In abstract
- Keel Infrastructure (previously Bitfarms) posted a web lack of $145 million within the first quarter of 2026, with income falling 23% year-over-year to $37 million.
- The corporate accomplished its transformation from Canadian Bitcoin miner to US-based AI/HPC infrastructure developer.
- With $533 million 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 an intensive rebranding of bitcoin Miner Bitfarms earlier this yr reported a web lack of $145 million for the primary quarter of 2026 because it continued to soak up the prices of a posh company transformation.
Income for the quarter ended March 31 fell 23% yr over yr to about $37 million, whereas the corporate’s working loss soared to $98 million, in comparison with $35 million in the identical interval a yr earlier. The mounting losses have been partly resulting from a $41 million loss linked to modifications 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 title. On April 1, Keel turned the definitive father or mother firm of Bitfarms Ltd. as a part of a redomiciliation from Canada to the USA, culminating what executives described as an almost two-year strategic assessment.
Key to that overhaul is a transfer away from Bitcoin mining and towards high-performance computing infrastructure for AI workloads. The corporate accomplished the exit of its Latin American operations by promoting its Paso Pe website in Paraguay, divesting belongings it thought of non-essential.
Keel reported whole liquidity of roughly $533 million as of Could 8, comprising roughly $336 million in unrestricted money and $197 million in unencumbered Bitcoin, a reserve the corporate says is ample to advance its three precedence growth websites via lease execution.
These websites (Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington state) have obtained zoning approvals, and land growth and environmental allowing are underway. The corporate mentioned its 2.2 gigawatt growth pipeline consists of grid interconnections established in high-demand power markets in the USA and Quebec.
Basic and administrative bills elevated 52% to $27 million, largely reflecting skilled charges associated to the redomiciliation and conversion to US GAAP accounting requirements.
Shares of Keel (KEEL) rose on Monday to a worth of $4.34, rising greater than 9% on the day. KEEL is up greater than 8% because the starting of the yr.
