Driver over 770 miles/ 1250 kilometers today. Nebraska is boring very boring on the freeway. That Nebraska gas station sums it up.

𝗞𝗘𝗘𝗟 𝗗𝗔𝗜𝗟𝗬 | 𝗢𝗖𝗧𝗢𝗕𝗘𝗥 𝟮𝟳, 𝟮𝟬𝟮𝟲 𝗠𝗬 𝗥𝗘𝗔𝗗 I still really like what $KEEL is building. The company has access to a lot of power, and that matters as AI data centers compete for electricity. But I keep coming back to the same question. Where are the signed leases? Keel has roughly 2.2 GW in its development pipeline. That is potential capacity, not operating data centers. At $2.75 million per MW annually, the full pipeline represents nearly $6 billion in potential yearly revenue. That is a high end illustration. Actual revenue depends on the type lease. The opportunity is large. Keel still has to prove it can turn that opportunity into revenue. 𝗦𝗜𝗧𝗘 𝗣𝗥𝗢𝗚𝗥𝗘𝗦𝗦 Allentown received conditional approval in October for a proposed 75 to 80 MW data center. Local reporting indicates Keel could operate the facility for an unnamed technology tenant. No signed lease or financial terms have been released yet. Moses Lake continues moving forward. PowerSecure announced a backup power agreement in September, and Vertiv equipment deliveries have advanced. Management has previously targeted initial capacity in the first half of 2027. Sharon and Panther Creek remain important development sites, with potential service dates around la 𝗖𝗨𝗦𝗧𝗢𝗠𝗘𝗥 𝗡𝗘𝗚𝗢𝗧𝗜𝗔𝗧𝗜𝗢𝗡𝗦 This is what interests me most. During the Q2 earnings call, CEO Ben Gagnon said multiple prospective customers were negotiating for each of Keel’s three priority sites. He also stated that some customers were interested in more than one location. A customer interested in several sites could support a much larger agreement than a single location. There is also speculation about Amazon becoming a customer. I have not seen confirmation of an Amazon agreement, and I still watching that rumor. I would rather focus on what management has stated and I am excited for the earnings report to hear more updates. 𝗜𝗡𝗦𝗜𝗗𝗘𝗥 𝗕𝗨𝗬𝗜𝗡𝗚 CEO Ben Gagnon purchased additional shares in August. The COO also bought shares. I like seeing management invest its own money. It shows confidence, but it does not guarantee the stock will recover. 𝗪𝗛𝗔𝗧 𝗜𝗦 𝗕𝗢𝗧𝗛𝗘𝗥𝗜𝗡𝗚 𝗠𝗘 Management previously targeted three leases before the end of 2026. During the Q2 call, management discussed active negotiations but did not clearly reaffirm that deadline. I would rather see Keel sign good contracts than rush into bad ones. But investors deserve an update. Keel reported approximately $819 million in liquidity in August. That gives the company flexibility, but building data centers is expensive. I want to know how much cash remains and how much construction will cost before meaningful revenue begins. 𝗣𝗥𝗜𝗖𝗘 𝗔𝗖𝗧𝗜𝗢𝗡 KEEL closed Monday at approximately $2.18. The stock has been under pressure, with previously reported short interest around 19% of the float. A signed lease could change sentiment quickly. But high short interest alone is not a reason to buy. The business still has to deliver. 𝗡𝗢𝗩𝗘𝗠𝗕𝗘𝗥 𝟱 Keel reports Q3 earnings before the market opens on November 5. I want answers to four questions. Have any customer agreements been signed? Are the three original lease targets still realistic for 2026? Are Moses Lake, Sharon and Panther Creek still on schedule? How much cash will construction require before meaningful revenue begins? Those answers matter more to me than another presentation about the 2.2 GW pipeline. 𝗕𝗢𝗧𝗧𝗢𝗠 𝗟𝗜𝗡𝗘 I have not changed my view of Keel’s potential. The power is valuable. The locations matter. The opportunity is large. Allentown’s approval and Moses Lake’s progress give me reasons to keep watching. Multiple customers negotiating across the three priority sites is encouraging I want signed leases and customers.

Driving on snowy road in October. Backcountry skiers already skiing off independence pass. @KeystoneMtn should be opening soon!