Quarterly ResultMay 11, 2026, 07:07 AM
Keel Infrastructure Q1 Net Loss $145M; Revenue $37M; Liquidity $533M
AI Summary
Keel Infrastructure reported a net loss of $145 million for Q1 2026, significantly wider than the $56 million loss in Q1 2025, with revenue decreasing 23% year-over-year to $37 million. The operating loss also widened to $98 million, and Adjusted EBITDA was negative $17 million. Despite the financial losses, the company highlighted its strategic transformation, including redomiciling to the U.S., rebranding, and exiting Latin American operations to focus on North American HPC/AI infrastructure development. As of May 8, 2026, Keel Infrastructure maintained strong liquidity of $533 million to support its ongoing site development.
Key Highlights
- Net loss for Q1 2026 was $145 million, compared to $56 million in Q1 2025.
- Revenue for Q1 2026 decreased 23% year-over-year to $37 million.
- Operating loss for Q1 2026 widened to $98 million from $35 million in Q1 2025.
- Adjusted EBITDA was negative $17 million, down from $7 million in Q1 2025.
- Total liquidity as of May 8, 2026, was $533 million, including $336 million in unrestricted cash.
- Completed U.S. redomiciliation and rebranding to Keel Infrastructure.
- Exited Latin American megawatts through the sale of the Paso Pe site.
- Secured zoning and advanced site development for Panther Creek, Sharon, and Moses Lake.