Key Takeaways
Keel Infrastructure posted a $145.4 million first-quarter net loss as it completes a strategic pivot from Bitcoin mining to developing over 2.2 gigawatts of data center capacity for the artificial intelligence industry.
"Our liquidity stands at approximately $533 million. This fully funds the capital required to advance Panther Creek, Sharon, and Moses Lake through lease execution," CFO Jonathan Mir said.
The company’s revenue fell 22% year-over-year to $37 million, swinging to an adjusted EBITDA loss of $16.7 million from a $6.9 million profit a year earlier. The results reflect the wind-down of its legacy crypto business and costs associated with its rebrand and redomiciliation to the U.S. from Canada.
Despite the loss, shares rose 8.3% as investors focused on the AI pivot, which pits Keel against both crypto-native peers like Riot Platforms and traditional data center operators. The company's success now hinges on converting its power pipeline into leases with hyperscale and enterprise clients by year-end.
Keel’s first-quarter results show a company deep in transition. The $37 million in revenue from continuing operations missed analyst expectations and was down from $47.7 million in the same quarter of 2025. The operating loss widened significantly to $98.4 million from $34.8 million a year prior, driven by a $41.4 million loss from changes in the fair value of its remaining cryptocurrency holdings and a $21.6 million loss on debt extinguishment.
General and administrative expenses rose 52% to $26.8 million, which the company attributed to its U.S. redomiciliation, conversion to U.S. GAAP accounting, and the sale of its former 70 MW site in Paraguay. The company's adjusted EBITDA swung to a loss of $16.7 million, compared to a $6.9 million profit in Q1 2025.
Formerly known as Bitfarms, Keel is repositioning itself as a North American digital infrastructure company focused on high-demand, power-constrained markets. CEO Ben Gagnon stated the company's top priority is signing three leases by the end of 2026 for its key development sites.
"Power availability is the single biggest bottleneck constraining the growth of the AI economy," Gagnon said on the company's earnings call. "We control scarce, deliverable power in three of the most supply-constrained markets in North America."
The company is winding down its Bitcoin assets to fund this shift. From January 1 through May 8, Keel sold 269 Bitcoin for $20 million. As of May 8, its liquidity included $336 million in unrestricted cash and $197 million in unencumbered Bitcoin.
Keel is advancing development in parallel across three main U.S. sites, with a total North American pipeline of 2.2 GW.
Investor interest in digital infrastructure and AI assets remains high. On the day of the report, peer crypto-miner-turned-data-center-operator Riot Platforms (RIOT) gained 5.23%, while Mara Holdings (MARA) closed up 3.48%. Keel's ability to execute its development plan and secure long-term leases will determine if it can capture a share of this growing market.
This article is for informational purposes only and does not constitute investment advice.
