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

In brief

• Keel Infrastructure (formerly Bitfarms) posted a $145M net loss in Q1 2026, with revenue down 23% year-over-year to $37M.
• The company completed its transformation from Canadian Bitcoin miner to U.S.-based AI/HPC infrastructure developer.
• With $533M in liquidity, Keel is advancing three data center sites toward lease execution in 2026.

Keel Infrastructure Corp., the New York-based digital infrastructure company that completed a sweeping rebranding from Bitcoin miner Bitfarms earlier this year, reported a net loss of $145 million for the first quarter of 2026 as it continued absorbing the costs of a complex corporate transformation.

Revenue for the quarter ended March 31 fell 23% year over year to approximately $37 million, while the company's operating loss ballooned to $98 million, compared with $35 million in the same period a year earlier. The widening losses were driven in part by a $41 million loss tied to changes in the fair value of digital assets, and a $22 million loss from the extinguishment of a Macquarie credit facility.

The results mark the company's first quarterly report under the Keel banner. On April 1, Keel became the ultimate parent company of Bitfarms Ltd. as part of a redomiciliation from Canada to the United States, capping what executives described as a nearly two-year strategic overhaul.

Central to that overhaul is a hard pivot away from Bitcoin mining toward high-performance computing infrastructure for AI workloads. The company completed the exit from its Latin American operations through the sale of its Paso Pe site in Paraguay, shedding assets it deemed noncore.

Keel reported total liquidity of approximately $533 million as of May 8, comprising roughly $336 million in unrestricted cash and $197 million in unencumbered Bitcoin—a reserve the company said is sufficient to advance its three priority development sites through lease execution.

Those sites—Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington state—have secured zoning approvals, with land development and environmental permitting underway. The company said its 2.2-gigawatt development pipeline includes established grid interconnections across high-demand power markets in the U.S. and Québec.

General and administrative expenses rose 52% to $27 million, largely reflecting professional fees related to the redomiciliation and conversion to U.S. GAAP accounting standards.

Shares in Keel (KEEL) jumped Monday to a price of $4.34, rising more than 9% on the day. KEEL is up more than 8% since the start of the year.

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