0001213900-26-054166 | 10-Q | XBRL Viewer

Three months ended March 31,

Number of
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Average
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Outstanding, January 1,

Outstanding, March 31,

Print Document

Stockholders’ Equity - Schedule of Movement in Number of Common Shares (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Movement in Number of Common Shares [Abstract]
Outstanding, beginning balance	601,579,999	479,332,885
Issuance through at-the market equity offering program		14,444,643
Issuance through business combination		59,866,609
Exercise of Options	338,863
Settlement of restricted share units	932,275
Outstanding, ending balance	602,851,137	553,644,137

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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+ Details

Additional Details to the Statements of Cash Flow (Tables)

3 Months Ended

Mar. 31, 2026

Additional Details to the Statements of Cash Flow [Abstract]

Schedule of Additional Details to the Statements of Cash Flow

	Three months ended March 31,
	2026			2025

Changes in non-cash working capital components:
(Increase) decrease in accounts receivable, net		(3,382	)		702
(Increase) decrease in other current assets		(111	)		3,608
Increase in inventories		(1,734	)		(429	)
(Increase) Decrease in deposits		(271	)		11,234
Decrease in assets held for sale		(261	)		—
(Decrease) increase in accounts payable and accrued expenses		(2,652	)		12,719
(Decrease) increase in operating lease liabilities		(490	)		743
Decrease in taxes payable		(4	)		(188	)
(Decrease) increase in other non-current liabilities		(145	)		139
		(9,050	)		28,528

Significant non-cash transactions:
Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold		—			78,161
Equipment prepayments realized as additions to PPE		100			40,357
Addition of ROU assets and related lease liabilities		—			134
Purchase of PPE financed by short-term credit		9,474			2,416
Computational power revenue and its related service expense		467			788

Depreciation and amortization*
Property, plant and equipment, net		27,498			27,928
Finance lease right-of-use assets		112			254
Intangible assets, net		84			182
		27,694			28,364

*	Depreciation and amortization expenses are part of the non-cash adjustments in the cash flow statement, and these amounts also include figures from discontinued operations. See Note 8 for more details.

Schedule of Cash and Restricted Cash Reported Consolidated Statements of Cash Flow

The following table provides a reconciliation of cash and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited condensed consolidated statements of cash flows:

	Three months ended March 31,
	2026		2025
Cash		357,277		38,546
Restricted cash		41,075		—
Total cash and restricted cash		398,352		38,546

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Commitments and Contingencies (Details) $ in Thousands		3 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jan. 31, 2027 USD ($)
Commitments And Contingencies [Line Items]
Imported miners			34,179	9,399
Delivered asset values			$ 130,698	$ 25,782
Percentage of importation tariffs				22.40%
Tariff rate	27.60%
Issued letter of credit to utility provider	$ 40,000	$ 40,000
Restricted cash pledged as collateral	$ 40,200	$ 40,200
Term of agreement for the sale and delivery of electricity	4 years	4 years
Letter of credit issued	$ 875	$ 875
The aggregate future payment commitments to be paid in 2026		121,384
The aggregate future payment commitments to be paid in 2027		$ 48,864
Forecast [Member]
Commitments And Contingencies [Line Items]
Required to provide letter of credit					$ 60,800
Minimum [Member]
Commitments And Contingencies [Line Items]
Percentage of importation tariffs			22.40%
Maximum [Member]
Commitments And Contingencies [Line Items]
Percentage of importation tariffs			150.50%

Business Combination

3 Months Ended

Mar. 31, 2026

Business Combination [Abstract]

BUSINESS COMBINATION

NOTE 3: BUSINESS COMBINATION

On March 14, 2025 (the “Acquisition Date”), the Company acquired 100% of the issued share capital of Stronghold Digital Mining, Inc. (“Stronghold”) in a stock-for-stock merger transaction. Under the terms of the merger agreement, each Stronghold shareholder received 2.52 shares of Bitfarms for each Stronghold share they owned. A total of 59,866,609 common shares and 12,893,650 warrants were issued. In addition, the Company paid $51,060 on closing to retire Stronghold’s outstanding loans and other closing costs. The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations. The fair value of the 59,866,609 shares issued as part of the consideration paid for Stronghold was based on the published share price on March 14, 2025 of $1.11 per share. Issuance costs of $196, which were directly attributable to the issuance of the shares, were netted against the deemed proceeds.

As a result of the business combination, the pre-existing hosting agreements between the Company and Stronghold were effectively settled. A gain of $945 was recognized on the settlement of the Refundable Hosting Deposits. Refer to Note 15 for more details.

Stronghold is a vertically integrated power generation and data center company focused on environmental remediation and reclamation services in Pennsylvania, United States. The Stronghold transaction is aligned with the Company’s strategic objectives to diversify its operations and expand its presence in the United States through vertical integration of power generation and energy arbitrage capabilities.

Details of the final purchase price allocation and the fair value of the net assets acquired on March 14, 2025 are as follows:

	As of March 14,
	2025
Purchase consideration
Cash paid through repayment of debts		44,982
Reimbursement of Stronghold’s acquisition-related costs		6,078
Fair value of shares issued		66,452
Fair value of warrants issued		11,477
Fair value of replacement stock-based compensation		232
Settlement of Refundable Hosting Deposits		15,474
Fair value of consideration transferred		144,695

Net identifiable assets acquired
Cash		2,976
Accounts receivable		1,095
Short-term prepaid deposits		1,732
Other assets (current)		118
Rights to renewable energy credits and waste tax credits		8,989
Inventories		3,269
Property, plant and equipment		152,264
Intangible assets		51
Operating and finance lease right-of-use assets		1,594
Other non-current assets		1,550
Accounts payable and accrued expenses		(23,488	)
Current portion of long-term debt		(420	)
Current portion of operating and finance lease liabilities		(800	)
Long-term debt		(460	)
Non-current operating and finance lease liabilities		(756	)
Other non-current liabilities		(3,019	)
Total net identifiable assets acquired		144,695

Total acquisition-related costs that were not directly attributable to the issuance of shares amounted to $7,081, of which $1,571 were incurred during the first quarter of 2025, and $5,510 were expensed during the year ended December 31, 2024. These amounts were included in general and administrative expenses in the unaudited condensed consolidated statements of operations.

The following table presents the supplemental cash flow information:

	Year ended December 31,
	2025
Cash outflow, net of cash acquired
Cash consideration		51,060
Less: cash balances acquired		(2,976	)
Net cash outflow related to investing activities		48,084

- Definition

The entire disclosure for business combination.

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+ Details

Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2: SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and principles of consolidation

These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates certain variable interest entities (“VIEs”) for which the Company is the primary beneficiary, generally as a result of having the power to direct the activities that most significantly affect the VIE’s economic performance and holding variable interests that convey to the Company the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. Subsidiaries that are not considered VIEs are consolidated if the Company owns, directly or indirectly, a controlling interest in the entities. The Company performs an assessment at inception and regularly reevaluates whether the entity is a VIE and whether the Company continues to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

The unaudited condensed consolidated financial statements are presented in USD and have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission (the “SEC”) applicable to interim financial information, which permit the omission of certain information to the extent it has not changed materially since the latest audited annual financial statements.

In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its unaudited condensed consolidated balance sheet as of March 31, 2026 and its results of operations for the three months ended March 31, 2026 and 2025 and cash flows for the three months ended March 31, 2026, and 2025. The consolidated balance sheet as of December 31, 2025, was derived from 2025 audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

These unaudited condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and related notes thereto contained in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026 (the “Annual Report”).

Additionally, since there are no differences between net income (loss) and comprehensive income (loss), all references to comprehensive income (loss) have been excluded from the unaudited condensed consolidated financial statements.

Use of estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated balance sheets and the reported amounts of revenue and expenses during the reporting periods. Actual results may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s unaudited condensed consolidated financial statements include revenue recognition; measurement of digital assets; determination of the useful lives, residual values, depreciation method and recoverability of long-lived assets; impairment analysis of property, plant and equipment; allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business combinations and measurement of financial instruments.

Adopted accounting pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides an optional practical expedient when applying the guidance related to the estimate of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The Company adopted ASU 2025-05 effective January 1, 2026 and had elected to apply the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. The adoption of ASU 2025-05 did not have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”). ASU 2024-04 clarifies the accounting for induced conversions of convertible debt instruments and improves the consistency of accounting for settlements of convertible debt that occur at terms different from those specified in the original contract. The Company adopted ASU 2024-04 effective January 1, 2026. The adoption of the ASU 2024-04 did not have a material impact on the Company’s consolidated financial statements.

Recently issued accounting pronouncements not yet adopted

For recently issued accounting pronouncements not yet adopted, refer to the Company’s audited annual consolidated financial statements in the Annual Report.

Financial Instruments - Schedule of Fair Values of Financial Instruments and their Level within the Fair Value Hierarchy (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Financial assets at fair value through profit and loss

Total fair value of financial assets

$ 411,107

$ 650,832

Financial liabilities at fair value through profit and loss

Total fair value of financial liabilities

639,876

737,553

Net fair value

(228,769)

(86,721)

Level 1 [Member]

Financial assets at amortized cost

Cash

357,277

573,462

Restricted cash

41,075

57,500

Level 2 [Member]

Financial assets at amortized cost

Accounts receivable, net

5,357

5,471

Other receivables

131

1,405

Security deposits for energy

5,157

Financial assets at fair value through profit and loss

Derivative assets

1,760

7,487

Financial liabilities at amortized cost

Accounts payable and accrued expenses

45,101

34,974

Long-term debt

^[1]

594,775

699,657

Financial liabilities at fair value through profit and loss

Derivative liabilities

2,922

Level 3 [Member]

Financial assets at amortized cost

Other refundable deposits

$ 350

[1]

The Credit Facility and the Convertible Notes are recognized at amortized cost using the effective interest rate method. As of December 31, 2025, their carrying amounts amounted to $94,808 and $571,315, respectively, whereas their fair values, which are based on discounted cash flows using a current borrowing rate, amounted to $106,060 and $590,252, respectively. As of March 31, 2026, the carrying amount and the fair value of the Convertible Notes amounted to $574,228 and $591,559, respectively.

Assets Held For Sale and Discontinued Operations - Schedule of Net cash Flows incurred by Argentina’s and Paraguay’s Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Net cash Flows incurred by Argentina’s and Paraguay’s Operations [Abstract]
Net change in cash related to operating activities	$ (1,060)	$ 1,189
Net change in cash related to investing activities	1,696	(2,881)
Net change in cash related to financing activities	(15)	(172)
Net change in cash generated by the discontinued operations	$ 621	$ (1,864)

Long-Term Debt - Schedule of Long-Term Debt (Details) - Long-Term Debt [Member] - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Long-Term Debt [Line Items]
Building financing	$ 1,687	$ 1,704
Equipment financing	1,530	1,642
Credit Facility		104,857
Unamortized transaction costs - Credit Facility		(10,049)
Convertible Notes	591,586	589,565
Unamortized debt discount - Convertible Notes	(17,358)	(18,250)
Total long-term debt, net of transaction cost and debt discount	577,445	669,469
Current portion of long-term debt	(4,242)	(97,022)
Non-current portion of long-term debt	$ 573,203	$ 572,447

Segment and Geographical Information - Schedule of Revenues by Country (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
North America
Total	$ 36,992	$ 47,651
United States [Member]
North America
Total	19,376	18,529
Canada [Member]
North America
Total	$ 17,616	$ 29,122

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (c)
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/exampleRef
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Reference 19: http://www.xbrl.org/2003/role/exampleRef
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Reference 20: http://www.xbrl.org/2003/role/exampleRef
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Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Stock-Based Compensation (Details) - $ / shares	1 Months Ended	3 Months Ended
Stock-Based Compensation (Details) - $ / shares	Jul. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Stock-Based Compensation [Line Items]
Common shares		602,851,137	553,644,137	601,579,999	479,332,885
Granted options to certain employees			302
Scenario One [Member]
Stock-Based Compensation [Line Items]
Percentage of shares awarded		0.00%
Scenario Two [Member]
Stock-Based Compensation [Line Items]
Percentage of shares awarded		50.00%
Scenario Three [Member]
Stock-Based Compensation [Line Items]
Percentage of shares awarded		100.00%
Scenario Four [Member]
Stock-Based Compensation [Line Items]
Percentage of shares awarded		200.00%
Under 2021 LTIP [Member]
Stock-Based Compensation [Line Items]
Option vest percentage			17.00%
2025 LTIP [Member]
Stock-Based Compensation [Line Items]
Percentage of rolling plan	10.00%
Percentage of outstanding shares	10.00%
Under 2025 LTIP [Member]
Stock-Based Compensation [Line Items]
Options grants to purchase		1,440,000
Common shares
Date of the grant		5 years
Under 2021 LTIP [Member]
Stock-Based Compensation [Line Items]
Options grants to purchase			540,302
Date of the grant		5 years
Option vested			1,631,700
Option vest			258,300
Under 2021 LTIP [Member] \| Employees and Executive [Member]
Stock-Based Compensation [Line Items]
Granted			1,890,000
Restricted Stock Units (RSUs) [Member]
Stock-Based Compensation [Line Items]
Vest term			3 months
Phantom Share Units (PSUs) [Member]
Stock-Based Compensation [Line Items]
Common shares		1
Share Awards [Member]
Stock-Based Compensation [Line Items]
Options grants to purchase			1,543,320
Grant-date fair value (in Dollars per share)			$ 1.11

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies [Abstract]

Schedule of Property, Plant and Equipment

The Company is committed to purchase the following property, plant and equipment as of March 31, 2026:

		2026				2027
HPC data center projects			121,384				48,864

Assets Held For Sale and Discontinued Operations

3 Months Ended

Mar. 31, 2026

Assets Held For Sale and Discontinued Operations [Abstract]

ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

NOTE 8: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

Miners and Mining electrical components

As of March 31, 2026 and December 31, 2025, the Company determined it had surplus Miners and Mining electrical equipment that met the criteria as “assets held for sale” under ASC 360-10-45 as of the respective balance sheet dates. These assets were measured at the lower of their carrying amount and fair value less costs to sell at the time of the classification. These surplus assets are not determined to be discontinued operations as their planned sale did not represent a strategic shift on the Company’s operations and financial results.

The fair value of these assets were determined using the market approach, which is based on recent sales prices for similar Miners and equipment. Such fair value measurements are a non-recurring Level 3 measurement under the fair value hierarchy. The key assumption used by Management to determine fair value is the most recent amount contracted with a third party for a comparable Miner or equipment sold.

Assets of disposal group classified as held for sale

In addition to surplus Miners and equipment, the Company classified assets in Paraguay which met the criteria as “assets held for sale” during the year ended December 31, 2025, which have been classified as discontinued operations as detailed in this note. The Paraguay disposal group included the Paso Pe Bitcoin data center which met the “held for sale” criteria during the third quarter of 2025.

The following table provides the components of the assets or disposal groups that either met the criteria of “assets held for sale” as of March 31, 2026 or December 31, 2025.

	As of March 31,		As of December 31,
	2026		2025
Miners		70		166
Mining electrical components		1,134		3,198
Assets of disposal group classified as held for sale:
Other assets		1,431		1,404
Inventories - electronic and networking components		426		426
Property, plant and equipment		4,503		17,168
Long-term deposits and equipment prepayments		1,333		1,145
Refundable deposits - security deposits for energy		5,157		5,157
		14,054		28,664

Discontinued operations

In 2025, the Company began a significant transformation of its corporate strategy, exiting its Latin American Bitcoin Mining operations in Paraguay and Argentina to fully concentrate on the U.S. and Canadian HPC infrastructure markets. As a result of these strategic decisions, the Company classified certain of its Latin American asset groups as “held for sale” and its operations as discontinued operations. As discussed below, the Argentina asset group was abandoned, and therefore its assets were not classified as “held for sale”.

