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Keel Infrastructure Posts $145M Q1 Loss, Completes Shift From Bitcoin Mining to AI
Keel Infrastructure reported a $145 million net loss in the first quarter as revenue fell 23% year over year to $37 million. Operating losses widened to $98 million, driven mainly by a $41 million fair-value loss on digital assets and a $22 million loss tied to repaying the Macquarie credit facility. The company said it completed its shift from a Canadian Bitcoin mining firm to a US-based AI and HPC infrastructure developer and sold non-core Latin American assets, including the Paso Pe facility in Paraguay.