In a significant financial update, Keel Infrastructure Corp., a New York-based digital infrastructure firm formerly known as Bitfarms, reported a net loss of $145 million for the first quarter of 2026, continuing to grapple with the financial ramifications of its substantial corporate transformation. The transition, which involved a rebranding and restructuring from its previous identity as a Bitcoin mining company, has not come without its challenges.
The company disclosed that revenue for the quarter ending March 31 dropped 23% year over year to approximately $37 million. The operating loss widened considerably, reaching $98 million compared to $35 million for the same period last year. A notable contributor to the losses was a $41 million decrease in the fair value of digital assets, compounded by a loss of $22 million from the extinguishment of a credit facility with Macquarie.
This quarterly report marks a pivotal moment for Keel, as it is the first released under the new branding following an extensive strategic overhaul that executives claim took almost two years to finalize. As of April 1, Keel became the parent company of Bitfarms Ltd. as part of a redomiciliation from Canada to the United States. A key component of this strategic shift is the company’s move away from Bitcoin mining, opting instead to focus on high-performance computing infrastructure aimed at artificial intelligence workloads. This pivot also included divesting from Latin American operations by selling its site in Paraguay, further aligning its portfolio with core interests.
As of May 8, 2026, Keel reported total liquidity of approximately $533 million, which consists of around $336 million in unrestricted cash and $197 million in unencumbered Bitcoin. This cash reserve is positioned as sufficient to progress the company’s three priority development sites through lease execution. These sites, located in Panther Creek and Sharon in Pennsylvania, as well as Moses Lake in Washington State, have already secured zoning approvals, and work on land development and environmental permitting is currently underway. Keel’s development pipeline is ambitious, comprising 2.2 gigawatts with established grid interconnections targeting high-demand power markets in both the United States and Québec.
Meanwhile, general and administrative expenses surged by 52% to $27 million, largely attributed to professional fees associated with the redomiciliation and the transition to U.S. GAAP accounting standards.
In response to the financial report, shares in Keel (KEEL) experienced a notable increase, reaching $4.34, which marks a more than 9% rise for the day and an over 8% gain since the beginning of the year. This optimistic market reaction reflects investors’ response to the company’s strategic pivot and its implications for future growth in the rapidly evolving digital infrastructure landscape.
