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KEEL · NASDAQ · Information Technology Services

Keel Infrastructure

Develops power-secured sites for HPC and AI data-center capacity leases.

$3.24

After-hours close+0.01 (+0.31%)

At close$3.23(−7.98%)

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Profile

Keel Infrastructure Corp.KEELInformation Technology

Retains Bitcoin-mining operations while developing North American sites for HPC and AI data centers. The intended model is to lease capacity to hyperscalers, cloud-service providers, AI companies, and enterprises under long-term contracts.

Retains Bitcoin-mining operations while building a digital and energy-infrastructure business. Legacy mining provides the existing operating activity as resources shift toward HPC data-center development.

Develops power-secured sites in Pennsylvania and Washington in the United States and Québec in Canada for capacity leases to hyperscalers, cloud-service providers, AI companies, and enterprises. The business is intended to own and develop infrastructure rather than offer a Keel-branded cloud service.

The transition draws on grid-connected sites and requires development execution, economic power supply, financing, permitting, regulatory outcomes, and long-term customer leases. The HPC line had not yet produced revenue at the last reported year-end.

Company facts

CEOBen Gagnon

ListedApr 6, 2026

ExchangeNASDAQ

HeadquartersNew York, NY

CountryUnited States

Employees274

CIK0001812477

ISINUS4869171078

Key statistics

Market cap$1.95B

EPS (ttm)−$0.7500

P/E (ttm)−4.29

ROE-89.6%

P/B5.95

P/S12.83

Dividend yield—

Beta4.37vs XLK 2.20

Year to date +24.2% · Average volume (30d) 36.5M

Analysts

Price target, next 12 months$5.50+70.8%Median of 4 analysts · vs the Aug 28 close

ConsensusBuy4 of 4 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $3.22

High$8.00+148.4%

Median$5.50+70.8%

Low$3.00−6.8%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 10, 2026	Industrial Alliance Securities	Target		$8	$7
Jul 22, 2026	BTIG	Initiate	Buy		$8
Jun 24, 2026	Citigroup	Initiate	Outperform
May 11, 2026	Lake Street	Target			$5.50
May 11, 2026	Industrial Alliance Securities	Target		$3.25	$8

Earnings

EPS

Estimate−$0.08

ReportedDue Nov 12, 2026

Revenue

Estimate$19.6M

ReportedDue Nov 12, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 10, 2026Q2 FY26	−$0.07	−$0.11	−62.3%	$31.5M	$30.4M	−3.3%	−12.37%
May 11, 2026Q1 FY26	−$0.11	−$0.10	+9.1%	$34.6M	$37.0M	+7.0%	−5.35%
Mar 26, 2026Q4 FY25	−$0.04	−$0.18	−350.0%	$63.3M	$52.4M	−17.3%	−4.88%
Nov 13, 2025Q3 FY25	−$0.02	−$0.02	0.0%	$61.8M	$69.2M	+12.0%	−0.77%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$66.8M	$77.8M	$69.2M	$15.4M	$37.0M	$30.4M
Gross profit	−$542.0K	−$5.5M	−$2.9M	−$10.0M	−$26.3M	−$86.8M
Operating income	−$32.4M	−$39.6M	−$29.0M	−$48.7M	−$53.1M	−$140.8M
Net income	−$35.9M	−$28.8M	−$80.8M	−$139.1M	−$145.4M	−$65.0M
Diluted EPS	−$0.07	−$0.05	−$0.14	−$0.26	−$0.24	−$0.11
Gross margin	-0.8%	-7.0%	-4.2%	-65.0%	-71.1%	-285.1%
Operating margin	-48.4%	-50.9%	-41.8%	-316.3%	-143.7%	-462.6%

Fiscal years (4-quarter sums)FY21 $169.5M · FY22 $142.4M · FY23 $146.4M · FY24 $192.9M · FY25 $229.3M

Revenue by product · Q2 FY26

Depreciation And Amortization$84.1M · 81%

Energy Service$19.2M · 19%

Revenue by geography · Q2 FY26

Canada$19.1M · 63%

United States$11.4M · 37%

Balance sheet, Jun 30, 2026Cash & short-term investments $715.5M · Total debt $1.04B · Total assets $1.42B · Shareholders' equity $328.7M

Dividends

No dividends on record.

Ownership

Institutions 66.46%401.30M sharesInsiders 0.39%2.33M sharesOther 33.15%200.20M shares

Shares outstanding 603.83M · Float 576.20M · 95.4% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
BlackRock, Inc.	50.95M	8.40%	13G	Jul 29, 2026
Situational Awareness LP	26.45M	4.38%	13F	Aug 14, 2026
Monarch Alternative Capital LP	26.29M	4.35%	13F	Aug 14, 2026
Jane Street Group, LLC	23.18M	3.84%	13F	Aug 14, 2026
Diameter Capital Partners LP	20.50M	3.40%	13F	Aug 14, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 21, 2026	Benjamin Gagnon	director, officer: Chief Executive Officer	+38,888	$3.33
Aug 20, 2026	Liam Daniel Wilson	officer: Chief Operating Officer	+30,769	$3.25
Aug 17, 2026	Liam Daniel Wilson	officer: Chief Operating Officer	+26,472	$3.78
Aug 13, 2026	Benjamin Gagnon	director, officer: Chief Executive Officer	+58,888	$3.33