UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (929 )-264-5151
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On August 10, 2026, Keel Infrastructure Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
| 99.1* | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
| * | Filed herewith | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Keel Infrastructure Corp. | ||||||||
| (Registrant) | ||||||||
| Date: August 10, 2026 | Par : | /s/ Jonathan Mir | ||||||
| Jonathan Mir | ||||||||
| Directeur financier | ||||||||
Keel Infrastructure publie ses résultats du deuxième trimestre de 2026
Développement du site en cours sur des sites à court terme avec visibilité sur les délais de livraison des infrastructures
Négociations actives sur trois sites avec un engagement commercial croissant
$819 million of liquidity supports site development through lease signing and expansion capacity opportunities
NEW YORK, August 10, 2026 - Keel Infrastructure Corp. (NASDAQ/TSX: KEEL) (“Keel” or the “Company”), a North American digital infrastructure and energy company, today reported its financial results for the quarter ended June 30, 2026.
“Power is the constraint. Everything else is downstream of it. Eighteen months ago, we positioned the Company around this thesis, and today all three of our priority sites are nearing full permitting with multiple prospective tenants negotiating for each one," said CEO Ben Gagnon. "With $819 million of liquidity and uncommitted 2027 capacity across PJM and Washington, we are negotiating from a position of strength.”
"We are better capitalized today than at any point in our Company's history,” said CFO Jonathan Mir. “Our strong financial position gives us the ability to make strategic commercial decisions and advance our sites on a schedule that our customers will require. We believe we're well positioned to finance each site's construction smoothly and on terms that will create value for our shareholders."
Faits marquants stratégiques et opérationnels
•Appointed Ganesh Aiyer as President to lead Keel’s commercial and expansion activities.
•Secured zoning and land development approvals across Panther Creek (conditional land development) and Sharon. Environmental permit applications are progressing well across all three priority sites.
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•Continued to work closely with partners, manufacturers, and supply chains to deliver on prospective customer timelines: accepted delivery of the first Vertiv modules at Moses Lake as well as several additional long-lead-time items at Sharon and Moses Lake, began executing the final fiber contracts across all three sites, and continued refining data center designs to improve power density.
•Completed the decommissioning of all U.S. Bitcoin mining operations in preparation for HPC site construction.
•Advanced the Sherbrooke, QC data center project with an agreement with Hydro-Sherbrooke for the conditional transfer and operation of 96 MW of existing capacity, as well as a purchase agreement for a parcel of land on which to develop the data center.
Liquidité
The Company raised $458 million via a convertible note offering during the quarter. As of August 7, 2026, the Company had a total liquidity of approximately $819 million comprising approximately $698 million in unrestricted cash and approximately $121 million in unencumbered Bitcoin.
The Company sold 1,085 Bitcoin for $75 million in proceeds during the period beginning April 1, 2026, and ending August 7, 2026, as part of its previously communicated wind down of the Bitcoin position. As of August 7, 2026 the Company’s Bitcoin balance stands at 1,861 BTC.
Q2 2026 Faits saillants financiers issus de la poursuite des opérations héritées*
•Revenue of $30 million, down 50% year over year. The decrease was largely due to a decline in average Bitcoin price and the shutdown of the Moses Lake cryptocurrency mining operations in the U.S. in April 2026.
•General and administrative expenses of $31 million, compared to $19 million in Q2 2025. The increase is largely driven by targeted hiring of senior subject-matter experts as the Company scales into the project management phase of our strategy.
•Operating loss of $141 million, including non-cash depreciation of $84 million, compared to an operating income of $11 million in Q2 2025, which included $26 million of non-cash depreciation.
•Loss from continuing operations of $64 million, or a $0.11 loss per basic and diluted share, compared to an income from continuing operations of $13 million, or a $0.02 earnings per basic and diluted share, in Q2 2025.
•Adjusted EBITDA** of negative $24 million, down from $7 million in Q2 2025.
*Dans 2025, la Société a entamé une transformation stratégique, en se tournant vers l'infrastructure HPC nord-américaine, et en mettant fin à la plupart des activités de minage de Bitcoin héritées. Après le rééquilibrage de notre portefeuille, nos actifs latino-américains sont classés comme vendus. Les installations ont répondu aux critères et sont maintenant classées comme des opérations abandonnées. Les opérations continues font référence à notre portefeuille nord-américain.
**Adjusted EBITDA is a non-GAAP financial measure and should be read in conjunction with and should not be viewed as an alternative to or replacement of measures of operating results and liquidity presented in accordance with U.S. GAAP. In addition, the Company’s non-GAAP measures are adjusted to exclude discontinued operations, to align with the
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presentation in our financial statements. Refer to the reconciliation to the most comparable GAAP measure included at the end of this news release
Conférence téléphonique
Management will host a conference call today, August 10, 2026 at 8:00 a.m. Eastern. All Q2 2026 materials will be available before the call and can be accessed on the ‘Résultats trimestriels’ section of the Keel investor site.
