NASDAQ$KEEL
Keel Infrastructure Corp · Q2 2026 earnings
Q2 2026 earnings · · Before market open · Investor relations
Briefing
Keel Infrastructure Corp reported its Q2 2026 financial results amid a strategic transition from Bitcoin mining to HPC infrastructure.
The company recorded revenues of $30.4 million, a 50% decline year-over-year, primarily due to lower Bitcoin prices and higher network difficulty. It reported a net loss of $65.0 million and an operating loss of $140.8 million, driven by accelerated depreciation from site shutdowns and a shift to HPC development. Cash and cash equivalents stood at $715.5 million following the issuance of $458 million in convertible notes.
- Revenues fell 50% to $30.4 million as Bitcoin mining output and prices declined while the company ceased U.S. mining operations.
- Net loss widened to $65.0 million with operating expenses elevated by $57.7 million in accelerated depreciation.
- Raised $444.5 million net from 2026 Convertible Notes and repaid the Macquarie credit facility in full.
- Ended the quarter with 2,261 Bitcoin in treasury valued at $132.4 million and 341 gross MW of current energized capacity.
Headline financials
Revenue & EPS history
Bitfarms · Revenue · Quarterly
$30.4M
Revenue by segment
Bitfarms · $30.4M total across 4 segments · Q2 2026
- Cryptocurrency Mining$25.9M—85.0%
- Energy Sales$2.39M—7.8%
- Electrical Services$2.01M—6.6%
- Cryptocurrency Hosting$179K—0.6%
Forward guidance
No explicit numerical guidance provided; company continues transition to HPC data centers.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports
-3.6%
Avg return
Earnings day
-5.1%
Avg return
5 days after
+2.7%
Avg return
30 days after
25%
6 / 24 earnings
Positive
+13.4%
Q4 2021
Best reaction
-21.6%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +7.8% | +10.3% | +31.7% | |
| Q4 2025 | -6.4% | -4.0% | +21.2% | |
| Q3 2025 | -18.0% | -13.2% | -13.6% | |
| Q1 2025 | -3.6% | +2.8% | -23.0% | |
| Q3 2024 | -21.6% | -19.7% | -28.3% | |
| Q1 2024 | +9.3% | +1.2% | +40.5% | |
| Q4 2023 | +1.1% | -11.4% | -21.2% | |
| Q3 2023 | -3.4% | +3.4% | +84.5% | |
| Q2 2023 | +0.0% | +3.3% | -19.0% | |
| Q1 2023 | +8.2% | +15.3% | +20.4% | |
| Q4 2022 | +0.5% | +0.9% | +17.0% | |
| Q3 2022 | -12.0% | -23.7% | -38.5% | |
| Q2 2022 | +0.0% | -25.0% | -37.0% | |
| Q1 2022 | -1.0% | -10.3% | -29.6% | |
| Q4 2021 | +13.4% | +1.9% | -23.3% | |
| Q3 2021 | -1.7% | -4.7% | -39.3% | |
| Q2 2021 | -19.9% | -13.0% | -19.0% | |
| Q1 2021 | -0.6% | +4.1% | +7.0% | |
| Q4 2020 | -12.3% | -9.8% | +26.5% | |
| Q3 2020 | -5.9% | -10.6% | +44.3% | |
| Q2 2020 | -0.4% | -0.4% | +21.6% | |
| Q1 2020 | -12.7% | -12.7% | +29.0% | |
| Q4 2019 | -3.0% | -3.0% | +29.9% | |
| Q3 2019 | -3.3% | -3.3% | -16.6% | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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