📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Keel Infrastructure Corp. operates digital and energy infrastructure with focus on high-performance computing (HPC) and artificial intelligence (AI) workloads in North America, Canada, and the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly uses concrete numbers (e.g., $8M monthly free cash flow, 350 MW campus, $400M total CapEx) and clear milestones (PPL approval, T5 partnership, re-domicile plan). Language like 'rock-solid base' and 'we believe we're undervalued' conveys assuredness.

Q3 2025

Confident Specific

Management used emphatic language such as 'strong, steady progress', 'robust balance sheet', and 'exceptional long-term shareholder value'. They provided detailed figures ($128M for Washington, $588M convertible note, $1B war chest) and a clear strategic roadmap with specific timelines and GPU generations (Vera Rubin).

Q4 2025

Confident Specific

Management repeatedly uses phrases like 'clear mandate', 'deliberate and consequential transformation', 'we accomplished exactly what we set out to do', and provides specific milestones, timelines (e.g., '2026 is all about execution', '2027 is all about delivery'), and financial figures ($520M liquidity, 2.2 GW pipeline). They express conviction in the strategy and the value of their assets.

Q1 2026 latest

Confident Specific

Management uses definitive language such as 'better capitalized than at any point in this company's history', 'high confidence on a mid to late summer timeframe', and 'executing now' to convey strong execution and clarity. They repeatedly highlight specific milestones and timelines (e.g., '3 leases signed by year-end', 'revenue commencing in 2027').

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. The company has completed its transformation, built a strong balance sheet ($533M liquidity), and is executing on permitting and commercialization in parallel. The key change is the closure of the Paso Pe sale and Bitcoin sales, which provide stable capital without needing equity or debt. The next quarter's watch items are lease announcements for any of the three sites and permitting progress (mid-late summer completion expected). The demand environment remains robust, with increased U.S. focus due to geopolitical shifts. The thesis hinges on converting development assets into long-term contracted cash flows — lease signings will be the major catalyst.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Keel Infrastructure is a North American digital infrastructure company developing over 2 GW of HPC campuses.

Revenue & Profitability

For Q1 2026, revenue was $37 million, down 23% year-over-year. Operating loss was $98 million, including a $41 million loss from change in fair value of digital assets and $28 million in non-cash depreciation. Loss from continuing operations was $128 million ($0.21 loss per share). Adjusted EBITDA was negative $17 million. As of May 8, 2026, liquidity stood at approximately $533 million in cash and Bitcoin.

Outlook

Management views demand for HPC and AI infrastructure as incredibly strong and unchanged over the last 90 days. Geopolitical uncertainty has reinforced a preference for U.S. investments. The biggest bottleneck constraining AI economy growth is power availability, and Keel's sites address this directly. Customers are increasingly focused on Vera Rubin deployments for 2027 timelines.

Growth Drivers

Key growth levers are the three near-term sites: Panther Creek (350 MW secured, potential 400-430 MW), Sharon (110 MW), and Moses Lake (18 MW). The goal is to sign three leases by year-end 2026. Additional growth drivers include expansion capacity at Panther Creek (beyond 500 MW long-term) and an option for an additional 10 MW at Moses Lake. Longer-term, the Scrubgrass site aims to add 750 MW of secured capacity.

Balance Sheet & CapEx

Keel has purchased critical modular data center equipment in advance for Moses Lake, including transformers and backup generators, to enable accelerated deployment. Current liquidity of $533 million fully funds capital requirements for Panther Creek, Sharon, and Moses Lake through lease execution, start of construction at Moses Lake, and G&A through 2028. The company expects to transition to project-level financing after leases are signed.

Margins

Not discussed in this earnings call. Management did not provide margin guidance or commentary on operating leverage.

Key Risks

Management identified bandwidth as the biggest gating factor for growth, given the complexity of executing a 2 GW development pipeline. Permitting timelines, while on track, could shift. The company is selling its Bitcoin holdings to fund development, introducing conversion risk. Lease execution (signing three leases by year-end) is a critical inflection point with inherent execution risk. Geopolitical uncertainty was mentioned as a potential factor but has not changed demand.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-10

Transition to U.S. HPC and AI infrastructure is on track, with strong liquidity and active commercial negotiations across three priority sites. Q2 revenue declined due to Bitcoin exit, but permitting and expansion progress positions the company for 2027 data center launches.

Q1 2026 Q1 2026 2026-05-11

Q1 2026 saw a strategic transformation to North American digital infrastructure, with $37M revenue and a $98M operating loss. Three major sites are advancing toward lease execution, backed by $533M liquidity, amid strong demand for AI and HPC capacity in power-constrained markets.

Q4 2025 Q4 2025 2026-03-31

Completed transformation to HPC/AI infrastructure, rebranding as Keel Infrastructure with over 2 GW secured capacity and strong liquidity. Fiscal 2025 saw 72% revenue growth but a net loss due to transition costs. Lease execution and site delivery in 2026–2027 are key catalysts.

Q3 2025 Q3 2025 2025-11-13

Q3 revenue surged 156% year-over-year to $69M from continuing operations, with a strategic pivot from Bitcoin mining to HPC and AI infrastructure, focusing on next-gen NVIDIA GPUs and premium data center locations. Over $1B in liquidity supports fully funded site conversions and expansion.

Q2 2025 Q2 2025 2025-08-12

Q2 2025 saw strong revenue growth, operational improvements, and a strategic pivot toward U.S.-based HPC and AI infrastructure, with the Argentina shutdown improving efficiency and liquidity. Panther Creek and Quebec are key to future HPC expansion, supported by robust financing and a share buyback program.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.