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Keel Infrastructure, the company formerly known as Bitfarms, reported a $145 million net loss in the first quarter of 2026. Despite the loss, the stock rose 9% on earnings day.
The company attributed the results to an accelerated exit from Bitcoin mining and a shift of resources toward artificial intelligence and high-performance computing infrastructure. Revenue fell 23% year-over-year to $37 million. Two non-operational items drove much of the net loss: $41 million in fair value changes on digital assets and $22 million in costs related to extinguishing a credit facility.
Keel rebranded from Bitfarms on April 1, 2026. The name change also coincided with the company’s exit from Latin American operations entirely.
Keel said it is building a 2.2 gigawatt development pipeline focused on AI data centers, targeting strategic locations across the US and Québec. On April 30, 2026, the company secured zoning approvals for AI data center expansions at former Bitcoin mining sites.
General and administrative expenses increased 52% to $27 million, driven largely by professional fees associated with the rebranding and restructuring process.
Total liquidity stands at $533 million, consisting of $336 million in cash and $197 million in unencumbered Bitcoin. The company stated that none of its Bitcoin is pledged as collateral against loans.
On earnings day, shares rose to $4.34. The stock is up 8% year-to-date despite the reported loss.
Keel’s $145 million loss should be viewed in context. The $41 million in fair value changes on digital assets accounted for a significant portion of the red ink, reflecting Bitcoin price movements rather than core operating performance.
Investors are also expected to track how Keel manages its Bitcoin treasury. The $197 million in unencumbered Bitcoin represents both an asset and a strategic lever: selling it could help fund the AI buildout, while holding it keeps exposure to potential Bitcoin upside.
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