Keel Q2 Misses Estimates by 5 Cents, Stock Drops 11% as Bitcoin Exit Weighs
KEEL has more than doubled off its 52-week low of $1.17.
Summary
Keel Infrastructure's Q2 results missed consensus estimates, with a loss of 11 cents per share versus the expected 6 cents, and revenue of $30.43 million falling short of the $32.40 million forecast. The 50% revenue decline reflects the ongoing wind-down of Bitcoin mining, including the April closure of Moses Lake operations and accelerated depreciation charges. The company sold 1,085 Bitcoin for $75 million during the quarter and plans to liquidate the remaining 1,861 Bitcoin by year-end. Shares fell 11.47% on the day, adding to the negative sentiment from the earlier reported mining exit. With $819 million in liquidity and a $458 million convertible note offering completed in June, Keel is pivoting to HPC/AI data center development, but near-term earnings remain under pressure from the transition.
At the time of this announcement, KEEL was trading at $3.44 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $1.17 to $7.37. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Benzinga.