Keel Infrastructure Closes Bitcoin Mining Chapter: Q1 Misses Estimates, But CEO Bets Big On AI Pipeline

• Keel Infrastructure posted a Q1 2026 loss of $0.21 a share, missing the analyst target by 400%.
• Revenue declined 23% year-over-year to $37 million, down from $47.65 million, as the company shuttered its Bitcoin mining business, while net loss increased to $145.4 million.
• The company has $533 million in total liquidity to fund its 2.2-gigawatt HPC/AI development pipeline in Pennsylvania, Washington, and Quebec by the time of lease execution in 2026.

Keel Infrastructure Corp. (KEEL) reported first-quarter 2026 results on Monday, marking the end of the company’s transition away from Bitcoin (BTC) mining into high-performance computing (HPC) and AI infrastructure.

The first quarter (Q1) was the inflection point between the old business and the new, said CEO Ben Gagnon. 

"Our rebranding to Keel Infrastructure marks the completion of a nearly two-year strategic transformation.” Gagnon said. “We redomiciled to the United States, built out our team from the ground up, exited our Latin American megawatts, and focused our development pipeline on some of the highest-demand and most supply-constrained HPC/AI markets in North America."

He added that the company is entering a “new chapter” with “strong momentum” and “clear strategic vision” of how it would like to build out the Panther Creek, Sharon, and Moses Lake developments, through lease execution in 2026.

KEEL Reports Double Miss In Q1

The company, formerly known as Bitfarms, reported a loss of $0.21 per basic and diluted share, meaning Wall Street analysts’ estimate of $0.07 by 400%, according to FiscalAI.

Analysts estimated the company to bring in a revenue of around $42 million. However, it missed the mark by 10% as it reported a revenue of $37 million, a decrease of 23% year-over-year, citing the wind-down of the company’s Bitcoin mining business. 

Additionally, net loss increased to $145.4 million from $55.6 million a year earlier, largely due to a $41 million change in the fair value of digital assets.

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) from continuing operations was negative $17 million, or negative 45% of revenue, down from $7 million, or 14% of revenue, in the first quarter of 2025. 

The decline also incorporates $15 million in higher energy and infrastructure costs, including a $7 million negative shift due to weaker digital asset sales, transitional drag as legacy mining fundamentals erode, and High-Performance Computing (HPC) lease revenue being pre-revenue.

KEEL’s stock was up over 1% in morning trade. On Stocktwits, retail sentiment around KEEL remained in an ‘extremely bullish’ zone, while chatter stayed at ‘extremely high’ levels over the past day.

Balance Sheet Funds The AI Pivot

The firm said it would rely on its balance sheet to fill the void between legacy mining revenue streams and future HPC/AI lease income. Total liquidity as of May 8 was approximately $533 million, comprising roughly $336 million in unrestricted cash and roughly $197 million in unencumbered Bitcoin. 

Between January 1 and May 8, 2026, the company sold a total of 269 Bitcoin for $20 million in proceeds as part of its announced wind-down of the BTC position. The firm's near-term development pipeline is also covered entirely by the cash cushion, according to CFO Jonathan Mir.

Read also: OpenAI's Future IPO Gets A Crypto Twist With Bitget's New Solana Token

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