Keel Infrastructure季報：遷冊美國完成 次季收入跌50%淨虧6500萬美元

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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2026

or
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-40370

Keel Infrastructure Corp.
(Exact name of registrant as specified in its charter)
Delaware
41-4266374

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

120 Broadway, Suite 1375, New York, NY 10004
(Address of principal executive offices) (Zip code)
(929) 264-5151
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered

Common Stock, $0.001 par value per share
KEEL
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer
o
Accelerated Filer
x

Non-accelerated Filer
o
Smaller Reporting Company
o

Emerging Growth Company
o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o Yes x No

Number of shares of the registrant’s common stock outstanding on August 7, 2026: 617,573,212 

1
Page

KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026

TABLE OF CONTENTS

Page

PART I - FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)
7

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
57

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
89

Item 4.
Controls and Procedures
90

PART II - OTHER INFORMATION

Item 1.
Legal Proceedings
91

Item 1A.
Risk Factors
91

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
91

Item 3.
Defaults Upon Senior Securities
91

Item 4.
Mine Safety Disclosures
91

Item 5.
Other Information
91

Item 6.
Exhibits
92

Signatures
94

2
Page

KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026

GENERAL MATTERS

In this Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (referred to herein as this "Quarterly Report") "we", "us", "our", and the "Company" refer to Keel Infrastructure Corp., a Delaware corporation ("Keel") and its consolidated subsidiaries, including Bitfarms Ltd., a corporation existing under the laws of the Province of Ontario ("Bitfarms") unless the context requires otherwise. In connection with an internal corporate reorganization completed on June 15, 2026, Bitfarms was renamed "Backbone Hosting Solutions Inc."; for continuity, we continue to refer to this subsidiary as "Bitfarms" in this Quarterly Report.

Effective as of 12:01 a.m. (Eastern Daylight Time) on April 1, 2026, Keel became the ultimate parent company of Bitfarms and its subsidiaries pursuant to a statutory plan of arrangement under Section 182 of the Business Corporations Act (Ontario) (the "Arrangement") as part of Bitfarms' previously announced intention to redomicile from Canada to the United States (the "U.S. Redomiciliation Transaction"). Pursuant to the Arrangement, Keel indirectly acquired all of the issued and outstanding common shares in the capital of Bitfarms, and in exchange, holders of the common shares of Bitfarms received one share of common stock of Keel per common share of Bitfarms. The issuance of shares of common stock of Keel pursuant to the Arrangement was exempt from registration under Section 3(a)(10) of the Securities Act of 1933, as amended (the "Securities Act").

The common shares of Bitfarms were listed on the Nasdaq Stock Market ("Nasdaq") and the Toronto Stock Exchange (the "TSX") and registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") prior to the U.S. Redomiciliation Transaction. Keel is the successor issuer to Bitfarms pursuant to Rule 12g-3(a) under the Exchange Act, and the common stock of Keel is therefore deemed to be registered under Section 12(b) of the Exchange Act. Keel reported this succession on a Form 8-K filed on April 1, 2026 in accordance with Rule 12g-3(f) under the Exchange Act. While Bitfarms was a foreign private issuer, Keel is a U.S. domestic issuer.

For accounting and financial reporting purposes, Bitfarms is the accounting predecessor of the Company, and the Company's condensed consolidated financial statements are presented as a continuation of Bitfarms' historical consolidated financial statements at historical carrying amounts. Comparative information for periods before April 1, 2026 has been presented on that basis, as described in Note 2 of the Company's unaudited condensed consolidated financial statements and its accompanying notes for the three and six months ended June 30, 2026.

This Quarterly Report on Form 10-Q is filed by Keel as successor issuer to Bitfarms, and it relates to the quarter ended June 30, 2026. References in this report to the "Annual Report" refer to Bitfarms' Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on March 31, 2026, for which Keel is the successor issuer.

Words importing the singular, where the context requires, include the plural and vice versa and words importing any gender include all genders.

Keel and the associated Keel logo are registered trademarks of Keel Infrastructure Corp. or its subsidiaries. All other trademarks and brand names used herein are the property of their respective owners.

