TheBlock
Keel Infrastructure — formerly Bitfarms — reported a $145 million net loss for Q1 2026 as the company's pivot away from bitcoin mining toward AI infrastructure weighed heavily on its financials. Revenue fell 23% year-over-year to $37 million, reflecting the gap between exiting one business model and generating meaningful returns from the next.
The company is leaning on a $533 million total liquidity cushion to fund new infrastructure development across North America, framing the losses as a transitional cost rather than a structural failure. Whether that runway is enough to reach AI revenue at scale before the market loses patience is the question investors will be pricing in.
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