| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 8 | — | 17.8x | Bottom tier | |
Growth | 11 | -35.0% | 7.1% | Bottom tier | |
Quality | 6 | -30.9% | 4.5% | Bottom tier | |
Safety | 23 | — | 2.6x | Bottom tier | |
Capital Return | 8 | — | 2.12% | Bottom tier | |
Momentum | 65 | 193.8% | 2.9% | Around median | |
Sentiment | 90 | 4 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Bitfarms Ltd., which presents itself as Keel Infrastructure Corp. in its fiscal year 2026 Q2 call, is transitioning from Bitcoin mining to developing U.S. infrastructure for high-performance computing and artificial intelligence data centers. The plan is based on securing scarce power capacity, completing permitting and site preparation, and then leasing the sites under long-term contracts; priority sites include Moses Lake, Sharon, and Panther Creek, while Scrubgrass remains in the pipeline and Sherbrooke awaits final provincial approval.
In fiscal year 2026 Q2, revenue according to EDGAR data was approximately $30.4 million, compared with $61 million in the comparative period cited by management, with the decline primarily attributable to a lower average Bitcoin price and the shutdown of mining operations at Moses Lake. The company recorded a gross loss of $86.8 million and a net loss of $65 million, or $0.11 per share, while adjusted EBITDA was negative $24 million compared with positive $7 million in fiscal year 2025 Q2.
The results reflect a transitional mix that does not yet represent the targeted data center model: all U.S. Bitcoin mining operations have been discontinued, while machines remain in Canada that could practically produce between 2 and 3 Bitcoin per day, and liquidity projections assume no cash contribution from the Bitcoin business during fiscal year 2026. On a last-twelve-month basis for fiscal year 2026, revenue was $176 million, gross loss was $116.7 million, and net loss was $271.4 million, illustrating that recurring data center revenue has not yet begun to offset the contraction in the mining business.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is Buy, with an average price target of $5.60 and a wide range between $3 and $8, reflecting substantial divergence in estimates of the transition's likelihood of success and execution risks. The average target is below the 52-week range high of $7.37, while the highest target is slightly above that high, and the minimum is $3 compared with an annual low of $2. No meaningful price-to-earnings multiple is available because of the last-twelve-month fiscal year 2026 loss of $271.4 million; therefore, the valuation is primarily linked to signing leases and bringing sites online in fiscal year 2027 rather than to current earnings.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Management said in the August 10, 2026 call that the bottleneck in the artificial intelligence sector is power and its availability timelines, so the company exited U.S. Bitcoin operations and focused on developing high-performance computing data centers. The first phase of construction at the three U.S. sites was completed by dismantling mining operations, while liquidity planning assumes no cash contribution from Bitcoin during fiscal year 2026. The plan targets converting secured power into long-term leases with artificial intelligence companies, GPU cloud providers, and large corporations.
Management expects Moses Lake to be the first fully permitted site and the first site to enter service and generate high-performance computing revenue in fiscal year 2027. The company is currently focused on 18 megawatts at the site after abandoning the option to add 10 megawatts, and the first Vertiv units already arrived during fiscal year 2026 Q2. Management also stated that the site was delayed by a few months relative to its original guidance, but it is still expected to begin operations before Sharon and Panther Creek.
Total liquidity reached $819 million on August 7, 2026, compared with approximately $533 million at the beginning of May 2026. This liquidity was supported by the proceeds of a $458 million convertible senior notes offering that closed in June 2026 after the issuance was increased from $350 million. According to management, current resources are sufficient to develop the sites through lease signing, fund capacity expansion opportunities, and cover cash general and administrative expenses through the end of fiscal year 2028, but full construction financing will remain tied to tenant quality and contract terms.
Sharon received zoning approval in April 2026 and land development approval during fiscal year 2026 Q2, with only a limited number of environmental permits remaining. Panther Creek received zoning and conditional land development approval, but the final stages with regulators took a few months longer than expected. Management confirmed on August 10, 2026, that this delay did not change the service-readiness date at the end of fiscal year 2027 or the expected project economics, while completion of permitting remains an important execution requirement.
Panther Creek has 350 megawatts of secured capacity with PPL, with potential expansion to 500 megawatts or more, and is located two hours from New York and Philadelphia. Scrubgrass, meanwhile, is a potential campus exceeding 1 gigawatt, but as of August 10, 2026, it was in the detailed load study stage for 750 megawatts and had a 550-megawatt onsite generation plan. The company has not begun detailed engineering for the Scrubgrass data centers or submitted permits for them because it is first awaiting confirmation of the amount of power and the timing of its availability.
Revenue was $30.4 million, gross loss was $86.8 million, and net loss was $65 million in fiscal year 2026 Q2. Adjusted EBITDA was negative $24 million, and the operating loss included $63 million of accelerated depreciation related to the shutdown of mining machines. These figures show that the company is bearing transition costs before data center revenue begins, making operational timelines and lease signings the two decisive factors for improving financial performance.
