Highlights

• Revenue fell 59% year over year to $27.6 million as U.S. Bitcoin Mining operations ceased in the second quarter of 2026.

• Unrestricted cash stood near $780 million as of November 4, with management saying no financing is needed before a Lease is signed.

• Construction began in September at Moses Lake, Washington, with lease negotiations advancing at three near-term sites.

Keel Infrastructure Corp. (TSX:KEEL) published its third quarter financial results before the market opened on Thursday, the fifth of November, and hosted a conference call the same morning. The report is the clearest picture yet of a company in the middle of a deliberate identity change: a former Bitcoin miner that now describes itself as a developer and owner of data centres and energy infrastructure for high-performance computing, including artificial intelligence workloads.

A Rebrand With a Real Business Behind It

The company, previously known as Bitfarms, adopted the Keel name earlier this year and completed a redomiciliation to the United States. It now describes itself as a North American digital infrastructure and energy business headquartered in New York, with shares trading on both the Nasdaq and the Toronto Stock Exchange. The strategy is straightforward in outline. Rather than operating computers that solve cryptographic puzzles, Keel intends to secure grid-connected power, build data halls and lease them to large technology tenants that need dependable electricity for artificial intelligence Training and inference.

The stated development pipeline is roughly two point two gigawatts of capacity with established grid interconnections in Pennsylvania, Washington State and Québec. Power access is the scarce input in the current data centre cycle, and sites that already possess interconnection rights are valued precisely because they shorten the path to energisation. That logic explains why a former miner with legacy power contracts has been able to reposition itself towards the compute economy.

What the Numbers Show

The financial statements reflect a company in transition rather than one at steady state. Revenue for the quarter was roughly twenty-eight million dollars, a drop of close to three fifths from the same period last year, because the United States mining operations were wound down during the second quarter and the Paraguay and Argentina businesses were sold or discontinued. Gross Margin was negative, which management attributed to the shrinking mining base carrying fixed costs while data centre revenue has yet to begin.

General and administrative expenses roughly doubled, reflecting the build-out of a Leadership team with data centre and Utility experience. The loss from continuing operations was around sixty-two million dollars, and the company explained that most of it came from a non-cash unrealized loss on capped calls linked to its convertible notes, an accounting item that moves with the share price rather than with cash generation. Adjusted EBITDA, a non-GAAP measure, was negative, compared with a positive figure a year earlier.

Investors who follow AI Stocks will recognise the pattern. Companies repositioning towards compute capacity often report weak trailing numbers while the revenue-producing Assets are still under construction, which makes the quality of the Balance Sheet and the credibility of the build schedule more informative than headline profit.

Liquidity and the End of the Bitcoin Treasury

One of the more notable disclosures concerned digital assets. During the quarter the company converted its entire Bitcoin treasury, together with coins mined in the period, into cash, raising roughly one hundred ninety-two million dollars. Management said that Bitcoin produced at its remaining Québec operation will be converted daily going forward, which effectively removes exposure to swings in the Cryptocurrency price from the balance sheet. [Bitcoin] price Volatility had been a source of Earnings noise for years, and removing it simplifies how the company can be analysed.

As of the day before the release, unrestricted cash was approximately seven hundred eighty million dollars. The chief financial officer, Jonathan Mir, said the company does not currently need new Debt or Equity Financing before a lease is signed. That statement matters because data centre construction is Capital intensive, and tenants and lenders tend to look closely at whether a developer can fund early works from its own resources. The company also closed a convertible note financing earlier in the year, which contributed to the cash position.

Project Progress From Washington to Pennsylvania

Moses Lake in Washington State is the nearest-term project. According to the release, all permits were received, the notice to proceed was cleared and construction started in September. Management expects it to be the first energised site producing high-performance computing revenue, with that timing pointed towards next year. The company also engineered an optional configuration designed around the next generation of Nvidia rack-scale architecture, which it said would position the campus as a full platform site for that hardware.

In Pennsylvania, the Sharon and Panther Creek sites have cleared several permits, with a handful of environmental approvals still outstanding. Revised site plans were prepared to comply with a new executive order in that state on data centre development, and management said the changes do not meaningfully alter tenant costs or timelines. Separate load studies cover potential additional capacity at Panther Creek and at Scrubgrass, and if those studies conclude as expected early next year, secured capacity could roughly quadruple from its present level. The company was careful to describe those figures as potential capacity rather than completed additions.

A third strand is the Québec data centre project in Sherbrooke, which the company advanced earlier in the summer. Québec's abundant hydroelectric Supply has made the province an attractive Jurisdiction for compute developers, and it keeps a Canadian presence in the portfolio even as the corporate headquarters sits in New York.

Leasing Is the Pivotal Milestone

The development story hinges on signing tenants. Management said lease negotiations advanced at three near-term sites and involve multiple creditworthy counterparties. No lease had been announced in the release, so the market is effectively being asked to extend Credit on progress rather than on contracted revenue. For a company with a large cash balance and a falling revenue line, the signing of a long-dated lease with a hyperscale or well-capitalised neocloud tenant would be the event that converts permits and construction into recurring income.

The wider backdrop is mixed. Demand for AI compute has pushed utilities, regulators and state governments to scrutinise data centre growth, and several jurisdictions have introduced standards on power use, water and community impact. Keel has publicly supported responsible development frameworks, which may help with permitting but also adds compliance requirements. On the Canadian side, Interest Rate conditions set by the Bank of Canada influence financing costs for infrastructure developers, while the [S&P/TSX Composite Index] has leaned on technology and energy names that benefit from the same capital spending theme.

Risks and What to Watch

The release contains extensive forward-looking statements and warns that permitting, lease execution, financing and load-study results could differ materially from expectations. Several risks stand out. Construction costs and equipment lead times for power and cooling gear remain elevated. Tenant concentration could be high if only a few leases are signed. Regulatory shifts in Pennsylvania and Washington could change timelines. And because the company no longer has a large mining business to cushion cash burn, operating losses will continue until data centre revenue arrives.

Points to monitor include the timing and terms of the first lease, further permit approvals in Pennsylvania, the completion of the load studies expected early next year, and whether the cash balance is deployed on schedule at Moses Lake. The next Quarterly Report will show whether general and administrative spending stabilises and how much construction capital has been committed. For now, the release presents a company with ample liquidity, a simplified balance sheet and a clearly stated strategy, but with the decisive commercial milestone still ahead.