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KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026

Unless we indicate otherwise: (i) all dollar amounts are expressed in U.S. dollars; and (ii) all references to "USD" or "$" are to U.S. dollars and all references to "CAD" are to Canadian dollars.

Note that use of the word "including" in this Quarterly Report means "including, without limitation."

Unless we indicate otherwise, all information in this Quarterly Report is stated as of August 7, 2026.

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KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements generally are identified by words such as "seek," "anticipate," "plan," "continue," "estimate," "expect," "may," "will," "project," "predict," "potential," "targeting," "intend," "could," "might," "should," "believe," "future," "continue" or similar expressions or the negatives thereof. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the following risks, uncertainties, and other factors:

•our limited operating history and history of operating losses, which make it difficult to evaluate our business and prospects; 
•our evolving business model and strategy, including our strategic transformation from Bitcoin Mining to digital infrastructure, including high-performance computing ("HPC"), which may not be successful;
•our dependence on reliable and economical sources of power, including regulated electricity rates in Québec (Canada), Pennsylvania and Washington State (United States);
•our reliance on a limited number of third-party suppliers and manufacturers, including those in foreign jurisdictions, exposing us to supply chain disruptions, trade restrictions, and tariff risks;
•delays, cost overruns, and other risks associated with the continued development of our existing and planned facilities;
•intense competition from other pivoting Bitcoin Mining companies and established data center operators, some of which may have greater resources and experience;
•the potential inadequacy of our insurance coverage to protect against all losses;
•our increased focus on developing data centers dedicated to HPC and AI workloads may not become profitable and will divert resources from our Bitcoin Mining operations;
•the capital-intensive nature of constructing data centers and our potential inability to secure financing for such efforts;
•significant competition for suitable data center sites and regulatory constraints that could adversely impact our development pipeline;
•our requirement to obtain, and to comply with, numerous permits, licenses and approvals from federal, state or provincial, and local governmental agencies in the U.S., Canada and other jurisdictions in which we may operate, including the risk that such permits or licenses may be delayed, denied, revoked or modified, or that we may fail to timely obtain or comply with their conditions;
•community opposition to the operation of our data centers, including complaints and/or community protests regarding, for example, noise, the use of electricity and water, or other quality-of-life issues, which could result in litigation, development delays, moratoria, regulatory action, fines or penalties, costly mitigation measures, restrictions on our electricity use or operating hours, reduced scale of operations, difficulty obtaining permits for expansion, or the shutdown of affected facilities;
•our dependence on significant customers for our data centers, and the risk of customer default or failure to make timely payments;
•the rapidly evolving regulatory landscape surrounding HPC, AI, and Bitcoin Mining, which may negatively impact our expansion efforts;
•the high volatility of Bitcoin prices, which has significantly affected and will continue to affect the profitability of our operations;

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KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026

•extensive environmental, energy, and climate-related regulation that could result in significant additional costs or liabilities;
•political uncertainty in the U.S. and internationally, including potential regulatory and policy changes affecting the data center and cryptocurrency industries; 
•cybersecurity threats and hacking attacks that could compromise our systems and data; and
•other factors detailed under the heading "Risk Factors" in this Form 10-Q and our Annual Report.

There can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including those described in this Form 10-Q and in Part I, Item 1A, "Risk Factors" in our Annual Report and our subsequent filings with the U.S. Securities and Exchange Commission.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and information. Forward-looking statements and information are designed to help readers understand management’s views as of that time with respect to future events and speak only as of the date they are made. You should read this Quarterly Report with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not assume any obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future. If the Company updates any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this Quarterly Report are expressly qualified in their entirety by this cautionary statement.

