---
schema_version: "secwatch.filing_event.v1"
accession: "0001812477-26-000021"
form_type: "8-K"
ticker: "KEEL"
cik: "0001812477"
company_name: "Keel Infrastructure Corp."
filed_at: "2026-08-10T10:51:59+00:00"
generated_at: "2026-08-10T10:55:17.867232+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001812477-26-000021
- form_type: 8-K
- ticker: KEEL
- cik: 0001812477
- company_name: Keel Infrastructure Corp.
- filed_at: 2026-08-10T10:51:59+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/1812477/000181247726000021/0001812477-26-000021-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1812477/000181247726000021/keel-20260810.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001812477-26-000021
- JSON: https://secwatch.observer/filing/0001812477-26-000021.json
- Plain text: https://secwatch.observer/filing/0001812477-26-000021.txt

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