Keel Infrastructure: Q1 Net Loss of $145 Million, Completes Transition from Mining Firm to AI Company

Odaily Planet Daily News Keel Infrastructure, the Bitcoin mining company formerly known as Bitfarms, released its first-quarter financial results, reporting a net loss of $145 million. Revenue decreased by 23% year-over-year to $37 million, while operating losses widened to $98 million. The losses were primarily driven by a $41 million loss from changes in the fair value of digital assets and a $22 million loss from the repayment of the Macquarie credit facility.

The company has completed its transformation from a Canadian Bitcoin mining firm into a US-based AI/HPC infrastructure developer. It has also exited its Latin American operations by selling non-core assets such as the Paso Pe mining facility in Paraguay.