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KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Page

Unaudited Financial Statements

Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
8

Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025
9

Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2026 and 2025
10

Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025
11

Notes to the Condensed Consolidated Financial Statements (unaudited)
12

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KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)
CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of U.S. dollars - unaudited)

As of June 30,
As of December 31,

2026
2025

Assets

Current

Cash
715,516 

573,462 

Accounts receivable, net
5,015 

5,471 

Digital assets
132,384 

174,726 

Digital assets - restricted
— 

5,559 

Other assets
4,316 

2,825 

Rights to renewable energy credits and waste tax credits
9,139 

18,478 

Assets held for sale
15,914 

28,664 

Short-term prepaid deposits
5,329 

6,317 

Inventories
8,853 

8,676 

Derivative assets
— 

2,287 

Total current assets
896,466 

826,465 

Non-current

Rights to waste tax credits
2,069 

— 

Long-term derivative assets
78,800 

5,200 

Operating lease right-of-use assets, net
10,219 

11,103 

Finance lease right-of-use assets, net
1,916 

2,127 

Restricted cash
53,377 

57,500 

Long-term deposits and equipment prepayments
81,328 

31,033 

Property, plant and equipment, net
287,055 

358,333 

Intangible assets, net
2,936 

2,983 

Other non-current assets
1,600 

1,600 

Total assets
1,415,766 

1,296,344 

Liabilities

Current

Accounts payable and accrued expenses
46,693 

46,443 

Current portion of long-term debt
6,754 

97,022 

Current portion of operating lease liabilities
1,387 

1,490 

Current portion of finance lease liabilities
288 

235 

Derivative liabilities
— 

2,922 

Total current liabilities
55,122 

148,112 

Non-current

Long-term debt
1,019,075 

572,447 

Operating lease liabilities
9,232 

10,606 

Finance lease liabilities
1,619 

1,978 

Deferred tax liability
65 

65 

Other non-current liabilities
1,937 

2,761 

Total liabilities
1,087,050 

735,969 

Commitments and contingencies (Note 21)

Stockholders’ equity

Preferred stock Class A - $0.001 par value; 120,000,000 shares authorized; no shares issued and outstanding
— 

— 

Common stock, $0.001 par value per share; 1,500,000,000 shares authorized; 616,736,107 and 601,579,999 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
617 

602 

Additional paid-in capital
1,150,928 

1,172,254 

Accumulated deficit
(822,829)

(612,481)

Total stockholders' equity
328,716 

560,375 

Total liabilities and stockholders' equity
1,415,766 

1,296,344 

See accompanying notes to the unaudited condensed consolidated financial statements

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KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)
CONSOLIDATED STATEMENTS OF OPERATIONS

(Expressed in thousands of U.S. dollars, except per share amounts - unaudited)

Three months ended June 30,
Six months ended June 30,

2026
2025
2026
2025

Revenues
30,430 

60,908 

67,422 

108,559 

Cost of revenues
(117,183)

(64,794)

(180,480)

(112,169)

Gross loss
(86,753)

(3,886)

(113,058)

(3,610)

Operating expenses

General and administrative expenses
(31,311)

(19,384)

(58,148)

(37,002)

Change in fair value of digital assets
(9,029)

16,283 

(50,478)

(6,750)

Realized (loss) gain on sale of digital assets
(11,180)

16,005 

(12,990)

20,982 

(Loss) gain on disposition of property, plant and equipment and deposits
(918)

1,791 

(919)

2,348 

Impairment of long-lived assets
(1,583)

— 

(3,569)

— 

Operating (loss) income
(140,774)

10,809 

(239,162)

(24,032)

Interest income
2,885 

460 

6,608 

1,262 

Interest expense
(2,114)

(1,582)

(5,714)

(1,767)

Gain on derivative assets and liabilities
77,040 

3,784 

75,476 

70 

Loss on extinguishment of long-term debt
— 

— 

(21,596)

— 

Other expenses
(971)

(275)

(7,123)

(488)

Total other income (expense)
76,840 

2,387 

47,651 

(923)

(Loss) income before taxes from continuing operations
(63,934)

13,196 

(191,511)

(24,955)

Income tax expense
(17)

— 

(14)

(222)

(Loss) income from continuing operations
(63,951)

13,196 

(191,525)

(25,177)

Loss from discontinued operations
(1,044)

(18,697)

(18,823)

(35,877)

Net loss
(64,995)

(5,501)

(210,348)

(61,054)

Earnings (loss) per common share

Basic earnings (loss) per share from continuing operations
(0.11)