The combined results of the Company’s Argentina and Paraguay operations for the three months ended March 31, 2026 and 2025 are presented below:

	Three months ended March 31,
	2026							2025
		Argentina		Paraguay		Total			Argentina		Paraguay		Total
Revenues*		—		6,082		6,082			6,955		12,014		18,969
Cost of revenues		—		(5,862	)	(5,862	)		(8,053	)	(11,654	)	(19,707	)
Gross profit (loss)		—		220		220			(1,098	)	360		(738	)

Operating expenses
General and administrative expenses		(3,848	)	(959	)	(4,807	)		(1,563	)	(879	)	(2,442	)
Gain (loss) on disposition of property, plant and equipment and deposits		324		(5	)	319			(196	)	—		(196	)
Impairment of long-lived assets		(811	)	(12,806	)	(13,617	)		(18,824	)	—		(18,824	)
Operating (loss)		(4,335	)	(13,550	)	(17,885	)		(21,681	)	(519	)	(22,200	)
Interest income		—		—		—			—		74		74
Interest expense		—		—		—			—		(33	)	(33	)
Other (expense) income		79		27		106			364		(70	)	294
Total other (expense) income		79		27		106			364		(29	)	335
Loss before income taxes		(4,256	)	(13,523	)	(17,779	)		(21,317	)	(548	)	(21,865	)

Income tax (expense) recovery		—		—		—			(458	)	(82	)	(540	)
Loss after income tax		(4,256	)	(13,523	)	(17,779	)		(21,775	)	(630	)	(22,405	)

Gain on disposition of Yguazu Bitcoin data center		—		—		—			—		5,225		5,225
Loss from discontinued operations		(4,256	)	(13,523	)	(17,779	)		(21,775	)	4,595		(17,180	)

*	Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

The net cash flows incurred by Argentina’s and Paraguay’s operations are, as follows:

	Three months ended March 31,
	2026			2025
Net change in cash related to operating activities		(1,060	)		1,189
Net change in cash related to investing activities		1,696			(2,881	)
Net change in cash related to financing activities		(15	)		(172	)
Net change in cash generated by the discontinued operations		621			(1,864	)

i. Argentina’s operations as discontinued operations

During the second quarter of 2025, the Company’s energy supplier halted the supply of electricity to the Company’s Rio Cuarto, Argentina Bitcoin data center. Following this event, on August 11, 2025, the Company determined that it would discontinue and abandon its operations in Rio Cuarto, Argentina. The Company negotiated to eliminate its asset retirement obligation and reduced the reserved power to a minimum. As of September 30, 2025, the Company’s Argentina operations were abandoned and classified as a discontinued operation. As these operations represent an asset group that was abandoned, it is not classified as “held for sale” of a disposal group. Notwithstanding, commencing in the second quarter of 2025, the Company also identified certain electrical equipment and BVVE that could be sold separately and not abandoned.

Impairment on Argentina asset group in the first quarter of 2025

During the first quarter of 2025, due to indicators of impairment that included the decline of the Company’s market capitalization and Bitcoin price, the Company performed recoverability tests for operating Bitcoin data centers in Canada, United States, Paraguay and Argentina. The Company also experienced an increase in gas prices which affected the Company’s cost of energy in Argentina.

In performing a recoverability test, the Company calculated the sum of the estimated undiscounted future cash flows from continued use and eventual disposition for the Argentina asset group, and determined it was lower than its carrying amount, therefore the Argentina asset group was not recoverable, and an impairment loss in the amount of $17,504 was recognized to write down the carrying amount of the asset group to its fair value.

To measure the impairment loss, fair value was determined using an income approach under ASC 820 based on a discounted cash flow model incorporating management’s estimates of future cash flows, expected Bitcoin prices, projected operating expenses, and a market-based discount rate. Due to the use of significant unobservable inputs, the fair value measurement was classified within Level 3 of the fair value hierarchy.

On May 8, 2026, the Company entered into a definitive share purchase agreement for the sale of its wholly-owned Argentina subsidiary, Backbone Hosting Solutions SAU (“Backbone Argentina”). Refer to Note 21 for more details.

ii. Paraguay’s operations as discontinued operations and assets held for sale

During the first quarter of 2025, the Company finalized the sale of its Yguazu Bitcoin data center in Paraguay. Subsequently, during the third quarter of 2025, the Company determined that the Paso Pe Bitcoin data center met the criteria to be classified as “held for sale”, and that all operations in Paraguay should be classified as discontinued operations as the Company makes a strategic shift towards HPC data center projects in North America.

Sale of the Yguazu Bitcoin Data Center

On March 17, 2025, the Company completed the sale of its 200 MW Bitcoin data center under development in Yguazu, Paraguay to HIVE Digital Technologies Ltd. (“HIVE”) pursuant to a January 24, 2025 share purchase agreement. The transaction involved the sale of the Company’s 100% ownership stake in the Yguazu Bitcoin data center and resulted in the derecognition of the subsidiary’s assets and liabilities. The transaction details are as follows:

	As of March 17
	2025

Consideration
Advance received in January 2025 upon signing the LOI		20,000
Cash received upon closing		12,038
Receivable over 6 equal monthly payments following the closing date*		31,000
Other costs assumed by HIVE		222
Total consideration received		63,260
Net assets transferred
Current assets		2,590
Property, plant and equipment		34,006
Intangible asset		309
Long-term deposits and equipment prepayments		18,321
Security deposit for energy		2,809
Total net assets transferred		58,035
Gain on disposal of subsidiary		5,225

*	The $31,000 interest-free receivable was fully collected by the end of the third quarter of 2025.

Sale of the Paso Pe Bitcoin data center

In January 2026, a definitive purchase agreement was signed for the sale of the Paso Pe Bitcoin data center. The sale of the Paso Pe Bitcoin data center was completed on April 21, 2026 for total proceeds of approximately $13,000. Refer to Note 21 for more details.

During the three months ended March 31, 2026, the Company used the most recent agreed upon selling price to estimate the fair value less costs to sell of the Paso Pe Bitcoin data center and recognized a further impairment loss of $12,806. This impairment loss is presented within loss from discontinued operations in the consolidated statements of operations.

Additional Details to the Statements of Cash Flow

3 Months Ended

Mar. 31, 2026

Additional Details to the Statements of Cash Flow [Abstract]

ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW

NOTE 19: ADDITIONAL DETAILS TO THE STATEMENTS OF CASH FLOW

	Three months ended March 31,
	2026			2025

Changes in non-cash working capital components:
(Increase) decrease in accounts receivable, net		(3,382	)		702
(Increase) decrease in other current assets		(111	)		3,608
Increase in inventories		(1,734	)		(429	)
(Increase) Decrease in deposits		(271	)		11,234
Decrease in assets held for sale		(261	)		—
(Decrease) increase in accounts payable and accrued expenses		(2,652	)		12,719
(Decrease) increase in operating lease liabilities		(490	)		743
Decrease in taxes payable		(4	)		(188	)
(Decrease) increase in other non-current liabilities		(145	)		139
		(9,050	)		28,528

Significant non-cash transactions:
Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold		—			78,161
Equipment prepayments realized as additions to PPE		100			40,357
Addition of ROU assets and related lease liabilities		—			134
Purchase of PPE financed by short-term credit		9,474			2,416
Computational power revenue and its related service expense		467			788

Depreciation and amortization*
Property, plant and equipment, net		27,498			27,928
Finance lease right-of-use assets		112			254
Intangible assets, net		84			182
		27,694			28,364

*	Depreciation and amortization expenses are part of the non-cash adjustments in the cash flow statement, and these amounts also include figures from discontinued operations. See Note 8 for more details.

	Three months ended March 31,
	2026		2025
Cash		357,277		38,546
Restricted cash		41,075		—
Total cash and restricted cash		398,352		38,546

As of March 31, 2026, restricted cash represents letters of credit contractually required by an electric service arrangement. Refer to Note 20 for more details.

Organization (Tables)

3 Months Ended

Mar. 31, 2026

Condensed Financial Information Disclosure [Abstract]

Schedule of Financial Statements

In these financial statements, the terms below have the following definitions:

	Term	Definition
1	BVVE	Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment)
2	MW	Megawatt
3	BTC	Bitcoin
4	CAD	Canadian dollars
5	USD	United States dollars

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Financial Instruments [Abstract]

Schedule of Fair Values of Financial Instruments and their Level within the Fair Value Hierarchy

The following table presents the fair values of the Company’s financial instruments and their level within the fair value hierarchy:

		As of March 31,			As of December 31,
Measurement		2026			2025

Financial assets at amortized cost
Cash	Level 1		357,277			573,462
Restricted cash	Level 1		41,075			57,500
Accounts receivable, net	Level 2		5,357			5,471
Other receivables	Level 2		131			1,405
Security deposits for energy	Level 2		5,157			5,157
Other refundable deposits	Level 3		350			350
Financial assets at fair value through profit and loss
Derivative assets	Level 2		1,760			7,487
Total fair value of financial assets			411,107			650,832

Financial liabilities at amortized cost
Accounts payable and accrued expenses	Level 2		45,101			34,974
Long-term debt*	Level 2		594,775			699,657

Financial liabilities at fair value through profit and loss
Derivative liabilities	Level 2		—			2,922
Total fair value of financial liabilities			639,876			737,553

Net fair value			(228,769	)		(86,721	)

Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2026

Restricted Cash [Abstract]

Schedule of Restricted Cash

	As of March 31,		As of December 31,
	2026		2025
Restricted cash as covenant for the Credit Facility		—		57,500
Restricted cash as collateral for the letters of credit		41,075		—
		41,075		57,500

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Long-Term Debt [Abstract]

Schedule of Long-Term Debt

The Company’s long-term debt is as follows:

	As of March 31,			As of December 31,
	2026			2025
Building financing		1,687			1,704
Equipment financing		1,530			1,642
Credit Facility		—			104,857
Unamortized transaction costs - Credit Facility		—			(10,049	)
Convertible Notes		591,586			589,565
Unamortized debt discount - Convertible Notes		(17,358	)		(18,250	)
Total long-term debt, net of transaction cost and debt discount		577,445			669,469
Current portion of long-term debt		(4,242	)		(97,022	)
Non-current portion of long-term debt		573,203			572,447

Schedule of Movement in Long-Term Debt

Movement in long-term debt is as follows:

	As of March 31,			As of December 31
	2026			2025
Balance as of January 1,		669,469			1,576
Issuance of long-term debt		—			689,306
Addition from business combination		—			880
Repayments		(117,023	)		(1,930	)
Interest on long-term debt		3,548			7,841
Transaction costs and debt discount		—			(31,447	)
Amortization of transaction costs and debt discount		1,622			3,148
Loss on extinguishment of long-term debt		19,858			—
Foreign exchange		(29	)		95
Balance as of period end		577,445			669,469

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment, Net [Abstract]

Schedule of Property, Plant And Equipment (“PPE”)

As of March 31, 2026 and December 31, 2025, property, plant and equipment (“PPE”) consisted of the following:

	As of March 31,			As of December 31,
	2026			2025
BVVE		365,512			354,011
Land		51,869			48,119
Buildings		20,026			15,769
Energy Infrastructure		102,143			102,133
Machinery and Equipment		12,116			11,989
Leasehold improvements		14,658			14,538
Vehicles		1,533			1,544
		567,857			548,103
Accumulated Depreciation		(219,253	)		(189,770	)
Carrying amount		348,604			358,333

Assets Held For Sale and Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2026

Assets Held For Sale and Discontinued Operations [Abstract]

Schedule of Assets Held for Sale

The following table provides the components of the assets or disposal groups that either met the criteria of “assets held for sale” as of March 31, 2026 or December 31, 2025.

	As of March 31,		As of December 31,
	2026		2025
Miners		70		166
Mining electrical components		1,134		3,198
Assets of disposal group classified as held for sale:
Other assets		1,431		1,404
Inventories - electronic and networking components		426		426
Property, plant and equipment		4,503		17,168
Long-term deposits and equipment prepayments		1,333		1,145
Refundable deposits - security deposits for energy		5,157		5,157
		14,054		28,664

Schedule of Argentina’s and Paraguay’s Operations

The combined results of the Company’s Argentina and Paraguay operations for the three months ended March 31, 2026 and 2025 are presented below:

	Three months ended March 31,
	2026							2025
		Argentina		Paraguay		Total			Argentina		Paraguay		Total
Revenues*		—		6,082		6,082			6,955		12,014		18,969
Cost of revenues		—		(5,862	)	(5,862	)		(8,053	)	(11,654	)	(19,707	)
Gross profit (loss)		—		220		220			(1,098	)	360		(738	)

Operating expenses
General and administrative expenses		(3,848	)	(959	)	(4,807	)		(1,563	)	(879	)	(2,442	)
Gain (loss) on disposition of property, plant and equipment and deposits		324		(5	)	319			(196	)	—		(196	)
Impairment of long-lived assets		(811	)	(12,806	)	(13,617	)		(18,824	)	—		(18,824	)
Operating (loss)		(4,335	)	(13,550	)	(17,885	)		(21,681	)	(519	)	(22,200	)
Interest income		—		—		—			—		74		74
Interest expense		—		—		—			—		(33	)	(33	)
Other (expense) income		79		27		106			364		(70	)	294
Total other (expense) income		79		27		106			364		(29	)	335
Loss before income taxes		(4,256	)	(13,523	)	(17,779	)		(21,317	)	(548	)	(21,865	)

Income tax (expense) recovery		—		—		—			(458	)	(82	)	(540	)
Loss after income tax		(4,256	)	(13,523	)	(17,779	)		(21,775	)	(630	)	(22,405	)

Gain on disposition of Yguazu Bitcoin data center		—		—		—			—		5,225		5,225
Loss from discontinued operations		(4,256	)	(13,523	)	(17,779	)		(21,775	)	4,595		(17,180	)

*	Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

Schedule of Net cash Flows incurred by Argentina’s and Paraguay’s Operations

The net cash flows incurred by Argentina’s and Paraguay’s operations are, as follows:

	Three months ended March 31,
	2026			2025
Net change in cash related to operating activities		(1,060	)		1,189
Net change in cash related to investing activities		1,696			(2,881	)
Net change in cash related to financing activities		(15	)		(172	)
Net change in cash generated by the discontinued operations		621			(1,864	)

Schedule of Subsidiary’s Assets and Liabilities Transaction

The transaction details are as follows:

	As of March 17
	2025

Consideration
Advance received in January 2025 upon signing the LOI		20,000
Cash received upon closing		12,038
Receivable over 6 equal monthly payments following the closing date*		31,000
Other costs assumed by HIVE		222
Total consideration received		63,260
Net assets transferred
Current assets		2,590
Property, plant and equipment		34,006
Intangible asset		309
Long-term deposits and equipment prepayments		18,321
Security deposit for energy		2,809
Total net assets transferred		58,035
Gain on disposal of subsidiary		5,225

*	The $31,000 interest-free receivable was fully collected by the end of the third quarter of 2025.

