Briefly
- Keel Infrastructure (previously Bitfarms) posted a $145M web loss in Q1 2026, with income down 23% year-over-year to $37M.
- The corporate accomplished its transformation from Canadian Bitcoin miner to U.S.-based AI/HPC infrastructure developer.
- With $533M in liquidity, Keel is advancing three knowledge middle websites towards lease execution in 2026.
Keel Infrastructure Corp., the New York-based digital infrastructure firm that accomplished a sweeping rebranding from Bitcoin miner Bitfarms earlier this yr, reported a web lack of $145 million for the primary quarter of 2026 because it continued absorbing the prices of a fancy company transformation.
Income for the quarter ended March 31 fell 23% yr over yr to roughly $37 million, whereas the corporate’s working loss ballooned to $98 million, in contrast with $35 million in the identical interval a yr earlier. The widening losses have been pushed partially by a $41 million loss tied to adjustments within the truthful worth of digital belongings, and a $22 million loss from the extinguishment of a Macquarie credit score facility.
The outcomes mark the corporate’s first quarterly report beneath the Keel banner. On April 1, Keel grew to become the final word guardian firm of Bitfarms Ltd. as a part of a redomiciliation from Canada to america, capping what executives described as a virtually two-year strategic overhaul.
Central to that overhaul is a tough pivot away from Bitcoin mining towards high-performance computing infrastructure for AI workloads. The corporate accomplished the exit from its Latin American operations by the sale of its Paso Pe web site in Paraguay, shedding belongings it deemed noncore.
Keel reported complete liquidity of roughly $533 million as of Might 8, comprising roughly $336 million in unrestricted money and $197 million in unencumbered Bitcoin—a reserve the corporate stated is enough to advance its three precedence growth websites by lease execution.
These websites—Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington state—have secured zoning approvals, with land growth and environmental allowing underway. The corporate stated its 2.2-gigawatt growth pipeline contains established grid interconnections throughout high-demand energy markets within the U.S. and Québec.
Basic and administrative bills rose 52% to $27 million, largely reflecting skilled charges associated to the redomiciliation and conversion to U.S. GAAP accounting requirements.
Shares in Keel (KEEL) jumped Monday to a worth of $4.34, rising greater than 9% on the day. KEEL is up greater than 8% for the reason that begin of the yr.
