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Keel Infrastructure (NASDAQ:KEEL) reported third-quarter financial results on Thursday. The transcript from the company’s third-quarter earnings call has been provided below.This transcript is brought to you by Benzinga
Keel Infrastructure Corp. announced its financial results for the third quarter ended September 30, 2026, reporting a net loss of $62.7 million and revenue of $27.6 million.
Keel Infrastructure Corp. reported Q3 2026 financial results showing revenue decline to $28M (from $68M YoY) due to deliberate cessation of Bitcoin mining operations to focus on HPC/AI infrastructure development. The company commenced construction at Moses Lake, expected to generate HPC revenue in 2027, and advanced permitting at Sharon and Panther Creek sites. With $780M in liquidity and no immediate financing needs, Keel is negotiating leases with multiple creditworthy parties across three near-term sites.
Keel Infrastructure CEO Ben Gagnon reports that the company has yet to sign customer contracts for its new data centers as it navigates a volatile market transition from Bitcoin mining.
Keefe Bruyette & Woods (KBW) updated its price targets for several companies in the Bitcoin mining and AI hosting sector, including a target price adjustment for Keel Infrastructure Corp.
Keel Infrastructure stock fell 8.25% on Monday after analyst Stephen Glagola from Keefe, Bruyette & Woods cut his price target by 33% from $4.50 to $3 per share. While maintaining a hold recommendation, Glagola cited concerns about construction costs, project financing clarity, potential client lease declines, and regulatory uncertainty in Texas. The company is transitioning from cryptocurrency mining to data center operations but has not yet reached full permitting on its three priority sites.