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Stock-Based Compensation - Schedule of Outstanding Options (Details) - Options [Member] - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Outstanding Options [Line Items]
Number of Options, Outstanding beginning	16,696,665	26,865,764
Weighted Average Exercise Price, Outstanding beginning	$ 2.67	$ 2.64
Number of Options, Granted	1,440,000	540,302
Weighted Average Exercise Price, Granted	$ 3.71	$ 2.27
Number of Options, Exercised	(338,863)
Weighted Average Exercise Price, Exercised	$ 1.83
Number of Options, Forfeited	(28,125)	(57,500)
Weighted Average Exercise Price, Forfeited	$ 2	$ 3.1
Number of Options, Expired	(86,200)	(12,500)
Weighted Average Exercise Price, Expired	$ 3.17	$ 3.03
Number of Options, Outstanding ending	17,683,477	27,336,066
Weighted Average Exercise Price, Outstanding ending	$ 2.77	$ 2.63
Number of Options, Exercisable	6,624,689	2,113,900
Weighted Average Exercise Price, Exercisable	$ 1.92	$ 0.54

Rights to Renewable Energy Credits (“RECS”) and Waste Tax Credits (“WTCS”)

3 Months Ended

Mar. 31, 2026

Rights to Renewable Energy Credits and Waste Tax Credits [Abstract]

RIGHTS TO RENEWABLE ENERGY CREDITS (“RECS”) AND WASTE TAX CREDITS (“WTCS”)

NOTE 4: RIGHTS TO RENEWABLE ENERGY CREDITS (“RECS”) AND WASTE TAX CREDITS (“WTCS”)

	As of March 31,									As of December 31,
	2026									2025
	RECs			WTCs			Total			RECs			WTCs			Total
Balance as of January 1,		6,906			11,572			18,478			—			—			—
Additions related to business combination		—			—			—			3,104			5,885			8,989
Additions during the period		1,077			804			1,881			17,076			5,687			22,763
Less: sale of credits to third parties		(4,307	)		(4,291	)		(8,598	)		(13,274	)		—			(13,274	)
Balance as of period end		3,676			8,085			11,761			6,906			11,572			18,478
Less: current portion		(3,676	)		(7,131	)		(10,807	)		(6,906	)		(11,572	)		(18,478	)
Non-current portion		—			954			954			—			—			—

Rights to Renewable Energy Credits (“RECS”) and Waste Tax Credits (“WTCS”) (Tables)

3 Months Ended

Mar. 31, 2026

Rights to Renewable Energy Credits and Waste Tax Credits [Abstract]

Schedule of Rights to Renewable Energy Credits and Waste Tax Credits

	As of March 31,									As of December 31,
	2026									2025
	RECs			WTCs			Total			RECs			WTCs			Total
Balance as of January 1,		6,906			11,572			18,478			—			—			—
Additions related to business combination		—			—			—			3,104			5,885			8,989
Additions during the period		1,077			804			1,881			17,076			5,687			22,763
Less: sale of credits to third parties		(4,307	)		(4,291	)		(8,598	)		(13,274	)		—			(13,274	)
Balance as of period end		3,676			8,085			11,761			6,906			11,572			18,478
Less: current portion		(3,676	)		(7,131	)		(10,807	)		(6,906	)		(11,572	)		(18,478	)
Non-current portion		—			954			954			—			—			—

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders’ Equity [Abstract]

Schedule of Movement in Number of Common Shares

The following table details the movement in number of common shares:

	Three months ended March 31,
	2026	2025
Outstanding, January 1,	601,579,999	479,332,885
Issuance through at-the market equity offering program	—	14,444,643
Issuance through business combination	—	59,866,609
Exercise of Options	338,863	—
Settlement of restricted share units	932,275	—
Outstanding, March 31,	602,851,137	553,644,137

Schedule of Outstanding Number of Warrants

Details of the outstanding number of Warrants are as follows:

	Three months ended March 31,
	2026		2025
	Number of Warrants	Weighted Average Exercise Price (USD)	Number of Warrants	Weighted Average Exercise Price (USD)
Outstanding, January 1,	13,907,295	1.97	10,841,482	1.17
Granted	—	—	12,893,650	1.30
Outstanding, March 31,	13,907,295	1.97	23,735,132	1.24

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted

The Black-Scholes option-pricing model utilized the following weighted-average inputs to determine the fair values of the warrants granted during the year ended December 31, 2025:


Dividend yield (%)		—	%
Expected share price volatility (%)*		98	%
Risk-free interest rate (%)		4.03	%
Expected life of warrants (years)		5.60
Share price (USD)	$	1.41
Exercise price (USD)	$	1.74
Fair value of warrants (USD)	$	1.05
Number of warrants issued		20,421,723

*	Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

Additional Details to the Statements of Operations (Tables)

3 Months Ended

Mar. 31, 2026

Additional Details to the Statements of Operations [Abstract]

Schedule of Disaggregated Revenues

Disaggregated revenues

	Three months ended March 31,
	2026		2025
Cryptocurrency Mining		29,893		45,894
Cryptocurrency Hosting		691		343
Electrical services		537		1,094
Energy sales		5,871		320
		36,992		47,651

Schedule of Cost of Revenues

Cost of revenues

	Three months ended March 31,
	2026		2025
Energy expenses	(21,114	)	(16,000	)
Depreciation and amortization	(27,694	)	(18,448	)
Hosting expenses	—		(7,735	)
Infrastructure expenses	(13,942	)	(4,315	)
Electrical components and salaries	(547	)	(877	)
	(63,297	)	(47,375	)

Schedule of General and Administrative Expenses

General and administrative expenses

	Three months ended March 31,
	2026		2025
Salaries and wages	(8,693	)	(5,397	)
Stock-based compensation	(2,706	)	(4,126	)
Professional services	(12,096	)	(5,339	)
Insurance, duties and other	(2,026	)	(2,135	)
Travel, motor vehicle and meals	(526	)	(332	)
Telecom hosting and telecommunications	(104	)	(174	)
Advertising and promotion	(686	)	(115	)
	(26,837	)	(17,618	)

Schedule of Other Expenses

Other expenses

	Three months ended March 31,
	2026			2025
Credit loss expense on derivatives receivable		(4,218	)		—
Amortization of transaction costs and debt discount		(1,622	)		—
Loss on exchange rates		(150	)		(68	)
Other financial expenses		(162	)		(145	)
		(6,152	)		(213	)

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Mar. 31, 2026
Significant Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	*Basis of presentation and principles of consolidation* These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. The Company also consolidates certain variable interest entities (“VIEs”) for which the Company is the primary beneficiary, generally as a result of having the power to direct the activities that most significantly affect the VIE’s economic performance and holding variable interests that convey to the Company the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. Subsidiaries that are not considered VIEs are consolidated if the Company owns, directly or indirectly, a controlling interest in the entities. The Company performs an assessment at inception and regularly reevaluates whether the entity is a VIE and whether the Company continues to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements are presented in USD and have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) and regulations of the U.S. Securities and Exchange Commission (the “SEC”) applicable to interim financial information, which permit the omission of certain information to the extent it has not changed materially since the latest audited annual financial statements. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its unaudited condensed consolidated balance sheet as of March 31, 2026 and its results of operations for the three months ended March 31, 2026 and 2025 and cash flows for the three months ended March 31, 2026, and 2025. The consolidated balance sheet as of December 31, 2025, was derived from 2025 audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and related notes thereto contained in the Company’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026 (the “Annual Report”). Additionally, since there are no differences between net income (loss) and comprehensive income (loss), all references to comprehensive income (loss) have been excluded from the unaudited condensed consolidated financial statements.
Use of estimates	*Use of estimates* The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated balance sheets and the reported amounts of revenue and expenses during the reporting periods. Actual results may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s unaudited condensed consolidated financial statements include revenue recognition; measurement of digital assets; determination of the useful lives, residual values, depreciation method and recoverability of long-lived assets; impairment analysis of property, plant and equipment; allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business combinations and measurement of financial instruments.
Recently issued or adopted accounting pronouncements	*Adopted accounting pronouncements* In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 provides an optional practical expedient when applying the guidance related to the estimate of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers. The Company adopted ASU 2025-05 effective January 1, 2026 and had elected to apply the practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets. The adoption of ASU 2025-05 did not have a material impact on the Company’s consolidated financial statements. In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”). ASU 2024-04 clarifies the accounting for induced conversions of convertible debt instruments and improves the consistency of accounting for settlements of convertible debt that occur at terms different from those specified in the original contract. The Company adopted ASU 2024-04 effective January 1, 2026. The adoption of the ASU 2024-04 did not have a material impact on the Company’s consolidated financial statements.
New Accounting Pronouncements Not Yet Adopted Policy [Policy Text Block]	*Recently issued accounting pronouncements not yet adopted* For recently issued accounting pronouncements not yet adopted, refer to the Company’s audited annual consolidated financial statements in the Annual Report.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Segment and Geographical Information - Schedule of Property, Plant and Equipment and Other Non-Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
North America
Property, plant and equipment	$ 348,604	$ 358,333
Total non-current assets	442,651	402,548
United States [Member]
North America
Total non-current assets	366,649	319,061
Canada [Member]
North America
Total non-current assets	76,002	83,487
Property, Plant and Equipment [Member]
North America
Property, plant and equipment	348,604	358,321
Property, Plant and Equipment [Member] \| United States [Member]
North America
Property, plant and equipment	290,213	292,196
Property, Plant and Equipment [Member] \| Canada [Member]
North America
Property, plant and equipment	58,391	66,125
Other [Member]: us-gaap:OtherAssetsNoncurrent
North America
Other non-current assets	94,047	44,227
Other [Member]: us-gaap:OtherAssetsNoncurrent \| United States [Member]
North America
Other non-current assets	76,436	26,865
Other [Member]: us-gaap:OtherAssetsNoncurrent \| Canada [Member]
North America
Other non-current assets	$ 17,611	$ 17,362

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478443/942-360-45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 360
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478451/942-360-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

Assets Held For Sale and Discontinued Operations - Schedule of Argentina’s and Paraguay’s Operations (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Argentina [Member]

Disposal Group, Including Discontinued Operations [Line Items]

Revenues

^[1]

$ 6,955

Cost of revenues

(8,053)

Gross profit (loss)

(1,098)

Operating expenses

General and administrative expenses

(3,848)

(1,563)

Gain (loss) on disposition of property, plant and equipment and deposits

324

(196)

Impairment of long-lived assets

(811)

(18,824)

Operating (loss)

(4,335)

(21,681)

Interest income

Interest expense

Other (expense) income

364

Total other (expense) income

364

Loss before income taxes

(4,256)

(21,317)

Income tax (expense) recovery

(458)

Loss after income tax

(4,256)

(21,775)

Gain on disposition of Yguazu Bitcoin data center

Loss from discontinued operations

(4,256)

(21,775)

Paraguay [Member]

Disposal Group, Including Discontinued Operations [Line Items]

Revenues

^[1]

6,082

12,014

Cost of revenues

(5,862)

(11,654)

Gross profit (loss)

220

360

Operating expenses

General and administrative expenses

(959)

(879)

Gain (loss) on disposition of property, plant and equipment and deposits

(5)

Impairment of long-lived assets

(12,806)

Operating (loss)

(13,550)

(519)

Interest income

Interest expense

(33)

Other (expense) income

(70)

Total other (expense) income

(29)

Loss before income taxes

(13,523)

(548)

Income tax (expense) recovery

(82)

Loss after income tax

(13,523)

(630)

Gain on disposition of Yguazu Bitcoin data center

5,225

Loss from discontinued operations

(13,523)

4,595

Argentina’s and Paraguay’s [Member]

Disposal Group, Including Discontinued Operations [Line Items]

Revenues

^[1]

6,082

18,969

Cost of revenues

(5,862)

(19,707)

Gross profit (loss)

220

(738)

Operating expenses

General and administrative expenses

(4,807)

(2,442)

Gain (loss) on disposition of property, plant and equipment and deposits

319

(196)

Impairment of long-lived assets

(13,617)

(18,824)

Operating (loss)

(17,885)

(22,200)

Interest income

Interest expense

(33)

Other (expense) income

106

294

Total other (expense) income

106

335

Loss before income taxes

(17,779)

(21,865)

Income tax (expense) recovery

(540)

Loss after income tax

(17,779)

(22,405)

Gain on disposition of Yguazu Bitcoin data center

5,225

Loss from discontinued operations

$ (17,779)

$ (17,180)

[1]	Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

Property, Plant and Equipment, Net - Schedule of Property, Plant And Equipment (“PPE”) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	$ 567,857	$ 548,103
Accumulated Depreciation	(219,253)	(189,770)
Carrying amount	348,604	358,333
BVVE [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	365,512	354,011
Land [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	51,869	48,119
Buildings [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	20,026	15,769
Energy Infrastructure [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	102,143	102,133
Machinery and Equipment [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	12,116	11,989
Leasehold Improvements [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	14,658	14,538
Vehicles [Member]
Property, Plant and Equipment, Net [Line Items]
Property, plant and equipment gross	$ 1,533	$ 1,544

Additional Details to the Statements of Operations

3 Months Ended

Mar. 31, 2026

Additional Details to the Statements of Operations [Abstract]

ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS

NOTE 18: ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS

Disaggregated revenues

	Three months ended March 31,
	2026		2025
Cryptocurrency Mining		29,893		45,894
Cryptocurrency Hosting		691		343
Electrical services		537		1,094
Energy sales		5,871		320
		36,992		47,651

Cost of revenues

	Three months ended March 31,
	2026		2025
Energy expenses	(21,114	)	(16,000	)
Depreciation and amortization	(27,694	)	(18,448	)
Hosting expenses	—		(7,735	)
Infrastructure expenses	(13,942	)	(4,315	)
Electrical components and salaries	(547	)	(877	)
	(63,297	)	(47,375	)

Inventories

During the three months ended March 31, 2026, the cost of electrical component inventory and waste, limestone and fuel oil recognized as an expense and included in cost of revenues was $11,206 (three months ended March 31, 2025: $678).

Energy costs are net of RECs and WTCs

During the three months ended March 31, 2026, RECs amounted to $1,077, and the WTCs amounted to $804, (three months ended March 31, 2025: RECs and WTCs amounted to nil), all of which offset energy expenses in the cost of revenues.

General and administrative expenses

	Three months ended March 31,
	2026		2025
Salaries and wages	(8,693	)	(5,397	)
Stock-based compensation	(2,706	)	(4,126	)
Professional services	(12,096	)	(5,339	)
Insurance, duties and other	(2,026	)	(2,135	)
Travel, motor vehicle and meals	(526	)	(332	)
Telecom hosting and telecommunications	(104	)	(174	)
Advertising and promotion	(686	)	(115	)
	(26,837	)	(17,618	)

Other expenses

	Three months ended March 31,
	2026			2025
Credit loss expense on derivatives receivable		(4,218	)		—
Amortization of transaction costs and debt discount		(1,622	)		—
Loss on exchange rates		(150	)		(68	)
Other financial expenses		(162	)		(145	)
		(6,152	)		(213	)

Additional Details to the Statements of Operations - Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of General and Administrative Expenses [Abstract]
Salaries and wages	$ (8,693)	$ (5,397)
Stock-based compensation	(2,706)	(4,126)
Professional services	(12,096)	(5,339)
Insurance, duties and other	(2,026)	(2,135)
Travel, motor vehicle and meals	(526)	(332)
Telecom hosting and telecommunications	(104)	(174)
Advertising and promotion	(686)	(115)
General and administrative expenses	$ (26,837)	$ (17,618)

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Accounts Payable and Accrued Expenses [Abstract]

Schedule of Accounts Payable and Accrued Expenses

	As of March 31,		As of December 31,
	2026		2025
Accounts payable		17,912		16,271
Accrued expenses		27,189		18,703
Government remittances payable		8,808		11,469
		53,909		46,443

Assets Held For Sale and Discontinued Operations - Schedule of Subsidiary’s Assets and Liabilities Transaction (Details) - Discontinued Operations [Member]
$ in Thousands

12 Months Ended

Mar. 17, 2025

USD ($)

Consideration

Total consideration received

$ 63,260

Net assets transferred

Current assets

2,590

Property, plant and equipment

34,006

Intangible asset

309

Long-term deposits and equipment prepayments

18,321

Security deposit for energy

2,809

Total net assets transferred

58,035

Gain on disposal of subsidiary

5,225

Advance received [Member]

Consideration

Total consideration received

20,000

Cash received [Member]

Consideration

Total consideration received

12,038

Instalment receivable [Member]

Consideration

Total consideration received

31,000

^[1]

Other costs [Member]

Consideration

Total consideration received

$ 222

[1]	The $31,000 interest-free receivable was fully collected by the end of the third quarter of 2025.

