Keel Infrastructure posts Q1 net loss as it advances AI infrastructure shift

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Keel Q1 net loss, AI shift

Highlights

Keel Infrastructure reported a first-quarter operating loss of $98 million, up from $35 million a year earlier, due to non-cash digital asset losses and credit facility extinguishment.
Keel completed its U.S. redomiciliation, rebranded from Bitfarms Ltd., exited Latin America, and sold 269 bitcoin for $20 million between Jan. 1 and May 8 as part of its restructuring.
Keel's liquidity as of May 8 stands at $533 million, and shares climbed 8.3% to $4.30 on May 11 after announcing a strategic focus on North American HPC and AI infrastructure.

Quarter results and strategic repositioning

In a Monday statement, Keel Infrastructure said the first-quarter net loss was driven in part by a $41 million non-cash loss from changes in the fair value of digital assets and a $22 million loss related to the extinguishment of its Macquarie credit facility. The New York-based company became the ultimate parent of Bitfarms Ltd. on April 1, and said the rebrand to Keel Infrastructure followed its redomiciliation to the U.S. and strategic shift.

Operating loss reached $98 million, compared with $35 million in the same quarter a year earlier. General and administrative expenses rose to $27 million from $18 million, which the company attributed to professional services linked to the U.S. redomiciliation, GAAP conversion, and the Paso Pe sale that closed April 21.

Keel said the quarter reflects ongoing restructuring, including its exit from Latin America and a continued reduction in bitcoin holdings. Between Jan. 1 and May 8, it sold 269 bitcoin for $20 million in proceeds as part of that process.

Liquidity position and market response

Chief Executive Officer Ben Gagnon said the rebranding marks the completion of a strategic transformation focused on supply-constrained HPC and AI markets in North America. He added that the company enters 2026 aiming to advance its primary sites through lease execution.

As of May 8, Keel said liquidity stands at about $533 million, including $336 million in unrestricted cash and $197 million in unencumbered bitcoin. Shares of Keel Infrastructure rose 8.3% to close at $4.30 on May 11.

In our earlier article on Strategy (MSTR), we covered the company’s renewed Bitcoin buying and how its growing BTC position increases the stock’s sensitivity to crypto price swings. We also noted that management’s flexible capital approach—funding purchases with equity and leaving room for potential sales—has kept investor focus on how treasury decisions can drive both momentum and downside risk.

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