Keel Infrastructure Corp. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Overview: Keel Infrastructure is executing its transition from Bitcoin mining/Latin America operations to a U.S.-focused HPC/AI data center developer. The company emphasized progress on three priority sites (Moses Lake WA, Sharon PA, Panther Creek PA), permitting advances, active commercial negotiations with hyperscalers/AI companies/GPU clouds, and strong liquidity enabling patient lease negotiations for optimal long-term economics. Management highlighted 18-month track record of on-time or early delivery of strategic milestones, positioning the firm in a "goldilocks phase" for 2027 power delivery amid scarce supply.

Financial Performance (Q2 2026 vs Q2 2025)

  • Revenue: $30 million (down from $61 million), primarily due to lower average Bitcoin prices and shutdown of Moses Lake cryptocurrency mining operations during the quarter.
  • Operating Income/Loss: $141 million operating loss (vs $11 million operating income), including $63 million accelerated depreciation from mining rig shutdowns at Panther Creek and Scrubgrass.
  • Bitcoin-Related: Change in fair value and realized loss of $20 million (vs $32 million gain). Company sold 1,085 BTC for $75 million proceeds (April 1–August 7, 2026); 1,861 BTC remaining as of August 7, 2026, with full liquidation planned for 2026.

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Operator: Ladies and gentlemen, thank you for standing by. Welcome to Keel Infrastructure Corp. Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference over to Laine Yonker, Keel Infrastructure Investor Relations. Please go ahead. Laine Yonker: Thank you, and welcome to Keel Infrastructure's Second Quarter 2026 Conference Call. With me on the call today are Director and Chief Executive Officer, Ben Gagnon; and Chief Financial Officer, Jonathan Mir. Before we begin, please note, this call is being webcast with an accompanying slide presentation. Today's press release and presentation can be accessed on our website under the Investors section. Turning to Slide 2. I'd like to remind everyone that certain forward-looking statements will be made during this call and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties. I invite you to consult Keel's 10-Q for a complete list, which will be available on our website and the SEC website. Please note that references will be made to certain non-GAAP financial measures, and therefore, may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's press release and our filed 10-Q for definitions of the non-GAAP measures and their reconciliations to GAAP me

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