Keel Infrastructure Corp. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Keel Infrastructure Q3 2026 Earnings Summary

Context: Macro challenges included surging interest rates (10-year Treasury at 2-decade highs), volatile debt/equity markets, data center political scrutiny, and geopolitical energy uncertainty. Keel maintained its "keel" strategy of steady progress on permits, construction, and community standards despite delays in leasing. Demand from hyperscalers (Microsoft, Alphabet, Meta, Amazon) remains robust, with combined CapEx >$800B and $1.8T backlog; supply constraints (e.g., ~$200B projects delayed industry-wide) enhance Keel's positioned '27/'28 power assets.

Financial Highlights (Q3 2026 vs Q3 2025)

  • Revenue: $28 million (down from $68 million; primarily due to U.S. Bitcoin mining decommissioning in Q2 2026 and lower average Bitcoin price).
  • Operating Loss: $8 million (improved from $18 million loss).
  • Loss from Continuing Operations: $62 million or $0.10 per share (worse than $11 million loss; driven by $55 million non-cash unrealized loss on capped calls from 2025 convertible notes).
  • Adjusted EBITDA: -$27 million (worse than +$19 million; reflects Bitcoin wind-down and price decline).
  • Cash SG&A: Averaged $24 million per quarter for first 9 months of 2026.
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Operator: Good day, and thank you for standing by. Welcome to the Keel Infrastructure Third Quarter 2026 Earnings Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Laine Yonker from Keel Investor Relations. Ma'am, please go ahead. Laine Yonker: Thank you, and welcome to Keel Infrastructure's Third 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 is 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 the reconciliatio
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