Northland Securities Has Negative View of KEEL Q3 Earnings

Key Points

• Northland Securities cut its Q3 2026 EPS estimate for Keel Infrastructure to a loss of $0.09 per share from a projected loss of $0.06. Analysts expect full-year 2026 EPS of negative $0.40, while the stock carries a “Moderate Buy” consensus rating and a $6.25 price target.
• Keel reported a quarterly loss of $0.11 per share on $30.43 million in revenue, alongside a negative 239.71% net margin and negative 51.97% return on equity. Shares opened at $3.29, well below their 52-week high of $7.37.
• The company is shifting from Bitcoin mining to AI and high-performance computing infrastructure, supported by approximately $819 million in liquidity. However, the strategy remains exposed to execution risks involving permits, construction and securing tenants.

Keel Infrastructure (NASDAQ:KEEL - Free Report) - Investment analysts at Northland Securities reduced their Q3 2026 earnings per share estimates for Keel Infrastructure in a report released on Monday, August 10th. Northland Securities analyst M. Grondahl now expects that the company will earn ($0.09) per share for the quarter, down from their previous estimate of ($0.06). The consensus estimate for Keel Infrastructure's current full-year earnings is ($0.27) per share. Northland Securities also issued estimates for Keel Infrastructure's Q4 2026 earnings at $0.10 EPS and FY2026 earnings at ($0.40) EPS.

KEEL has been the topic of a number of other research reports. Citigroup restated a "buy" rating on shares of Keel Infrastructure in a research report on Monday. Alliance Global Partners restated a "buy" rating on shares of Keel Infrastructure in a report on Monday, May 11th. Chardan Capital reaffirmed a "buy" rating and set a $5.50 price target on shares of Keel Infrastructure in a research report on Monday, June 8th. Citizens Jmp started coverage on Keel Infrastructure in a report on Wednesday, June 24th. They set an "outperform" rating and a $10.00 price target for the company. Finally, BTIG Research assumed coverage on Keel Infrastructure in a research report on Wednesday, July 22nd. They issued a "buy" rating and a $8.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Keel Infrastructure has a consensus rating of "Moderate Buy" and a consensus price target of $6.25.

Keel Infrastructure Stock Performance

NASDAQ:KEEL opened at $3.29 on Wednesday. The company has a debt-to-equity ratio of 1.37, a current ratio of 9.60 and a quick ratio of 9.43. Keel Infrastructure has a fifty-two week low of $1.17 and a fifty-two week high of $7.37. The firm's 50 day moving average price is $4.90. The firm has a market cap of $2.03 billion, a P/E ratio of -23.50 and a beta of 4.14.

Keel Infrastructure (NASDAQ:KEEL - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.11) EPS for the quarter. Keel Infrastructure had a negative return on equity of 51.97% and a negative net margin of 239.71%.The company had revenue of $30.43 million during the quarter. During the same quarter in the prior year, the company posted ($0.05) earnings per share.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Keel Infrastructure stock. Bank of New York Mellon Corp purchased a new stake in shares of Keel Infrastructure (NASDAQ:KEEL - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,740,330 shares of the company's stock, valued at approximately $9,989,000. Bank of New York Mellon Corp owned about 0.28% of Keel Infrastructure as of its most recent filing with the SEC. 20.59% of the stock is currently owned by institutional investors and hedge funds.

More Keel Infrastructure News

Here are the key news stories impacting Keel Infrastructure this week:

• Positive Sentiment: Keel said it has approximately $819 million of liquidity, including unrestricted cash and unencumbered Bitcoin, giving it funding to develop HPC infrastructure despite near-term losses. It also raised $458 million through a convertible note offering. Keel Infrastructure Q2 revenue falls 50% to $30 million
• Positive Sentiment: The company completed the shutdown of its U.S. Bitcoin mining operations and is redirecting power-rich sites toward AI and HPC customers. Management is targeting power availability and lease discussions at Moses Lake, Sharon and Panther Creek, with the first fully commissioned Moses Lake data center expected in 2027. KEEL Q2 Earnings Call Highlights 2027 Power and Leasing Push
• Positive Sentiment: CEO commentary presents AI infrastructure as a substantially larger opportunity than Bitcoin mining, supporting the strategic rationale for the pivot. CEO Keel Infrastructure: AI offers a much bigger opportunity than Bitcoin
• Neutral Sentiment: The reported short-interest data shows zero shares short both currently and in the prior period, producing no meaningful days-to-cover signal. The reported “increase” is therefore not informative for trading sentiment.
• Negative Sentiment: Second-quarter revenue fell roughly 50% year over year to $30.43 million, while Keel posted an adjusted loss of $0.11 per share versus a $0.05 loss in the prior-year quarter. The results missed expectations as lower Bitcoin prices and the shutdown of mining operations reduced revenue. Keel Infrastructure Q2 Earnings Miss Estimates as Bitcoin Wind-Down Continues
• Negative Sentiment: Operating loss reached $140.8 million, including $84.1 million of depreciation and amortization, and adjusted EBITDA was negative $23.7 million. Investors remain concerned that the AI buildout is still dependent on permits, construction progress and securing tenants, creating substantial execution risk. KEEL’s three-site AI buildout remains gated by permits and tenant talks

About Keel Infrastructure

Bitfarms Ltd. is a bitcoin mining company. It provides vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver operational performance and uptime. Bitfarms Ltd. is based in TORONTO, Ontario.

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