Briefly
- Keel Infrastructure (previously Bitfarms) posted a $145M internet 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 information heart 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 internet 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 underneath the Keel banner. On April 1, Keel turned the last word guardian firm of Bitfarms Ltd. as a part of a redomiciliation from Canada to the US, 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 way of 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 mentioned is ample to advance its three precedence growth websites by way of 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 mentioned its 2.2-gigawatt growth pipeline consists of established grid interconnections throughout high-demand energy markets within the U.S. and Québec.
Normal 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% because the begin of the yr.
