Keel Infrastructure Pivots from Bitcoin Mining to North American AI Data Centers
Formerly Bitfarms, Keel Infrastructure reported a $145 million Q1 2026 net loss while completing its strategic pivot from Bitcoin mining to AI infrastructure. The company redomiciled to the United States, exited Latin American operations, and secured zoning for data center sites in Pennsylvania and Washington. Despite declining revenue and restructuring costs, Keel maintains $533 million in liquidity to fund development through 2028. This transition targets high-performance computing markets, aiming to lease capacity to hyperscalers by year-end, reflecting a significant corporate transformation amidst mixed financial results.
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Keel Infrastructure Reports $145M Loss Amid Pivot from Bitcoin Mining to AI
Keel Infrastructure Corp., formerly known as Bitfarms, reported a net loss of $145 million for the first quarter of 2026 as it finalizes its strategic transition from Bitcoin mining to artificial intelligence infrastructure. This marks the company's first quarterly report under the Keel brand following its redomiciliation from Canada to the United States. Revenue declined 23% year-over-year to approximately $37 million, while operating losses widened to $98 million due to costs associated with corporate transformation, digital asset valuation changes, and credit facility extinguishment. Despite the financial setback, Keel maintains $533 million in liquidity, including significant cash and Bitcoin reserves, to fund three priority development sites in Pennsylvania and Washington state. The company has secured zoning approvals for these locations, which are part of a 2.2-gigawatt development pipeline aimed at supporting high-performance computing for AI workloads. General and administrative expenses rose significantly due to professional fees related to the restructuring. Following the earnings release, Keel's stock price increased by over 9%, reflecting investor interest in its new strategic direction despite the immediate financial losses incurred during the overhaul.
Yahoo FinanceKeel Infrastructure Reports $145 Million Loss Amid Pivot from Bitcoin Mining to AI
Keel Infrastructure, formerly known as Bitfarms, has officially completed its strategic transition from a Bitcoin mining operation to an artificial intelligence infrastructure provider. The company reported a significant financial loss of $145 million for the recent period, reflecting the substantial costs associated with this major corporate restructuring. Despite the deficit, Keel highlighted a robust financial position, touting a $533 million war chest designated to fund the rapid buildout of its new AI infrastructure capabilities. This pivot marks a decisive shift in the company's business model, moving away from cryptocurrency mining dependencies toward the growing demand for high-performance computing resources required by AI applications. The rebranding to Keel Infrastructure underscores this new direction, aiming to capitalize on the expanding market for AI data centers and processing power. The announcement comes amidst fluctuating cryptocurrency prices, with Bitcoin trading around $81,582, yet the firm is betting on the long-term growth potential of the AI sector to drive future profitability and shareholder value.
DecryptKeel Infrastructure Reports $145 Million Q1 Net Loss Amid Legacy Mining Decline
Keel Infrastructure, formerly Bitfarms, reported a net loss of $145.4 million for the first quarter of 2026, a significant increase from the $55.6 million loss in the same period last year. Revenue declined 22% year-over-year to $37 million as the company shrinks its legacy mining operations. The widened operating loss was driven by a $41.4 million unrealized loss on cryptocurrency holdings, a $21.6 million debt extinguishment loss, and rising general administrative expenses linked to its U.S. redomiciliation. Despite the financial downturn, Keel maintains $533 million in liquidity, comprising cash and unencumbered Bitcoin. The company completed its rebranding, exited Latin America by selling its Paraguay site, and secured zoning approvals for new data center projects in Panther Creek, Sharon, and Moses Lake. Shares dropped nearly 9% in pre-market trading following the announcement. CFO Jonathan Mir stated that current liquidity fully funds capital requirements for upcoming construction projects and operational costs through 2028, signaling a strategic pivot toward infrastructure development over traditional mining.
Yahoo FinanceBitfarms Rebrands as Keel Infrastructure, Targets AI Data Center Leases by 2026
Bitfarms, now rebranding as Keel Infrastructure, outlined its strategic pivot from Bitcoin mining to North American digital infrastructure during its Q1 2026 earnings call. CEO Ben Gagnon emphasized the company's transformation into a provider of high-performance computing and AI campuses, highlighting power availability as a critical competitive advantage. The company aims to sign three major leases by year-end at sites in Panther Creek and Sharon, Pennsylvania, and Moses Lake, Washington. Despite reporting weak financial results, including a $98 million operating loss and $37 million in revenue, Keel maintains $533 million in liquidity, deemed sufficient to fund development through 2028. The firm has completed key restructuring steps, such as re-domiciling to the U.S. and selling its Paraguay assets. With secured power capacity starting in 2027, Keel positions itself to serve hyperscalers and enterprise clients faster than competitors facing long interconnection delays. The company is actively advancing permitting and engineering work across its portfolio, targeting over 2 gigawatts of capacity in supply-constrained markets.
Yahoo FinanceKeel Infrastructure Reports Q1 2026 Results and Strategic Progress
Keel Infrastructure Corp. announced its financial results for the first quarter of 2026, highlighting significant progress in its strategic transformation into a North American digital and energy infrastructure platform. The company reported securing zoning approvals and advancing site development for key projects at Panther Creek, Sharon, and Moses Lake. Following its redomiciliation to the United States and rebranding, Keel exited its Latin American operations by selling the Paso Pe site to focus on high-demand HPC and AI markets. Financially, the company maintained a strong liquidity position of approximately $533 million as of May 8, 2026, comprising cash and unencumbered Bitcoin, which is sufficient to fund development through lease execution. However, Q1 revenue declined 23% year-over-year to $37 million, resulting in a net loss from continuing operations of $128 million. This loss was driven by increased general administrative expenses related to the corporate restructuring, higher energy costs, and losses from digital asset valuation changes. Management emphasized that the current liquidity supports operational discipline and capital deployment in high-return areas while covering general expenses through 2028.
Montreal GazetteKeel Infrastructure Reports Q1 2026 Results and Strategic Pivot to North American AI Markets
Keel Infrastructure Corp. announced its financial results for the first quarter of 2026, highlighting the completion of a two-year strategic transformation. The company has rebranded and redomiciled to the United States, exiting its Latin American operations to focus exclusively on high-demand HPC and AI infrastructure markets in North America. Key development sites, including Panther Creek, Sharon, and Moses Lake, have secured zoning approvals and are progressing toward lease execution in 2026. As of May 8, 2026, Keel reported strong liquidity of $533 million, comprising cash and unencumbered Bitcoin, which fully funds near-term site development and general administrative expenses through 2028. Financially, the company recorded revenue of $37 million, a 23% year-over-year decline, and a net loss from continuing operations of $128 million. This loss was primarily driven by a $41 million decrease in the fair value of digital assets and costs associated with the U.S. transition. Despite the operating loss, management emphasized that the strong balance sheet supports disciplined capital deployment and accelerated development timelines to meet customer demands in the competitive AI infrastructure sector.
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