Keel Infrastructure

The company has about 533 million dollars in liquidity, made up of roughly 336 million dollars in cash plus around 197 million dollars worth of bitcoin it is slowly selling off. Management says that is enough money to keep developing its sites and pay the bills all the way through 2028, which buys it years of runway to prove the plan can work.

Keel is targeting one of the hottest corners of the market: power-hungry data centers for AI. It claims a development pipeline of 2.2 gigawatts and three near-term sites in Pennsylvania and Washington where it has already secured zoning. If even one of these turns into a signed, long-term lease, the story could change quickly.

This is the big one. The new strategy has zero signed AI leases so far, so there is essentially no revenue from it today. The 37 million dollars of sales last quarter came from the old legacy operations and actually fell 23 percent from a year earlier. Until leases get signed, this is a promise, not a profit machine.

Keel lost 128 million dollars last quarter, or 21 cents per share, and its adjusted operating profitability swung to negative 17 million dollars from positive a year ago. Net margins are deeply negative at around minus 171 percent. The stock also swings wildly, with a beta near 3.9, so expect a very bumpy ride and a real chance the whole plan never pans out.