Why Is KEEL Stock Rising Overnight Despite Missing Q2 Estimates?

• Keel posted a loss from continuing operations of $64 million, or $0.11 loss per share, compared to an income from continuing operations of $13 million, or $0.02 earnings per share in Q2 2025. 
• Despite a decline in top and bottom line figures, management said it was confident about its lease negotiations and that it had multiple tenants interested in its three sites.
• CEO Ben Gagnon also emphasized that the company is currently in negotiations with multiple potential customers across its portfolio, including hyperscalers, leading AI companies, GPU clouds and large enterprises. 

Shares of Keel Infrastructure Corp. (KEEL) were up more than 2% in the overnight session late Monday despite second-quarter (Q2) results missing Wall Street’s expectations. 

The company posted revenue of $30.43 million, down 50% year-over-year and below consensus estimates of $33.42 million, as per data from Fiscal.ai. 

The decline in revenue was largely due to a fall in average Bitcoin price and the shuttering of the Moses Lake cryptocurrency mining operations in the U.S. in April. 

Keel also posted a loss from continuing operations of $64 million, or $0.11 loss per share, compared to an income from continuing operations of $13 million, or $0.02 earnings per share in Q2 2025. Analysts were expecting the company to post a loss per share of $0.06 for the quarter. 

KEEL Management Reiterates Confidence In Deal Negotiations

Despite a decline in top and bottom line figures, management said it was confident about its lease negotiations and that it had multiple tenants interested in its three sites: Moses Lake in Washington and Panther Creek and Sharon in Pennsylvania. 

CEO Ben Gagnon said that once the company further advanced permitting across all three priority sites, it would have clear visibility on permit completion at each site. Additionally, he said that near-term power is scarce and Keel’s sites have the capacity to meet demand. 

“It’s why all three sites have multiple potential customers engaged in negotiating, and it’s why these conversations start from a very different place than they would have two years ago,” Gagnon said in a call with investors. 

Gagnon also emphasized that the company is currently in negotiations with multiple potential customers across its portfolio, including hyperscalers, leading AI companies, GPU clouds and large enterprises, creating “competitive tension” as it evaluates potential tenants. 

Management emphasized that it is prioritizing the long-term economics of each deal over rushing to announce leases, given the 15-year commitments involved. 

“The difference between a good lease and a great one is measured in hundreds of millions of dollars over its life. Holding the bottleneck everyone needs to grow means we are negotiating from strength, and we will focus on optimizing across customers, economics, and cost of capital,” the CEO added. 

The company also highlighted $819 million of liquidity and uncommitted 2027 capacity across PJM and Washington.

KEEL Stock: Why Is Retail Turning Bullish?

On Stocktwits, retail sentiment around KEEL stock turned from ‘bearish’ to ‘bullish’ over 24 hours following the Q2 announcement and earnings call. Message volumes jumped 1,248% in the same time. 

Retail traders actively discussed the positive management commentary around deal negotiations and potential lease tenants. 

One user said, “$KEEL 700+KW secured. 2.2gW planned. Having 700 KW secured alone would cost a company around 5B to develop today. Keel already has it developed, ready for a deal. Right now we are trading at half the value of the cost of a brand new company doing the same thing....Add that up with the high demand for compute + keel actively working to gain more and you quickly realize why this is a 10$ stock with just their assets alone.”

Another user said, “$KEEL if you can pick this up for $2.50 or less, you stand a good chance to double your money next year as revenue begins to come in…”

A third user said, “$KEEL according to my ai buddy - management reiterated that all three priority sites have multiple prospective tenants negotiating and that it has $819M of liquidity to get projects through lease signing. Meh let it ride it will get there.”

However, one user expressed frustration at a lack of deal announcements, saying that, “$KEEL everyone is signing deals but this freaking ceo is waiting for a pot of gold. He is always late to the party and will probably miss this AI train as well. I hope he does come through but I've lost faith in him.”

KEEL stock is up more than 32% this year. 

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