Keel Reports $145.4M Q1 2026 Net Loss on AI Shift

Keel Infrastructure, formerly Bitfarms, reported a first-quarter 2026 net loss of $145.4 million on May 11, with revenue declining 23 percent to $37 million from $47.7 million a year earlier. The results, disclosed as the company completes its shift from Bitcoin mining to North American AI and high-performance computing data centers, came alongside $533 million in liquidity to fund development at three priority sites.

The operating loss widened to $98.4 million from $34.8 million in the prior-year period, including a $41.4 million loss from changes in the fair value of digital assets and a $21.6 million loss tied to extinguishing long-term debt. Keel, which redomiciled to the United States and rebranded in April, sold 269 Bitcoin for $20 million between January 1 and May 8 to reduce its cryptocurrency exposure. As of May 8, liquidity included $336 million in unrestricted cash and $197 million in unencumbered Bitcoin.

Chief Executive Ben Gagnon described the changes as "the completion of a nearly two-year strategic transformation," noting the exit from Latin American mining operations and a focus on North American AI markets. The company has secured zoning approvals and advanced...