Simply put
- Keel Infrastructure (formerly Bitfarms) posted a net loss of $145 million in the first quarter of 2026, with revenue down 23% year over year to $37 million.
- The company has completed its transformation from a Canadian Bitcoin miner to a US-based AI/HPC infrastructure developer.
- Kiel has $533 million in liquidity and is progressing construction of three data center sites with lease execution expected in 2026.
Keel Infrastructure Corp. is a New York-based digital infrastructure company. Bitcoin Miner BitFarms earlier this year reported a net loss of $145 million for the first quarter of 2026 as it continued to absorb the costs of a complex corporate transformation.
Revenue for the quarter ended March 31 was about $37 million, down 23% from a year ago, and operating loss rose to $98 million from $35 million a year earlier. The higher loss was due in part to a $41 million loss on changes in the fair value of digital assets and a $22 million loss on the extinguishment of the Macquarie Credit Facility.
The results mark the company’s first quarterly report under the Keel banner. On April 1, Kiel Corp. became the ultimate parent company of BitFarms Inc. as part of its relocation from Canada to the United States, which executives said was part of a nearly two-year strategic review.
At the heart of that overhaul is a hard pivot away from Bitcoin mining to high-performance computing infrastructure for AI workloads. The company completed its exit from its Latin American operations by selling its Pasope operations in Paraguay and other assets it considered non-core.
Kiel reported total liquidity of approximately $533 million as of May 8, of which approximately $336 million consists of unrestricted cash and $197 million of unrestricted Bitcoin, and the company says this reserve is sufficient to advance three priority development sites through lease execution.
These locations, Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington state, have secured zoning approvals and land development and environmental permits are underway. The company said its 2.2 GW development pipeline includes established grid interconnections across high-demand power markets in the United States and Quebec.
General and administrative expenses increased 52% to $27 million, primarily reflecting professional fees related to repopulation and transition to U.S. GAAP accounting standards.
KEEL stock soared to $4.34 on Monday, up more than 9% on the day. KEEL is up more than 8% since the beginning of the year.
