KEEL — Keel Infrastructure Corp.

Summary of KEEL (Bitfarms) Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Revenue: $229 million for FY 2025, a 72% increase year-over-year.
• Operating Loss: $150 million, compared to a loss of $28 million in FY 2024, influenced by $98 million in noncash depreciation and $28 million in impairment charges.
• Net Loss: $209 million, or $0.38 per share, compared to a net loss of $7 million, or $0.02 per share, in FY 2024.
• Adjusted EBITDA: $29 million, slightly down from $31 million in 2024.
• Liquidity: $520 million in cash and Bitcoin, providing significant flexibility for upcoming projects.

2. Strategic Updates and Business Highlights

• Business Transformation: The company has pivoted from Bitcoin mining to focus entirely on High-Performance Computing (HPC) and Artificial Intelligence (AI) infrastructure, rebranding as Keel Infrastructure.
• Power and Land Portfolio: Keel has secured over 2 gigawatts of power capacity across key markets in Pennsylvania, Washington, and Quebec, positioning itself as a regional leader.
• Site Development: The company is advancing three major sites (Panther Creek, Sharon, and Moses Lake) with ongoing customer engagement and permitting processes.
• Exit from Bitcoin Mining: The company is actively winding down its Bitcoin mining operations, with plans to fully exit by 2026.

3. Forward Guidance and Outlook

• 2026 Focus: Expected to be a year of execution, with significant milestones anticipated from site development and lease agreements.
• 2027 Revenue Generation: The company projects that revenue from HPC and AI will commence as sites come online, with a goal of becoming a premier infrastructure provider in North America.
• Market Demand: Keel anticipates strong demand for its services due to the ongoing power constraints in the AI sector, which is expected to drive lease rates higher.

4. Bad News, Challenges, or Points of Concern

• Operating Losses: The significant increase in operating losses raises concerns about the financial health during the transition period.
• Dependence on Permitting: Progress on site development is contingent on obtaining necessary permits, which can be unpredictable.
• Market Valuation: The current market valuation does not reflect the potential of the company’s infrastructure capabilities, leading to a disconnect between trading value and intrinsic worth.
• Bitcoin Mining Decline: The ongoing reduction in Bitcoin mining operations may impact short-term revenue and operational metrics.

5. Notable Q&A Insights

• Shift to Co-location: The decision to focus on co-location rather than GPU rental was driven by customer demand and the desire to maximize shareholder value.
• Lease Execution Strategy: The company is prioritizing favorable lease terms, which may delay execution but is expected to enhance long-term value.
• Permitting Process: The timeline for obtaining permits varies by site, but the company is optimistic about achieving full permitting status in the coming months.
• Power Generation: Keel's existing power plants are participating in capacity auctions, providing additional revenue streams during the transition.
• Regulatory Matters: The conversion of power agreements from non-firm to firm service is pending regulatory approval, which is expected to increase capacity.

Overall, KEEL is undergoing a significant transformation aimed at capitalizing on the growing demand for HPC and AI infrastructure, backed by a strong financial position and strategic site development plans. However, challenges related to operating losses and permitting processes remain critical areas to monitor.