Business Combination (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 14, 2025	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Business Combination [Line Items]
Gain on settlement of refundable deposits	$ 945
Total acquisition-related costs		$ 7,081
Acquisition-related costs incurred			$ 1,571	$ 5,510
Stronghold Digital Mining, Inc. [Member]
Business Combination [Line Items]
Share capital acquired percentage	100.00%
Shares issued (in Shares)	2.52
Outstanding loans paid	$ 51,060
Shares issued as part of consideration (in Shares)	59,866,609
Share issued price per share (in Dollars per share)	$ 1.11
Issuance costs	$ 196
Warrants [Member] \| Stronghold Digital Mining, Inc. [Member]
Business Combination [Line Items]
Shares issued (in Shares)	12,893,650
Common Shares [Member] \| Stronghold Digital Mining, Inc. [Member]
Business Combination [Line Items]
Shares issued (in Shares)	59,866,609

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2026

Accounts Payable and Accrued Expenses [Abstract]

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 11: ACCOUNTS PAYABLE AND ACCRUED EXPENSES

	As of March 31,		As of December 31,
	2026		2025
Accounts payable		17,912		16,271
Accrued expenses		27,189		18,703
Government remittances payable		8,808		11,469
		53,909		46,443

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Loss Per Share [Abstract]

Schedule of Computation of Basic and Diluted Loss Per Share from Continuing Operations

The following table presents the computation of basic and diluted loss per share from continuing operations:

	Three months ended March 31,
	2026		2025
From continuing operations:
Numerator:
Loss from continuing operations	(127,574	)	(38,373	)
Effect of Convertible Notes	—		—
Numerator for diluted loss per share	(127,574	)	(38,373	)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	602,578,453		500,163,441
Dilutive impact of Convertible Notes	—		—
Denominator for diluted loss per share - weighted average shares outstanding	602,578,453		500,163,441

Loss from continuing operations per common share attributable to common shareholders:
Basic	(0.21	)	(0.08	)
Diluted	(0.21	)	(0.08	)

The following table presents the computation of basic and diluted loss per share from discontinued operations:

	Three months ended March 31,
	2026		2025
From discontinued operations
Numerator:
Loss from discontinued operations	(17,779	)	(17,180	)
Effect of Convertible Notes	—		—
Numerator for diluted loss per share	(17,779	)	(17,180	)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	602,578,453		500,163,441
Dilutive impact of Convertible Notes	—		—
Denominator for diluted loss per share - weighted average shares outstanding	602,578,453		500,163,441

Loss from discontinued operations per common share attributable to common shareholders:
Basic	(0.03	)	(0.03	)
Diluted	(0.03	)	(0.03	)

Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share

The following table presents additional potentially dilutive securities that were excluded from the calculation of diluted loss per share as their inclusion would be anti-dilutive:

	Three months ended March 31,
	2026	2025
Options	3,866,972	1,703,868
Warrants	5,825,069	1,381,644
RSUs	4,064,399	1,772,666
PSUs	3,508,275	—
Convertible note shares	85,664,309	—
	102,929,024	4,858,178

Restricted Cash - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Restricted Cash [Line Items]
Restricted cash	$ 41,075	$ 57,500
Covenant for the Credit Facility [Member]
Schedule of Restricted Cash [Line Items]
Restricted cash		57,500
Collateral for the letters of credit [Member]
Schedule of Restricted Cash [Line Items]
Restricted cash	$ 41,075

Digital Assets (Details) $ in Thousands	3 Months Ended
Digital Assets (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Digital Assets [Abstract]
Bitcoin payment	$ 293
Bitcoin selling contracts	$ 60

Derivative Assets and Liabilities - Schedule of Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Gain (Loss) on Derivatives [Line Items]
Loss on derivative assets and liabilities	$ (1,564)	$ (3,714)
Bitcoin options and selling contracts [Member]
Schedule of Gain (Loss) on Derivatives [Line Items]
Unrealized change in fair value	(1,553)	(6,338)
Realized gain on settled contracts	3,429	4,789
Loss on derivative assets and liabilities	1,876	(1,549)
Bitcoin redemption options [Member]
Schedule of Gain (Loss) on Derivatives [Line Items]
Unrealized change in fair value		(3,180)
Realized gain on settled contracts		1,015
Loss on derivative assets and liabilities		(2,165)
Capped call transactions [Member]
Schedule of Gain (Loss) on Derivatives [Line Items]
Unrealized change in fair value	$ (3,440)

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Business Combination - Schedule of Supplemental Cash Flow Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Cash outflow, net of cash acquired
Cash consideration	$ 51,060
Less: cash balances acquired	(2,976)
Net cash outflow related to investing activities	$ 48,084

Long-Term Deposits, Equipment Prepayments and Other

3 Months Ended

Mar. 31, 2026

Long-Term Deposits, Equipment Prepayments and Other [Abstract]

LONG-TERM DEPOSITS, EQUIPMENT PREPAYMENTS AND OTHER

NOTE 10: LONG-TERM DEPOSITS, EQUIPMENT PREPAYMENTS AND OTHER

	As of March 31,		As of December 31,
	2026		2025
Other BVVE and electrical components		17		18
Cash deposits on construction work and materials*		71,994		20,146
Equipment and construction prepayments		72,011		20,164
Insurance prepaids, security deposits for energy and rent		9,370		9,199
Deferred transaction fees - undrawn tranche of the credit facility		—		1,670
		81,381		31,033

*	Deposits for construction work and materials mainly related to the HPC data centers development.

Additional Details to the Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Additional Details to the Statement of Operations [Line Items]
Cost of revenues	$ 63,297	$ 47,375
Amount of renewable energy credits	1,077
Amount of waste tax credits	804
Electrical Component Inventory and Waste Limestone and Fuel Oil [Member]
Additional Details to the Statement of Operations [Line Items]
Cost of revenues	$ 11,206	$ 678

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 08, 2026
Document Information Line Items
Entity Central Index Key	0001812477
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Transition Report	false
Entity File Number	001-40370
Entity Registrant Name	Keel Infrastructure Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-4266374
Entity Address, Address Line One	120 Broadway
Entity Address, Address Line Two	Suite 1375
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10004
City Area Code	(929)
Local Phone Number	264-5151
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	KEEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		603,828,651
Amendment Flag	false
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Thousands	May 03, 2026	Apr. 21, 2026	May 10, 2026	Apr. 01, 2026
Subsequent Events [Line Items]
Common stock (in Shares)				1
Proceeds from sale of data center		$ 13,000
Purchase commitment	$ 32,640
Backbone Argentina [Member]
Subsequent Events [Line Items]
Cash consideration			$ 400
Assets			1,671
Liabilities			$ 2,006
D&N Ingeniería S.A. [Member]
Subsequent Events [Line Items]
Percentage of ownership		100.00%

Organization - Schedule of Financial Statements (Details)	3 Months Ended
	Mar. 31, 2026
Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment) [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	BVVE
Megawatt [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	MW
Bitcoin [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	BTC
Canadian dollars [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	CAD
United States dollars [Member]
Schedule of Financial Statements [Line Items]
Financial statements term	USD

Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Stockholders’ Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 13: STOCKHOLDERS’ EQUITY

Common shares

Bitfarms’ authorized share capital consists of an unlimited number of common shares without par value and are fully paid. Each share entitles the holder to one vote per share and to receive equally any dividends declared by the Company and the remaining property and assets of the Company in the event Keel undergoes a liquidation, dissolution or winding up. As a result of the U.S. Redomiciliation Transaction, on April 1, 2026, the Company’s authorized share capital became the authorized share capital of Keel, which consists of 1,500,000,000 shares of Common Stock, with a par value of $0.001 per share, and 120,000,000 shares of Class A Preferred Stock, with a par value of $0.001 per share.

The following table details the movement in number of common shares:

	Three months ended March 31,
	2026	2025
Outstanding, January 1,	601,579,999	479,332,885
Issuance through at-the market equity offering program	—	14,444,643
Issuance through business combination	—	59,866,609
Exercise of Options	338,863	—
Settlement of restricted share units	932,275	—
Outstanding, March 31,	602,851,137	553,644,137

Corporate Share Buyback Program

On July 22, 2025, the Company announced that the TSX had approved a normal course issuer bid (“NCIB”), under which the Company may repurchase up to 49,943,031 of its common shares, representing approximately 10% of the Company’s public float as of July 14, 2025. Purchases under the NCIB commenced on July 28, 2025. All common shares purchased on the TSX or Nasdaq under the NCIB were cancelled. Following the U.S. Redomiciliation Transaction, Keel is continuing the NCIB under the same terms.

Equity warrants

Details of the outstanding number of Warrants are as follows:

	Three months ended March 31,
	2026		2025
	Number of Warrants	Weighted Average Exercise Price (USD)	Number of Warrants	Weighted Average Exercise Price (USD)
Outstanding, January 1,	13,907,295	1.97	10,841,482	1.17
Granted	—	—	12,893,650	1.30
Outstanding, March 31,	13,907,295	1.97	23,735,132	1.24

The weighted average contractual life of the warrants as of March 31, 2026, was 2.1 years (December 31, 2025: 2.2 years).

On March 14, 2025, the Company issued 12,893,650 warrants at an average exercise price of $1.30 as part of the consideration paid to acquire Stronghold. The total value was $11,477 using the Black-Scholes valuation model. Refer to Note 3 for more details. The warrants are convertible into a fixed number of common shares of the Company, which are classified as equity instruments.

The Company evaluates its warrants to determine whether they are within the scope of ASC 480-10 or ASC 815-40. The Company concluded that the warrants are not within the scope of ASC 480-10 and meet the criteria for equity classification under ASC 815-40 as they are indexed to the Company’s own stock and are exercisable for a fixed number of common shares. The warrants are settled on a gross physical basis, and the Company is not required to net cash settle the instruments under any circumstances. Accordingly, the warrants are classified in equity and are not subsequently remeasured.

In April 2025, in connection with the Credit Facility, the Company granted Macquarie 5,330,946 warrants (the “2025 Warrants”) with an exercise price of $1.17. The holder has the right to exercise the warrants before 2030 to subscribe for and purchase common shares from the Company. These warrants are classified as equity instruments.

In October 2025, in connection with the Credit Facility with Macquarie (see Note 12 for more details), the Company granted Macquarie 2,197,127 warrants with a strike price of $5.69 and a term of 5 years. The holder has the right to exercise the warrants before 2030 to subscribe for and purchase common shares from the Company. These warrants are classified as equity instruments.

The Black-Scholes option-pricing model utilized the following weighted-average inputs to determine the fair values of the warrants granted during the year ended December 31, 2025:


Dividend yield (%)		—	%
Expected share price volatility (%)*		98	%
Risk-free interest rate (%)		4.03	%
Expected life of warrants (years)		5.60
Share price (USD)	$	1.41
Exercise price (USD)	$	1.74
Fair value of warrants (USD)	$	1.05
Number of warrants issued		20,421,723

*	Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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+ Details

Stock-Based Compensation - Schedule of PSU (Details) - PSUs [Member]	Mar. 31, 2026 $ / shares shares
Schedule of PSU [Line Items]
Number of outstanding beginning balance \| shares	3,508,275
Weighted Average, Outstanding beginning balance \| $ / shares	$ 1.41
Number of outstanding ending balance \| shares	3,508,275
Weighted Average, Outstanding ending balance \| $ / shares	$ 1.41

Business Combination - Schedule of Final Purchase Price Allocation and the Fair Value of the Net Assets (Details) - Business Combination [Member] $ in Thousands	Mar. 14, 2025 USD ($)
Purchase consideration
Cash paid through repayment of debts	$ 44,982
Reimbursement of Stronghold’s acquisition-related costs	6,078
Fair value of shares issued	66,452
Fair value of warrants issued	11,477
Fair value of replacement stock-based compensation	232
Settlement of Refundable Hosting Deposits	15,474
Fair value of consideration transferred	144,695
Net identifiable assets acquired
Cash	2,976
Accounts receivable	1,095
Short-term prepaid deposits	1,732
Other assets (current)	118
Rights to renewable energy credits and waste tax credits	8,989
Inventories	3,269
Property, plant and equipment	152,264
Intangible assets	51
Operating and finance lease right-of-use assets	1,594
Other non-current assets	1,550
Accounts payable and accrued expenses	(23,488)
Current portion of long-term debt	(420)
Current portion of operating and finance lease liabilities	(800)
Long-term debt	(460)
Non-current operating and finance lease liabilities	(756)
Other non-current liabilities	(3,019)
Total net identifiable assets acquired	$ 144,695

Segment and Geographical Information

3 Months Ended

Mar. 31, 2026

Segment and Geographical Information [Abstract]

SEGMENT AND GEOGRAPHICAL INFORMATION

NOTE 17: SEGMENT AND GEOGRAPHICAL INFORMATION

Reportable segment

The Company has aggregated all of its Cryptocurrency Mining operating segments into a single operating segment, which is the Company’s only reportable segment, Cryptocurrency Mining. The Chief Operating Decision Maker (“CODM”) manages segment performance and resource allocation based upon net income (loss). The CODM uses consolidated net income (loss) to evaluate the overall financial performance of the Company, to compare actual results against internal budgets and forecasts and to inform capital allocation decisions, including the prioritization of investments across the Company’s Bitcoin Mining Operations. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the unaudited condensed consolidated statements of operations and the more detailed component disclosed in Note 18.

Revenues

Revenues by country are as follows:

	Three months ended March 31,
	2026	2025
North America
United States	19,376	18,529
Canada	17,616	29,122
Total	36,992	47,651

Revenues are presented based on the geographical contribution of computational power used for hashing calculations (measured by hashrate) or sales to external customers.

Property, Plant and Equipment and other non-current assets

The carrying amount of property, plant and equipment and other non-current assets (excluding financial assets, intangible assets and deferred tax assets) by country is as follows:

	As of March 31,						As of December 31,
	2026						2025
	PPE		Other		Total non-current assets		PPE		Other		Total non-current assets
North America
United States		290,213		76,436		366,649		292,196		26,865		319,061
Canada		58,391		17,611		76,002		66,125		17,362		83,487
Total		348,604		94,047		442,651		358,321		44,227		402,548

- Definition

The entire disclosure for segment reporting.

