Bitfarms Stock Earnings Reports

Keel Infrastructure completed a strategic transformation and rebrand, redomiciling to the U.S. and repositioning as a North American digital infrastructure company focused on high-performance computing and AI data center campuses. The company controls deliverable power across three near-term sites—Panther Creek (350–potentially 400+ MW, East PA/PJM), Sharon (110 MW, Western PA/PJM) and Moses Lake (18 MW, Quincy corridor, WA)—and is actively advancing permits, A&E and commercialization in parallel. Zoning approvals are complete across all three near-term sites; land development and environmental permits are in progress with mid-to-late summer timelines expected for permitting milestones. Keel’s priority for 2026 is to sign three leases (one at each near-term site) by year-end, with revenue anticipated to begin in 2027. The company emphasizes competitive advantages: secured near-term power (avoiding lengthy new interconnection lead times), prime locations near metro/fiber clusters, proven permitting/community engagement, hyperscaler-grade delivery partners, and future-proofed designs (including consideration for emerging hardware like Vera Rubin). Financially, Keel strengthened its balance sheet by selling the Paso Pe asset and routinely monetizing Bitcoin holdings; as of May 8, 2026 liquidity stood at ~ $533 million (cash + Bitcoin), which management says fully funds advancement to lease execution for the three priority sites and covers G&A through 2028. Management expects to fund construction post-lease via project-level nonrecourse financing and remains opportunistic about other capital tools (credit line/ATM). Key operational notes: decommissioning of legacy Bitcoin mining will continue as sites convert to data center development; Moses Lake has purchased critical modular equipment to enable faster delivery; Scrubgrass remains a longer-term, high-potential campus (load study for ~750 MW expected by year-end).