Keel Infrastructure Corp. Reports 50% Revenue Decline and Strategic Shift to HPC and AI

Keel Infrastructure Corp., formerly known as Bitfarms Ltd., reported significant financial challenges in its quarterly filing for the period ending June 30, 2026. The company generated revenues of $30.4 million, a 50% decrease from $60.9 million in the same quarter of the previous year. This decline was primarily attributed to a substantial drop in Bitcoin mining revenue, which fell by $29.6 million due to lower average Bitcoin prices and increased network difficulty. The average Bitcoin price during the quarter was $72,020, compared to $97,942 in the prior year, and the company mined 354 Bitcoins, down from 556.

In terms of profitability, Keel recorded a gross loss of $86.8 million for the quarter, compared to a gross loss of $3.9 million in Q2 2025. The cost of revenues surged to $117.2 million, an 81% increase from the previous year, largely due to a significant rise in non-cash depreciation and amortization expenses, which were impacted by the cessation of Bitcoin mining operations at several sites. Operating expenses also rose, with general and administrative costs increasing by 62% to $31.3 million, driven by higher stock-based compensation and professional service fees related to the company's U.S. redomiciliation.

Strategically, Keel has shifted its focus from Bitcoin mining to high-performance computing (HPC) and artificial intelligence (AI) infrastructure. The company ceased its Bitcoin mining operations in the United States as of June 29, 2026, to facilitate this transition. The company is currently developing an 18 gross megawatt HPC data center in Washington State and plans to convert its Sharon site into an HPC facility. Additionally, Keel has secured a 2.2 gigawatt power capacity pipeline and aims to lease this capacity to hyperscalers and cloud service providers.

Operationally, Keel's total assets increased to $1.42 billion as of June 30, 2026, up from $1.30 billion at the end of 2025. The company reported a working capital of $841.3 million, reflecting a significant increase due to a rise in cash reserves and a reduction in current liabilities following the repayment of its credit facility. However, the company also noted a decrease in digital assets, primarily due to lower Bitcoin prices, which impacted its liquidity position.

Looking ahead, Keel Infrastructure Corp. anticipates that its transition to HPC and AI infrastructure will require substantial capital investments and may affect cash flows in the short term. The company is focused on securing low-cost electricity and managing operational costs as it navigates this strategic shift. The management remains optimistic about capturing growth opportunities in the evolving data center landscape, despite the challenges posed by market volatility and competition in the digital infrastructure sector.