Research Reports

Prepared Highlights

Segment revenue/growth: Fiscal year 2025 revenue from continuing operations (North American platform) was $229 million, up 72% year-over-year (CFO).
Operating loss: Fiscal year 2025 operating loss was $150 million, including noncash depreciation of $98 million and $28 million of impairment charges; compared to an operating loss of $28 million in 2024 (CFO).
Net loss: Fiscal year 2025 net loss was $209 million or $0.38 per basic and diluted share; compared to net loss of $7 million or $0.02 per share in 2024 (CFO).
Adjusted EBITDA: Fiscal year 2025 adjusted EBITDA was $29 million compared to $31 million in 2024 (CFO).
Impairment charges: 2025 impairment charges were $25 million higher than in 2024 (CFO).
Loss on derivatives: A loss of $68 million reflecting changes in derivative assets and liabilities (CFO).
Liquidity: As of March 27, 2026, total liquidity stood at $520 million in cash and Bitcoin (CEO, CFO).
Convertible offering: Successfully issued an oversubscribed $588 million convertible offering in 2025 (CFO).
Debt repayment: In February, repaid the Macquarie debt facility, eliminating legacy debt and freeing the company from covenants (CFO).
Pipeline: Over 2 gigawatts in total pipeline; 2.2 gigawatt capacity across five development sites; approximately 1.5 gigawatts (two-thirds) is expansion capacity (CEO).
Site specifics: 350 megawatts at Panther Creek, 110 megawatts at Sharon, 18 megawatts in Washington (CEO).
CapEx/runway: Current liquidity is far in excess of CapEx budgeted to get through permitting and to start signing leases (CEO).

Official Guidance

No specific next quarter or full-year revenue/earnings guidance ranges were provided. Key milestones mentioned: completion of preconstruction activities (permitting) in the coming months, lease execution expected in 2026, and sites anticipated to come online and begin delivering megawatts in 2027 (CEO).

Mgmt Quotes

[CEO] “We built a new company. And while we are presenting as Bitfarms today, tomorrow marks our beginning as Keel infrastructure.”
[CEO] “The more we advance, the better our leverage. The better our leverage, the better the leases, and the more long-term value we create for shareholders.”
[CEO] “We're not taking a leap of faith on technology, our ability to see our power or market demand. The tech is here. The power is secured, the sites are advancing, the inbound demand is real.”
[CFO] “We're funded through the key derisking stages, permitting and leasing across Moses Lake, Sharon and Panther Creek and we're entering 2026 with momentum, optionality and a balance sheet engineered for growth.”
[CEO] “It will require enormous amounts of power. Our 2.2 gigawatts of capacity and strategically position land across Pennsylvania, Washington and Quebec sit directly in the path of this transformation, and we intend to capitalize on that opportunity for our shareholders.”

Prepared Metrics

Metric	Value	Speaker/Context
Revenue (FY2025 continuing ops)	$229 million (up 72% YoY)	CFO
Operating loss (FY2025)	$150 million	CFO
Net loss (FY2025)	$209 million ($0.38 loss per share)	CFO
Adjusted EBITDA (FY2025)	$29 million	CFO
Liquidity (cash + Bitcoin, Mar 27, 2026)	$520 million	CEO, CFO
Convertible offering (FY2025)	$588 million (oversubscribed)	CFO
Total pipeline capacity	2.2 gigawatts	CEO
Expansion capacity	~1.5 gigawatts	CEO
Panther Creek capacity	350 megawatts	CEO
Sharon capacity	110 megawatts	CEO
Washington (Moses Lake) capacity	18 megawatts	CEO

Q&A Batch (1-5 of 10)

Q1 — Ben Gagnon

Topic: 租赁执行策略与时机
Key points:
- 公司坚持作为纯基础设施开发商和所有者，让客户直接租赁兆瓦容量。
- 策略是耐心等待更优条款，因10-15年协议中风险定价会影响长期价值；高壁垒市场（如宾州、华盛顿）的许可耗时更长但更稀缺。
- 许可接近完成时，租赁谈判也会同步推进；预计中至夏末至少一个或全部站点获得完全许可。
Mgmt stance: 看好，因高需求下耐心等待条款能最大化股东价值（NOI和倍数）。

Q2 — Brett Knoblauch

Topic: 许可进展与租赁顺序
Key points:
- 多个站点（Moses Lake、Sharon、Panther Creek）同时推进许可，各司法辖区规则不同，无法详述单个许可细节。
- 预计中至夏末获得至少一个或全部站点的完全许可。
- 所有三个站点均有客户在NDA下进行谈判，许可更像租赁的成交条件而非启动条件。
Mgmt stance: 中性偏乐观，强调许可进展和客户参与度良好，但具体时间线取决于监管流程。

