Keel Infrastructure - CEO, Ben Gagnon Q&A - FY25' Earnings & AI Outlook!

We sit down with Ben Gagnon right after fiscal year 2025 earnings to unpack BitFarms’ rebrand into Keel Infrastructure and the multi-year pivot from Bitcoin mining to AI data center infrastructure. We dig into what is already de-risked, what still depends on permits and power contracts, and how Keel wants to turn megawatts into predictable long-term cash flows.

• the three-year transformation plan and what “foundational year” really means
• redomiciling to the US and why corporate structure matters to capital access
• the 2.2 gigawatt pipeline and the difference between secured and expansion power
• ESAs, load studies, and the milestones that unlock lease execution
• Pennsylvania sites and practical questions on land readiness and build approach
• why onsite generation and grid flexibility could matter for data centers
• FY25 financial results including accelerated write-downs and GAAP Bitcoin marking
• how and when Keel winds down Bitcoin mining including the Quebec consolidation plan
• Moses Lake strategy shift from GPU as a service to colocation
• capex per megawatt realities and why industry comparisons vary
• supply chain changes as hyperscalers lock multi-year equipment capacity
• execution risk management through permitting, hiring, and community engagement
• Keel’s five-year vision as a developer and owner not an operator

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