Bitfarms' $229M revenue surge fuels U.S. rebrand as Keel Infrastructure
Bitfarms Ltd. (NasdaqTSX: BITF) ("Bitfarms" or the "Company"), a North American digital and energy infrastructure company, today reported its financial results for the year ended December 31, 2025. All financial references are in U.S. dollars. The Company has transitioned from preparing its financial statements in accordance with International Financial Reporting Standards ("IFRS") to accounting principles generally accepted in the United States of America ("U.S. GAAP"). All comparative figures in this release have been adjusted to U.S. GAAP for consistency.
"Everything we built in 2025 - the sites, the team, the balance sheet - was in service of one thesis: that HPC/AI's exponential growth requires top-tier infrastructure, and we intend to build to meet that demand," said Ben Gagnon, CEO. "Earlier this month, our shareholders overwhelmingly approved our U.S. redomiciliation and rebrand to Keel Infrastructure, marking a pivotal milestone in our evolution. Keel is more than a name, it is a testament to the company we have become - a regional leader in Pennsylvania, Washington state, and Québec, three of North America's most strategic and supply-constrained data center hubs. The market is responding: we're seeing strong inbound interest from investment-grade counterparties seeking the attributes our power-secured portfolio can deliver."
"Since joining the team five months ago, my focus has been on sharpening our approach to capital allocation, strengthening our balance sheet and capital structure, and ensuring that financing decisions support long-term shareholder value creation," said Jonathan Mir, CFO. "The repayment of our Macquarie debt facility demonstrates this - it simplified our capital structure and provides us greater flexibility heading into the next phase of development. We are well capitalized to advance our sites through leasing, and we have the financial capacity to execute on the significant opportunities ahead."
Strategic and Operational Highlights - In March 2026, the Company received shareholder approval to complete a statutory plan of arrangement to redomicile from Canada to the United States and rebrand as Keel Infrastructure (the "U.S. Redomiciliation"). The U.S. Redomiciliation is expected to be completed on or about April 1, 2026. Following completion of the U.S. Redomiciliation, Keel will be the ultimate parent company of Bitfarms and will be headquartered in New York City. Trading under the new ticker "KEEL" is expected to begin on Nasdaq and TSX two business days following completion of the U.S. Redomiciliation, in substitution for the Bitfarms shares, which will be delisted from Nasdaq and TSX at that time. - Active go-to-market processes at Panther Creek, Sharon, and Moses Lake. - Secured zoning approval from the Nesquehoning Planning Commission for our Panther Creek site, a significant milestone in our infrastructure development process. - Expanded our infrastructure and corporate teams with senior hires averaging over 20 years of experience in HPC data center construction, large-scale project management and infrastructure. - Appointed Edie Hofmeister as Chair of the Board of Directors, bringing extensive U.S. public company, infrastructure, governance, and capital markets experience. - In February 2026, repaid in full the $100 million outstanding under the Company's $300 million Macquarie debt facility, strengthening the balance sheet and providing flexibility to pursue more cost-effective financing at either the project level or parent level for Panther Creek and other development sites.
Development Pipeline The Company is advancing a 2.2 GW digital infrastructure development pipeline across North America:
| Total Capacity Under Management | Energized Capacity | Secured Capacity | Expansion Capacity | | --- | --- | --- | --- | | 2.2 GW | 341 MW | 430 MW | 1.5 GW |
Liquidity As of March 27, 2026, the Company had total liquidity of approximately $520 million comprising approximately $359 million in unrestricted cash and approximately $161 million in unencumbered Bitcoin.
Fiscal Year 2025 Financial Highlights from Continuing Legacy Operations - Revenue of $229 million, up 72% Y/Y. - General and administrative expenses of $78 million, compared to $62 million in FY 2024. The difference was largely driven by an increase of overall headcount to support the expansion in the U.S. and following the Stronghold acquisition. - Operating loss of $150 million, including non-cash depreciation of $98 million and $28 million of impairment charges, compared to an operating loss of $28 million in FY 2024, which included $102 million of non-cash depreciation and $4 million of impairment. - Loss from continuing operations of $209 million, or a $0.38 loss per basic and diluted share, compared to a loss of $7 million, or a $0.02 loss per basic and diluted share, in FY 2024.
