Bitfarms Q1 Earnings Call Highlights

5 days ago 4

MarketBeat

Mon, May 11, 2026 astatine 8:05 AM CDT 8 min read

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Key Points

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Bitfarms is transforming from a Bitcoin miner into Keel Infrastructure, focusing connected North American integer infrastructure for AI and high-performance computing. Management said the multi-year displacement is present afloat underway, including a U.S. re-domicile, rebrand, and the merchantability of its Paraguay site.
The company’s apical 2026 extremity is to sign 3 leases by year-end astatine Panther Creek and Sharon successful Pennsylvania and Moses Lake successful Washington. These sites are being developed for hyperscalers, neo-cloud providers, endeavor customers and authorities clients, with powerfulness availability positioned arsenic the cardinal advantage.
Financial results remained weak during the transition, with first-quarter continuing gross of $37 million, an operating nonaccomplishment of $98 cardinal and antagonistic adjusted EBITDA of $17 million. Even so, Bitfarms said it had astir $533 cardinal successful liquidity arsenic of May 8 and believes that is capable to money improvement done 2028 without needing outer superior to scope lease execution.

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Bitfarms (NASDAQ:BITF), present presenting arsenic Keel Infrastructure, utilized its first-quarter 2026 net telephone to stress its displacement from Bitcoin mining toward North American integer infrastructure for high-performance computing and artificial quality customers.

Chief Executive Officer Ben Gagnon said the institution has completed respective elements of a multi-year translation plan, including winding down parts of its Bitcoin business, re-domiciling to the United States, rebranding arsenic Keel Infrastructure and closing the merchantability of its Paso Pe tract successful Paraguay. He described Keel arsenic a North American integer infrastructure institution processing powered onshore sites successful Pennsylvania, Quebec and Washington into much than 2 gigawatts of high-performance computing campuses.

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“Two years ago, we outlined a deliberate multi-year program to alteration this company,” Gagnon said. “That program is present afloat successful motion.”

Company Targets Three Leases by Year-End

Gagnon said Keel’s apical precedence for 2026 is to motion 3 leases by year-end: 1 each astatine Panther Creek successful Pennsylvania, Sharon successful Pennsylvania and Moses Lake successful Washington. He said the institution is advancing permitting, architecture and engineering, and commercialization enactment astatine the aforesaid clip crossed those sites.

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