Keel Infrastructure, previously often called Bitfarms, reported a web lack of $145.4 million for the primary quarter of 2026.
Income fell to $37 million, down 23% from $47.7 million a yr earlier. The corporate additionally posted a $98.4 million working loss, in contrast with $34.8 million in Q1 2025.
The end result included a $41.4 million loss from adjustments within the truthful worth of digital property and a $21.6 million loss tied to the extinguishment of long-term debt.
In the meantime, KEEL shares closed at $4.30 on Might 11, up 8.31% for the session. The inventory later traded at $4.27 after hours, down 0.70%, in accordance with Google Finance information.
The inventory response confirmed that buyers targeted on the corporate’s AI infrastructure plan, not solely the weaker quarterly numbers. Google Finance listed KEEL’s intraday excessive at $4.50 and its low at $3.56.
AI infrastructure turns into the principle plan
Keel mentioned it accomplished its redomiciliation to the USA and rebranded as a part of a shift away from Bitcoin mining. The corporate now presents itself as a North American information middle and power infrastructure developer for AI and high-performance computing.
“Our rebranding to Keel Infrastructure marks the completion of an almost two-year strategic transformation,” mentioned chief govt Ben Gagnon.
He mentioned the corporate had exited Latin American megawatts and targeted its pipeline on North American AI markets.
Liquidity helps website improvement
Keel reported about $533 million in liquidity as of Might 8. That whole included $336 million in unrestricted money and $197 million in unencumbered Bitcoin.
Chief monetary officer Jonathan Mir mentioned, “Our liquidity stands at roughly $533 million.” He mentioned the funds can assist Panther Creek, Sharon, and Moses Lake by way of lease execution and canopy common bills by way of 2028.
The corporate mentioned it secured zoning approvals and superior land and environmental work on the three precedence websites. Keel additionally bought 269 Bitcoin for $20 million between Jan. 1 and Might 8 as a part of its deliberate wind down of its Bitcoin place.
Miners preserve transferring towards AI
Keel’s pivot matches a wider shift amongst public Bitcoin miners. Current market updates confirmed Core Scientific is changing its Pecos, Texas, mining website right into a 1.5-gigawatt AI information middle campus, with 300 megawatts transferring away from mining use.
Separate protection additionally confirmed Core Scientific’s self-mining income fell as its AI colocation enterprise grew. MARA has taken an identical route by way of its Starwood partnership, which targets AI-focused information facilities throughout power-rich mining websites.
