Keel Infrastructure Corp. Reports 22.4% Revenue Decline and $145.35 Million Net Loss in Q1 2026

Keel Infrastructure Corp., formerly known as Bitfarms Ltd., reported a significant decline in financial performance for the first quarter of 2026, ending March 31. The company generated revenues of $36.99 million, a decrease of 22.4% from $47.65 million in the same period of 2025. The cost of revenues increased to $63.30 million, resulting in a gross loss of $26.31 million compared to a gross profit of $0.28 million a year earlier. The net loss for the quarter was $145.35 million, which is a substantial increase from the $55.55 million loss reported in the first quarter of 2025. This resulted in a basic and diluted loss per share of $0.24, compared to $0.11 in the prior year.

The company underwent a strategic transformation during the quarter, completing its redomiciliation from Canada to the United States on April 1, 2026. This transition involved the acquisition of all outstanding shares of Bitfarms by Keel, with shareholders receiving one share of Keel for each share of Bitfarms. The move aims to enhance operational efficiency and market presence in the U.S. Additionally, Keel continues to focus on high-performance computing (HPC) and artificial intelligence (AI) workloads, shifting away from its traditional Bitcoin mining operations.

Operationally, Keel reported a decrease in its digital assets, which totaled $168.48 million as of March 31, down from $174.73 million at the end of 2025. The company also noted a significant reduction in cash reserves, which fell to $357.28 million from $573.46 million at the end of the previous fiscal year. The total assets decreased to $1.07 billion, down from $1.30 billion, while total liabilities were reduced to $647.58 million from $735.97 million. The company’s employee headcount increased to 602,851,137 shares outstanding, reflecting ongoing efforts to expand its workforce in line with its strategic objectives.

The filing also highlighted the impact of market conditions and operational challenges, including increased costs associated with the transition to HPC and AI workloads, as well as the volatility of Bitcoin prices. The company reported a loss on the extinguishment of long-term debt amounting to $21.60 million, which contributed to the overall net loss. Keel's management indicated that the focus on developing data centers for HPC and AI workloads may not yield immediate profitability but is expected to position the company favorably for future growth.

Looking ahead, Keel Infrastructure Corp. anticipates continued challenges in the evolving regulatory landscape and competitive market conditions. The company remains committed to its strategic transformation and aims to leverage its infrastructure capabilities to capture opportunities in the digital and energy sectors. However, management cautioned that actual results may differ materially from forward-looking statements due to various risks and uncertainties, including reliance on power sources and potential supply chain disruptions.