Keel Infrastructure Q2 revenue down 50% to $30M; operating loss of $141M

Keel Infrastructure Corp.

Revenue of $30M, down 50% YoY on Bitcoin price decline and Moses Lake mining shutdown in April 2026.
Operating loss of $141M incl. $84M non-cash depreciation vs $11M operating income in Q2 2025.
Loss from continuing ops of $64M ($0.11/share) vs $13M income ($0.02/share) in Q2 2025; Adjusted EBITDA -$24M.
Raised $458M via convertible notes; liquidity $819M ($698M cash, $121M BTC); sold 1,085 BTC for $75M.
Appointed Ganesh Aiyer as President; secured zoning at Panther Creek and Sharon; Sherbrooke 96 MW agreement with Hydro-Sherbrooke.

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