Keel Infrastructure Corp (KEEL) shares fell after the company reported a wider first-quarter loss during its business reset. KEEL traded at $4.10, down 4.65%, as sellers kept pressure below the $4.30 level. The update showed weaker revenue, higher costs, and a deeper shift toward North American HPC and AI infrastructure.
Keel Infrastructure Corp. (KEEL)
Keel Infrastructure reported a $145 million net loss for the first quarter of 2026. The result reflected restructuring costs, digital asset losses, and expenses tied to its business transition. The stock moved lower as traders reacted to the weaker quarterly report.
Revenue from continuing legacy operations fell 23% year over year to $37 million. Operating loss widened to $98 million from $35 million in the same quarter last year. The company reported a loss from continuing operations of $128 million.
General and administrative expenses rose to $27 million from $18 million a year earlier. Keel linked the increase to professional services tied to its U.S. redomiciliation and GAAP conversion. The Paso Pe site sale also added costs before its completion on April 21.
Keel completed its rebrand after Bitfarms shifted its corporate structure and business focus. The company now operates as a North American digital and energy infrastructure development platform. Its strategy centers on high-performance computing and artificial intelligence markets.
The company also exited its Latin American megawatts through the Paso Pe site sale. That move allowed management to focus capital on North American development sites. Furthermore, Keel continues to advance Panther Creek, Sharon, and Moses Lake.
Keel secured zoning approvals and continued development work across those key sites. Land development and environmental permits remain in progress. The company plans to move these assets toward lease execution during 2026.
Keel reported total liquidity of about $533 million as of May 8, 2026. That figure included $336 million in unrestricted cash and $197 million in unencumbered Bitcoin. The company said this liquidity supports development plans and general expenses through 2028.
Keel also reduced its Bitcoin position during the quarter and after period-end. It sold 269 Bitcoin between January 1 and May 8 for $20 million. The sale formed part of its planned wind down of legacy Bitcoin exposure.
Digital assets still weighed on quarterly results. Keel recorded a $41 million non-cash loss from changes in digital asset fair value. In addition, a $22 million loss from extinguishing the Macquarie credit facility increased pressure on earnings.
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