The live webcast and a webcast replay of the conference call can be accessed ici. To access the call by telephone, register ici to receive dial-in numbers and a unique PIN to join the call.
Mesures hors PCGR
Keel follows U.S. GAAP. Under U.S. GAAP, the revaluation gains and losses on the mark-to-market of its Bitcoin holdings and the realized gains and losses on the disposition of Bitcoins are reflected in its income statement. The Company also does not include the revaluation gains or losses on the mark-to-market of its Bitcoin holdings and the realized gains or losses on the disposition of Bitcoins in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities. The Company uses Adjusted EBITDA to measure its operating activities' financial performance and cash generating capability, to assess profitability before the impact of the items excluded from EBITDA, to provide users with a consistent and comparable measure of profitability, and to facilitate comparisons of operating performance.
À propos de Keel Infrastructure Corp.
Keel Infrastructure Corp. is a North American digital infrastructure and energy company that develops and owns data centers and energy infrastructure for high-performance computing workloads, including AI. With a development pipeline of 2.2 gigawatts and established grid interconnections in place, Keel delivers scalable infrastructure solutions in high-demand power markets across Pennsylvania and Washington State in the United States, and Québec in Canada. Keel is headquartered in New York City and trades under the ticker symbol "KEEL" on Nasdaq and TSX. Learn more at www.keelinfra.com.
Énoncés prévisionnels
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, our development pipeline, the availability of funds for the Company’s development activities, the Company's liquidity and capital resources, the expected timelines for permitting, site
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development, and infrastructure delivery, the Company's ability to enter into commercial agreements with customers, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.
Toute déclaration impliquant des discussions relatives à des prédictions, des attentes, des croyances, des plans, des projections, des objectifs, des hypothèses, des événements ou des performances futurs (en utilisant souvent, mais pas toujours, des expressions telles que « s'attend à » ou « ne s'attend pas à », « est attendu », « anticipe » ou « n'anticipe pas », « planifie », « budget », « programmé », « prévisions », « estimations », « perspectives », « croire » ou « avoir l'intention » ou des variantes de ces mots et de ces expressions ou déclarant que certaines actions, événements ou résultats « peuvent » ou « pourraient », « seraient », « pourraient » ou « seront » pris pour se produire ou être atteints) ne sont pas des déclarations de faits historiques et peuvent constituer de l'information prospectives.
This forward-looking information is based on assumptions and estimates of management of Keel at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Keel to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: our limited operating history and history of operating losses, which make it difficult to evaluate our business and prospects; our evolving business model and strategy, including our strategic transformation from Bitcoin mining to HPC infrastructure, which may not be successful; our dependence on reliable and economical sources of power, including regulated electricity rates in Québec (Canada), Pennsylvania and Washington State (United States); our reliance on a limited number of third-party suppliers and manufacturers, including those in foreign jurisdictions, exposing us to supply chain disruptions, trade restrictions, and tariff risks; delays, cost overruns, and other risks associated with the continued development of our existing and planned facilities; intense competition from other Bitcoin mining companies and established HPC data center operators, some of which may have greater resources and experience; the potential inadequacy of our insurance coverage to protect against all losses; the capital-intensive nature of constructing HPC data centers and our potential inability to secure financing for such efforts; significant competition for suitable data center sites and regulatory constraints that could adversely impact our development pipeline; our dependence on significant customers for our HPC data centers, and the risk of customer default or failure to make timely payments; community opposition to our data center operations; the rapidly evolving regulatory landscape surrounding HPC, AI, and Bitcoin mining, which may negatively impact our expansion efforts; the high volatility of Bitcoin prices, which has significantly affected and will continue to affect the profitability of our operations; fraud or failure of Bitcoin exchanges, custodians, and other trading venues that could adversely impact Bitcoin prices and our business; our requirement to obtain and comply with numerous government permits and approvals across multiple jurisdictions; extensive environmental, energy, and climate-related regulation that could result in significant additional costs or liabilities; political uncertainty in the U.S. and internationally, including potential regulatory and policy changes affecting the cryptocurrency and data center industries; cybersecurity threats and hacking attacks that could compromise our systems and data; the potential classification of the Company as a passive foreign investment company, which could result in adverse tax consequences for U.S. holders; the need for additional
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capital in the future, with no assurance that financing will be available on acceptable terms; risks that our hedging activities may not be effective and could result in significant losses; counterparty risk with respect to the capped call transactions entered into in connection with the convertible notes; and potential dilution to shareholders from future issuances of capital stock, conversion of convertible notes, or exercise of options and warrants.. For further information concerning these and other risks and uncertainties, refer to Keel’s filings with the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov and on www.sedarplus.ca, including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and subsequent filings with the SEC. There may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Keel. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Keel does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative.
