Keel Infrastructure Reports First Quarter 2026 Results

• Keel Infrastructure reported Q1 2026 results, completing a nearly two-year strategic transformation from Bitcoin mining to North American HPC/AI infrastructure.
• Financials deteriorated sharply year-over-year: revenue of $37 million (down 23%), operating loss of $98 million, net loss of $145.35 million, and negative adjusted EBITDA of $17 million.
• The company maintains $533 million in total liquidity ($336 million unrestricted cash, $197 million in unencumbered Bitcoin) and sold 269 Bitcoin during the quarter for $20 million.
• Key operational milestones: zoning approvals secured for Panther Creek, Sharon, and Moses Lake sites; land development and environmental permits in progress.
• The Paso Pe sale closed on April 22, 2026, for only $13 million versus an original target of up to $30 million, finalizing the exit from Latin America.
• Management asserts the liquidity position is sufficient to fund site development through lease execution in 2026 and cover G&A through 2028.

The Q1 2026 results are largely in line with the ongoing narrative of a deep transformation pivot. The company has fully exited Bitcoin-centric Latin American operations (as confirmed by the Paso Pe closing) and is now entirely focused on developing HPC/AI infrastructure in North America. The heavy near-term losses and Bitcoin divestments were expected as part of this transition and do not come as a shock given the prior sale announcement and rebranding. The reaffirmation of a strong liquidity runway provides some assurance, but the widening losses and minimal current revenue from the new core business highlight significant execution risk. Nothing in this earnings report either materially exceeds or materially disappoints relative to the trajectory already communicated to the market; it is an incremental confirmation of the pivot in progress. Therefore, the news is classified as Routine – Neutral.

Keel Infrastructure, formerly Bitfarms, has transformed from a pure-play Bitcoin miner to a North American developer of high-performance computing and AI data-center infrastructure. The company decamped from Paraguay entirely, selling its Paso Pe site to concentrate on three projects in the United States: Panther Creek (likely Pennsylvania), Sharon (location undisclosed in provided news), and Moses Lake (Washington). These sites have secured zoning approvals and are progressing toward environmental permits and lease execution. The end‑vision is to build and operate scalable HPC facilities serving the AI economy, moving completely away from cryptocurrency exposure over time.