Keel Infrastructure is closing its Bitcoin mining operations while the CEO allocates significant capital toward an AI pipeline despite missing Q1 estimates.
Keel Infrastructure Corp. (KEEL) reported first-quarter 2026 results on Monday, marking the conclusion of its transition away from Bitcoin (BTC) mining toward high-performance computing (HPC) and artificial intelligence infrastructure. The company posted a loss of $0.21 per basic and diluted share, missing Wall Street analysts’ consensus estimate of $0.07 by 400%, according to FiscalAI. Revenue declined 23% year-over-year to $37 million, down from $47.65 million, as the firm wound down its Bitcoin mining operations. This figure also missed the approximately $42 million analyst forecast by 10%. Additionally, the net loss widened significantly to $145.4 million from $55.6 million a year earlier, primarily driven by a $41 million change in the fair value of digital assets.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) from continuing operations came in at negative $17 million, representing negative 45% of revenue, compared to $7 million, or 14% of revenue, in the first quarter of 2025. The decline reflects $15 million in elevated energy and infrastructure costs, a $7 million negative shift stemming from weaker digital asset sales, transitional drag as legacy mining fundamentals erode, and the fact that High-Performance Computing (HPC) lease revenue remains pre-revenue.
The first quarter served as the inflection point between the company’s legacy business and its new direction, 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” characterized by “strong momentum” and a “clear strategic vision” for developing its Panther Creek, Sharon, and Moses Lake projects, with lease execution targeted for 2026.
To bridge the gap between declining legacy mining revenues and future HPC/AI lease income, Keel Infrastructure will rely on its balance sheet. Total liquidity stood at approximately $533 million as of May 8, comprising roughly $336 million in unrestricted cash and approximately $197 million in unencumbered Bitcoin. Between January 1 and May 8, 2026, the company sold 269 Bitcoin for $20 million in proceeds as part of its announced wind-down of the BTC position. Chief Financial Officer Jonathan Mir noted that the firm’s near-term development pipeline is entirely covered by this cash cushion.
KEEL shares rose over 1% during morning trading. On Stocktwits, retail sentiment remained in an ‘extremely bullish’ zone, with discussion volume staying at ‘extremely high’ levels over the past day. The company’s 2.2-gigawatt HPC/AI development pipeline spans facilities in Pennsylvania, Washington, and Quebec, with full deployment aligned to the 2026 lease execution timeline.