Bitfarms Reports $284 Million Loss Amid Shift to AI Infrastructure

Bitfarms shares climbed more than 5% after the company reported a $284 million net loss for 2025, reflecting costs tied to its transition from bitcoin mining toward artificial intelligence and high-performance computing infrastructure. CEO Ben Gagnon described the shift as a “deliberate and consequential transformation,” noting that the company plans to rebrand as Keel Infrastructure and gradually exit legacy mining operations.

Despite losses, revenue rose 72% year-over-year to $229 million. Operating losses reached $150 million compared with $28 million in the previous year, while losses from continuing operations totaled $209 million. The company also reported swings related to its bitcoin holdings, currently valued at approximately $161 million.

Expansion Plans Target Long-Term AI Leasing Growth

Under the Keel Infrastructure model, the company aims to lease power-secured data center sites to hyperscalers and major AI customers. It is developing a 2.2-gigawatt pipeline across Pennsylvania, Washington state, and Québec, with initial AI-related revenue expected by 2027.

Bitfarms ended March with $520 million in liquidity, including cash and bitcoin, which management plans to use for permits, engineering, and securing long-term leases while continuing bitcoin mining for near-term cash flow.

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