Keel Infrastructure Corp. Financial Update
Keel Infrastructure Corp., a digital infrastructure entity situated in New York, recently disclosed a considerable net deficit of $145 million for the first quarter of 2026. The company continues to grapple with expenses stemming from its expansive corporate rebranding from Bitcoin mining firm Bitfarms.
Revenue and Operational Loss
The company’s revenues decreased by 23% compared to the previous year, landing around $37 million. Meanwhile, the operational loss surged significantly to $98 million, up from $35 million year-over-year. This deterioration was significantly influenced by a $41 million decline associated with fluctuations in the market value of digital assets, in addition to a $22 million loss linked to the cancellation of a Macquarie credit facility.
Corporate Transition
This marks the first financial update since Keel adopted its new identity following its transition to parent company status of Bitfarms Ltd. on April 1. The company reshaped its corporate base from Canada to the U.S., rounding off a nearly two-year transformation process during which it pivoted away from Bitcoin mining. Instead, it is now focusing on delivering high-performance computing infrastructure aimed at artificial intelligence applications.
As part of this shift, Keel abandoned its ventures in Latin America, evidenced by the sale of its Paso Pe site in Paraguay, a decision made to streamline operations towards core business interests.
Liquidity and Development Projects
As of May 8, Keel reported liquidity totaling approximately $533 million, which included around $336 million in liquid cash and $197 million in unencumbered Bitcoin. The company stated that these reserves are adequate to support the growth of its prioritized development projects located in Panther Creek and Sharon, Pennsylvania, along with Moses Lake in Washington state. Zoning permissions have already been obtained for these sites, with current activities focused on land development and acquisition of environmental permits.
Keel’s ambitious 2.2-gigawatt development initiative boasts established power grid connections in regions with high energy demand across the U.S. and Québec.
Cost Increases and Stock Performance
In tandem with these changes, the company’s general and administrative costs surged by 52% to reach $27 million, primarily driven by professional fees related to the shift in domicile and compliance with U.S. GAAP accounting guidelines.
On a more positive note, shares of Keel (ticker symbol: KEEL) experienced an uptick, closing at $4.34 on Monday—an increase of over 9% for the day, marking an overall gain of more than 8% since the start of 2026.
