Quarterly ResultMay 11, 2026, 07:07 AM
Keel Infrastructure Q1 Net Loss Widens to $145.35M; Revenue Down 22.4%
AI Summary
Keel Infrastructure Corp. (formerly Bitfarms Ltd.) reported a significant widening of its net loss to $145.35 million in Q1 2026, compared to $55.55 million in Q1 2025. Revenues decreased by 22.4% to $36.99 million. The company also completed its redomiciliation from Canada to the United States and rebranded from Bitfarms Ltd. to Keel Infrastructure Corp. effective April 1, 2026, shifting its focus towards digital and energy infrastructure for HPC and AI workloads.
Key Highlights
- Redomiciled to US and rebranded as Keel Infrastructure Corp. effective April 1, 2026.
- Q1 2026 net loss widened to $145.35 million, up from $55.55 million in Q1 2025.
- Q1 2026 revenues decreased 22.4% to $36.99 million from $47.65 million YoY.
- Basic and diluted loss per share increased to $0.24 from $0.11 year-over-year.
- Cash and restricted cash decreased by $232.65 million to $398.35 million.
- Recorded $4.22 million credit loss expense due to BlockFills' Chapter 11 filing.
- Fully repaid Credit Facility in Feb 2026, releasing $57.50 million restricted cash.
- Issued letters of credit in March 2026, collateralized by $41.08 million restricted cash.