Keel Infrastructure Posts $145 Million Loss as Firm Completes Pivot From Bitcoin Miner to AI
Keel Infrastructure Corp., formerly Bitfarms, reported a first-quarter 2026 net loss of $145 million, with revenue dropping 23% year-over-year to about $37 million. Operating loss widened to $98 million from $35 million a year earlier, driven by a $41 million loss on digital asset revaluation and a $22 million loss from extinguishing a credit facility. The company recently redomiciled from Canada to the U.S. and completed its rebranding as Keel, shifting its focus from Bitcoin mining to high-performance computing infrastructure for AI. Keel exited noncore Latin American operations, selling its Paso Pe site in Paraguay. As of May 8, Keel reported $533 million in liquidity, including $336 million in cash and $197 million in unencumbered Bitcoin, intended to advance three key U.S. development sites: Panther Creek, Sharon, and Moses Lake. These sites have zoning approvals and are progressing through development and environmental permitting. General and administrative expenses rose 52% to $27 million due to redomiciliation and accounting conversion costs. KEEL shares rose over 9% to $4.34 and are up more than 8% since the year's start.
