Keel reports a USD 64.00 million loss: what it means for Bitfarms stock

Published on 10/06/2026 at 09:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Keel posted a USD 64.00 million Q2 loss versus USD 13.00 million income. For Bitfarms stock this means USD 819.00 million liquidity.

BITF, CA09173B1076, Illustration mit AI erstellt.

Keel Infrastructure reported a USD 64.00 million loss from continuing operations for the second quarter of 2026, compared with USD 13.00 million income in the year-earlier quarter. The figures matter for Bitfarms stock because Keel became the successor company after Bitfarms shifted toward data-center development, according to Capital.com on October 2, 2026.

Revenue falls as mining exits

Revenue from continuing legacy operations fell 50.00 percent year over year to USD 30.40 million in the second quarter of 2026. Operating loss reached USD 140.80 million, including USD 84.00 million of non-cash depreciation and USD 63.00 million of accelerated depreciation tied to the mining exit, Capital.com reported.

The comparison with the prior year is stark: adjusted EBITDA moved to negative USD 24.00 million from positive USD 7.00 million in the second quarter of 2025. The change shows that the business transition is already visible in the income statement, rather than being limited to a change in corporate strategy.

Liquidity funds the infrastructure pivot

Quarter-end liquidity stood at USD 819.00 million after Keel completed a USD 458.00 million convertible-note offering during the second quarter of 2026, according to Keel Infrastructure in its second-quarter results release.

The balance gives the company funding capacity for its new infrastructure model, but the operating transition carries a measurable revenue cost. CoinShares reported on September 15, 2026, that Keel's third-quarter mining revenue will be zero after mining operations were stopped at several sites.

What the loss means for Bitfarms stock

The key investor question is whether the USD 819.00 million liquidity position can convert into contracted data-center revenue. The company website describes a pipeline of up to 2.20 gigawatts and 341 megawatts of energized capacity, while the second-quarter figures show that legacy mining income is shrinking before replacement revenue is fully visible.

That creates a two-part valuation picture. The second-quarter loss and USD 30.40 million revenue point to near-term earnings pressure, while the USD 458.00 million financing and the infrastructure pipeline provide the resources for a longer transition.

Bitfarms and Keel snapshot

Keel Infrastructure is the successor to Bitfarms in the company's current data-center strategy. The former Bitfarms business remains associated with the BITF ticker and ISIN CA09173B1076 in master-data coverage, while current company materials use the Keel Infrastructure name.