Keel Infrastructure Posts $145 Million Loss as Firm Completes Pivot From Bitcoin Miner to AI

6 days ago 5

In brief

Keel Infrastructure (formerly Bitfarms) posted a $145M nett nonaccomplishment successful Q1 2026, with gross down 23% year-over-year to $37M.
The institution completed its translation from Canadian Bitcoin miner to U.S.-based AI/HPC infrastructure developer.
With $533M successful liquidity, Keel is advancing 3 information halfway sites toward lease execution successful 2026.

Keel Infrastructure Corp., the New York-based integer infrastructure institution that completed a sweeping rebranding from Bitcoin miner Bitfarms earlier this year, reported a nett nonaccomplishment of $145 cardinal for the archetypal 4th of 2026 arsenic it continued absorbing the costs of a analyzable firm transformation.

Revenue for the 4th ended March 31 fell 23% twelvemonth implicit twelvemonth to astir $37 million, portion the company's operating nonaccomplishment ballooned to $98 million, compared with $35 cardinal successful the aforesaid play a twelvemonth earlier. The widening losses were driven successful portion by a $41 cardinal nonaccomplishment tied to changes successful the just worth of integer assets, and a $22 cardinal nonaccomplishment from the extinguishment of a Macquarie recognition facility.

The results people the company's archetypal quarterly study nether the Keel banner. On April 1, Keel became the eventual genitor institution of Bitfarms Ltd. arsenic portion of a redomiciliation from Canada to the United States, capping what executives described arsenic a astir two-year strategical overhaul.

Central to that overhaul is simply a hard pivot distant from Bitcoin mining toward high-performance computing infrastructure for AI workloads. The institution completed the exit from its Latin American operations done the merchantability of its Paso Pe tract successful Paraguay, shedding assets it deemed noncore.

Keel reported full liquidity of astir $533 cardinal arsenic of May 8, comprising astir $336 cardinal successful unrestricted currency and $197 cardinal successful unencumbered Bitcoin—a reserve the institution said is capable to beforehand its 3 precedence improvement sites done lease execution.

Those sites—Panther Creek and Sharon successful Pennsylvania, and Moses Lake successful Washington state—have secured zoning approvals, with onshore improvement and biology permitting underway. The institution said its 2.2-gigawatt improvement pipeline includes established grid interconnections crossed high-demand powerfulness markets successful the U.S. and Québec.

General and administrative expenses roseate 52% to $27 million, mostly reflecting nonrecreational fees related to the redomiciliation and conversion to U.S. GAAP accounting standards.

Shares successful Keel (KEEL) jumped Monday to a terms of $4.34, rising much than 9% connected the day. KEEL is up much than 8% since the commencement of the year.