Bitfarms Ltd.

Q2 2026 revenue was $30 million, down from $61 million in Q2 2025. Operating loss was $141 million versus operating income of $11 million a year ago; the quarter included $63 million of accelerated depreciation tied to mining rig shutdowns at Panther Creek and Scrubgrass. Loss from continuing operations was $64 million, or $0.11 per share, versus income from continuing operations of $13 million in Q2 2025. Adjusted EBITDA was negative $24 million versus $7 million in the prior-year period. Bitcoin fair value and realized loss was $20 million versus a gain of $32 million in Q2 2025. Cash SG&A for the first half of 2026 averaged $23 million per quarter, and management is tracking $100 million of cash SG&A for the full year. The company sold 1,085 Bitcoin for $75 million during the period beginning April 1, 2026 and ending August 7, 2026, and held 1,861 Bitcoin as of August 7. In June, Keel closed a $458 million convertible senior notes offering, and total liquidity was $819 million as of August 7 versus $533 million at the beginning of May. Management said current liquidity supports site development through lease signing, expansion capacity opportunities, and fully funds cash SG&A through 2028.

Ben Gagnon emphasized that Keel has executed the strategy it laid out 18 months ago: exiting Latin America and Bitcoin, rebuilding the balance sheet, and shifting toward U.S. HPC and AI infrastructure. His tone was confident and highly strategic, framing the company as now entering the commercial window it had been waiting for, with power scarcity making its sites more valuable. He repeatedly stressed that Keel is negotiating from strength and will not rush leases just to announce a headline.

Jonathan Mir said Keel is better capitalized than at any point in its history, which gives it flexibility to advance and derisk sites without being forced by near-term liquidity needs. He cited Q2 revenue of $30 million, adjusted EBITDA of negative $24 million, and cash SG&A tracking at $100 million for 2026, with first-half cash SG&A averaging $23 million per quarter. He also highlighted the $458 million convertible note deal, total liquidity of $819 million as of August 7, and management’s view that liquidity should cover site development, expansion capacity, and cash SG&A through 2028.

Analysts focused on permitting risk, regulatory scrutiny of data centers, lease timing, and whether the company can still hit its goal of three lease announcements in 2026. Management said Pennsylvania’s regulatory backdrop is relatively workable, that secured capacity is not currently impacted by policy changes, and that expansion capacity is the area most exposed to future policy shifts. On timing, Ben Gagnon said multiple tenants want all 3 sites, but the company is prioritizing the best economics and still expects 2027 delivery for Pennsylvania sites; he also said Moses Lake’s additional 10 MW option has been given up, and the site is now focused on 18 MW.