Keel Infrastructure Posts $145M Loss in Q1 2026 as It Pivots from Bitcoin Mining to AI/HPC
Keel Infrastructure Corp. (formerly Bitfarms) reported a net loss of $145 million for Q1 2026, with revenue declining 23% year-over-year to $37 million. The losses stem from a $41 million fair value adjustment on digital assets and a $22 million loss from extinguishing a Macquarie credit facility. The company completed its redomiciliation from Canada to the U.S. on April 1, becoming the ultimate parent of Bitfarms. Keel has pivoted from Bitcoin mining to AI/HPC infrastructure, exiting Latin American operations via the sale of its Paso Pe site in Paraguay. It holds $533 million in liquidity ($336M cash, $197M unencumbered Bitcoin) to advance three data center sites—Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington—through lease execution. G&A expenses rose 52% to $27 million due to professional fees. Shares (KEEL) rose over 9% to $4.34 on the report.
Key facts
- Net loss of $145M on $37M revenue in Q1 2026, down 23% YoY.
- Completed transformation from Canadian Bitcoin miner to U.S.-based AI/HPC firm.
- $533M liquidity to fund three data center sites targeting lease execution in 2026.
- Exited Latin America via sale of Paraguay's Paso Pe site.
- Shares jumped 9% to $4.34 on earnings release.