Keel Infrastructure (formerly Bitfarms) released its first-quarter financial results: a net loss of $145 million, revenue falling to $37 million, and an operating loss of $98 million. The losses were mainly driven by losses from changes in the fair value of digital assets and losses from repaying Macquarie credit facilities. The company has completed its transition from a Canadian mining company to a U.S. AI/HPC infrastructure developer, and exited Latin American operations by selling non-core assets such as the Paso Pe mine.

Summary: CleanSpark’s Q1 revenue fell to $136.4M (−24.9% YoY) with a $378.3M net loss and -$241.2M EBITDA; cash $260M, Bitcoin assets $925M, assets $2.9B, debt $1.8B. The liquidity supports execution and AI/HPC opportunities. Abstract: CleanSpark reported Q1 2026 revenue of $136.4 million, a 24.9% year-over-year decline, with a net loss of $378.3 million and adjusted EBITDA of −$241.2 million. As of March 31, 2026, cash stood at $260.3 million and Bitcoin holdings were valued at $925.2 million, with total assets of $2.9 billion and long-term debt net of $1.8 billion. Liabilities were $1.9 billion and shareholders’ equity $1.0 billion, with working capital of $1.0 billion. The company’s liquidity is positioned to support near-term execution and preserve options for future AI/HPC and digital infrastructure opportunities, reflecting disciplined financial management.