Keel Infrastructure Corp., formerly known as Bitfarms, reported a net loss of $145 million for the first quarter of 2026, reflecting the financial repercussions of its pivot from Bitcoin mining to high-performance computing for AI workloads. Revenue decreased 23% year-over-year to $37 million, while the operating loss escalated significantly, driven by losses related to digital asset fair value changes and credit facility extinguishments. This quarterly report marks the culmination of a nearly two-year strategic overhaul that included shedding noncore assets and securing zoning approvals for data centers in Pennsylvania and Washington state. Keel currently holds $533 million in liquidity to support the advancement of its development projects as the demand for AI data centers grows.
Bitfarms: Bitfarms Ltd. was a Canadian Bitcoin mining company that executed a multi-year strategic transformation. It became a subsidiary of Keel Infrastructure following the rebrand and U.S. redomiciliation earlier this year. The restructuring involved divesting non-core Latin American assets to support the shift toward AI and HPC infrastructure.
Keel Infrastructure: Keel Infrastructure Corp. is a New York-based developer and owner of scalable data centers and energy infrastructure tailored for high-performance computing and artificial intelligence workloads across North America. The company completed its rebranding from Bitfarms and redomiciliation from Canada to the United States on April 1, becoming the parent of its predecessor. In its first quarterly report under the new name, Keel announced advancements on three priority data center sites as it finalizes its pivot from Bitcoin mining.
Industry Pivot: Keel and peers like HIVE are deepening their focus on AI data centers amid rising demand.15
Site Development: Keel has secured zoning approvals for priority data centers in Pennsylvania and is advancing land development and environmental permitting.1
Hardware Readiness: Keel is engineering its data center portfolio for next-generation NVIDIA hardware including Vera Rubin.2