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+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation [Abstract]

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense related to Stock Options (“Options”), Restricted Share Units (“RSUs”), and Performance Share Units (“PSUs”) for employees, directors, consultants and former employees and share awards for a former executive of Stronghold were as follows:

	Three months ended March 31,
	2026	2025
Options	1,614	2,063
RSUs	591	1,905
PSUs	501	—
Share awards	—	158
	2,706	4,126

Schedule of Outstanding Options

Details of the outstanding Options are as follows:

	Three months ended March 31,
	2026					2025
	Number of Options			Weighted Average Exercise Price ($CAD)		Number of Options			Weighted Average Exercise Price ($CAD)
Outstanding, January 1,		16,696,665			2.67		26,865,764			2.64
Granted		1,440,000			3.71		540,302			2.27
Exercised		(338,863	)		1.83		—			—
Forfeited		(28,125	)		2.00		(57,500	)		3.10
Expired		(86,200	)		3.17		(12,500	)		3.03
Outstanding, March 31,		17,683,477			2.77		27,336,066			2.63
Exercisable, March 31,		6,624,689			1.92		2,113,900			0.54

Schedule of Options Grants Using the Black-Scholes Model

The weighted-average inputs used to value the Options grants using the Black-Scholes model are as follows:

	Three months ended March 31,
	2026		2025
Dividend yield (%)	—		—
Expected share price volatility (%)*	75	%	80	%
Risk-free interest rate (%)	3.66	%	4.46	%
Expected life of Options (years)	3.0 years		3.0 years

*	Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

Schedule of RSU

Details of the RSUs are as follows:

	Three months ended March 31,
	2026			2025
	Number of RSUs		Weighted Average Grant Price ($CAD)	Number of RSUs	Weighted Average Grant Price ($CAD)
Outstanding, January 1,	4,847,575		1.56	897,666	3.61
Granted	—		—	1,890,000	1.59
Settled	(932,275	)	1.11	—	—
Forfeited	(27,688	)	1.11	—	—
Outstanding, March 31,	3,887,612		1.67	2,787,666	2.24

Schedule of PSU

Details of the PSUs are as follows:

Segment and Geographical Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment and Geographical Information [Abstract]

Schedule of Revenues by Country

Revenues by country are as follows:

	Three months ended March 31,
	2026	2025
North America
United States	19,376	18,529
Canada	17,616	29,122
Total	36,992	47,651

Schedule of Property, Plant and Equipment and Other Non-Current Assets

The carrying amount of property, plant and equipment and other non-current assets (excluding financial assets, intangible assets and deferred tax assets) by country is as follows:

	As of March 31,						As of December 31,
	2026						2025
	PPE		Other		Total non-current assets		PPE		Other		Total non-current assets
North America
United States		290,213		76,436		366,649		292,196		26,865		319,061
Canada		58,391		17,611		76,002		66,125		17,362		83,487
Total		348,604		94,047		442,651		358,321		44,227		402,548

Additional Details to the Statements of Operations - Schedule of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Disaggregated Revenues [Line Items]
Revenues	$ 36,992	$ 47,651
Cryptocurrency Mining [Member]
Schedule of Disaggregated Revenues [Line Items]
Revenues	29,893	45,894
Cryptocurrency Hosting [Member]
Schedule of Disaggregated Revenues [Line Items]
Revenues	691	343
Electrical services [Member]
Schedule of Disaggregated Revenues [Line Items]
Revenues	537	1,094
Energy sales [Member]
Schedule of Disaggregated Revenues [Line Items]
Revenues	$ 5,871	$ 320

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation [Abstract]

STOCK-BASED COMPENSATION

NOTE 14: STOCK-BASED COMPENSATION

Stock-based compensation expense is recognized within general and administrative expenses in the unaudited condensed consolidated statements of operations. The stock-based compensation expense related to Stock Options (“Options”), Restricted Share Units (“RSUs”), and Performance Share Units (“PSUs”) for employees, directors, consultants and former employees and share awards for a former executive of Stronghold were as follows:

	Three months ended March 31,
	2026	2025
Options	1,614	2,063
RSUs	591	1,905
PSUs	501	—
Share awards	—	158
	2,706	4,126

Long-Term Incentive Plan (“2025 LTIP”)

The 2025 LTIP Plan was adopted in July 2025 and provides the Company the ability to grant various share-based compensation such as, but not limited to, Options, RSUs and PSUs. The 2025 LTIP is a 10% rolling plan, permitting the issuance of up to 10% of the Company’s outstanding shares in respect of the awards granted. In April 2026, the 2025 LTIP was amended to eliminate the rolling plan feature and fix the number of shares available for issuance under the 2025 LTIP as of the date of such amendment.

Options

Under 2025 LTIP

During the three months ended March 31, 2026, the Board approved Options grants to purchase 1,440,000 common shares in accordance with the 2025 LTIP (for March 31, 2025: nil common shares). All Options issued according to the 2025 LTIP become exercisable when they vest and can be exercised for a maximum period of 5 years from the date of the grant.

Under 2021 LTIP

During the three months ended March 31, 2025, the Board approved Options grants to purchase 540,302 common shares in accordance with the 2021 Long-Term Incentive Plan (the “2021 LTIP “) adopted on May 18, 2021. All Options issued according to the 2021 LTIP become exercisable when they vest and can be exercised for a maximum period of 5 years from the date of the grant. As part of the options granted during the three months ended March 31, 2025, the Company granted 302 Options to certain employees of Stronghold as part of the business combination described in Note 3.

Details of the outstanding Options are as follows:

	Three months ended March 31,
	2026					2025
	Number of Options			Weighted Average Exercise Price ($CAD)		Number of Options			Weighted Average Exercise Price ($CAD)
Outstanding, January 1,		16,696,665			2.67		26,865,764			2.64
Granted		1,440,000			3.71		540,302			2.27
Exercised		(338,863	)		1.83		—			—
Forfeited		(28,125	)		2.00		(57,500	)		3.10
Expired		(86,200	)		3.17		(12,500	)		3.03
Outstanding, March 31,		17,683,477			2.77		27,336,066			2.63
Exercisable, March 31,		6,624,689			1.92		2,113,900			0.54

The weighted-average inputs used to value the Options grants using the Black-Scholes model are as follows:

	Three months ended March 31,
	2026		2025
Dividend yield (%)	—		—
Expected share price volatility (%)*	75	%	80	%
Risk-free interest rate (%)	3.66	%	4.46	%
Expected life of Options (years)	3.0 years		3.0 years

*	Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

RSUs

Details of the RSUs are as follows:

	Three months ended March 31,
	2026			2025
	Number of RSUs		Weighted Average Grant Price ($CAD)	Number of RSUs	Weighted Average Grant Price ($CAD)
Outstanding, January 1,	4,847,575		1.56	897,666	3.61
Granted	—		—	1,890,000	1.59
Settled	(932,275	)	1.11	—	—
Forfeited	(27,688	)	1.11	—	—
Outstanding, March 31,	3,887,612		1.67	2,787,666	2.24

Under the 2025 LTIP

During the three months ended March 31, 2026, no RSUs were granted.

Under the 2021 LTIP

During the three months ended March 31, 2025, the Board approved the grant of 1,890,000 RSUs to certain employees and executive Management of Stronghold as part of the business combination described in Note 3. 1,631,700 RSUs were fully vested upon grant and 258,300 RSUs vest approximately 17% every 3 months. The fair value of the RSUs is based on the Company’s share price at the date of grant.

PSUs

Details of the PSUs are as follows:

PSUs vest in a single tranche at the end of the performance cycle, contingent upon the attainment of certain corporate objectives. Upon vesting, each PSU converts into one common share of the Company, subject to a multiplier based on the level of achievement. The actual number of shares awarded may be 0%, 50%, 100% or 200% of the target award.

Share awards

During the three months ended March 31, 2025, following the Stronghold transaction, the Company entered into a stock award agreement as well as a consulting agreement with a former executive of Stronghold and granted 1,543,320 share awards with a grant-date fair value of $1.11 per award. The share awards fully vested in September 2025, subject to continued provision of services through this date. Notwithstanding the foregoing, the share awards can be accelerated and fully vested if certain conditions are met. In April 2025, the conditions were met and the share awards were settled.

Business Combination (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination [Line Items]

Schedule of Final Purchase Price Allocation and the Fair Value of the Net Assets

Details of the final purchase price allocation and the fair value of the net assets acquired on March 14, 2025 are as follows:

	As of March 14,
	2025
Purchase consideration
Cash paid through repayment of debts		44,982
Reimbursement of Stronghold’s acquisition-related costs		6,078
Fair value of shares issued		66,452
Fair value of warrants issued		11,477
Fair value of replacement stock-based compensation		232
Settlement of Refundable Hosting Deposits		15,474
Fair value of consideration transferred		144,695

Net identifiable assets acquired
Cash		2,976
Accounts receivable		1,095
Short-term prepaid deposits		1,732
Other assets (current)		118
Rights to renewable energy credits and waste tax credits		8,989
Inventories		3,269
Property, plant and equipment		152,264
Intangible assets		51
Operating and finance lease right-of-use assets		1,594
Other non-current assets		1,550
Accounts payable and accrued expenses		(23,488	)
Current portion of long-term debt		(420	)
Current portion of operating and finance lease liabilities		(800	)
Long-term debt		(460	)
Non-current operating and finance lease liabilities		(756	)
Other non-current liabilities		(3,019	)
Total net identifiable assets acquired		144,695

Schedule of Supplemental Cash Flow Information

The following table presents the supplemental cash flow information:

	Year ended December 31,
	2025
Cash outflow, net of cash acquired
Cash consideration		51,060
Less: cash balances acquired		(2,976	)
Net cash outflow related to investing activities		48,084

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Additional Details to the Statements of Cash Flow - Schedule of Additional Details to the Statements of Cash Flow (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Changes in non-cash working capital components:

(Increase) decrease in accounts receivable, net

$ (3,382)

$ 702

(Increase) decrease in other current assets

(111)

3,608

Increase in inventories

(1,734)

(429)

(Increase) Decrease in deposits

(271)

11,234

Decrease in assets held for sale

(261)

(Decrease) increase in accounts payable and accrued expenses

(2,652)

12,719

(Decrease) increase in operating lease liabilities

(490)

743

Decrease in taxes payable

(4)

(188)

(Decrease) increase in other non-current liabilities

(145)

139

Total

(9,050)

28,528

Significant non-cash transactions:

Issuance of common shares, warrants and RSUs in connection with the acquisition of Stronghold

78,161

Equipment prepayments realized as additions to PPE

100

40,357

Addition of ROU assets and related lease liabilities

134

Purchase of PPE financed by short-term credit

9,474

2,416

Computational power revenue and its related service expense

467

788

Depreciation and amortization*

Depreciation and amortization

27,694

28,364

Property, plant and equipment, net [Member]

Depreciation and amortization*

Depreciation and amortization

^[1]

27,498

27,928

Finance lease right-of-use assets [Member]

Depreciation and amortization*

Depreciation and amortization

^[1]

112

254

Intangible assets, net [Member]

Depreciation and amortization*

Depreciation and amortization

^[1]

$ 84

$ 182

[1]	Depreciation and amortization expenses are part of the non-cash adjustments in the cash flow statement, and these amounts also include figures from discontinued operations. See Note 8 for more details.

Derivative Assets and Liabilities

3 Months Ended

Mar. 31, 2026

Derivative Assets and Liabilities [Abstract]

DERIVATIVE ASSETS AND LIABILITIES

NOTE 6: DERIVATIVE ASSETS AND LIABILITIES

Bitcoin option and selling contracts

The Company purchased Bitcoin option contracts that provide it with the right, but not the obligation, to sell digital assets at a fixed price. The Company also entered into contracts and earned premiums by agreeing to sell Bitcoin if the Bitcoin price reached specific targets.

On March 16, 2026, Reliz Ltd., the operating entity of BlockFills, a Chicago-based cryptocurrency brokerage, trading platform, and liquidity provider, filed voluntary petitions for relief under Chapter 11 restructuring proceedings of the United States Bankruptcy Code. Prior to March 16, 2026, in connection with its Bitcoin option and selling contracts, the Company closed all outstanding contracts with BlockFills. During the three months ended March 31, 2026, the Company recorded a credit loss expense for the $4,218 receivable from BlockFills related to the closed contracts and was recorded in Other Expenses in the unaudited condensed consolidated statements of operations.

Bitcoin redemption options

Starting in November 2024, the Company entered into purchase orders of Miners with a supplier which allows the Company to pay for the Miners in cash, Bitcoin or a combination of both. The right to redeem the Bitcoin (“Bitcoin Redemption Option”) meets the definition of an embedded derivative. As of December 31, 2025, the Company no longer held any Bitcoin Redemption Options.

Capped call transactions

In October 2025, in connection with the Convertible Notes, the Company entered into capped call transactions, with a cap price of $11.88 per share (representing a 125% premium over the reference price). The capped call transactions do not meet the scope exception from derivative accounting, as they fail the equity classification requirements as the Company cannot settle these transactions by means other than cash and are therefore treated as a derivative asset, which are measured at fair value.

The following table summarizes the derivatives and reconciles the fair value measurement, which are classified within Level 2 of the fair value hierarchy:

	As of March 31,									As of December 31,
	2026									2025
	Capped call transactions			Bitcoin option and selling contracts						Capped call transactions			Bitcoin redemption options			Bitcoin option and selling contracts

	Derivative Assets			Derivative Assets			Derivative Liabilities			Derivative Assets			Derivative Assets			Derivative Assets			Derivative Liabilities
Balance as of January 1,		5,200			2,287			(2,922	)		—			3,418			—			(128	)
Initial recognition		—			—			—			69,090			1,072			—			—
Purchases		—			—			4,122			—			—			89,478			64,965
Settlement		—			(5,363	)		—			—			—			(73,659	)		(99,256	)
Remeasurement recognized in statement of operations		(3,440	)		3,076			(1,200	)		(63,890	)		(4,490	)		(13,532	)		31,497
Balance as of period end		1,760			—			—			5,200			—			2,287			(2,922	)

Total derivative assets		—									2,287
Total long-term derivative assets		1,760									5,200
Total derivative liabilities		—									(2,922	)

The following gain (loss) on derivatives is recognized in the unaudited condensed consolidated statements of operations:

	Three months ended March 31,
	2026			2025
Gain (loss) on Bitcoin options and selling contracts
Unrealized change in fair value of outstanding contracts		(1,553	)		(6,338	)
Realized gain on settled contracts		3,429			4,789
		1,876			(1,549	)
Gain (loss) on Bitcoin redemption options
Unrealized change in fair value		—			(3,180	)
Realized gain on settled options		—			1,015
		—			(2,165	)
Loss on Capped call transactions
Unrealized change in fair value		(3,440	)		—

Loss on derivative assets and liabilities		(1,564	)		(3,714	)

Refer to Note 15 for more details of derivative instruments.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Property, Plant and Equipment, Net (Details) - USD ($)	3 Months Ended	12 Months Ended
Property, Plant and Equipment, Net (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Service [Member]
Property, Plant and Equipment, Net [Line Items]
Depreciation expense	$ 27,810,000	$ 12,169,000
Land [Member]
Property, Plant and Equipment, Net [Line Items]
Depreciation expense	$ 51,869	$ 48,119

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial Instruments [Line Items]
Fair values of credit facility		$ 106,060
Fair values of convertible notes		590,252
Loss from derivative assets and liabilities	$ 3,440
Credit Facility [Member]
Financial Instruments [Line Items]
Carrying amounts	574,228	94,808
Convertible Notes [Member]
Financial Instruments [Line Items]
Carrying amounts	$ 591,559	$ 571,315

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

+ References

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+ Details

Loss Per Share - Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	102,929,024	4,858,178
Options [Member]
Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	3,866,972	1,703,868
Warrants [Member]
Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	5,825,069	1,381,644
RSUs [Member]
Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	4,064,399	1,772,666
PSUs [Member]
Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	3,508,275
Convertible note shares [Member]
Schedule of Additional Potentially Dilutive Securities were Excluded from Diluted Loss Per Share [Line Items]
Anti-dilutive potentially dilutive securities were excluded from diluted loss per share	85,664,309

Rights to Renewable Energy Credits (“RECS”) and Waste Tax Credits (“WTCS”) - Schedule of Rights to Renewable Energy Credits and Waste Tax Credits (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Schedule of Rights to Renewable Energy Credits and Waste Tax Credits [Line Items]
Balance as of January 1,	$ 18,478
Additions related to business combination		8,989
Additions during the period	1,881	22,763
Less: sale of credits to third parties	(8,598)	(13,274)
Balance as of period end	11,761	18,478
Less: current portion	(10,807)	(18,478)
Non-current portion	954
RECs [Member]
Schedule of Rights to Renewable Energy Credits and Waste Tax Credits [Line Items]
Balance as of January 1,	6,906
Additions related to business combination		3,104
Additions during the period	1,077	17,076
Less: sale of credits to third parties	(4,307)	(13,274)
Balance as of period end	3,676	6,906
Less: current portion	(3,676)	(6,906)
Non-current portion
WTCs [Member]
Schedule of Rights to Renewable Energy Credits and Waste Tax Credits [Line Items]
Balance as of January 1,	11,572
Additions related to business combination		5,885
Additions during the period	804	5,687
Less: sale of credits to third parties	(4,291)
Balance as of period end	8,085	11,572
Less: current portion	(7,131)	(11,572)
Non-current portion	$ 954

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Long-Term Deposits, Equipment Prepayments and Other - Schedule of Long-Term Deposits, Equipment Prepayments and Other (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Schedule of Long-Term Deposits, Equipment Prepayments and Other [Abstract]

Other BVVE and electrical components

$ 17

$ 18

Cash deposits on construction work and materials

^[1]

71,994

20,146

Equipment and construction prepayments

72,011

20,164

Insurance prepaids, security deposits for energy and rent

9,370

9,199

Deferred transaction fees - undrawn tranche of the credit facility

1,670

Long term deposits and equipment prepayments

$ 81,381

$ 31,033

[1]	Deposits for construction work and materials mainly related to the HPC data centers development.

