KEEL

KEEL remains in a Stage 4 decline with persistent lower highs and lower lows below declining EMAs, reflecting sustained supply dominance. Medium-term bias is bearish, but price is extremely oversold below key EMAs, making immediate selling unattractive. Look to trim into rallies toward the 9/21 EMA and prior resistance levels. A sustained reclaim above those EMAs and recent swing highs with follow-through would invalidate the bearish bias.

• ↑Strategic pivot from Bitcoin mining to HPC campuses in three supply-constrained North American markets
• ↑Q1’26 revenue $37 M (-23% YoY); targeting three leases by end-2026, with revenues set to begin in 2027
• ↓Q1’26 net loss $145 M and operating loss $98 M vs. $35 M loss LY highlight deteriorating margins