Keel Infrastructure Corp. (NASDAQ:KEEL) shares are trading lower Monday after the company reported first-quarter financial results.
- Keel stock is showing notable weakness. Why are KEEL shares down?
Q1 Highlights
Keel reported a loss of 21 cents per share, missing the consensus estimate of a 9 cent loss. In addition, it posted revenue of $37.00 million, missing the consensus estimate of $37.83 million and representing a 23% year-over-year decline.
As of May 8, Keel reported total liquidity of approximately $533 million, including approximately $336 million in unrestricted cash and approximately $197 million in unencumbered Bitcoin.
The company also said it sold 269 Bitcoin for $20 million in proceeds between Jan. 1 and May 8 as part of its previously announced wind down of its Bitcoin position.
“Our rebranding to Keel Infrastructure marks the completion of a nearly two-year strategic transformation. We redomiciled to the United States, built out our team from the ground up, exited our Latin American megawatts and focused our development pipeline on some of the highest-demand and most supply constrained HPC/AI markets in North America,” said Ben Gagnon, CEO.
“With that work done, we now enter this new chapter with strong momentum and the clear strategic vision of advancing Panther Creek, Sharon, and Moses Lake development and through lease execution in 2026.”
Keel Shares Fall
KEEL Price Action: Keel Infrastructure shares were down 9.32% at $3.60 during premarket trading Monday, according to Benzinga Pro. Over the past month, KEEL has gained about 72.7% versus 8.9% rise in the S&P 500 and is up roughly 49% year-to-date compared to the index’s 7.6% gain.
This illustration was generated using artificial intelligence via Midjourney.
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