secwatch.observer — SEC 8-K summary
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Issuer:     Keel Infrastructure Corp. (KEEL)
CIK:        0001812477
Form:       8-K
Filed at:   2026-08-10T10:51:59+00:00
Accession:  0001812477-26-000021
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1812477/000181247726000021/0001812477-26-000021-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1812477/000181247726000021/keel-20260810.htm
  HTML page:      https://secwatch.observer/filing/0001812477-26-000021

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer