Keel Infrastructure Corp, the company formerly known as Bitfarms, reported a first-quarter loss of $128 million, or 21 cents per share, as revenue from its legacy operations dropped 23% to $37 million. The results, released Monday, mark the first quarterly report since the company rebranded and shifted its headquarters to the United States on April 1.
The company holds $533 million in liquidity, including $336 million in unrestricted cash and $197 million in unencumbered bitcoin, as of May 8. This war chest is intended to support customer lease agreements at three North American AI data-center sites before the end of 2026. Between January 1 and May 8, Keel sold 269 bitcoin, generating $20 million, as it reduces its cryptocurrency exposure.
Strategic Shift from Bitcoin Mining to AI Infrastructure
Keel is repurposing its energy-intensive bitcoin mining rigs for high-performance computing (HPC) and artificial intelligence workloads. The company's transformation mirrors a broader industry trend, with miners such as IREN, TeraWulf, and Core Scientific also redirecting resources toward AI and HPC. Investors are now focusing on the value of contracts for power, cooling, and data-center infrastructure rather than bitcoin production numbers.
CEO Benjamin Gagnon emphasized that the company's immediate priority is securing leases for three key sites: Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington. "The rebrand marks the completion of a nearly two-year strategic transformation," Gagnon said, noting the shift from Latin American operations to North American HPC and AI markets.
Site Development and Power Agreements
Panther Creek in eastern Pennsylvania is Keel's flagship site, with 350 megawatts of secured gross capacity through an energy service agreement with PPL. The Sharon facility in western Pennsylvania has locked in 110 megawatts with FirstEnergy, of which 30 megawatts are already operational via an existing substation. Moses Lake in Washington is developing an 18-megawatt site, with an option for an additional 10 megawatts; bitcoin mining activities there are being wound down.
Chief Financial Officer Jonathan Mir stated that the current liquidity will cover the three main sites through lease signing, help initiate construction in Moses Lake, and fund general and administrative expenses through 2028. Mir noted that while the company may consider a credit facility or at-the-market equity raise later this year, management believes there is no need to access capital markets to reach the leasing phase.
Economic Uncertainties and Risks
During the earnings call, Gagnon addressed questions about tenant mix, noting that hyperscaler customers may offer "tighter" economics but stronger credit profiles, while neocloud AI-focused companies could be willing to pay more but bring higher capital costs. The company's filing highlighted significant risks, including an evolving business model that may not succeed, high data-center construction costs, potential delays, cost overruns, permitting challenges, heavy reliance on power availability, and competition from rivals with deeper pockets.
Despite these uncertainties, Keel's stock rose 8.3% on Monday, closing at $4.30 on Nasdaq, giving the company a market valuation of approximately $2.25 billion.
