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Bitfarms is transforming from a Bitcoin miner into Keel Infrastructure, focusing on North American digital infrastructure for AI and high-performance computing. Management said the multi-year shift is now fully underway, including a U.S. re-domicile, rebrand, and the sale of its Paraguay site.
The company’s top 2026 goal is to sign three leases by year-end at Panther Creek and Sharon in Pennsylvania and Moses Lake in Washington. These sites are being developed for hyperscalers, neo-cloud providers, enterprise customers and government clients, with power availability positioned as the key advantage.
Financial results remained weak during the transition, with first-quarter continuing revenue of $37 million, an operating loss of $98 million and negative adjusted EBITDA of $17 million. Even so, Bitfarms said it had about $533 million in liquidity as of May 8 and believes that is enough to fund development through 2028 without needing external capital to reach lease execution.
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Bitfarms (NASDAQ:BITF), now presenting as Keel Infrastructure, used its first-quarter 2026 earnings call to emphasize its shift from Bitcoin mining toward North American digital infrastructure for high-performance computing and artificial intelligence customers.
Chief Executive Officer Ben Gagnon said the company has completed several elements of a multi-year transformation plan, including winding down parts of its Bitcoin business, re-domiciling to the United States, rebranding as Keel Infrastructure and closing the sale of its Paso Pe site in Paraguay. He described Keel as a North American digital infrastructure company developing powered land sites in Pennsylvania, Quebec and Washington into more than 2 gigawatts of high-performance computing campuses.
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“Two years ago, we outlined a deliberate multi-year plan to transform this company,” Gagnon said. “That plan is now fully in motion.”
Gagnon said Keel’s top priority for 2026 is to sign three leases by year-end: one each at Panther Creek in Pennsylvania, Sharon in Pennsylvania and Moses Lake in Washington. He said the company is advancing permitting, architecture and engineering, and commercialization work at the same time across those sites.
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The company is positioning its sites for hyperscalers, neo cloud providers, enterprise customers and government clients. Gagnon said customers are focused less on whether developers can build data centers and more on when they can deliver power in the right location.
“Power availability is the single biggest bottleneck constraining the growth of the AI economy,” Gagnon said in closing remarks. “We control scarce, deliverable power in three of the most supply-constrained markets in North America.”
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Gagnon said Keel’s sites have secured power available starting in 2027, which he said could accelerate customer deployment compared with pursuing new large-load interconnections that can take four to 10 years in markets such as PJM, Quebec and Washington.
At Panther Creek, Keel’s flagship campus in eastern Pennsylvania, Gagnon said the company has 350 megawatts of secured gross capacity with PPL under an energy services agreement. The site has an expected ready-for-service date in 2027, with additional expansion potential. Zoning approvals were completed in February, including approval of a data center ordinance by the Nesquehoning Borough, while land development and environmental permits remain in process.
Gagnon said Keel is evaluating conversion of an existing 60-megawatt interconnection service agreement to firm service, which could bring gross capacity at Panther Creek to more than 400 megawatts. He also said a 2025 load study supports potential longer-term expansion beyond 500 megawatts.
At Sharon in western Pennsylvania, Keel has 110 megawatts secured through an agreement with FirstEnergy. A 30-megawatt substation is operational, and an additional 80-megawatt substation is under development. Gagnon said Sharon received full zoning permits last month, land development has been preliminarily approved and environmental permits remain on track. The site could be ready for service as early as 2027.
Moses Lake, an 18-megawatt Washington site near the Quincy data center corridor, is being positioned for customers seeking faster deployment in the Pacific Northwest. Gagnon said zoning is complete, land development and environmental permits are in process, and Bitcoin mining operations there are being decommissioned. He also said the company has purchased critical modular data center equipment to accelerate deployment.
In response to an analyst question, Gagnon said Keel has a secured option for an additional 10 megawatts near Moses Lake and that the company can exercise it if it chooses.
Chief Financial Officer Jonathan Muir said Paso Pe has been classified as held for sale since the third quarter of 2025, with related revenue, operating costs and assets treated as discontinued operations in the first-quarter results. He said references to continuing operations relate to the North American platform.
Revenue from continuing operations was $37 million in the first quarter, down 23% from a year earlier. Operating loss was $98 million, compared with an operating loss of $35 million in the prior-year period. The latest quarter included $28 million of non-cash depreciation and a $41 million loss related to the change in fair value of digital assets.
Loss from continuing operations was $128 million, or 21 cents per basic and diluted share, compared with a loss of $38 million, or 8 cents per basic and diluted share, in the first quarter of 2025. Muir said the change reflected the larger operating loss and a $22 million loss from extinguishment of the Macquarie credit facility.
Adjusted EBITDA was negative $17 million, down from positive $7 million a year earlier. Muir attributed the difference largely to a $15 million increase in energy and infrastructure expenses and an unfavorable $7 million change in gains or losses from the sale of digital assets.
Muir said Keel is “better capitalized today than at any point in this company’s history.” He said the sale of Paso Pe brought forward roughly two to three years of estimated cash flow under current market conditions in upfront cash. He also said the company has continued selling Bitcoin as part of its plan to reduce holdings in 2026.
From Jan. 1 through May 8, Keel sold 269 Bitcoin for $20 million in proceeds. As of May 8, the company had approximately $533 million in liquidity in cash and Bitcoin.
Muir said that liquidity is expected to fund Panther Creek, Sharon and Moses Lake through lease execution, the start of construction at Moses Lake and general and administrative expenses through 2028. He said Keel does not need to access debt or equity markets to reach lease execution at the three priority sites, though the company may put a credit line or at-the-market equity program in place as a prudent public-company tool.
Once leases are signed, Muir said Keel expects to pursue project-level financing supported by contracted cash flows, using a high proportion of non-recourse capital to fund construction.
During the question-and-answer session, Gagnon said demand from potential customers remains strong and has not changed materially over the past 90 to 120 days. He said recent geopolitical uncertainty has reinforced a preference among some customers to invest in the United States.
Asked about lease counterparties, Gagnon said hyperscalers may offer tighter economics but stronger credit quality, while neo cloud providers may pay higher prices but come with a higher cost of capital. He said Keel is focused on balancing counterparty quality, contract economics and financing costs.
On permitting, Gagnon said the company remains on the mid- to late-summer timeline discussed on its prior call. He said lease negotiations and permitting are running in parallel, and the company does not need all permits in hand to negotiate leases, though it expects to complete permits before final lease execution.
Gagnon also said Bitcoin mining capacity remains around 14 exahash and is expected to decline as sites are decommissioned for development. He said mining capacity could “trickle down” to around 5 exahash by the end of the year.
Asked about Scrub Grass, another Pennsylvania site, Gagnon said it could become “one of the largest data center campuses in Pennsylvania,” but the company still needs to secure power through several avenues. He said a detailed load study covering 750 megawatts is continuing, with results expected around the end of the year.
Bitfarms Ltd. is a publicly traded, vertically integrated Bitcoin mining company listed on the NASDAQ under the ticker BITF. The company engages in the large-scale operation of cryptocurrency mining farms, leveraging specialized computing hardware to validate and secure the Bitcoin blockchain. By converting electrical energy into computing power, Bitfarms plays a critical role in processing transactions on the Bitcoin network and earning mining rewards.
Bitfarms operates data centers in several jurisdictions with access to low-cost, primarily renewable energy sources.
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The article "Bitfarms Q1 Earnings Call Highlights" was originally published by MarketBeat.
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