Keel Infrastructure, formerly known as Bitfarms, reported a $145 million loss in Q1 2026 following its exit from the Bitcoin mining sector. The company, which has rebranded and shifted focus to AI infrastructure, saw a 23% revenue decline to $37 million due to its withdrawal from the Latin American market. Despite the losses, Keel maintains $533 million in liquid funds for future expansion. The transition marks a strategic pivot for Keel, which completed its rebranding on April 1, moving its registration from Canada to the U.S. CEO Ben Gagnon emphasized the company's new direction towards high-performance computing and AI data centers in North America. The losses were largely attributed to restructuring costs, including a $41 million loss from digital asset valuation changes and a $22 million loss from terminating a credit arrangement. Keel's focus is now on securing AI data center clients as it competes in the growing AI infrastructure market. The company is leasing three data center locations in North America, with completion expected later this year, as it aims to capitalize on the increasing demand for AI computing capabilities.