$KEEL

Keel Infrastructure Corp.

CIK:0001812477|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 30,430	$ 60,908	$ 67,422	$ 108,559
Cost of revenues	(117,183)	(64,794)	(180,480)	(112,169)
Gross loss	(86,753)	(3,886)	(113,058)	(3,610)
Operating expenses
General and administrative expenses	(31,311)	(19,384)	(58,148)	(37,002)
Change in fair value of digital assets	(9,029)	16,283	(50,478)	(6,750)
Realized (loss) gain on disposition of digital assets	(11,180)	16,005	(12,990)	20,982
(Loss) gain on disposition of property, plant and equipment and deposits	(918)	1,791	(919)	2,348
Impairment of long-lived assets	(1,583)	0	(3,569)	0
Operating (loss) income	(140,774)	10,809	(239,162)	(24,032)
Interest income	2,885	460	6,608	1,262
Interest expense	(2,114)	(1,582)	(5,714)	(1,767)
Gain on derivative assets and liabilities	77,040	3,784	75,476	70
Loss on extinguishment of long-term debt	0	0	(21,596)	0
Other expenses	(971)	(275)	(7,123)	(488)
Total other income (expense)	76,840	2,387	47,651	(923)
(Loss) income before taxes from continuing operations	(63,934)	13,196	(191,511)	(24,955)
Income tax expense	(17)	0	(14)	(222)
(Loss) income from continuing operations	(63,951)	13,196	(191,525)	(25,177)
Loss from discontinued operations	(1,044)	(18,697)	(18,823)	(35,877)
Net loss	$ (64,995)	$ (5,501)	$ (210,348)	$ (61,054)
Earnings (loss) per common share
Basic earnings (loss) per share (in dollars per share)	$ (0.11)	$ 0.02	$ (0.32)	$ (0.05)
Diluted earnings (loss) per share (in dollars per share)	(0.11)	0.02	(0.32)	(0.05)
Basic loss per share from discontinued operations (in dollars per share)	0	(0.03)	(0.03)	(0.07)
Diluted loss per share from discontinued operations (in dollars per share)	0	(0.03)	(0.03)	(0.07)
Basic loss per share (in dollars per share)	(0.11)	(0.01)	(0.35)	(0.12)
Diluted loss per share (in dollars per share)	$ (0.11)	$ (0.01)	$ (0.35)	$ (0.12)
Weighted average number of common shares outstanding
Weighted average number of common shares outstanding, basic (in shares)	605,370,634	555,843,347	603,983,769	528,157,206
Weighted average number of common shares outstanding, diluted, continuing operations (in shares)	605,370,634	560,569,145	603,983,769	528,157,206
Weighted average number of common shares outstanding, diluted, discontinued operations (in shares)	605,370,634	555,843,347	603,983,769	528,157,206

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows used in operating activities
Net loss	$ (210,348)	$ (61,054)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	111,843	63,977
Impairment of long-lived assets	17,186	33,696
Total other (income) expenses	(47,725)	489
Digital assets earned and hosting revenue received in Bitcoin	(62,553)	(135,127)
Stock-based compensation	13,512	7,768
Renewable energy credits earned	(6,119)	(6,540)
(Gain) loss on disposition of assets	759	(7,451)
Digital assets exchanged for services	0	5,125
Realized loss (gain) on sale of digital assets	12,990	(20,982)
Other	1,205	250
Change in fair value of digital assets	50,478	6,750
Interest income received	6,217	873
Interest expenses paid	(3,641)	(1,145)
Income tax paid	(877)	(237)
Proceeds from disposition of renewable energy and waste tax credits	13,389	4,070
Changes in non-cash working capital components	(13,931)	15,816
Net change in cash related to operating activities	(117,615)	(93,722)
Cash flows (used in) from investing activities
Proceeds from sale of digital assets	47,344	137,734
Purchase of property, plant and equipment and intangible assets	(53,413)	(62,063)
Proceeds from sale of property, plant and equipment and assets held for sale	2,330	3,045
Purchase of marketable securities	(2,783)	(9,628)
Proceeds from disposition of marketable securities	2,828	10,048
Purchase of derivative assets and liabilities	0	(78,463)
Settlement of derivative assets and liabilities	1,396	79,924
Equipment and construction prepayments	(51,721)	(4,771)
Proceeds from disposal of businesses	13,129	47,538
Acquisition of business	0	(48,084)
Investment in equity securities	0	(1,250)
Net change in cash related to investing activities	(40,890)	74,030
Cash flows from financing activities
Repayment of long-term debt	(113,637)	(209)
Repayment of finance lease liabilities	(280)	(394)
Issuance of common shares and warrants	0	23,608
Proceeds from long-term debt, net of transaction costs	445,124	47,544
Exercise of stock options	7,017	3
Purchase of capped calls	(41,840)	0
Net change in cash related to financing activities	296,384	70,552
Net increase in cash and restricted cash	137,879	50,860
Cash and restricted cash, beginning of the period	630,962	59,542
Exchange rates differences on currency translation	52	37
Cash and restricted cash, end of the period	768,893	110,439
Cash flows from discontinued operations	$ 11,735	$ 3,806

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current
Cash	$ 715,516	$ 573,462
Accounts receivable, net	5,015	5,471
Digital assets	132,384	174,726
Digital assets - restricted	0	5,559
Other assets	4,316	2,825
Rights to renewable energy credits and waste tax credits	9,139	18,478
Assets held for sale	15,914	28,664
Short-term prepaid deposits	5,329	6,317
Inventories	8,853	8,676
Derivative assets	0	2,287
Total current assets	896,466	826,465
Non-current
Rights to waste tax credits	2,069	0
Long-term derivative assets	78,800	5,200
Operating lease right-of-use assets, net	10,219	11,103
Finance lease right-of-use assets, net	1,916	2,127
Restricted cash	53,377	57,500
Long-term deposits and equipment prepayments	81,328	31,033
Property, plant and equipment, net	287,055	358,333
Intangible assets, net	2,936	2,983
Other non-current assets	1,600	1,600
Total assets	1,415,766	1,296,344
Current
Accounts payable and accrued expenses	46,693	46,443
Current portion of long-term debt	6,754	97,022
Current portion of operating lease liabilities	1,387	1,490
Current portion of finance lease liabilities	288	235
Derivative liabilities	0	2,922
Total current liabilities	55,122	148,112
Non-current
Long-term debt	1,019,075	572,447
Operating lease liabilities	9,232	10,606
Finance lease liabilities	1,619	1,978
Deferred tax liability	65	65
Other non-current liabilities	1,937	2,761
Total liabilities	1,087,050	735,969
Commitments and contingencies (Note 21)
Stockholders’ equity
Preferred stock Class A - $0.001 par value; 120,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.001 par value per share; 1,500,000,000 shares authorized; 616,736,107 and 601,579,999 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	617	602
Additional paid-in capital	1,150,928	1,172,254
Accumulated deficit	(822,829)	(612,481)
Total stockholders' equity	328,716	560,375
Total liabilities and stockholders' equity	$ 1,415,766	$ 1,296,344