Contact pour les relations avec les investisseurs : Laine Yonker | Contact médias : Amanda Ignatius | ||||
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Keel Infrastructure Corp. Consolidated Financial & Operational Results (unaudited)
| Trois mois terminés le 30 juin, | Semestre clos le 30 juin, | |||||||||||||||||||||||||
| (en milliers de dollars US, sauf indication contraire) | 2026 | 2025 | Changement en $ | Changement en pourcentage | 2026 | 2025 | Changement en $ | Changement en pourcentage | ||||||||||||||||||
| Revenus | 30,430 | 60,908 | (30,478) | (50) % | 67,422 | 108,559 | (41,137) | (38) % | ||||||||||||||||||
| Coût des revenus | (117,183) | (64,794) | (52,389) | 81 % | (180,480) | (112,169) | (68,311) | 61 % | ||||||||||||||||||
| Perte brute | (86,753) | (3,886) | (82,867) | nm | (113,058) | (3,610) | (109,448) | nm | ||||||||||||||||||
| Marge brute | (285) % | (6) % | — | — | (168) % | (3) % | — | — | ||||||||||||||||||
| Dépenses d'exploitation | ||||||||||||||||||||||||||
| Dépenses générales et administratives | (31,311) | (19,384) | (11,927) | 62 % | (58,148) | (37,002) | (21,146) | 57 % | ||||||||||||||||||
| Variation de la juste valeur des actifs numériques | (9,029) | 16,283 | (25,312) | (155) % | (50,478) | (6,750) | (43,728) | 648 % | ||||||||||||||||||
| Gain réalisé (perte) lors de la vente d’actifs numériques | (11,180) | 16,005 | (27,185) | (170) % | (12,990) | 20,982 | (33,972) | (162) % | ||||||||||||||||||
| Perte sur la cession d'immobilisations corporelles et de dépôts | (918) | 1,791 | (2,709) | (151) % | (919) | 2,348 | (3,267) | (139) % | ||||||||||||||||||
| Affaiblissement des actifs à longue durée de vie | (1,583) | — | (1,583) | (100) % | (3,569) | — | (3,569) | (100) % | ||||||||||||||||||
| (Perte) revenu d'exploitation | (140,774) | 10,809 | (151,583) | nm | (239,162) | (24,032) | (215,130) | 895 % | ||||||||||||||||||
| Marge d'exploitation | (463) % | 18 % | — | — | (355) % | (22) % | — | — | ||||||||||||||||||
| Revenus d'intérêts | 2,885 | 460 | 2,425 | 527 % | 6,608 | 1,262 | 5,346 | 424 % | ||||||||||||||||||
| Charges d'intérêts | (2,114) | (1,582) | (532) | 34 % | (5,714) | (1,767) | (3,947) | 223 % | ||||||||||||||||||
| Gain sur les actifs et passifs dérivés | 77,040 | 3,784 | 73,256 | nm | 75,476 | 70 | 75,406 | nm | ||||||||||||||||||
| Perte à l’extinction d’une dette à long terme | — | — | — | — % | (21,596) | — | (21,596) | (100) % | ||||||||||||||||||
| Autres dépenses | (971) | (275) | (696) | 253 % | (7,123) | (488) | (6,635) | nm | ||||||||||||||||||
| Total des autres revenus (dépenses) | 76,840 | 2,387 | 74,453 | nm | 47,651 | (923) | 48,574 | nm | ||||||||||||||||||
| (Perte) revenu avant impôts provenant de la poursuite des opérations | (63,934) | 13,196 | (77,130) | (584) % | (191,511) | (24,955) | (166,556) | 667 % | ||||||||||||||||||
| Charge d'impôts de l'exercice | (17) | — | (17) | (100) % | (14) | (222) | 208 | (94) % | ||||||||||||||||||
| (Pertes) revenus issus des opérations continues | (63,951) | 13,196 | (77,147) | (585) % | (191,525) | (25,177) | (166,348) | 661 % | ||||||||||||||||||
| Pertes dues à l’arrêt des opérations | (1,044) | (18,697) | 17,653 | (94) % | (18,823) | (35,877) | 17,054 | (48) % | ||||||||||||||||||
| Perte nette | (64,995) | (5,501) | (59,494) | nm | (210,348) | (61,054) | (149,294) | 245 % | ||||||||||||||||||
nm : pas significatif
1 | Excluding discontinued operations in Rio Cuarto, Argentina, which have been abandoned due to the halting of the energy supply since May 12, 2025 and economic uncertainty in the region, and in Paso Pe, Paraguay, for which its sale was completed on April 21, 2026, as we make a strategic shift towards HPC data center projects in North America. | ||||
