Keel’s first quarterly report shows a net loss of $145 million, with quarterly revenue down 23% year-over-year

According to Decrypt’s report on May 12, Keel Infrastructure Corp. (formerly Bitfarms Ltd.) released its Q1 2026 financial results, recording a net loss of $145 million, with quarterly revenue down 23% year over year to approximately $37 million. This is the company’s first quarterly report issued under the Keel brand.

Q1 2026 Key Financial Highlights

According to Keel’s official financial report, the company’s key financial metrics for Q1 2026 are as follows:

Net loss: $145 million

Quarterly revenue: approximately $37 million (down 23% year over year)

Operating loss: $98 million (vs. $35 million in the same period last year)

Loss from changes in the fair value of digital assets: $41 million

Loss from terminating the Macquarie credit arrangement: $22 million

General and administrative expenses: $27 million (up 52%), mainly due to professional fees related to re-registration and the conversion to U.S. Generally Accepted Accounting Principles (US GAAP)

According to the report, Keel stock (ticker: KEEL) closed up more than 9% on Monday to $4.34, with gains of more than 8% year to date.

Corporate Transformation: Bitfarms Renames to Keel and Relocates to the U.S.

According to Decrypt’s report and Keel’s official statement, on April 1, 2026, Keel Infrastructure Corp. officially became the ultimate parent company of Bitfarms Ltd., completing the plan to relocate the company from Canada to the United States. This marks the completion of the strategic restructuring that senior management described as spanning nearly two years.

The core of this restructuring is business transformation: shifting from bitcoin mining to providing high-performance computing (HPC) infrastructure for AI workloads. According to the report, the company completed its exit from Latin America by selling the Paso Peña mine located in Paraguay, divesting assets it characterized as non-core.

Site Selection for Three AI Data Centers and Liquidity

According to Keel’s official financial report, as of May 8, 2026, the company’s total liquidity was approximately $533 million, including about $336 million in unrestricted cash and about $197 million in unencumbered bitcoin. The company said that the above reserves are sufficient to proceed with lease execution for three priority development locations.

The three selected sites are Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington; all sites have received planning approvals, and land development and environmental permitting work is ongoing. The company said its 2.2 gigawatt (GW) development pipeline includes completed grid-interconnection projects in high-demand power markets in the U.S. and Quebec, and it plans to complete lease execution for the three locations in 2026.

Frequently Asked Questions

When was the completion time for Keel Infrastructure’s predecessor and brand rebranding?

According to Decrypt’s report and Keel’s official statement, Keel Infrastructure Corp., formerly Bitfarms Ltd., officially completed its rebranding on April 1, 2026, becoming the ultimate parent company of Bitfarms Ltd. and completing the plan to relocate from Canada to the U.S.

What are the main reasons for Keel’s Q1 2026 net loss of $145 million?

According to Keel’s official financial report, the main factors include: a $41 million loss from changes in the fair value of digital assets, a $22 million loss from terminating the Macquarie credit arrangement, and a 52% increase in general and administrative expenses to $27 million (mainly due to professional fees related to re-registration and conversion to US GAAP).

What are Keel’s three AI data center site locations and the scale of its liquidity?

According to Keel’s official financial report, the three priority sites are Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington. As of May 8, 2026, the company’s liquidity is approximately $533 million (including $336 million in cash and $197 million in unencumbered bitcoin), with plans to complete lease execution for the three locations in 2026.