---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-054167"
form_type: "8-K"
ticker: "KEEL"
cik: "0001812477"
company_name: "Keel Infrastructure Corp."
filed_at: "2026-05-11T23:59:59+00:00"
generated_at: "2026-05-14T18:52:56.240126+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Keel Infrastructure Q1 2026 revenue $37M, down 23% YoY; operating loss $98M

## Summary
- Revenue $37M (-23% YoY); loss from continuing ops $128M ($0.21 per share).
- Adjusted EBITDA negative $17M, down from $7M in Q1 2025.
- Liquidity $533M ($336M cash, $197M Bitcoin) as of May 8, 2026; sold 269 Bitcoin for $20M.
- Strategic transformation: redomiciled to US, exited Latin American assets, advancing Panther Creek, Sharon, Moses Lake.
- CEO says fully funded through lease signing and G&A through 2028.

## SEC filing metadata
- accession: 0001213900-26-054167
- form_type: 8-K
- ticker: KEEL
- cik: 0001812477
- company_name: Keel Infrastructure Corp.
- filed_at: 2026-05-11T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1812477/000121390026054167/0001213900-26-054167-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1812477/000121390026054167/ea0289914-8k_keelinfra.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-054167
- JSON: https://secwatch.observer/filing/0001213900-26-054167.json
- Plain text: https://secwatch.observer/filing/0001213900-26-054167.txt

## Source-grounded claims
- claim_id: c1b030203f9bfe4f4ce66eb6c709258af2de94e1
  claim: Keel Infrastructure Corp. reported quarter ended March 31, 2026 results: revenue $37 million.
  evidence_excerpt: Q1 2026 Financial Highlights from Continuing Legacy Operations* ● Revenue of $37 million, down 23% year over year. ● General and administrative expenses of $27 million, compared to $18 million in Q1 2025. The difference was largely due to an increase in professional services related to our U.S. redomiciliation, U.S. GAAP conversion, and sale of the Paso Pe site that was completed on April 21, 2026. ● Operating loss of $98 million, including non-cash depreciation of $28 million, compared to an operating loss of $35 million in Q1 2025, which included $18 million of non-cash depreciation. Y/Y change primarily reflects a $41 million loss related to change in fair value of digital assets in Q1 2026, compared to a loss of $23 million in Q1 2025. ● Loss from continuing operations of $128 million, or a $0.21 loss per basic and diluted share, compared to a loss of $38 million, or a $0.08 loss per basic and diluted share, in Q1 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1812477/000121390026054167/0001213900-26-054167-index.htm
- claim_id: c1b030203f9bfe4f4ce66eb6c709258af2de94e1
  claim: Keel Infrastructure Corp. reported quarter ended March 31, 2026 results: revenue $37 million.
  evidence_excerpt: and ending May 8, 2026, as part of its previously communicated wind down of the Bitcoin position. Q1 2026 Financial Highlights from Continuing Legacy Operations* ● Revenue of $37 million, down 23% year over year. ● General and administrative expenses of $27 million, compared to $18 million in Q1 2025. The difference was largely due to an increase in professional
  evidence_url: https://www.sec.gov/Archives/edgar/data/1812477/000121390026054167/0001213900-26-054167-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.