Keel Infrastructure Corp. · NASDAQ:KEEL
Keel Infrastructure — Q1 2026 Earnings Presentation
18 slides from Keel Infrastructure's earnings presentation, May 11, 2026
Slide 1: Earnings Presentation Q1 2026
EARNINGS PRESENTATION Q1 2026 Keel Infrastructure May 2026
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT GENERAL DISCLAIMERS operations unprofitable; increases in cryptocurrency network difficulty and global computing power that could reduce our mining Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the information in r
Slide 3: Powering Tomorrow's Economy
POWERING Keel Infrastructure TOMORROW’S ECONOMY We are a digital and energy infrastructure company that develops and owns data center and power assets supporting high-performance computing workloads, including AI. We integrate power, land, and connectivity to enable disciplined, long-term growth for
Slide 4: The Value We Create For Customers
The Value We Create For Customers Positioned With Attractive Development Capabilities CUSTOMER CONSTRAINT THE KEEL SOLUTION De-risked projects with secured power commitments Prolonged lead times and constrained power access 2027 POWER in key markets at lease execution, accelerating customer deployme
Slide 5: HPC Infrastructure Leader in Pennsylvania, Washington, and Quebec
HPC Infrastructure Leader in Pennsylvania, Washington, and Quebec POWER 341 MW 430 MW 2.2 GW Energized Capacity 1 Secured Capacity 2 Total Capacity Pipeline 3 LOCATIONS 100% 1.15-1.35 6-9 ms North American Estimated PuE 4 Estimated Latency from Flagship Campus to Major Metros 5 Zoning approval for P
Slide 6: Panther Creek
Panther Creek Flagship Hyperscale Campus Proximate to NYC and Philadelphia DEVELOPMENT CUSTOMER PROFILE Zoning – approved ► Hyperscaler 2026 Land Development – in progress ► Large Neocloud Target Lease Execution Environmental – in progress SITE OVERVIEW State / Province Pennsylvania Gross Capacity 3
Slide 7: Sharon
Sharon First Keel Site Expected to Be Ready for Service in Pennsylvania DEVELOPMENT CUSTOMER PROFILE Zoning – approved ► Hyperscaler 2026 Land Development – prelim. approved ► Large Neocloud Target Lease Execution Environmental – in progress ► Large Enterprise SITE OVERVIEW State / Province Pennsylv
Slide 8: Moses Lake
Moses Lake Unique Growth Opportunity for Customers in the Pacific Northwest DEVELOPMENT CUSTOMER PROFILE Zoning – approved ► Emerging Neocloud 2026 Land Development – in progress ► Enterprise Target Lease Execution Environmental – in progress ► Government SITE OVERVIEW State / Province Washington Gr
Slide 9: The Value We Create For Shareholders
The Value We Create For Shareholders Key Drivers Value Creation In The Development Cycle Development Pipeline At Fully Owned Sites 5 Bitcoin Miners EV / 2027 MW ($/Watt) 1,2 Total Capacity $10 3 1.5 1.5 2.2 $9 GW GW GW 1 Lease Execution $8 $7 Securing Expansion $6 2 2 Capacity $5 430 $4 1 MW Deliver
Slide 10: Financials
FINANCIALS 10
Slide 11: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results Quarter Ended March 31, $ in mm 2026 2025 Revenue $ 37 $ 48 Operating Loss $ (98) $ (35) Loss From Continuing Operations $ (128) $ (38) Adjusted EBITDA 1 $ (17) $ 7 Note: All figures reflect results from continuing operations; operations in Argentina and Paraguay
Slide 12: $533mm Liquidity
Liquidity Position Supports Our Focus on Delivering Projects For Customers 1 ALLOCATION ►Deploying capital to advance Panther Creek, $533mm Sharon, and Moses Lake LIQUIDITY 1 Sufficient capital to: 2 FORMATION ►Lease execution enables the transition to a ►Advance Panther Creek, Sharon, and Moses Lak
Slide 13: Appendix
APPENDIX 13
Slide 14: Portfolio Overview: De-risked and Scalable
Portfolio Overview: De-risked and Scalable Panther Creek Sharon Moses Lake Sherbrooke Scrubgrass State / Province Pennsylvania Pennsylvania Washington Québec Pennsylvania Gross Capacity 350 MW 110 MW 18 MW 96 MW Up to 1.3 GW Secured Power Under Application Acreage 336 Acres 17 Acres 6 Acres TBD 650
Slide 15: Consolidated Financial & Operational Results
Consolidated Financial & Operational Results Quarter ended March 31, 2026 2025 Revenues $ 36,992 $ 47,651 Cost of revenues (63,297) (47,375) Gross (loss) profit (26,305) 276 Gross margin (71)% 1% Operating expenses General and administrative expenses (26,837) (17,618) Change in fair value of digital
Slide 16: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation Quarter ended March 31, 2026 2025 Revenues $ 36,992 $ 47,651 Loss before taxes from continuing operations $ (127,577) $ (38,151) Interest income (3,723) (802) Interest expense 3,600 185 Depreciation and amortization 27,694 18,448 EBITDA $ (100,006) $ (20,320)
Slide 17: Glossary
GLOSSARY BTC = Bitcoin ESA = Electric Service Agreement FY = Fiscal year GW = Gigawatts HPC/AI = High-performance computing / artificial intelligence mm = millions MW = Megawatts Pipeline = Existing power capacity at data centers and capacity under active development PJM = Pennsylvania-New Jersey
Slide 18: Contact
CONTACT Investors Media Website ir@keelinfra.com media@keelinfra.com Keelinfra.com 18