The rebranded NASDAQ-listed firm cites shrinking legacy mining operations and a $41.4M crypto valuation hit for wider losses.
Keel Infrastructure reported a $145.4 million net loss for Q1 2026, widening from a $55.6 million loss a year earlier, as revenue fell 22% to $37 million. The company attributed the decline to its shrinking legacy mining business and a $41.4 million loss from changes in cryptocurrency fair value, up from $23 million in Q1 2025.
Revenue dropped from $47.7 million in the prior-year period, while cost of revenue rose 34% to $63.3 million, resulting in a $26.3 million gross loss. Operating loss expanded to $98.4 million from $34.8 million. Keel held $533 million in liquidity as of May 8 and completed its rebrand from Bitfarms, exiting Latin America after selling its 70 MW Paso Pe site.
Shares of KEEL fell 8.8% in pre-market trading to $3.62 but remain up 28.48% over the past five days. The company secured zoning approvals for North American sites, with a pipeline totaling 2.2 gigawatts, including 341 MW of energized capacity.