Bitfarms Ltd. Q1 2026 Earnings Recap

The stock rose 8.3% after the quarter, reflecting investor confidence in Keel Infrastructure’s clear path to lease execution and strong positioning in high-barrier North American data center markets.

Key Takeaways

• Keel highlighted its transition and rebranding into a focused digital infrastructure company with over 2 GW of high-performance computing campuses in prime markets (Pennsylvania, Quebec, Washington).
• The company emphasized its competitive advantage in accelerated power delivery timelines (availability starting 2027) compared to typical 4-10 year interconnection delays.
• All three near-term sites (Panther Creek, Sharon, Moses Lake) have completed zoning, permitting is on track, and development is advancing to align with customer specifications.
• Keel aims to sign three investment-grade leases by year-end, leveraging strong partner relationships with Turner Construction, Corgan, Vertiv, and T5 to mitigate execution risks.
• The balance sheet is reported as well-capitalized with sufficient liquidity to support permitting and lease execution activities through 2026.