PANews reported on May 12th that Keel Infrastructure, formerly known as Bitfarms, released its first-quarter financial report, showing a net loss of $145 million. Revenue decreased by 23% year-over-year to $37 million, and operating losses widened to $98 million. The losses were primarily due to a $41 million loss from changes in the fair value of digital assets and a $22 million loss from repaying the Macquarie credit line. The company has completed its transformation from a Canadian Bitcoin mining company to a US AI/HPC infrastructure developer, exiting its Latin American business by selling non-core assets such as the Paso Pe mining farm in Paraguay.

As of May 8, Keel held approximately $533 million in liquidity, including approximately $336 million in unrestricted cash and $197 million in uncollateralized Bitcoin, sufficient to advance lease execution for three priority development projects in Pennsylvania and Washington. The company's 2.2 gigawatts of undeveloped pipeline includes existing grid interconnections. Keel's stock price rose over 9% to $4.34 that day, and has risen over 8% year-to-date.