Digital Assets - Schedule of Bitcoin Transactions and Corresponding Values (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2026

USD ($)

Quantity

Mar. 31, 2025

USD ($)

Quantity

Dec. 31, 2025

USD ($)

Schedule of Bitcoin Transactions and Corresponding Values [Line Items]

Balance of digital assets including restricted digital assets as of January 1, Quantity

2,060

1,285

Balance of digital assets including restricted digital assets as of January 1, Value

$ 180,285

$ 120,124

Bitcoin earned, Quantity (in Quantity) | Quantity

^[1]

388

492

Bitcoin earned, Value

^[1]

$ 29,426

$ 45,332

Bitcoin earned from discontinued operations, Quantity (in Quantity) | Quantity

201

Bitcoin earned from discontinued operations, Value

$ 6,082

$ 18,743

Hosting revenue received in Bitcoin, Quantity (in Quantity) | Quantity

Hosting revenue received in Bitcoin, Value

$ 200

$ 343

Change in Bitcoin earned, not received, Quantity (in Quantity) | Quantity

(9)

Change in Bitcoin earned, not received, Value

$ 120

$ (812)

Bitcoin exchanged for cash, Quantity (in Quantity) | Quantity

(64)

(428)

Bitcoin exchanged for cash, Value

$ (4,373)

$ (37,263)

Bitcoin exchanged for goods and services, Quantity (in Quantity) | Quantity

(55)

Bitcoin exchanged for goods and services, Value

$ (5,179)

Realized gain (loss) on disposition of digital, Quantity (in Quantity) | Quantity

Realized gain (loss) on disposition of digital, Value

$ (1,810)

$ 4,977

Change in fair value of digital assets, Quantity (in Quantity) | Quantity

Change in fair value of digital assets, Value

$ (41,449)

$ (23,033)

Balance of digital assets excluding restricted digital assets as of March 31, Quantity

2,469

1,492

Balance of digital assets excluding restricted digital assets as of March 31, Value

$ 168,481

$ 123,232

Less: Restricted digital assets as of March 31, Quantity

^[2]

(353)

Less: Restricted digital assets as of March 31, Value

$ (29,120)

$ (5,559)

Balance of digital assets excluding restricted digital assets as of March 31, Quantity

2,469

1,139

Balance of digital assets excluding restricted digital assets as of March 31, Value

$ 168,481

$ 94,112

[1]

Management estimates the fair value of Bitcoin earned on a daily basis as the quantity of cryptocurrency received multiplied by the price quoted on Coinbase Prime on the day it was received. Management considers the prices quoted on Coinbase Prime to be a Level 1 input under ASC 820, Fair Value Measurement.

[2]

As of March 31, 2025, the restricted digital assets comprises of i) 293 Bitcoin for the Bitcoin payment (“Bitcoin Pledged”) to a third party as a deposit of Miners presented as restricted digital assets. As the Company has the right to redeem the Bitcoin Pledged, the ability of the third party to control the asset is limited, and the Bitcoin Pledged does not meet the definition of a sale; and ii) 60 Bitcoin held by a financial institution in connection with Bitcoin selling contracts.

Derivative Assets and Liabilities (Details) $ in Thousands	3 Months Ended
Derivative Assets and Liabilities (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Oct. 31, 2025 $ / shares
Derivative Assets and Liabilities [Line Items]
Cap price per share \| $ / shares		11.88
Cap premium percentage		125.00%
Bitcoin Option and Selling Contracts [Member]
Derivative Assets and Liabilities [Line Items]
Other Expenses \| $	$ 4,218

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current
Cash	$ 357,277	$ 573,462
Accounts receivable, net	5,357	5,471
Digital assets	168,481	174,726
Digital assets - restricted		5,559
Other assets	2,460	2,825
Rights to renewable energy credits and waste tax credits	10,807	18,478
Assets held for sale	14,054	28,664
Short-term prepaid deposits	6,800	6,317
Inventories	10,410	8,676
Derivative assets		2,287
Total current assets	575,646	826,465
Non-current
Restricted cash	41,075	57,500
Rights to waste tax credits	954
Property, plant and equipment, net	348,604	358,333
Operating lease right-of-use assets, net	10,623	11,103
Finance lease right-of-use assets, net	2,043	2,127
Long-term deposits and equipment prepayments	81,381	31,033
Intangible assets, net	3,025	2,983
Long-term derivative assets	1,760	5,200
Other non-current assets	1,600	1,600
Total assets	1,066,711	1,296,344
Current
Accounts payable and accrued expenses	53,909	46,443
Current portion of long-term debt	4,242	97,022
Current portion of operating lease liabilities	1,491	1,490
Current portion of finance lease liabilities	302	235
Derivative liabilities		2,922
Total current liabilities	59,944	148,112
Non-current
Long-term debt	573,203	572,447
Operating lease liabilities	9,996	10,606
Finance lease liabilities	1,736	1,978
Deferred tax liability	65	65
Other non-current liabilities	2,632	2,761
Total liabilities	647,576	735,969
Commitments and contingencies (Note 20)
Stockholders’ equity
Common stock - no par value; Authorized – unlimited number of shares; Issued and outstanding – 602,851,137 and 601,579,999 shares	1,066,009	1,064,572
Additional paid-in capital	110,960	108,284
Accumulated deficit	(757,834)	(612,481)
Total stockholders’ equity	419,135	560,375
Total liabilities and stockholders’ equity	$ 1,066,711	$ 1,296,344

Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Feb. 28, 2026
Credit Facility [Member]
Restricted Cash [Line Items]
Cash balance		$ 57,500
Letter of Credit [Member]
Restricted Cash [Line Items]
Cash balance	$ 41,075
Restricted cash pledged as collateral	$ 41,075

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Long-Term Debt (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
	Feb. 28, 2026 USD ($)	Oct. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Oct. 16, 2025 $ / shares	Apr. 30, 2025 USD ($)
Long Term Debt [Line Items]
Converted facility amount		$ 50,000
Fair value of equity warrants		7,093
Amortized discount on debt			$ 1,622		$ 3,148
Credit facility was fully repaid	$ 116,855
Restricted cash			41,075		$ 57,500
Loss on termination	21,596
Loss on extinguishment	19,858		(21,596)
Transaction cost	1,738
Aggregate principal amount of convertible senior notes		$ 588,000
Sale price percentage		30.00%
Net proceeds			569,063
Convertible Senior Notes [Member]
Long Term Debt [Line Items]
Transaction cost			18,937
Sale price percentage		98.00%
Conversion price (in Dollars per share) \| $ / shares		$ 5.28				$ 5.28
Repurchase cash percentage		100.00%
Convertible Notes [Member]
Long Term Debt [Line Items]
Conversion price (in Dollars per share) \| $ / shares		$ 1
Initial Tranche [Member]
Long Term Debt [Line Items]
Initial drawn amount			$ 50,000
Interest rate			8.00%
Maturity period			2 years
Principal amount			$ 50,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) \| shares			5,330,946
Long-Term Debt, Fair Value			$ 2,900
Proceeds from the Initial Tranche			50,000
Debt Instrument, Unamortized Discount			2,711
Option [Member]
Long Term Debt [Line Items]
Aggregate principal amount of convertible senior notes		$ 88,000
Second Tranche [Member]
Long Term Debt [Line Items]
Additional amount			$ 250,000
Fair value of equity warrants		50,000
Amortized discount on debt		$ 5,899
Convertible Senior Notes [Member]
Long Term Debt [Line Items]
Interest rate		1.375%
Maturity date		Jan. 15, 2031
Conversion price of shares		130.00%
Conversion price (in Dollars per share) \| $ / shares		$ 6.86
Warrants [Member]
Long Term Debt [Line Items]
Converted facility amount		$ 100,000
Convertible issued shares (in Shares) \| shares		2,197,127
Common shares [Member]
Long Term Debt [Line Items]
Sale price percentage		130.00%
Conversion shares (in Shares) \| shares		145.6876
Panther Creek [Member]
Long Term Debt [Line Items]
Converted debt facility		$ 300,000
Credit Facility [Member]
Long Term Debt [Line Items]
Restricted cash	$ 57,500
Credit Facility [Member] \| Macquarie [Member]
Long Term Debt [Line Items]
Credit facility signed with macquarie							$ 300,000
Minimum [Member] \| Convertible Senior Notes [Member]
Long Term Debt [Line Items]
Consecutive trading days		20
Maximum [Member] \| Convertible Senior Notes [Member]
Long Term Debt [Line Items]
Consecutive trading days		30

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenues	$ 36,992	$ 47,651
Cost of revenues	(63,297)	(47,375)
Gross (loss) profit	(26,305)	276
Operating expenses
General and administrative expenses	(26,837)	(17,618)
Change in fair value of digital assets	(41,449)	(23,033)
Realized (loss) gain on sale of digital assets	(1,810)	4,977
(Loss) gain on disposition of property, plant and equipment and deposits	(1)	557
Impairment of long-lived assets	(1,986)
Operating loss	(98,388)	(34,841)
Interest income	3,723	802
Interest expense	(3,600)	(185)
Loss on derivative assets and liabilities	(1,564)	(3,714)
Loss on extinguishment of long-term debt	(21,596)
Other expenses	(6,152)	(213)
Total other expenses	(29,189)	(3,310)
Loss before taxes from continuing operations	(127,577)	(38,151)
Income tax benefit (expense)	3	(222)
Loss from continuing operations	(127,574)	(38,373)
Loss from discontinued operations	(17,779)	(17,180)
Net loss	$ (145,353)	$ (55,553)
Loss per common share
Basic loss per share from continuing operations (in Dollars per share)	$ (0.21)	$ (0.08)
Diluted loss per share from continuing operations (in Dollars per share)	(0.21)	(0.08)
Basic loss per share from discontinued operations (in Dollars per share)	(0.03)	(0.03)
Diluted loss per share from discontinued operations (in Dollars per share)	(0.03)	(0.03)
Basic loss per share (in Dollars per share)	(0.24)	(0.11)
Diluted loss per share (in Dollars per share)	$ (0.24)	$ (0.11)
Weighted average number of common shares outstanding
Weighted average number of common shares outstanding, basic (in Shares)	602,578,453	500,163,441
Weighted average number of common shares outstanding, diluted (in Shares)	602,578,453	500,163,441

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment, Net [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

NOTE 9: PROPERTY, PLANT AND EQUIPMENT, NET

As of March 31, 2026 and December 31, 2025, property, plant and equipment (“PPE”) consisted of the following:

	As of March 31,			As of December 31,
	2026			2025
BVVE		365,512			354,011
Land		51,869			48,119
Buildings		20,026			15,769
Energy Infrastructure		102,143			102,133
Machinery and Equipment		12,116			11,989
Leasehold improvements		14,658			14,538
Vehicles		1,533			1,544
		567,857			548,103
Accumulated Depreciation		(219,253	)		(189,770	)
Carrying amount		348,604			358,333

Assets not subject to depreciation

As of March 31, 2026, property, plant and equipment that are not yet placed into service amounted to $27,810 (December 31, 2025: $12,169) and land was $51,869 (December 31, 2025: $48,119). These assets are not depreciated. Depreciation begins when assets are ready and available for their intended use; land is not depreciated.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Stockholders’ Equity - Schedule of Outstanding Number of Warrants (Details) - Warrant [Member] - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Outstanding Number of Warrants [Line Items]
Number of warrants, Outstanding beginning balance	13,907,295	10,841,482
Weighted Average, Outstanding beginning balance	$ 1.97	$ 1.17
Number of warrants, Granted		12,893,650
Weighted Average Exercise Price, Granted		$ 1.3
Number of warrants, Outstanding ending balance	13,907,295	23,735,132
Weighted Average, Outstanding ending balance	$ 1.97	$ 1.24

Stock-Based Compensation - Schedule of Options Grants Using the Black-Scholes Model (Details)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Schedule of Options Grants Using the Black-Scholes Model [Abstract]

Dividend yield (%)

Expected share price volatility (%)

^[1]

75.00%

80.00%

Risk-free interest rate (%)

3.66%

4.46%

Expected life of Options (years)

3 years

[1]	Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

Restricted Cash

3 Months Ended

Mar. 31, 2026

Restricted Cash [Abstract]

RESTRICTED CASH

NOTE 7: RESTRICTED CASH

	As of March 31,		As of December 31,
	2026		2025
Restricted cash as covenant for the Credit Facility		—		57,500
Restricted cash as collateral for the letters of credit		41,075		—
		41,075		57,500

In February 2026, the Credit Facility was fully repaid and the cash balance of $57,500 is no longer restricted. Refer to Note 12 for more details.

In March 2026, the Company issued two letters of credit requiring a total of $41,075 of restricted cash pledged as collateral as of March 31, 2026. Refer to Note 20 for more details.

