{"id":28256,"date":"2026-05-12T06:38:44","date_gmt":"2026-05-12T06:38:44","guid":{"rendered":"https:\/\/bitunikey.com\/news\/keel-shares-jump-as-145m-q1-loss-tests-former-bitfarms-ai-pivot\/"},"modified":"2026-05-12T06:39:13","modified_gmt":"2026-05-12T06:39:13","slug":"keel-shares-jump-as-145m-q1-loss-tests-former-bitfarms-ai-pivot","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/keel-shares-jump-as-145m-q1-loss-tests-former-bitfarms-ai-pivot\/","title":{"rendered":"Keel shares jump as $145M Q1 loss tests former Bitfarms\u2019 AI pivot"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p><strong>Keel Infrastructure, formerly known as Bitfarms, reported a net loss of $145.4 million for the first quarter of 2026.\u00a0<\/strong><\/p>\n<div id=\"cn-block-summary-block_844667c87c4f774907787b2d362e5f78\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Keel\u2019s Q1 revenue fell 23% to $37 million as losses widened after its rebrand shift.<\/li>\n<li>The company said $533 million in liquidity can fund priority sites through lease execution plans.<\/li>\n<li>Shares closed higher as investors weighed AI infrastructure demand against weak Bitcoin mining results.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Revenue fell to $37 million, down 23% from $47.7 million a year earlier. The company also posted a $98.4 million operating loss, compared with $34.8 million in Q1 2025.\u00a0<\/p>\n<p>The result included a $41.4 million loss from changes in the fair value of digital assets and a $21.6 million loss tied to the extinguishment of long-term debt.<\/p>\n<p>Meanwhile, KEEL shares closed at $4.30 on May 11, up 8.31% for the session. The stock later traded at $4.27 after hours, down 0.70%, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.google.com\/finance\/beta\/quote\/KEEL%3ANASDAQ\" target=\"_blank\" rel=\"nofollow\">according<\/a> to Google Finance data.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>The stock reaction showed that investors focused on the company\u2019s AI infrastructure plan, not only the weaker quarterly numbers. Google Finance listed KEEL\u2019s intraday high at $4.50 and its low at $3.56.<\/p>\n<h2 class=\"wp-block-heading\"><strong>AI infrastructure becomes the main plan<\/strong><\/h2>\n<p>Keel <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2026\/05\/11\/3291726\/0\/en\/keel-infrastructure-reports-first-quarter-2026-results.html\" target=\"_blank\" rel=\"nofollow\">said<\/a> it completed its redomiciliation to the United States and rebranded as part of a shift away from Bitcoin mining. The company now presents itself as a North American data center and energy infrastructure developer for AI and high-performance computing.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cOur rebranding to Keel Infrastructure marks the completion of a nearly two-year strategic transformation,\u201d said chief executive Ben Gagnon.<\/p>\n<\/blockquote>\n<p>He said the company had exited Latin American megawatts and focused its pipeline on North American AI markets.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Liquidity supports site development<\/strong><\/h2>\n<p>Keel reported about $533 million in liquidity as of May 8. That total included $336 million in unrestricted cash and $197 million in unencumbered Bitcoin.<\/p>\n<p>Chief financial officer Jonathan Mir said, \u201cOur liquidity stands at approximately $533 million.\u201d He said the funds can support Panther Creek, Sharon, and Moses Lake through lease execution and cover general expenses through 2028.<\/p>\n<p>The company said it secured zoning approvals and advanced land and environmental work at the three priority sites. Keel also sold 269 Bitcoin for $20 million between Jan. 1 and May 8 as part of its planned wind down of its Bitcoin position.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Miners keep moving toward AI<\/strong><\/h2>\n<p>Keel\u2019s pivot fits a wider shift among public Bitcoin miners. Recent market updates showed Core Scientific is converting its Pecos, Texas, mining site into a 1.5-gigawatt AI data center campus, with 300 megawatts moving away from mining use.<\/p>\n<p>Separate coverage also showed Core Scientific\u2019s self-mining revenue fell as its AI colocation business grew. MARA has taken a similar route through its Starwood partnership, which targets AI-focused data centers across power-rich mining sites.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Keel Infrastructure, formerly known as Bitfarms, reported a net loss of $145.4 million for the first quarter of 2026.\u00a0 Summary Keel\u2019s Q1 revenue fell 23% to $37 million as losses&hellip;<\/p>\n","protected":false},"author":1,"featured_media":28257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-28256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=28256"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28256\/revisions"}],"predecessor-version":[{"id":28258,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28256\/revisions\/28258"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/28257"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=28256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=28256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=28256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}