KEEL — Keel Infrastructure Corp.

KEEL (Bitfarms) Q4 2025 Earnings Call Summary

1. Key Financial Results and Metrics

• Revenue: $229 million, up 72% year-over-year.
• Operating Loss: $150 million, including $98 million in noncash depreciation and $28 million in impairment charges, compared to a loss of $28 million in 2024.
• Net Loss: $209 million, or $0.38 per share, compared to a net loss of $7 million, or $0.02 per share, in 2024.
• Adjusted EBITDA: $29 million, slightly down from $31 million in 2024.
• Liquidity: $520 million in cash and Bitcoin, providing a strong financial position to support ongoing operations and development.

2. Strategic Updates and Business Highlights

• Business Transformation: The company is transitioning from Bitcoin mining to focus solely on High-Performance Computing (HPC) and Artificial Intelligence (AI) infrastructure, rebranding as Keel Infrastructure.
• Infrastructure Development: Over 2 gigawatts of power capacity secured across key North American markets (Pennsylvania, Washington, Quebec). The company is positioned as a regional leader in HPC infrastructure.
• Site Development: Active projects at Panther Creek, Sharon, and Moses Lake, with a focus on co-location facilities rather than GPU rental services.
• Permitting Progress: Anticipated completion of permitting across sites in the coming months, which is crucial for lease execution.

3. Forward Guidance and Outlook

• 2026 Focus: Expected to be a year of execution, with significant milestones tied to site development and lease agreements.
• 2027 Expectations: Anticipated revenue generation from HPC and AI infrastructure as sites come online. The company aims to be a proven infrastructure developer by the end of 2027.
• Market Positioning: The company believes it can capitalize on the growing demand for AI infrastructure, with power being a critical constraint for deployment.

4. Bad News, Challenges, or Points of Concern

• Increased Losses: The significant increase in operating and net losses raises concerns about the financial health during the transition phase.
• Transition Risks: The shift away from Bitcoin mining could pose risks if the HPC and AI markets do not develop as anticipated.
• Permitting Delays: While progress is being made, any delays in securing permits could impact the timeline for lease execution and revenue generation.
• Market Competition: The company faces competition from established hyperscalers and neoclouds, which may impact its ability to secure leases at favorable terms.

5. Notable Q&A Insights

• Lease Execution Strategy: The company is focused on securing the best lease terms, which may delay execution but is expected to maximize long-term shareholder value.
• Permitting Process: Permits are seen as a closing condition for lease agreements, with the timeline for permitting being critical for negotiations.
• GPU as a Service: The decision to pivot to co-location was driven by customer demand, indicating a strategic alignment with market needs.
• Bitcoin Mining Operations: The company is gradually scaling down its Bitcoin mining operations, which are currently only marginally profitable, as it focuses on HPC infrastructure.
• Regulatory Matters: The conversion of power agreements at Panther Creek is pending regulatory approval, which could enhance capacity but lacks a specific timeline.

Overall, KEEL is positioned for growth in the HPC and AI sectors, with a strong financial foundation, though it faces challenges related to its transition from Bitcoin mining and the competitive landscape.