Keel Infrastructure Corp.

The changes reflect the increase in operating loss, and a $22 million loss from the extinguishment of the Macquarie credit facility in Q1 2026.

SEC original ↗Keel Infrastructure Corp. — Earnings release (8-K exhibit)EX-99May 11, 2026

2 Other expense for Q1 2026 includes $6.2 million of other financial expense included in Other expenses (income) of the Statement of Operations, of which $4.2 million is related to the provision for receivables, $1.6 million related to the amortization of the credit facility transaction costs and the $0.2 million loss on exchange rates.

SEC original ↗Keel Infrastructure Corp. — Earnings release (8-K exhibit)EX-99May 11, 2026

In November 2024, the FASB issued ASU 2024-04, Debt Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments ("ASU 2024-04").

SEC original ↗Keel Infrastructure Corp. — 10-Q Quarterly report10-QAug 10, 2026

ASU 2024-04 clarifies the accounting for induced conversions of convertible debt instruments and improves the consistency of accounting for settlements of convertible debt that occur at terms different from those specified in the original contract.

SEC original ↗Keel Infrastructure Corp. — 10-Q Quarterly report10-QAug 10, 2026

dollars, except data relating to number of PPE, shares, warrants, options and digital assets - unaudited) NOTE 7: RESTRICTED CASH As of June 30, As of December 31, 2026 2025 Restricted cash as covenant for the Credit Facility 57,500 Restricted cash as collateral for the letters of credit 53,377 53,377 57,500 In February 2026, the Credit Facility was fully repaid and the cash balance of $ 57,500 is no longer restricted.

SEC original ↗Keel Infrastructure Corp. — 10-Q Quarterly report10-QAug 10, 2026

“Our rebranding to Keel Infrastructure marks the completion of a nearly two-year strategic transformation.

SEC original ↗Keel Infrastructure Corp. — Earnings release (8-K exhibit)EX-99May 11, 2026

“With that work done, we now enter this new chapter with strong momentum and the clear strategic vision of advancing Panther Creek, Sharon, and Moses Lake development and through lease execution in 2026.

SEC original ↗Keel Infrastructure Corp. — Earnings release (8-K exhibit)EX-99May 11, 2026

” Strategic and Operational Highlights Redomiciled to the U.

SEC original ↗Keel Infrastructure Corp. — Earnings release (8-K exhibit)EX-99May 11, 2026

and rebranded to Keel Infrastructure, positioning Keel as a pure-play North American infrastructure development platform with enhanced strategic focus and operational alignment.

SEC original ↗Keel Infrastructure Corp. — Earnings release (8-K exhibit)EX-99May 11, 2026

* In 2025, the Company began to execute a strategic transformation, pivoting to North American HPC infrastructure and away from Bitcoin mining operations.

SEC original ↗Keel Infrastructure Corp. — Earnings release (8-K exhibit)EX-99May 11, 2026

3 This forward-looking information is based on assumptions and estimates of management of Keel at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Keel to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

SEC original ↗Keel Infrastructure Corp. — Earnings release (8-K exhibit)EX-99May 11, 2026

For further information concerning these and other risks and uncertainties, refer to Keel’s filings on the U.

SEC original ↗Keel Infrastructure Corp. — Earnings release (8-K exhibit)EX-99May 11, 2026

Legal Proceedings 91 Item 1A.

SEC original ↗Keel Infrastructure Corp. — 10-Q Quarterly report10-QAug 10, 2026

Such statements are based on management s current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

SEC original ↗Keel Infrastructure Corp. — 10-Q Quarterly report10-QAug 10, 2026

) FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026 extensive environmental, energy, and climate-related regulation that could result in significant additional costs or liabilities; political uncertainty in the U.

SEC original ↗Keel Infrastructure Corp. — 10-Q Quarterly report10-QAug 10, 2026

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein.

SEC original ↗Keel Infrastructure Corp. — 10-Q Quarterly report10-QAug 10, 2026