Keel Infrastructure reported a $145 million net loss in the first quarter of 2026 as Bitfarms completed its rebrand and shifted from Bitcoin mining toward HPC and AI infrastructure. The company said the loss included a $41 million non-cash hit from digital asset fair value changes and a $22 million loss tied to extinguishing its Macquarie credit facility. Keel also said it sold 269 Bitcoin for $20 million between Jan. 1 and May 8, while liquidity stood at about $533 million as of May 8.