Here’s Why Keel Infrastructure Stock Just Tumbled 14.7%

Shares of Keel Infrastructure Corp. (NASDAQ: KEEL) tumbled roughly 14% on Thursday, sliding from an open near $5.42 to close around $4.64, as investors grew increasingly worried about the company’s cash burn and mounting debt load just weeks after a major bond sale.

The drop wiped out approximately $447 million in market capitalization — nearly matching the $445.4 million in net proceeds Keel raised in a convertible senior note offering that closed on June 9.

The notes carry a 1.25% coupon and convert at roughly $7.41 per share, a price now well above where the stock trades after Thursday’s slide.

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Fueling the sell-off were fresh concerns over project delays and cost overruns tied to Keel’s pipeline of data-center and energy infrastructure projects, including its flagship sites at Panther Creek, Sharon, and Moses Lake.

The company, which has been pivoting away from bitcoin mining toward AI-driven power infrastructure, posted a first-quarter net loss of about $145.4 million on revenue of $37 million, down 23% year-over-year.

Operating cash flow came in around negative $64.7 million, while long-term debt stood at $573.2 million against $357.3 million in cash.

The decline also marks a reversal from recent momentum: shares had rallied to a 52-week high of $7.37 after Keel’s addition to the Russell 3000 index on June 29, before rolling over into a steady stair-step decline.

Traders now say the stock’s fate hinges on whether Keel can convert its 2.2 gigawatt project pipeline into signed leases before its cash position becomes a bigger problem.