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

Keel Infrastructure (NASDAQ: KEEL) reported first-quarter 2026 results connected Monday, posting gross of $37 million, down 22% twelvemonth implicit year, and a nett nonaccomplishment of $145.4 million, compared with a $55.6 cardinal nonaccomplishment successful Q1 2025. The company, formerly known arsenic Bitfarms, said it held astir $533 cardinal of liquidity arsenic of May 8.

Over the quarter, Keel completed its rebrand from Bitfarms, redomiciled to the United States, and exited Latin America aft closing the merchantability of its 70 MW Paso Pe tract successful Paraguay.

Shares of KEEL traded down 8.8% connected the quality successful pre-market hours, trading hands astatine $3.62. However, the banal is up 28.48% implicit the past 5 days, per Yahoo Finance data.

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Keel said zoning approvals were secured astatine Panther Creek, Sharon, and Moses Lake, with onshore improvement and biology permits successful progress. The company’s North American pipeline totals 2.2 gigawatts, according to a institution profile, including 341 MW of energized capableness and 430 MW nether progressive improvement successful the U.S.

KEEL Financials

The Q1 figures bespeak continuing bequest operations successful North America aft Latin American assets were classified arsenic discontinued operations. Revenue fell from $47.7 cardinal a twelvemonth earlier to $37 million. Cost of gross roseate 34% to $63.3 million, producing a gross nonaccomplishment of $26.3 million.

The operating nonaccomplishment widened to $98.4 cardinal from $34.8 cardinal successful Q1 2025. Keel said this was driven by a $41.4 cardinal nonaccomplishment from changes successful the just worth of cryptocurrency holdings, up from a $23 cardinal nonaccomplishment a twelvemonth earlier. The institution besides reported a $21.6 cardinal nonaccomplishment connected indebtedness extinguishment tied to the Macquarie recognition facility. General and administrative expenses roseate 52% to $26.8 million, which the institution attributed to costs related to its U.S. redomiciliation, U.S. GAAP conversion, and the Paso Pe sale.

Adjusted EBITDA swung to antagonistic $16.7 cardinal from affirmative $6.9 cardinal successful Q1 2025.

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The $533 cardinal liquidity fig comprised astir $336 cardinal of unrestricted currency and astir $197 cardinal of unencumbered bitcoin. Keel said it sold 269 bitcoin for $20 cardinal successful proceeds from January 1 done May 8.

“Our liquidity stands astatine astir $533 million. This afloat funds the superior required to beforehand Panther Creek, Sharon, and Moses Lake done lease execution, commencement of operation astatine Moses Lake, and covers our G&A done 2028,” CFO Jonathan Mir said.

Keel said the Paso Pe tract merchantability closed connected April 21, with full proceeds of astir $13 cardinal aft closing adjustments, down from an primitively agreed terms of up to $30 million.