Keel posts $145M Q1 loss amid shift to U.S. AI data centers

Keel Infrastructure posted a $145 million net loss for the quarter ended March 31, 2026, its first report after rebranding from Bitfarms. The company is repositioning from Bitcoin mining to developing AI and high-performance computing data centers in the U.S.

Revenue fell 23% year over year to about $37 million. Operating loss widened to $98 million from $35 million a year earlier. Results included a $41 million loss tied to changes in the fair value of digital assets and a $22 million loss from extinguishing a Macquarie credit facility.

Keel completed a redomiciliation to the United States on April 1 and became the ultimate parent company of Bitfarms Ltd. The company exited its Latin American mining operations with the sale of the Paso Pe site in Paraguay as part of the restructuring.

As of May 8, Keel reported total liquidity of approximately $533 million, comprising about $336 million in unrestricted cash and $197 million in unencumbered Bitcoin. Keel reported that reserve is sufficient to advance three priority development sites to lease execution: Panther Creek and Sharon in Pennsylvania and Moses Lake in Washington. All three sites have secured zoning approvals; land development and environmental permitting are under way.

The company describes a 2.2-gigawatt development pipeline with established grid interconnections across high-demand power markets in the U.S. and Québec. Keel is positioning those sites to serve AI and HPC customers rather than host large-scale cryptocurrency mining operations.

General and administrative expenses rose 52% year over year to $27 million, reflecting professional fees tied to the redomiciliation and conversion to U.S. GAAP. Management characterized the quarter as a transition period, with one-time and restructuring-related costs affecting results.

Shares in Keel (KEEL) rose to $4.34 on the day results were released, gaining more than 9% intraday and trading higher year to date. The company expects to advance its three priority sites to lease execution during 2026 while continuing development of its broader power-connected pipeline.