0.02 

(0.32)

(0.05)

Diluted earnings (loss) per share from continuing operations
(0.11)

0.02 

(0.32)

(0.05)

Basic and diluted loss per share from discontinued operations
— 

(0.03)

(0.03)

(0.07)

Basic and diluted loss per share
(0.11)

(0.01)

(0.35)

(0.12)

Weighted average number of common shares outstanding

Basic
605,370,634
555,843,347
603,983,769
528,157,206

Diluted - continuing operations
605,370,634
560,569,145
603,983,769
528,157,206

Diluted - discontinued operations
605,370,634
555,843,347
603,983,769
528,157,206

See accompanying notes to the unaudited condensed consolidated financial statements

 

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KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Expressed in thousands of U.S. dollars, except number of shares - unaudited)

Number
 of shares 
Common stock
Additional paid-in capital
Accumulated deficit
Total stockholders’ equity

Three Months Ended June 30, 2026

Balance as of March 31, 2026
602,851,137
603 

1,176,366 

(757,834)

419,135 

Net loss
—
— 

— 

(64,995)

(64,995)

Stock-based compensation
—
— 

9,848 

— 

9,848 

Purchase of capped calls, including transaction costs
—
— 

(41,840)

— 

(41,840)

Settlement of restricted share units
882,258
1 

(1)

— 

— 

Settlement of performance share units
77,525
— 

— 

— 

— 

Exercise of stock options and warrants
12,925,187
13 

6,555 

— 

6,568 

Balance as of June 30, 2026
616,736,107
617 

1,150,928 

(822,829)

328,716 

Six Months Ended June 30, 2026

Balance as of January 1, 2026
601,579,999
602 

1,172,254 

(612,481)

560,375 

Net loss
—
— 

— 

(210,348)

(210,348)

Stock-based compensation
—
— 

13,512 

— 

13,512 

Purchase of capped calls, including transaction costs
—
— 

(41,840)

— 

(41,840)

Settlement of restricted share units
1,814,533
2 

(2)

— 

— 

Settlement of performance share units
77,525
— 

— 

— 

— 

Exercise of stock options and warrants
13,264,050
13 

7,004 

— 

7,017 

Balance as of June 30, 2026
616,736,107
617 

1,150,928 

(822,829)

328,716 

Three Months Ended June 30, 2025

Balance as of March 31, 2025
553,644,137
553 

1,044,371 

(383,490)

661,434 

Net loss
—
— 

— 

(5,501)

(5,501)

Stock-based compensation
—
— 

3,500 

— 

3,500 

Issuance of equity warrants
—
— 

2,715 

— 

2,715 

Settlement of restricted share units
2,347,500
2 

(2)

— 

— 

Exercise of stock options and warrants
13,900
— 

3 

— 

3 

Settlement of share awards
1,543,320
2 

(2)

— 

— 

Balance as of June 30, 2025
557,548,857
557 

1,050,585 

(388,991)

662,151 

Six Months Ended June 30, 2025

Balance as of January 1, 2025
479,332,885
479 

938,604 

(327,937)

611,146 

Net loss
—
— 

— 

(61,054)

(61,054)

Stock-based compensation
—
— 

7,768 

— 

7,768 

Issuance of replacement stock-based compensation
—
— 

232 

— 

232 

Issuance of common shares
74,311,252
74 

89,790 

— 

89,864 

Issuance of equity warrants
—
— 

14,192 

— 

14,192 

Settlement of restricted share units
2,347,500
2 

(2)

— 

— 

Exercise of stock options and warrants
13,900
— 

3 

— 

3 

Settlement of share awards
1,543,320
2 

(2)

— 

— 

Balance as of June 30, 2025
557,548,857
557 

1,050,585 

(388,991)

662,151 

Should be read in conjunction with the notes to the unaudited condensed consolidated financial statements

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KEEL INFRASTRUCTURE CORP. (formerly known as Bitfarms Ltd.)
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. dollars - unaudited)

Six months ended June 30,

2026
2025

Cash flows used in operating activities

Net loss
(210,348)

(61,054)

Adjustments to reconcile