Keel Infrastructure reported a net loss of $145 million during the first quarter of 2026 as the company continued shifting its business focus from Bitcoin mining to artificial intelligence infrastructure.
Despite the large quarterly loss, investor sentiment remained positive. The company’s shares climbed nearly 9% following the earnings release, reflecting confidence in its long-term AI strategy.
Revenue for the quarter fell 23% year-over-year to $37 million. Much of the reported loss was linked to non-operational factors, including $41 million in digital asset valuation changes and $22 million related to the closure of a credit facility.
Keel Expands Focus on AI Infrastructure
Keel Infrastructure is making a major shift from Bitcoin mining to artificial intelligence infrastructure. The company officially changed its name from Bitfarms to Keel Infrastructure on April 1, 2026, showing its new business direction.
As part of this transition, the company ended its operations in Latin America and started investing more in AI data centers and high-performance computing projects. Keel plans to build a large 2.2-gigawatt development pipeline to support growing demand for AI technology and cloud computing services.
The company is mainly targeting expansion in the United States and Québec, where demand for advanced data infrastructure continues to grow rapidly.
In April 2026, Keel also received zoning approvals to expand AI data center facilities at some of its former Bitcoin mining locations. These approvals are expected to help the company speed up its AI infrastructure development plans in the coming months.
Operating Costs Increase During Business Shift
Keel Infrastructure saw its operating expenses rise during the first quarter as the company continued moving away from Bitcoin mining and toward AI infrastructure. General and administrative costs increased by 52% to reach $27 million.
The higher expenses were mainly linked to the company’s rebranding process, legal services, and restructuring activities connected to its business transformation.
Keel officially changed its name from Bitfarms earlier this year as part of its new long-term strategy focused on artificial intelligence and data centers.
Despite the increase in spending and lower revenue, the company still reported a solid financial position. Keel said it holds strong liquidity with significant cash reserves and Bitcoin assets, giving it flexibility to support future AI infrastructure projects and expansion plans.
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Keel Holds Over $500M in Liquidity
Keel Infrastructure reported total liquidity of $533 million at the end of the quarter. The figure includes $336 million in cash reserves and approximately $197 million in unencumbered Bitcoin holdings.
The company confirmed that none of its Bitcoin assets are being used as collateral for debt obligations.
Shares closed at $4.34 following the earnings announcement and remain higher year-to-date, showing continued investor interest in the company’s AI-focused transformation.
Investors Focus on Keel’s AI Growth Plans
Experts say a large part of Keel Infrastructure’s $145 million loss came from accounting adjustments linked to Bitcoin price changes, not from its main business operations. This means the company’s actual business performance may be stronger than the headline loss suggests.
Investors are now paying close attention to how Keel manages its Bitcoin holdings while expanding its artificial intelligence infrastructure business. The company currently holds nearly $197 million worth of Bitcoin, which could help fund future AI data center projects if needed.
Many investors believe Keel’s move from crypto mining to AI infrastructure could create stronger long-term growth opportunities despite short-term financial pressure.
