Keel (KEEL) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Mon, June 1, 2026 astatine 11:24 AM CDT 40 min read

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Date

Monday, May 11, 2026 astatine 8 a.m. ET

Call participants

• Chief Executive Officer — Ben Gagnon

• Chief Financial Officer — Jonathan Mir

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Full Conference Call Transcript

Ben Gagnon: Good morning, everyone, and invited to our fiscal twelvemonth 2025 net call. In 2025, we made a bold determination to locomotion distant from our bequest business, Bitcoin, and physique the infrastructure successful North America for what comes next, HPC and AI. It was a twelvemonth of deliberate and consequential translation with a wide mandate. Secure North American pipeline, fortify our equilibrium sheet, accelerate tract development, and presumption ourselves to prosecute customers from a spot of operational momentum astatine the highest of the vigor bottleneck constraining the maturation of AI. I tin accidental with assurance and pridefulness that we accomplished precisely what we acceptable retired to do.

The instauration you spot today, the superior structure, the sites, the team, the strategy was engineered done deliberate choices, developed with subject and built to propel america forward. We made foundational changes to reposition the concern and made 100% of our absorption connected North American HPC infrastructure development. No fractional measures, nary compromises and successful time, nary Bitcoin. We built a caller company. And portion we are presenting arsenic Bitfarms today, time marks our opening arsenic Keel infrastructure. The sanction says it all. A Keel is the bottommost of structural constituent of a vessel. It's what keeps it unchangeable and moving guardant successful the close absorption careless of the information supra the h2o line.

It is structural, it is essential, and it is precisely however we spot our relation successful the HPC and infrastructure landscape. We are not present to vie with hyperscalers oregon neoclouds. We are present to alteration them. Our absorption is providing the captious and mostly invisible instauration that volition let the world's astir precocious AI level to deploy connected clip and standard without interruption. We expect to adjacent the re-domiciliation and finalize our rebranding efforts tomorrow, April 1, and we'll statesman trading nether the ticker KEEL, 2 concern days aft completion of the transaction connected the Nasdaq and the TSX. We are entering this caller signifier from a presumption of strength.

With implicit 2 gigawatts successful our pipeline, Keel is simply a determination person with immoderate of the largest powerfulness onshore portfolios successful immoderate of the highest request markets successful North America and with robust fiscal spot to execute against our plan. Our existent liquidity is acold successful excess of the CapEx budgeted to get america done permitting and yet to commencement signing leases, giving the institution important fiscal flexibility to execute connected our strategy. And our strategy is arsenic arsenic clear. We are designing each of our tract and field developments arsenic either powered ammunition oregon co-location facilities.