Additional Details to the Statements of Operations - Schedule of Other Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule of Other Expenses [Abstract]
Credit loss expense on derivatives receivable	$ (4,218)
Amortization of transaction costs and debt discount	(1,622)		$ (3,148)
Loss on exchange rates	(150)	(68)
Other financial expenses	(162)	(145)
Other expense	$ (6,152)	$ (213)

Loss Per Share

3 Months Ended

Mar. 31, 2026

Loss Per Share [Abstract]

LOSS PER SHARE

NOTE 16: LOSS PER SHARE

The following table presents the computation of basic and diluted loss per share from continuing operations:

	Three months ended March 31,
	2026		2025
From continuing operations:
Numerator:
Loss from continuing operations	(127,574	)	(38,373	)
Effect of Convertible Notes	—		—
Numerator for diluted loss per share	(127,574	)	(38,373	)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	602,578,453		500,163,441
Dilutive impact of Convertible Notes	—		—
Denominator for diluted loss per share - weighted average shares outstanding	602,578,453		500,163,441

Loss from continuing operations per common share attributable to common shareholders:
Basic	(0.21	)	(0.08	)
Diluted	(0.21	)	(0.08	)

The following table presents the computation of basic and diluted loss per share from discontinued operations:

	Three months ended March 31,
	2026		2025
From discontinued operations
Numerator:
Loss from discontinued operations	(17,779	)	(17,180	)
Effect of Convertible Notes	—		—
Numerator for diluted loss per share	(17,779	)	(17,180	)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	602,578,453		500,163,441
Dilutive impact of Convertible Notes	—		—
Denominator for diluted loss per share - weighted average shares outstanding	602,578,453		500,163,441

Loss from discontinued operations per common share attributable to common shareholders:
Basic	(0.03	)	(0.03	)
Diluted	(0.03	)	(0.03	)

Earnings per share

For the three months ended March 31, 2026 and 2025 potentially dilutive securities were excluded from the calculation of diluted loss per share due to their anti-dilutive effect.

The following table presents additional potentially dilutive securities that were excluded from the calculation of diluted loss per share as their inclusion would be anti-dilutive:

	Three months ended March 31,
	2026	2025
Options	3,866,972	1,703,868
Warrants	5,825,069	1,381,644
RSUs	4,064,399	1,772,666
PSUs	3,508,275	—
Convertible note shares	85,664,309	—
	102,929,024	4,858,178

Assets Held For Sale and Discontinued Operations - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Assets Held for Sale [Line Items]
Miners	$ 70	$ 166
Mining electrical components	1,134	3,198
Assets of disposal group classified as held for sale:
Other assets	1,431	1,404
Inventories - electronic and networking components	426	426
Property, plant and equipment	4,503	17,168
Long-term deposits and equipment prepayments	1,333	1,145
Refundable deposits - security deposits for energy	5,157	5,157
Total assets held for sale	$ 14,054	$ 28,664

Long-Term Deposits, Equipment Prepayments and Other (Tables)

3 Months Ended

Mar. 31, 2026

Long-Term Deposits, Equipment Prepayments and Other [Abstract]

Schedule of Long-Term Deposits, Equipment Prepayments and Other

	As of March 31,		As of December 31,
	2026		2025
Other BVVE and electrical components		17		18
Cash deposits on construction work and materials*		71,994		20,146
Equipment and construction prepayments		72,011		20,164
Insurance prepaids, security deposits for energy and rent		9,370		9,199
Deferred transaction fees - undrawn tranche of the credit facility		—		1,670
		81,381		31,033

*	Deposits for construction work and materials mainly related to the HPC data centers development.

Derivative Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Assets and Liabilities [Abstract]

Schedule of Derivatives and Reconciles the Fair Value Measurement

The following table summarizes the derivatives and reconciles the fair value measurement, which are classified within Level 2 of the fair value hierarchy:

	As of March 31,									As of December 31,
	2026									2025
	Capped call transactions			Bitcoin option and selling contracts						Capped call transactions			Bitcoin redemption options			Bitcoin option and selling contracts

	Derivative Assets			Derivative Assets			Derivative Liabilities			Derivative Assets			Derivative Assets			Derivative Assets			Derivative Liabilities
Balance as of January 1,		5,200			2,287			(2,922	)		—			3,418			—			(128	)
Initial recognition		—			—			—			69,090			1,072			—			—
Purchases		—			—			4,122			—			—			89,478			64,965
Settlement		—			(5,363	)		—			—			—			(73,659	)		(99,256	)
Remeasurement recognized in statement of operations		(3,440	)		3,076			(1,200	)		(63,890	)		(4,490	)		(13,532	)		31,497
Balance as of period end		1,760			—			—			5,200			—			2,287			(2,922	)

Total derivative assets		—									2,287
Total long-term derivative assets		1,760									5,200
Total derivative liabilities		—									(2,922	)

Schedule of Gain (Loss) on Derivatives

The following gain (loss) on derivatives is recognized in the unaudited condensed consolidated statements of operations:

	Three months ended March 31,
	2026			2025
Gain (loss) on Bitcoin options and selling contracts
Unrealized change in fair value of outstanding contracts		(1,553	)		(6,338	)
Realized gain on settled contracts		3,429			4,789
		1,876			(1,549	)
Gain (loss) on Bitcoin redemption options
Unrealized change in fair value		—			(3,180	)
Realized gain on settled options		—			1,015
		—			(2,165	)
Loss on Capped call transactions
Unrealized change in fair value		(3,440	)		—

Loss on derivative assets and liabilities		(1,564	)		(3,714	)

Stockholders’ Equity - Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted (Details)

Dec. 31, 2025

Dividend yield [Member]

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]

Fair value of warrants

Expected share price volatility [Member]

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]

Fair value of warrants

^[1]

Risk-free interest rate [Member]

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]

Fair value of warrants

4.03

Expected life of warrants (years) [Member]

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]

Fair value of warrants

5.6

Share price (USD) [Member]

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]

Fair value of warrants

1.41

Exercise price (USD) [Member]

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]

Fair value of warrants

1.74

Fair value of warrants (USD) [Member]

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]

Fair value of warrants

1.05

Number of warrants issued [Member]

Schedule of Weighted-Average Inputs to Determine Fair Values of Warrants Granted [Line Items]

Fair value of warrants

20,421,723

[1]	Expected share price volatility is estimated based on a combination of the Company’s stock price and Bitcoin price data.

Assets Held For Sale and Discontinued Operations (Details) - USD ($) $ in Thousands			3 Months Ended
	Apr. 21, 2026	Mar. 17, 2025	Mar. 31, 2026	Sep. 30, 2025	Mar. 31, 2025
Assets Held For Sale and Discontinued Operations [Line Items]
Interest-free receivable was fully collected				$ 31,000
Impairment loss			$ 12,806
Subsequent Event [Member]
Assets Held For Sale and Discontinued Operations [Line Items]
Total proceeds	$ 13,000
Argentina Asset Group [Member]
Assets Held For Sale and Discontinued Operations [Line Items]
Impairment loss					$ 17,504
HIVE Digital Technologies Ltd [Member]
Assets Held For Sale and Discontinued Operations [Line Items]
Percentage of ownership subsidiary assets and liabilities		100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Schedule of RSU (Details) - RSUs [Member] - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of RSU [Line Items]
Number of outstanding beginning balance	4,847,575	897,666
Weighted Average, Outstanding beginning balance	$ 1.56	$ 3.61
Number of RSUs, Granted		1,890,000
Weighted Average Grant Price, Granted		$ 1.59
Number of RSUs, Settled	(932,275)
Weighted Average Grant Price, Settled	$ 1.11
Number of RSUs, Forfeited	(27,688)
Weighted Average Grant Price, Forfeited	$ 1.11
Number of outstanding ending balance	3,887,612	2,787,666
Weighted Average, Outstanding ending balance	$ 1.67	$ 2.24

Digital Assets

3 Months Ended

Mar. 31, 2026

Digital Assets [Abstract]

DIGITAL ASSETS

NOTE 5: DIGITAL ASSETS

Bitcoin transactions and the corresponding values for the three months ended March 31, 2026 and 2025 were as follows:

	Three months ended March 31,
	2026						2025
	Quantity			Value ($)			Quantity			Value ($)
Balance of digital assets including restricted digital assets as of January 1,		2,060			180,285			1,285			120,124
Bitcoin earned*		388			29,426			492			45,332
Bitcoin earned from discontinued operations		78			6,082			201			18,743
Hosting revenue received in Bitcoin		7			200			6			343
Change in Bitcoin earned, not received		—			120			(9	)		(812	)
Bitcoin exchanged for cash		(64	)		(4,373	)		(428	)		(37,263	)
Bitcoin exchanged for goods and services		—			—			(55	)		(5,179	)
Realized gain (loss) on disposition of digital		—			(1,810	)		—			4,977
Change in fair value of digital assets		—			(41,449	)		—			(23,033	)
Balance of digital assets excluding restricted digital assets as of March 31,		2,469			168,481			1,492			123,232
Less: Restricted digital assets as of March 31,**		—			—			(353	)		(29,120	)
Balance of digital assets excluding restricted digital assets as of March 31,		2,469			168,481			1,139			94,112

Organization

3 Months Ended

Mar. 31, 2026

Organization [Abstract]

ORGANIZATION

NOTE 1: ORGANIZATION

Keel Infrastructure Corp. (“Keel” or the “Company”) is a North American digital and energy infrastructure company that develops data centers and energy infrastructure to lease for high-performance computing (“HPC”) and artificial intelligence (“AI”) workloads. The Company, founded in 2017 and previously known as Bitfarms Ltd., finalized its redomiciliation from Canada to the United States (the “U.S. Redomiciliation Transaction”) and adopted the name Keel Infrastructure Corp. on April 1, 2026.

Keel currently maintains its legacy Bitcoin Mining operations in the United States and Canada. As part of these operations, the Company owns and operates data centers housing specialized computers (referred to as “Miners”) designed for validating transactions on the Bitcoin Blockchain (referred to as “Mining”). Keel generally operates its Miners 24 hours per day to produce computational power (measured in hashrate) used to perform hashing calculations. The Company sells this hashrate to Mining Pool operators under a formula-derived rate commonly known in the industry as Full Pay Per Share (“FPPS”). Under FPPS, Mining Pool operators compensate Mining companies for their hashrate based on the expected value of the revenue that would be generated by that hashrate over a given period, regardless of the Mining Pool’s actual results during that period. This compensation may be paid in cryptocurrency, U.S. dollar, or another currency. Keel receives payments from Mining Pool operators in Bitcoin (as defined herein) on a daily basis and accumulates the Bitcoin it receives or exchanges it for U.S. dollar through reputable and established cryptocurrency trading platforms.

Terms and definitions

In these financial statements, the terms below have the following definitions:

	Term	Definition
1	BVVE	Blockchain Verification and Validation Equipment (primarily Miners and Mining-related equipment)
2	MW	Megawatt
3	BTC	Bitcoin
4	CAD	Canadian dollars
5	USD	United States dollars

Additional Details to the Statements of Operations - Schedule of Cost of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Cost of Revenues [Line Items]
Cost of revenue	$ (63,297)	$ (47,375)
Energy expenses [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue	(21,114)	(16,000)
Depreciation and amortization [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue	(27,694)	(18,448)
Hosting expenses [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue		(7,735)
Infrastructure expenses [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue	(13,942)	(4,315)
Electrical components and salaries [Member]
Schedule of Cost of Revenues [Line Items]
Cost of revenue	$ (547)	$ (877)

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows used in operating activities
Net loss	$ (145,353)	$ (55,553)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	27,694	28,364
Impairment of long-lived assets	15,603	18,824
Total other expenses	29,083	2,975
Digital assets earned and hosting revenue received in Bitcoin	(35,708)	(64,418)
Stock-based compensation	3,664	4,268
Renewable energy credits earned	(1,881)
Gain on disposition of assets	(318)	(5,586)
Digital assets exchanged for services		5,179
Realized gain (loss) on sale of digital assets	1,810	(4,977)
Other	571	835
Change in fair value of digital assets	41,449	23,033
Interest income received	2,726	411
Interest expenses paid	(3,582)	(646)
Income taxes received (paid)	7	(78)
Proceeds from disposition of renewable energy and waste tax credits	8,598
Changes in non-cash working capital components	(9,050)	28,528
Net change in cash related to operating activities	(64,687)	(18,841)
Cash flows used in investing activities
Proceeds from sale of digital assets	4,373	37,263
Purchase of property, plant and equipment and intangible assets	(10,325)	(43,337)
Proceeds from sale of property, plant and equipment and assets held for sale	1,543	2,139
Purchase of marketable securities	(967)	(6,540)
Proceeds from disposition of marketable securities	989	6,931
Purchase of derivative assets and liabilities		(30,055)
Settlement of derivative assets and liabilities	1,396	28,472
Equipment and construction prepayments	(51,847)	(4,481)
Proceeds from disposal of business		32,038
Acquisition of business		(48,084)
Net change in cash related to investing activities	(54,838)	(25,654)
Cash flows (used in) from financing activities
Repayment of long-term debt	(113,466)	(15)
Repayment of finance lease liabilities	(109)	(25)
Issuance of common shares and warrants		23,608
Exercise of stock options and warrants	449
Net change in cash related to financing activities	(113,126)	23,568
Net decrease in cash and restricted cash	(232,651)	(20,927)
Cash and restricted cash, beginning of the period	630,962	59,542
Exchange rates differences on currency translation	41	(69)
Cash and restricted cash, end of the period	398,352	38,546
Cash flows from (used in) discontinued operations	$ 621	$ (1,864)

Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 14, 2025	Mar. 31, 2026	Apr. 01, 2026	Dec. 31, 2025	Oct. 31, 2025	Jul. 22, 2025	Apr. 30, 2025
Stockholders’ Equity [Line Items]
Vote per share		one
Percentage of common shares						10.00%
Weighted average contractual life of the warrants		2 years 1 month 6 days		2 years 2 months 12 days	5 years
Warrants at an average exercise price (in Dollars per share)	$ 1.3				$ 5.69
Total value (in Dollars)	$ 11,477
Warrants					2,197,127
Two Thousand and Twenty Five Warrants [Member]
Stockholders’ Equity [Line Items]
Warrants at an average exercise price (in Dollars per share)							$ 1.17
Warrants							5,330,946
Corporate Share Buyback Program [Member]
Stockholders’ Equity [Line Items]
Repurchase of common shares						49,943,031
Subsequent Event [Member] \| Common Stock [Member]
Stockholders’ Equity [Line Items]
Authorized share capital			1,500,000,000
Common Stock, par value (in Dollars per share)			$ 0.001
Stronghold [Member] \| Warrant [Member]
Stockholders’ Equity [Line Items]
Warrants issued	12,893,650
Class A Preferred Stock, [Member] \| Subsequent Event [Member]
Stockholders’ Equity [Line Items]
Preferred stock, share authorized			120,000,000
Preferred stock, par value (in Dollars per share)			$ 0.001

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, shares issued (in Shares)	602,851,137	601,579,999
Common stock, shares outstanding (in Shares)	602,851,137	601,579,999
Common stock, par value (in Dollars per share)
Common stock, shares authorized unlimited	Unlimited	Unlimited

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non Rule 10b5-1 Arrangement Modified	false

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 20: COMMITMENTS AND CONTINGENCIES

Contingent Liability

As the Company continues to periodically import products into the United States, it is subject to review by the CBP regarding the classification and origin of such imports. Refer to Note 25 of the consolidated financial statements in the Annual Report for more details regarding the Company’s Miners imported in 2021. There were no Miners imported into the United States in 2022, 2023 or during the three months ended March 31, 2026; and for 2024 and 2025, the Company has not received any assessment or communication of a potential assessment.

Furthermore, the Company took several steps to ensure compliance with CBP rules and regulations by sourcing non-Chinese origin equipment including, but not limited to, the specifications of which non-Chinese production facilities could be supplied under our purchase agreements with Bitmain Development PTE. Ltd., in person factory inspections by the Company’s employees to verify production, and the collection of various importation documents that confer non-Chinese origin. While the Company has addressed certain concerns related to previous importations, additional assessments may be made by the CBP in connection with other importations.

