Here are the 10-Q quarterly reports from Keel Infrastructure Corp. (KEEL) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow KEEL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full KEEL filings page.
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., 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.