Keel Infrastructure, formerly known as BitFarms, reported a net loss of $145.4 million for the first quarter of 2026.
Revenue was $37 million, down 23% from $47.7 million in the same period last year. The company also posted an operating loss of $98.4 million, compared to an operating loss of $34.8 million in the first quarter of 2025.
This result included a loss of $41.4 million due to changes in the fair value of digital assets and a loss of $21.6 million related to the extinguishment of long-term debt.
Meanwhile, KEEL stock rose 8.31% to close at $4.30 on May 11th. Shares traded 0.70% lower at $4.27 in after-hours trading, according to Google Finance data.
The stock’s reaction showed investors are focused on the company’s AI infrastructure plans, not just the weak quarterly numbers. Google Finance gives KEEL an intraday high of $4.50 and a low of $3.56.
AI infrastructure will be the main plan
Kiel said it has completed its relocation to the United States and rebranded as part of its transition away from Bitcoin mining. The company is currently positioning itself as a developer of North American data center and energy infrastructure for AI and high-performance computing.
“Our rebranding to Keele Infrastructure marks the completion of almost two years of strategic transformation,” said Chief Executive Ben Gagnon.
He said the company has exited Latin American megawatts and focused its pipeline on the North American AI market.
Fluidity supports site development
Kiel reported liquidity of approximately $533 million as of May 8. That total includes $336 million in unrestricted cash and $197 million in unrestricted Bitcoin.
“We have approximately $533 million of liquidity,” Chief Financial Officer Jonathan Mill said. He said the fund could support Panther Creek, Sharon and Moses Lake through lease execution and cover general expenses through 2028.
The company announced that it has secured zoning approvals and advanced land and environmental work at three priority locations. Kiel also sold 269 Bitcoins for $20 million between January 1st and May 8th as part of a plan to reduce his Bitcoin position.
Miners continue to transition to AI
Keel’s pivot fits into a broader shift among public Bitcoin miners. According to a recent market update, Core Scientific plans to convert a mine in Pecos, Texas, into a 1.5 gigawatt AI data center campus, taking 300 megawatts out of mining use.
Separate reports also indicate that Core Scientific’s self-mining revenue has declined as its AI colocation business grows. MARA took a similar route through its Starwood partnership targeting AI-focused data centers across power-rich mining sites.
