Keel Infrastructure

Q2 FY2026 EarningsQ2 FY2026 results missed consensus on the top and bottom lines, with revenue of $30.4M vs. $33.4M expected and a GAAP net loss of $65.0M significantly wider than the ~$38.5M expected. The 50% YoY revenue decline reflects the strategic wind-down of legacy Bitcoin mining operations to pivot toward HPC infrastructure. Despite the operational losses, the company maintains a robust liquidity position of $819M, including $698M in unrestricted cash, to fund its 2.2 GW development pipeline.