Keel Infrastructure posts $145 million net loss in Q1 as legacy mining business shrinks

Keel Infrastructure (NASDAQ: KEEL) reported first-quarter 2026 results on Monday, posting revenue of $37 million, down 22% year over year, and a net loss of $145.4 million, compared with a $55.6 million loss in Q1 2025. The company, formerly known as Bitfarms, said it held about $533 million of liquidity as of May 8.

Over the quarter, Keel completed its rebrand from Bitfarms, redomiciled to the United States, and exited Latin America after closing the sale of its 70 MW Paso Pe site in Paraguay.

Shares of KEEL traded down 8.8% on the news in pre-market hours, trading hands at $3.62. However, the stock is up 28.48% over the past 5 days, per Yahoo Finance data.

Keel said zoning approvals were secured at Panther Creek, Sharon, and Moses Lake, with land development and environmental permits in progress. The company’s North American pipeline totals 2.2 gigawatts, according to a company profile, including 341 MW of energized capacity and 430 MW under active development in the U.S.

The Q1 figures reflect continuing legacy operations in North America after Latin American assets were classified as discontinued operations. Revenue fell from $47.7 million a year earlier to $37 million. Cost of revenue rose 34% to $63.3 million, producing a gross loss of $26.3 million.

The operating loss widened to $98.4 million from $34.8 million in Q1 2025. Keel said this was driven by a $41.4 million loss from changes in the fair value of cryptocurrency holdings, up from a $23 million loss a year earlier. The company also reported a $21.6 million loss on debt extinguishment tied to the Macquarie credit facility. General and administrative expenses rose 52% to $26.8 million, which the company attributed to costs related to its U.S. redomiciliation, U.S. GAAP conversion, and the Paso Pe sale.

Adjusted EBITDA swung to negative $16.7 million from positive $6.9 million in Q1 2025.

The $533 million liquidity figure comprised about $336 million of unrestricted cash and about $197 million of unencumbered bitcoin. Keel said it sold 269 bitcoin for $20 million in proceeds from January 1 through May 8.

“Our liquidity stands at approximately $533 million. This fully funds the capital required to advance Panther Creek, Sharon, and Moses Lake through lease execution, start of construction at Moses Lake, and covers our G&A through 2028,” CFO Jonathan Mir said.

Keel said the Paso Pe site sale closed on April 21, with total proceeds of about $13 million after closing adjustments, down from an originally agreed price of up to $30 million.