Keel Infrastructure Corp. filings document public-company disclosures for a North American digital and energy infrastructure developer. The company's Form 8-K records include results of operations and financial condition, furnished earnings materials, material-event exhibits and disclosures tied to its common stock registered on the Nasdaq Stock Market under KEEL.
The filing record also identifies capital-structure details such as common stock par value and exchange registration, along with formal disclosures used to report operating results, corporate events and related exhibits. For this issuer, those records connect financial reporting to data-center, power-infrastructure and asset-development activity.
Keel Infrastructure Corp. reported third-quarter 2026 revenue of $27.603 million, compared with $67.969 million in the same 2025 quarter, and a net loss of $62.711 million versus $38.767 million. Basic and diluted loss per share was $0.10, compared with $0.07. For the first nine months of 2026, revenue was $95.025 million versus $176.528 million, and net loss was $273.059 million versus $99.821 million.
At September 30, cash was $815.825 million and long-term debt, net of transaction costs and debt discount, was $1,021.156 million. Construction in progress was $95.206 million. Revisions to estimated useful lives and residual values added approximately $67.662 million of depreciation expense for the nine months, with the same impact on net income. In June 2026, Keel issued $458 million aggregate principal amount of 1.250% convertible notes due January 15, 2032.
Keel ceased Bitcoin mining at its Washington State site on April 28 and at its Panther Creek, Scrubgrass and Sharon sites on June 29, 2026, while continuing legacy mining in Canada. It is developing data centers for high-performance computing and AI; the Washington site is being converted to an 18 gross MW HPC data center.
Keel Infrastructure Corp. (KEEL) reported third-quarter 2026 results as it continues its shift toward high-performance computing (HPC) infrastructure. Revenue from continuing operations was $27.603 million, down 59% from $67.969 million a year earlier; loss from continuing operations was $62.388 million, compared with $11.009 million. A $55 million non-cash unrealized loss on capped calls associated with the 2025 convertible notes offering was the primary driver of the continuing-operations loss. Adjusted EBITDA, a non-GAAP measure, was negative $27.447 million versus positive $19.236 million.
Keel began construction at Moses Lake in September 2026 after receiving all necessary permits; it expects the site to be its first energized site generating HPC revenue in 2027. Load studies for expansion at Panther Creek (up to 500 MW) and Scrubgrass (up to 1.3 GW) are on track for completion in Q1 2027. Keel reported approximately $780 million in unrestricted cash as of November 4, 2026, and said it has no current need for debt or equity financing before signing a lease. During the quarter, it sold 2,520 Bitcoin for $192 million in proceeds, including its entire 2,261-Bitcoin treasury position and 259 Bitcoin mined during the quarter.
Keel Infrastructure Corp. (KEEL) reported an insider purchase by Chief Executive Officer and director Benjamin Gagnon. On 2026-08-21, he purchased 38,888 shares of common stock in an open-market or private transaction at $3.33 per share. Following this buy, he directly owns 1,386,624 common shares.
Keel Infrastructure Corp. (KEEL) reported that Chief Operating Officer Wilson Liam Daniel purchased 30,769 shares of common stock on 2026-08-20 in an open market or private transaction at a weighted average price of $3.25 per share, with individual trade prices ranging from $3.24 to $3.25. After this transaction, he directly holds 100,978 shares of Keel Infrastructure common stock.
Keel Infrastructure Corp. executive Wilson Liam Daniel, Chief Operating Officer, purchased 26,472 shares of Keel common stock on 2026-08-17 at $3.78 per share in an open-market or private transaction. Following this buy, his directly held stake increased to 70,209 shares. The filing indicates the trade was not made under a Rule 10b5-1 trading plan.
Keel Infrastructure Corp. director and Chief Executive Officer Benjamin Gagnon purchased 58,888 shares of common stock on August 13, 2026. The weighted average purchase price was approximately $3.33 per share, with individual trades executed between $3.32 and $3.33. Following this open-market purchase, Gagnon directly holds 1,347,736 common shares. The transaction was not made pursuant to a Rule 10b5-1 trading plan.
Keel Infrastructure Corp., newly redomiciled from Canada to the U.S. and now the parent of Bitfarms, reported a net loss of $64.995 million for the quarter and $210.348 million for the six months ended June 30, 2026, compared with losses of $5.501 million and $61.054 million a year earlier. Quarterly revenue fell to $30.430 million from $60.908 million, while cost of revenues and heavy non‑cash charges drove a gross loss of $86.753 million. Results reflect a strategic transition away from Bitcoin mining toward high‑performance computing (HPC) and AI data center infrastructure, including the June 29, 2026 shutdown of U.S. mining sites and sales of Argentina and Paraguay operations, which are reported as discontinued operations.
Keel’s balance sheet shows cash of $715.516 million and total assets of $1.416 billion, but long‑term debt increased to $1.026 billion, driven by the 2025 and new 2026 convertible notes. A $77.040 million gain on capped call derivatives partially offset operating losses. Depreciation accelerated as useful lives were revised for assets at shuttered mining sites, adding about $67.662 million of expense year‑to‑date. The company continues to classify Bitcoin mining as its sole reportable segment while it builds out HPC and AI‑oriented energy and data center assets.
Keel Infrastructure Corp. reported a challenging second quarter of 2026 as it continues its pivot from Bitcoin mining to high‑performance computing infrastructure. Revenue from continuing operations was about $30.4 million, down 50% year over year, mainly due to lower average Bitcoin prices and the shutdown of U.S. cryptocurrency mining at Moses Lake in April 2026.
Cost of revenues rose significantly, driving a gross loss of roughly $86.8 million and an operating loss of about $140.8 million, versus operating income a year earlier. Loss from continuing operations was $64.0 million, and net loss was approximately $65.0 million. Adjusted EBITDA from continuing operations declined to negative $23.7 million in Q2 2026 from positive $6.6 million in Q2 2025.
Keel emphasized its balance sheet strength during this transition. It raised $458 million via a convertible note offering in the quarter and, as of August 7, 2026, held total liquidity of about $819 million, including $698 million in unrestricted cash and $121 million in unencumbered Bitcoin. The company sold 1,085 BTC for $75 million as part of winding down its Bitcoin position, leaving 1,861 BTC. Management highlighted progress on permitting and site development across its three priority North American HPC data center sites and the decommissioning of all U.S. Bitcoin mining operations.
BlackRock, Inc. reports beneficial ownership of 50,946,789 shares of KEEL INFRASTRUCTURE CORP common stock, representing 8.4% of the outstanding class. BlackRock has sole voting power over 50,261,648 shares and sole dispositive power over 50,946,789 shares, with no shared voting or dispositive power. Various underlying clients have rights to dividends or sale proceeds, but no single client holds more than five percent of KEEL’s outstanding common shares.
Keel Infrastructure Corp. Chief Executive Officer Benjamin Gagnon exercised derivative awards covering 215,579 shares of common stock at a price of $0.00 per share. Following the transactions, he holds 1,288,848 common shares directly and 431,159 restricted stock units that vest yearly in three equal installments starting July 10, 2026.