Keel Infrastructure Corp. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Company Context: This was Keel Infrastructure's first earnings call following its rebranding and redomiciliation to the United States. The company has fully transitioned from Bitcoin mining to a North American digital infrastructure developer focused on high-performance computing (HPC) and AI data center campuses. It controls sites in Pennsylvania, Quebec, and Washington targeting over 2 GW of capacity for hyperscalers, neoclouds, enterprises, and government clients. Key 2026 goal: Sign 3 leases (one each at Panther Creek, Sharon, and Moses Lake) by year-end, with revenue expected in 2027.

Financial Highlights (Q1 2026 vs. Q1 2025)

  • Revenue: $37 million, down 23% year-over-year from continuing operations (North American platform only; Paso Pe, Paraguay classified as discontinued operations).
  • Operating Loss: $98 million (including $28 million non-cash depreciation) vs. $35 million (including $18 million depreciation) in Q1 2025. The increase was primarily driven by a $41 million loss from change in fair value of digital assets vs. $23 million prior year.
  • Loss from Continuing Operations: $128 million ($0.21 loss per basic/diluted share) vs. $38 million ($0.08 loss per share) in Q1 2025. Included a $22 million loss from extinguishment of the Macquarie credit facility.

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Operator: Good day, and welcome to the Keel Infrastructure First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this call is being recorded. I would now like to turn the call over to Jennifer Drew-Bear from Keel Investor Relations. Please go ahead. Jennifer Drew-Bear: Thank you, and welcome to Keel Infrastructure's First Quarter 2026 Conference Call. With me on the call today are Director and Chief Executive Officer, Ben Gagnon; and Chief Financial Officer, Jonathan Mir. Before we begin, please note this call is being webcast with an accompanying slide deck. Today's press release and our presentation can be accessed on our website under the Investors section. Turning to Slide 2. I'd like to remind everyone that certain forward-looking statements will be made during this call and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties. I invite you to consult Keel's 10-Q for a complete list, which will be available on our website and the SEC website. Please note that references will be made to certain non-GAAP financial measures and therefore, may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's press release and our filed 10-Q for definitions on the aforementioned non-GAAP measures and the reconciliations to GAAP measures. Please note that all financial references are de

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