Keel Infrastructure, previously generally known as Bitfarms, reported a internet 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 an working lack of $98.4 million, in comparison with $34.8 million within the first quarter of 2025.
The outcome included a lack of $41.4 million from adjustments within the honest worth of digital property and a lack of $21.6 million linked to the extinguishment of long-term debt.
In the meantime, KEEL inventory closed at $4.30 on Could 11, up 8.31% on the session. The inventory later traded at $4.27 after hours, down 0.70%, in response to Google Finance knowledge.
The inventory’s response confirmed that traders have been centered on the corporate’s AI infrastructure plan, not simply 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 primary plan
Keel mentioned he accomplished his redomiciliation to the USA and adjusted his identify as a part of a transfer away from Bitcoin mining. The corporate now payments itself as a North American knowledge middle and vitality infrastructure developer for synthetic intelligence and high-performance computing.
“Our rebrand to Keel Infrastructure marks the completion of a virtually two-year strategic transformation,” mentioned CEO Ben Gagnon.
He mentioned the corporate had deserted Latin American megawatts and centered its portfolio on North American AI markets.
Liquidity helps web site improvement
Keel reported about $533 million in liquidity as of Could 8. That complete included $336 million in unrestricted money and $197 million in unencumbered Bitcoin.
Chief Monetary Officer Jonathan Mir mentioned: “Our liquidity is roughly $533 million.” He mentioned the funds can assist Panther Creek, Sharon and Moses Lake by means of leasing execution and canopy overhead bills by means of 2028.
The corporate mentioned it obtained zoning approvals and superior land and environmental work on the three precedence websites. Keel additionally bought 269 Bitcoin for $20 million between January 1 and Could 8 as a part of the deliberate liquidation of his Bitcoin place.
Miners proceed to advance in direction of AI
Keel’s flip matches a broader shift amongst public Bitcoin miners. Current market updates confirmed that Core Scientific is changing its mining web site in Pecos, Texas, right into a 1.5-gigawatt AI knowledge middle campus, with 300 megawatts away from mining use.
Separate protection additionally confirmed that Core Scientific’s personal mining income fell as its AI placement enterprise grew. MARA has taken the same path by means of its Starwood partnership, which targets AI-focused knowledge facilities at energy-rich mining websites.
