Keel Infrastructure Completes Bitcoin Mining to AI Transition, Reports Q1 Net Loss of $145 Million

According to Decrypt, Keel Infrastructure (formerly Bitfarms) reported a Q1 net loss of $145 million on May 12, with revenue declining 23% year-over-year to $37 million and operating losses expanding to $98 million. The company has completed its transformation from a Canadian Bitcoin mining operator to a U.S. AI and high-performance computing (HPC) infrastructure developer, exiting Latin American operations through asset sales. As of May 8, Keel held approximately $533 million in liquidity, comprising $336 million in unrestricted cash and $197 million in unencumbered Bitcoin, supporting development of priority projects in Pennsylvania and Washington. Keel shares rose over 9% to $4.34 on the day.