Keel Stock Tumbles 12% After Q2 Revenue Halves and Bitcoin Mining Exit
KEEL has more than doubled off its 52-week low of $1.17.
Summary
Keel Infrastructure shares fell 12% on Monday after the company reported Q2 revenue of $30 million, down 50% year-over-year, and confirmed the full decommissioning of its US Bitcoin mining operations. The $141 million operating loss included $84 million in non-cash depreciation, while the company sold 1,085 BTC for $75 million since April, holding 1,861 BTC as of Friday. This follows yesterday's 8-K and earnings release, with the stock move reflecting market digestion of the results and the definitive mining exit. The pivot to HPC/AI infrastructure is now the sole focus, backed by $819 million in liquidity including $698 million in unrestricted cash.
At the time of this announcement, KEEL was trading at $3.45 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 7 out of 10. Source: Cointelegraph.