Q3 — Stephen Glagola

Topic: 通知开工（NTP）与租赁执行顺序，以及Vera Rubin硬件供应影响
Key points:
- 投资级客户通常要求获得NTP后才签署有约束力的租赁；部分非投资级客户可能愿意提前签，但公司不寻求这类合作。
- 所有站点计划在2027年上线，设计目标兼容2027—2028年推出的Vera Rubin设备。
- 硬件供应未受冲击，能源瓶颈仍是最大约束，预计GPU供应不会成为限制因素。
Mgmt stance: 看好，认为能源短缺主导需求，硬件供应变化对租赁不构成影响。

Q4 — Michael Donovan

Topic: Panther Creek的ISA转ESA进展
Key points:
- 已有350 MW的ESA（来自PPL），另有一份ISA可额外获取约60 MW（通过现有输电线和变电站）。
- 转换为固定服务（ESA）只需监管批准，无需建设基础设施或额外资本支出。
- 预计今年内完成转换，转换后容量可能增至400 MW或略多；具体时间取决于监管流程。
Mgmt stance: 中性，推进顺利但时间由监管决定。

Q5 — Brian Kinstlinger

Topic: 商业模式转变（GPU即服务转向托管）对时间的影响，以及内存短缺
Key points:
- 从GPU即服务转向托管（单纯基础设施所有者）不影响项目开发时间线。
- 内存短缺问题由客户自行解决（GPU和服务器的供应链），作为纯基础设施开发商不涉及相关投资。
Mgmt stance: 看好，商业模式调整专注于资本配置，且内存短缺对开发无直接影响。

Q&A Batch (6-10 of 10)

Q6 — Martin Toner

Topic: Panther Creek expansion timeline and mining hash rate decline
Key points:
- Expanding beyond 350 MW requires converting ISA from non-firm to firm service (regulatory matter expected resolved in 2026, could be "tomorrow or a few months").
- Further expansion beyond that requires new power applications; utility proactively asked how much more power KEEL could take, timeline 2–3 years for new generation and transmission.
- Q4 mining hash rate continues to trickle down; no investments in Bitcoin mining, no spending on upgrades/new miners, actively scaling down fleet and spinning off assets (e.g., Paraguay).
Mgmt stance: Neutral on timeline (regulatory timing uncertain; 2–3 years for new generation); cautious on mining (actively reducing exposure, hash rate expected to continue declining through 2026).

Q7 — Michael Colonnese

Topic: HPC data center construction timeline and Bitcoin mining wind-down
Key points:
- All three projects (Panther Creek, Sharon, Washington) expected to come online and start generating revenue in 2027; 2026 is "year of execution," 2027 is "year of delivery."
- Bitcoin mining remains profitable but "marginal"; not focus of business, no investments in mining, scaling down to maximize value in disciplined exit.
- Liquidity plan assumes no improvement in Bitcoin mining economics; strategic objective is to be well capitalized through lease process without raising new capital.
Mgmt stance: Bullish on HPC delivery (2027 revenue generation); neutral on mining (minor element of balance sheet, conservative assumptions).

Q8 — Nick Giles

Topic: PJM capacity auction payments and debt financing strategy
Key points:
- Power plants at Panther Creek and Scrubgrass participate in PJM capacity auctions; capacity payments have "maxed out" at the ceiling set by auction.
- Debt financing approach: comparing asset-level vs. parent-level options; high-yield debt spreads tightening toward bank-originated project financing levels; markets for infrastructure "seem calm right now."
Mgmt stance: Neutral on capacity payments (already at ceiling); neutral on financing (evaluating options, no specific decision yet).

Q9 — Gregory Pendy

Topic: Redomiciling to the U.S. implications
Key points:
- Redomiciling makes KEEL eligible for inclusion in Russell 1000 and Russell 3000 indices, and for ownership by funds limited to U.S. securities.
- No cost or flexibility implications; viewed as helpful for moving shareholder base to institutional and long-term.
Mgmt stance: Bullish (benefits for shareholder base, no negative structural impacts).

Q10 — Bill Papanastasiou

Topic: Washington site colo shift and Bitcoin mining maintenance CapEx
Key points:
- Shift to colo at Washington site has no impact on capital commitments or equipment already purchased; reduces CapEx because no longer paying for compute.
- No investments being made into Bitcoin mining sites; only keeping them up and running, no further investments in new sites or new miners.
Mgmt stance: Bullish on colo shift (reduces CapEx, no impact on prior commitments); cautious on mining (zero maintenance CapEx, no further investments).