Keel Infrastructure, formerly known as Bitfarms, reported a net loss of $145.4 million in the first quarter of 2026.
summary
- Keel’s first-quarter revenue fell 23% to $37 million as losses widened after its rebranding.
- The company said $533 million of liquidity can fund priority sites through lease implementation plans.
- Stocks closed higher as investors weighed demand for AI infrastructure against weak Bitcoin mining results.
Revenue fell to $37 million, down 23% from $47.7 million the previous year. The company also recorded an operating loss of $98.4 million, compared to $34.8 million in the first quarter of 2025.
The result included a loss of $41.4 million from changes in the fair value of digital assets and a loss of $21.6 million associated with the extinguishment of long-term debt.
Meanwhile, KEEL shares closed at $4.30 on May 11, up 8.31% during the session. The stock later traded at $4.27 after hours, down 0.70%. According to For Google Financials.
The stock reaction showed that investors were focused on the company’s AI infrastructure plan, not just the weaker quarterly numbers. Google Finance listed KEEL’s intraday high of $4.50 and low of $3.56.
AI infrastructure becomes the master plan
Casual He said It completed its resettlement in the United States and renamed it as part of the shift away from Bitcoin mining. The company now bills itself as a North American data center and developer of power infrastructure for artificial intelligence and high-performance computing.
“Our rebranding to Keel Infrastructure marks the completion of our nearly two-year strategic transformation,” said CEO Ben Gagnon.
He said the company has exited its Latin American power plant and focused its pipeline on North American AI markets.
Liquidity supports site development
Kiel reported approximately $533 million in liquidity as of May 8. This total included $336 million in untethered cash and $197 million in untethered bitcoin.
Our liquidity is approximately $533 million,” said Jonathan Mair, CFO. The money could support Panther Creek, Sharon and Moses Lake by implementing the lease and covering overhead expenses through 2028, he said.
The company said it has obtained advanced zoning, land and environmental approvals for the three priority sites. Keel also sold 269 bitcoins for $20 million between January 1 and May 8 as part of the planned liquidation of its bitcoin position.
Miners continue to move towards artificial intelligence
Keel’s pivot fits into a broader shift among public Bitcoin miners. Latest market updates Show Core Scientific is converting its mining site in Pecos, Texas, into a 1.5 GW AI data center, moving away from a 300 MW mining capacity.
Separate coverage also Show Core Scientific’s self-mining revenues declined as its AI business grew. Mara has taken A similar path is through its partnership with Starwood, which targets AI-focused data centers across energy-rich mining sites.