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l Infrastructure Corp. Reconciliation of Consolidated (loss) income from continuing operations to EBITDA and Adjusted EBITDA from Continuing Operations (unaudited)**
| Trois mois terminés le 30 juin, | Semestre clos le 30 juin, | |||||||||||||||||||||||||
| (en milliers de dollars US, sauf indication contraire) | 2026 | 2025 | Changement en $ | Changement en pourcentage | 2026 | 2025 | Changement en $ | Changement en pourcentage | ||||||||||||||||||
| Revenus | 30,430 | 60,908 | (30,478) | (50) % | 67,422 | 108,559 | (41,137) | (38) % | ||||||||||||||||||
| Perte avant impôts due à la poursuite des opérations | (63,934) | 13,196 | (77,130) | (584) % | (191,511) | (24,955) | (166,556) | 667 % | ||||||||||||||||||
| Revenus d'intérêts | (2,885) | (460) | (2,425) | 527 % | (6,608) | (1,262) | (5,346) | 424 % | ||||||||||||||||||
| Charges d'intérêts | 2,114 | 1,582 | 532 | 34 % | 5,714 | 1,767 | 3,947 | 223 % | ||||||||||||||||||
| Dépréciation et amortissement | 84,149 | 26,439 | 57,710 | 218 % | 111,843 | 44,887 | 66,956 | 149 % | ||||||||||||||||||
| EBITDA | 19,444 | 40,757 | (21,313) | (52) % | (80,562) | 20,437 | (100,999) | (494) % | ||||||||||||||||||
| Marge du BAIIA | 64 % | 67 % | (119) % | 19 % | ||||||||||||||||||||||
| Rémunération basée sur les actions | 9,848 | 3,426 | 6,422 | 187 % | 12,554 | 7,552 | 5,002 | 66 % | ||||||||||||||||||
| Perte (gain) réalisé(e) sur la cession d'actifs numériques | 11,180 | (16,005) | 27,185 | 170 % | 12,990 | (20,982) | 33,972 | 162 % | ||||||||||||||||||
| Variation de la juste valeur des actifs numériques | 9,029 | (16,283) | 25,312 | 155 % | 50,478 | 6,750 | 43,728 | 648 % | ||||||||||||||||||
| Affaiblissement des actifs à longue durée de vie | 1,583 | — | 1,583 | 100 % | 3,569 | — | 3,569 | 100 % | ||||||||||||||||||
| Gain sur les actifs et passifs dérivés | (77,040) | (3,784) | (73,256) | nm | (75,476) | (70) | (75,406) | nm | ||||||||||||||||||
| Perte à l’extinction d’une dette à long terme | — | — | — | — % | 21,596 | — | 21,596 | 100 % | ||||||||||||||||||
Coûts non associés aux opérations en cours (1) | 374 | — | 374 | 100 % | 6,406 | 1,671 | 4,735 | 283 % | ||||||||||||||||||
Sales tax recovery - prior years - energy and infrastructure and G&A expenses (2) | — | — | — | — % | — | — | — | — % | ||||||||||||||||||
Other expense (income) (2) | 1,889 | (1,516) | 3,405 | 225 % | 8,042 | (1,860) | 9,902 | 532 % | ||||||||||||||||||
| EBITDA ajusté | (23,693) | 6,595 | (30,288) | (459) % | (40,403) | 13,498 | (53,901) | (399) % | ||||||||||||||||||
| Marge du BAIIA ajustée | (78) % | 11 % | (60) % | 12 % | ||||||||||||||||||||||
nm : non significatif
1 | Costs not associated with ongoing operations for YTD Q2 2026 includes $5.4 million of professional fees related to the U.S. redomiciliation and $1.0 million related to the U.S. GAAP conversion. Costs not associated with ongoing operations for YTD Q2 2025 include $1.6 million of professional fees related to the acquisition of Stronghold and $0.1 million related to the sale of the Yguazu Bitcoin Data Center. | ||||
2 | Other expense (income) for Q2 2026 and YTD Q2 2026 include a provision for receivables of nil and $4.2 million, respectively (Q2 2025 and YTD Q2 2025: nil), amortization of the convertible notes transaction costs of $0.9 million and $2.5 million, respectively (Q2 2025: $0.5 million, YTD Q2 2025: $0.5 million), a (gain) loss on disposal of property, plant and equipment of $0.9 million and $0.9 million, respectively, (Q2 2025: $(1.8) million, YTD Q2 2025: $(2.3) million), and other financial (income) expense of $0.2 million and $0.4 million, respectively, (Q2 2025: $(0.4) million, YTD Q2 2025: $(0.3) million). | ||||
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