Keel shares jump as $145M Q1 loss tests former Bitfarms’ AI pivot

Keel Infrastructure, formerly known as Bitfarms, reported a net loss of $145.4 million for the first quarter of 2026

Summary

• Keel’s Q1 revenue fell 23% to $37 million as losses widened after its rebrand shift.
• The company said $533 million in liquidity can fund priority sites through lease execution plans.
• Shares closed higher as investors weighed AI infrastructure demand against weak Bitcoin mining results.

Revenue fell to $37 million, down 23% from $47.7 million a year earlier. The company also posted a $98.4 million operating loss, compared with $34.8 million in Q1 2025

The result included a $41.4 million loss from changes in the fair value of digital assets and a $21.6 million loss tied to the extinguishment of long-term debt.

Meanwhile, KEEL shares closed at $4.30 on May 11, up 8.31% for the session. The stock later traded at $4.27 after hours, down 0.70%, according to Google Finance data.

The stock reaction showed that investors focused on the company’s AI infrastructure plan, not only the weaker quarterly numbers. Google Finance listed KEEL’s intraday high at $4.50 and its low at $3.56.

AI infrastructure becomes the main plan

Keel said it completed its redomiciliation to the United States and rebranded as part of a shift away from Bitcoin mining. The company now presents itself as a North American data center and energy infrastructure developer for AI and high-performance computing.

“Our rebranding to Keel Infrastructure marks the completion of a nearly two-year strategic transformation,” said chief executive Ben Gagnon.

He said the company had exited Latin American megawatts and focused its pipeline on North American AI markets.

Liquidity supports site development

Keel reported about $533 million in liquidity as of May 8. That total included $336 million in unrestricted cash and $197 million in unencumbered Bitcoin.

Chief financial officer Jonathan Mir said, “Our liquidity stands at approximately $533 million.” He said the funds can support Panther Creek, Sharon, and Moses Lake through lease execution and cover general expenses through 2028.

The company said it secured zoning approvals and advanced land and environmental work at the three priority sites. Keel also sold 269 Bitcoin for $20 million between Jan. 1 and May 8 as part of its planned wind down of its Bitcoin position.

Miners keep moving toward AI

Keel’s pivot fits a wider shift among public Bitcoin miners. Recent market updates showed Core Scientific is converting its Pecos, Texas, mining site into a 1.5-gigawatt AI data center campus, with 300 megawatts moving away from mining use.

Separate coverage also showed Core Scientific’s self-mining revenue fell as its AI colocation business grew. MARA has taken a similar route through its Starwood partnership, which targets AI-focused data centers across power-rich mining sites.