Keel Infrastructure Corp. · NASDAQ:KEEL
Keel Infrastructure — Q2 2026 Earnings Presentation
18 slides from Keel Infrastructure's earnings presentation, Aug 10, 2026
Slide 1: Earnings Presentation Q2 2026
EARNINGS PRESENTATION Q2 2026 Keel Infrastructure August 2026
Slide 2: Safe harbor statement
Safe harbor statement GENERAL DISCLAIMERS competition for suitable data center sites and regulatory constraints that could adversely impact our development Statements in this presentation are made only as of the date of this presentation unless otherwise stated and the pipeline; our dependence on si
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: Continued Progress On All Fronts: Securing Permits, Leases, and Expansion Capacity
Continued Progress On All Fronts: Securing Permits, Leases, and Expansion Capacity 2026 PRIORITIES EXECUTION TO DATE 1 Advancing Permitting & Commercialization Dual tracking permitting and leasing discussions Clear visibility on permit completion & multiple potential customers engaged at each site
Slide 5: Development Progress Across Near-Term Sites
Development Progress Across Near-Term Sites Derisking project delivery timelines by advancing development with proven partners Pre-delivery inspections at Vertiv’s factory Backup generation inspections for Moses Lake Transformer delivery in Sharon, PA Panther Creek fiber network map Updated data cen
Slide 6: Moses Lake
Moses Lake First site fully online and generating revenues in 2027 Q2 PROGRESS 18 (GROSS) MW ► Zoning approved, land development and environmental permits in progress ► BTC mining fully decommissioned Total power capacity ► Previous building on-site fully demolished ► Development with Vertiv in prog
Slide 7: Sharon
Sharon On track to be first site ready for service in Pennsylvania Q2 PROGRESS 110 (GROSS) MW ► Zoning and land development approved, environmental permits in progress ► BTC mining fully decommissioned Total power capacity ► Transformers delivered and on-site Note: Image is computer-generated render
Slide 8: Panther Creek
Panther Creek Flagship hyperscale campus proximate to NYC and Philadelphia Q2 PROGRESS 350 (GROSS) MW ► Zoning and conditional land development approved, environmental permits in progress ► BTC mining fully decommissioned Total power capacity Note: Image is computer-generated rendering of Panther Cr
Slide 9: Financials
FINANCIALS 9
Slide 10: Second Quarter 2026 Financial Results
Second Quarter 2026 Financial Results Quarter Ended June 30, $ in mm 2026 2025 Revenue $ 30 $ 61 Operating (loss) income $ (141) $ 11 (Loss) income from continuing operations $ (64) $ 13 Adjusted EBITDA 1 $ (24) $ 7 Note: All figures reflect results from continuing operations; operations in Argentin
Slide 11: Financial Strength to Deliver for Customers & Flexibility to Secure New Power
Financial Strength to Deliver for Customers & Flexibility to Secure New Power Q2 FINANCIAL UPDATES 1 $458mm Raised Through Convertible Notes Offering Strong investor demand Earmarked to expand power capacity in Pennsylvania Robust liquidity supports site development $819mm Liquidity Position 1 2 F
Slide 12: Work is no longer measured solely in calories or joules, but in tokens
Keel Infrastructure “Work is no longer measured solely in calories or joules, but in tokens. And while there is certainly some ceiling on the price of tokens, there is truly no limit to the value that can be created through the application of tokens.” Note: Image is computer-generated rendering of P
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 (unaudited)
Consolidated Financial & Operational Results (unaudited) Quarter ended June 30, 2026 2025 Revenues $ 30,430 $ 60,908 Cost of revenues (117,183) (64,794) Gross (loss) profit (86,753) (3,886) Gross margin (285)% (6)% Operating expenses General and administrative expenses (31,311) (19,384) Change in fa
Slide 16: Non-GAAP Adjusted EBITDA Reconciliation (unaudited)
Non-GAAP Adjusted EBITDA Reconciliation (unaudited) Quarter ended June 30, 2026 2025 Revenues $ 30,430 $ 60,908 Loss before taxes from continuing operations $ (63,934) $ 13,196 Interest income (2,885) (460) Interest expense 2,114 1,582 Depreciation and amortization 84,149 26,439 EBITDA $ 19,444 $ 40
Slide 17: Glossary
GLOSSARY BTC = Bitcoin 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-Maryland Interconnection PUE = Power usage effec
Slide 18: Contact
CONTACT Investors Media Website ir@keelinfra.com media@keelinfra.com Keelinfra.com 18