with permitting and commercialization; advanced lease negotiations across three near-term sites
Commenced construction at Moses Lake; expected to be first energized site generating HPC revenue in 2027
NEW YORK — Keel Infrastructure Corp. (NASDAQ/TSX: KEEL) (“Keel” or the “Company”), a North American digital infrastructure and energy company, today reported its financial results for the quarter ended September 30, 2026.
CEO Ben Gagnon stated, “Power supply is getting scarcer while demand keeps climbing. Keel’s 2027 and 2028 power is further advanced, more secure, and closer to delivery than it was last quarter. With competitive tension high at all three near-term sites, and multiple creditworthy parties at the negotiation table, I have every confidence we will sign the right leases for each site, ones that deliver the most attractive returns for our shareholders.”
“We remain strongly capitalized, with approximately $780 million of cash liquidity and no current need for debt or equity financing before signing a lease,” said Jonathan Mir, CFO. “Capital we deploy ahead of a lease becomes part of our equity contribution to a project’s financing, and we examine opportunities to recycle capital on an ongoing basis. Our strategy is to advance at the speed our customers require, while signing leases and obtaining project financing on terms that will deliver attractive returns for our shareholders.”
Strategic and Operational Highlights
- Received all necessary permits, clearing Notice to Proceed, and began construction at Moses Lake in September 2026. In addition, engineered an optional solution for the site to support next generation Vera Rubin architecture (formerly GB300) driven by customer demand, which would make Keel a full Vera Rubin platform company.
- Advanced permitting at Sharon and Panther Creek, clearing three permits, with four environmental permits remaining, of which two are in draft stage.
- Engineered revised site plans at Sharon and Panther Creek that are fully compliant with Pennsylvania’s new Executive Order, with no meaningful changes to project costs or timelines for tenants.
- Detailed load studies for expansion capacity at Panther Creek (up to 500 MW) and Scrubgrass (up to 1.3 GW) represent up to a ~300% potential increase of our Secured Capacity for data centers from 478 MW to 1,928 MW. Both studies remain on track for completion in Q1 2027, with no impact from the Executive Order.
Q3 2026 Financial Highlights from Continuing Legacy Operations
- Revenue of $28 million, compared to $68 million in Q3 2025. The decrease was largely due to the deliberate cessation of U.S. Bitcoin mining operations during Q2 2026 in order to advance HPC/AI development and a decline in average Bitcoin price.
- General and administrative expenses of $34 million, compared to $17 million in Q3 2025, primarily reflecting increased hiring of senior subject-matter experts and professional fees as the Company scales into the project management phase of its strategy and higher stock-based compensation from larger combined vesting of outstanding stock options, restricted stock units and performance stock units at higher fair values.
- Operating loss of $8 million, including non-cash depreciation of $13 million, compared to an operating loss of $18 million in Q3 2025, which included $27 million of non-cash depreciation.
- Loss from continuing operations of $62 million, or a $0.10 loss per basic and diluted share, compared to a loss from continuing operations of $11 million, or a $0.02 loss per basic and diluted share, in Q3 2025. This was driven primarily by a $55 million non-cash unrealized loss on the fair value of the Company’s capped calls associated with the 2025 convertible notes offering.
- Adjusted EBITDA* of negative $27 million, down from $19 million in Q3 2025.
- As of November 4, 2026, the Company had a liquidity of approximately $780 million in unrestricted cash.
- During the third quarter, the Company sold 2,520 Bitcoin, comprising its entire treasury position of 2,261 Bitcoin and the 259 Bitcoin mined during the quarter, totaling $192 million in proceeds, executing the sales during periods of strength. As of September 30, Keel’s Bitcoin holdings were nominal, and Bitcoin that is mined from operations in Quebec will be sold on a daily basis moving forward, effectively eliminating the Company’s exposure to Bitcoin price movements on treasury holdings.
*Adjusted EBITDA is a non-GAAP financial measure and should be read in conjunction with and should not be viewed as an alternative to or replacement of measures of operating results and liquidity presented in accordance with U.S. GAAP. In addition, the Company’s non-GAAP measures are adjusted to exclude discontinued operations, to align with the presentation in our financial statements.
Conference Call
Management hosted a conference call on November 5, 2026 at 8:00 a.m. Eastern. All Q3 2026 materials are available in the ‘Quarterly Results’ section of the Keel investor site, where the webcast replay of the conference call can also be accessed.
Non-GAAP Measures
Keel follows U.S. GAAP. Under U.S. GAAP, the revaluation gains and losses on the mark-to-market of its Bitcoin holdings and the realized gains and losses on the disposition of Bitcoins are reflected in its income statement. The Company also does not include the revaluation gains or losses on the mark-to-market of its Bitcoin holdings and the realized gains or losses on the disposition of Bitcoins in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities. The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability, to assess profitability before the impact of the items excluded from EBITDA, to provide users with a consistent and comparable measure of profitability, and to facilitate comparisons of operating performance.
Continuing Operations
In 2025, the Company began to execute a strategic transformation, pivoting to North American HPC infrastructure and winding down most legacy Bitcoin mining operations. Following the rebalancing of our portfolio, we sold our Paraguay operations on April 21, 2026 and our Argentina subsidiary on June 24, 2026. The results of our Argentina and Paraguay operations are presented as discontinued operations. Argentina was abandoned in 2025 and Paso Pe was classified as held for sale. Continuing operations refer to our North American portfolio.
About Keel Infrastructure Corp.
Keel is a North American digital infrastructure and energy company that develops and owns data centers and energy infrastructure for high-performance computing workloads, including AI. With a development pipeline of 2.2 gigawatts and established grid interconnections in place, Keel delivers scalable infrastructure solutions in high-demand power markets across Pennsylvania and Washington State in the United States, and Québec in Canada. Keel is headquartered in New York City and trades under the ticker symbol “KEEL” on Nasdaq and TSX. Learn more at www.keelinfra.com.
This news release contains forward-looking information that is based on expectations, estimates and projections as at the date of the release and is subject to risks and uncertainties. For the full forward-looking statements, risk factors and the consolidated financial results, refer to the release on the Keel investor site and Keel’s filings at www.sec.gov and www.sedarplus.ca.
Media Contact
Investor Relations Contact: Laine Yonker
Media Contact: Amanda Ignatius