The Company imported 34,179 Miners in the United States during 2025 (2024: 9,399) and had delivered asset values of $130,698 (2024: $25,782). Importation tariffs from China fluctuated between 22.4% and 150.5% in 2025 (2024: 22.4%). Any assessments made on previous importations by the CBP could also include penalties and interest.

In March 2026, the U.S. Supreme Court IEEPA Tariff Ruling determined that certain tariffs previously imposed under the International Emergency Economic Powers Act were not lawful. Based on currently available guidance, the tariff rate for imports of Chinese origin is expected to be approximately 27.6%. However, the timing, scope, and implementation of such changes remain subject to regulatory interpretation and potential further governmental action.

At this time, while the Company believes it has taken the appropriate steps to reduce the risk of potential exposure, the Company is unable to predict the outcome of any future assessments or to reasonably estimate the amount, if any, that may be payable in connection with these matters. The facts surrounding each importation may vary and the Company reserves the right and may challenge any assessments.

Letters of Credit

In March 2026, the Company entered into an agreement with a utility provider to supply high-voltage electricity to a large-scale, energy-intensive facility to its Panther Creek property in Pennsylvania, United States. The utility provider is responsible for providing electrical power and, if necessary, designing and constructing essential infrastructure such as transmission links and substations. As part of the arrangement, the Company issued a letter of credit in the amount of $40,000 to the utility provider, which is secured by an amount of $40,200 of restricted cash pledged as collateral as of March 31, 2026. In addition, the Company is required to provide a letter of credit in the amount of $60,800 by January 31, 2027, contingent upon the utility provider’s completion of specified transmission infrastructure upgrades.

The Company entered into an agreement for the sale and delivery of electricity to its Sharon property in Pennsylvania, United States, over a four-year term. As part of the arrangement, the Company issued a letter of credit in the amount of $875 to the utility provider, which is secured by an equivalent amount of restricted cash pledged as collateral as of March 31, 2026.

Lawsuits

Class Action Lawsuit

On May 9, 2025, and as amended on October 21, 2025, a purported shareholder filed a putative class action complaint in the United States District Court for the Eastern District of New York, in a case now titled In re: Bitfarms Securities Litigation, case no 1:25-cv-02630. Co-Lead Plaintiffs Zhao Jun, Gong Lanfang, Michael Pearl, Kazim Khan, and Michael Lawarre sued Bitfarms Ltd., Benjamin Gagnon, Jeffrey Lucas and Geoffrey Morphy alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder. The lawsuit alleges that the Company, its current CEO, its former CFO and its former CEO made materially false and/or misleading statements regarding the Company’s business, operations and internal controls over financial reporting. The Plaintiff seeks class certification, unspecified damages plus interest and attorney and expert witness fees and other costs on behalf of a purported class consisting of all persons and entities (subject to specified exceptions) that purchased or otherwise acquired Company common stock from March 21, 2023 and December 9, 2024. The lawsuit was filed by Pomerantz Law Firm. The Company cannot predict the duration or outcome of this lawsuit at this time. As a result, the Company is unable to estimate the reasonably possible loss or range of reasonably possible loss arising from this lawsuit and no provision was recognized as of March 31, 2026. The Company intends to vigorously defend itself in this matter.

Commitments

The Company is committed to purchase the following property, plant and equipment as of March 31, 2026:

		2026				2027
HPC data center projects			121,384				48,864

Commitment for HPC Data Center Projects

As of March 31, 2026, the Company has entered into agreements with suppliers for the purchase and construction of property, plant and equipment related to its HPC infrastructure projects. These agreements encompass a range of services, including but not limited to engineering, project management support, procurement and manufacturing, site management, and factory acceptance testing. The aggregate future payment commitments under these arrangements amount to approximately $121,384 in 2026 and $48,864 in 2027. These commitments are primarily related to the expansion of the Company’s HPC infrastructure across its operating sites in the United States and Canada.

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Long-Term Debt [Abstract]

LONG-TERM DEBT

NOTE 12: LONG-TERM DEBT

The Company’s long-term debt is as follows:

	As of March 31,			As of December 31,
	2026			2025
Building financing		1,687			1,704
Equipment financing		1,530			1,642
Credit Facility		—			104,857
Unamortized transaction costs - Credit Facility		—			(10,049	)
Convertible Notes		591,586			589,565
Unamortized debt discount - Convertible Notes		(17,358	)		(18,250	)
Total long-term debt, net of transaction cost and debt discount		577,445			669,469
Current portion of long-term debt		(4,242	)		(97,022	)
Non-current portion of long-term debt		573,203			572,447

Movement in long-term debt is as follows:

	As of March 31,			As of December 31
	2026			2025
Balance as of January 1,		669,469			1,576
Issuance of long-term debt		—			689,306
Addition from business combination		—			880
Repayments		(117,023	)		(1,930	)
Interest on long-term debt		3,548			7,841
Transaction costs and debt discount		—			(31,447	)
Amortization of transaction costs and debt discount		1,622			3,148
Loss on extinguishment of long-term debt		19,858			—
Foreign exchange		(29	)		95
Balance as of period end		577,445			669,469

Credit Facility

In April 2025, the Company signed a credit facility for up to $300,000 (the “Credit Facility”) with Macquarie.

An initial $50,000 was drawn (the “Initial Tranche”), bearing interest at 8% per annum, with monthly payments and a term of two years. Interest for the first three months was paid in kind and added to the loan. The payments shall be solely interest until the Initial Tranche maturity date, April 1, 2027, at which time the principal debt of $50,000 and interest paid in kind will be payable in full. In connection with the Initial Tranche, Macquarie received 5,330,946 equity warrants convertible for common shares of the Company with an initial fair value of $2,900. Refer to Note 13 for more details. The $50,000 proceeds from the Initial Tranche were allocated to the equity warrants and debt based on relative fair value. Therefore, a discount on debt of $2,711 is deducted from the carrying amount of the debt and is amortized over the term of the Initial Tranche.

An additional $250,000 (“Second Tranche”) was made available to the Company as it achieves specific development milestones at the Panther Creek, Pennsylvania, United States location.

In October 2025, the Company converted the entirety of the loan into a $300,000 project debt facility for the development of the Panther Creek property and secured at the project level with a parent company guarantee, with the Initial Tranche rolled into the project debt facility. The Company drew an additional $50,000 from the converted facility, for a total of $100,000 drawn and issued an additional 2,197,127 equity warrants convertible for common shares of the Company with an initial fair value of $7,093. Refer to Note 13 for more details. The $50,000 proceeds from the Second Tranche were allocated to the equity warrants and debt based on relative fair values. Therefore, a discount on debt of $5,899 is deducted from the carrying amount of the debt and is amortized over the term of the Second tranche.

In February 2026, the Credit Facility was fully repaid for a total of $116,855, including interest, principal and additional base return fees and the cash balance of $57,500 is no longer restricted. The Company recorded a total $21,596 loss related to the termination of the Credit Facility, which included $19,858 from the extinguishment itself and $1,738 in transaction costs recorded in long-term deposits and other related fees. These amounts are presented within Loss on extinguishment of long-term debt in the unaudited condensed consolidated statement of operations.

Convertible Senior Notes

In October 2025, the Company issued $588,000 aggregate principal amount of convertible senior notes (the “Convertible Notes”), which included the full exercise of the purchasers’ option to purchase up to an additional $88,000 principal amount of Convertible Notes. The Convertible Notes are unsecured, bear interest at 1.375% per annum, payable semi-annually and mature on January 15, 2031, unless earlier converted, redeemed or repurchased. The Company purchased capped calls to reduce the potential dilution to its common stock (or reduce the Company’s cash payment obligation if the Convertible Notes are settled in cash) if the trading price of the Company’s common stock price exceeds the conversion price of the Convertible Notes at the time of conversion. The capped calls are a legally separate derivative instrument which is accounted for separately from the Convertible Notes. Refer to Notes 6 and 15 for more details.

Prior to October 15, 2030, the Convertible Notes may be converted only upon the occurrence of certain events, including: (i) during specified periods when the market price of the Company’s common shares exceeds 130% of the applicable conversion price, (ii) during specified periods when the trading price of the Convertible Notes is less than 98% of the product of the last reported sale price of the Company’s common shares and the applicable conversion rate, (iii) following a notice of redemption by the Company, or (iv) upon the occurrence of specified corporate events. On or after October 15, 2030 and until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time, regardless of these conditions.

Upon conversion, the Company may settle the obligation in cash, common shares, or a combination of both, at its discretion. The initial conversion rate is 145.6876 common shares per $1 principal amount, which is equivalent to an initial conversion price of approximately $6.86 per share, representing a 30% premium over the $5.28 reference price. The $5.28 reference price is the last reported sale price of the Company’s common shares on Nasdaq on October 16, 2025. The conversion rate is subject to customary anti-dilution adjustments and, in certain circumstances, may be increased for conversions in connection with a make-whole fundamental change or following a notice of redemption.

The Convertible Notes are not redeemable prior to October 20, 2028, except upon the occurrence of certain changes in laws governing Canadian withholding taxes. On or after October 20, 2028, the Company may redeem the Convertible Notes, in whole or in part, for cash if the last reported sale price of its common shares has been at least 130% of the conversion price for at least 20 trading days, whether or not consecutive, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. In the event of a fundamental change, holders may require the Company to repurchase their Convertible Notes for cash at 100% of the principal amount thereof, plus accrued and unpaid interest, if any, up to, but excluding, the repurchase date.

Transaction costs of $18,937 relating to agent fees and legal fees were capitalized and deducted from the carrying amount of the Convertible Notes. Net proceeds from the offering were $569,063.

As of March 31, 2026, none of the conditions permitting the holders of the Convertible Notes to convert their notes early or to require the Company to repurchase the Convertible Notes for cash have been met. Accordingly, the Convertible Notes are classified as long-term debt.

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 21: SUBSEQUENT EVENTS

Redomiciliation

On April 1, 2026, the Company completed the U.S. Redomiciliation Transaction from Canada to the United States pursuant to a statutory plan of arrangement (the “Arrangement”). Upon completion of the U.S. Redomiciliation Transaction, the ultimate parent company of Bitfarms is a new corporation formed under the laws of the State of Delaware that is operating under the name Keel Infrastructure Corp. (“Keel”). To effect the U.S. Redomiciliation Transaction, each outstanding common share of Bitfarms was exchanged for one share of common stock of Keel, pursuant to the Arrangement. Following completion of the U.S. Redomiciliation Transaction, Bitfarms became an indirect wholly owned subsidiary of Keel, which together with Bitfarms and its other subsidiaries will carry on the business previously conducted by Bitfarms and its subsidiaries.

Sale of Paso Pe Bitcoin data center

On April 21, 2026, the Company completed the sale of Paso Pe Bitcoin data center pursuant to a January 2026 definitive share purchase agreement. The transaction involved the sale of the Company’s 100% ownership stake in the Company’s subsidiary, D&N Ingeniería S.A. The total agreed purchase price was approximately $13,000, which was fully received as of April 21, 2026.

Purchase Commitment for HPC Data Center Projects

On May 3 2026, the Company entered into a purchase commitment totaling $32,640 to be paid over an estimated 14-month period, contingent upon the achievement of specified milestones. The commitment supports the development and expansion of a fully integrated 18 MW hybrid-built data center in Washington State, United States. The provider is responsible for a comprehensive scope of services, including the procurement, manufacturing, installation, commissioning, and startup of generators and related equipment.

Sale of Argentina Subsidiary

On May 8, 2026, the Company entered into a definitive share purchase agreement for the sale of Backbone Argentina.

The agreement includes the transfer of all assets and liabilities of Backbone Argentina, which previously operated the Company’s Bitcoin mining data center in Rio Cuarto, Argentina. The total cash consideration to be received at closing is $400. Closing remains subject to the satisfaction of conditions precedent and is expected during the second quarter of 2026.

As of March 31, 2026, Backbone Argentina asset group subject to the proposed sale agreement had a carrying value of $1,671 in total assets (excluding cash) and $2,006 in total liabilities recorded on the Company’s consolidated balance sheet. The impact of this transaction will be determined and recognized in the Company’s consolidated financial statements for the quarter ending June 30, 2026.

Additional Details to the Statements of Cash Flow - Schedule of Cash and Restricted Cash Reported Consolidated Statements of Cash Flow (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Schedule of Cash and Restricted Cash Reported Consolidated Statements of Cash Flow [Abstract]
Cash	$ 357,277	$ 573,462	$ 38,546
Restricted cash	41,075	57,500
Total cash and restricted cash	$ 398,352	$ 630,962	$ 38,546	$ 59,542

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

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+ Details

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated deficit	Total
Balance at Dec. 31, 2024	$ 837,764	$ 101,319	$ (327,937)	$ 611,146
Balance (in Shares) at Dec. 31, 2024	479,332,885
Statement [Line Items]
Net loss			(55,553)	(55,553)
Stock-based compensation		4,268		4,268
Issuance of replacement stock-based compensation		232		232
Issuance of common shares	$ 89,864			89,864
Issuance of common shares (in Shares)	74,311,252
Issuance of equity warrants		11,477		11,477
Balance at Mar. 31, 2025	$ 927,628	117,296	(383,490)	661,434
Balance (in Shares) at Mar. 31, 2025	553,644,137
Balance at Dec. 31, 2025	$ 1,064,572	108,284	(612,481)	560,375
Balance (in Shares) at Dec. 31, 2025	601,579,999
Statement [Line Items]
Net loss			(145,353)	(145,353)
Stock-based compensation		3,664		3,664
Settlement of restricted share units	$ 744	(744)
Settlement of restricted share units (in Shares)	932,275
Exercise of stock options	$ 693	(244)		449
Exercise of stock options (in Shares)	338,863
Balance at Mar. 31, 2026	$ 1,066,009	$ 110,960	$ (757,834)	$ 419,135
Balance (in Shares) at Mar. 31, 2026	602,851,137

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense	$ 2,706	$ 4,126
Options [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense	1,614	2,063
RSUs [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense	591	1,905
PSUs [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense	501
Share awards [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense		$ 158

Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Loss from continuing operations (in Dollars)	$ (127,574)	$ (38,373)
Effect of Convertible Notes (in Dollars)
Numerator for diluted loss per share (in Dollars)	$ (127,574)	$ (38,373)
Denominator:
Denominator for basic loss per share - weighted average shares outstanding	602,578,453	500,163,441
Dilutive impact of Convertible Notes
Denominator for diluted loss per share - weighted average shares outstanding	602,578,453	500,163,441
Loss from continuing operations per common share attributable to common shareholders:
Basic (in Dollars per share)	$ (0.21)	$ (0.08)
Diluted (in Dollars per share)	$ (0.21)	$ (0.08)
Numerator:
Loss from discontinued operations (in Dollars)	$ (17,779)	$ (17,180)
Effect of Convertible Notes
Numerator for diluted loss per share (in Dollars)	$ (17,779)	$ (17,180)
Denominator:
Denominator for basic loss per share - weighted average shares outstanding	602,578,453	500,163,441
Dilutive impact of Convertible Notes
Denominator for diluted loss per share - weighted average shares outstanding	602,578,453	500,163,441
Loss from discontinued operations per common share attributable to common shareholders:
Basic (in Dollars per share)	$ (0.03)	$ (0.03)
Diluted (in Dollars per share)	$ (0.03)	$ (0.03)

Digital Assets (Tables)

3 Months Ended

Mar. 31, 2026

Digital Assets [Abstract]

Schedule of Bitcoin Transactions and Corresponding Values

Bitcoin transactions and the corresponding values for the three months ended March 31, 2026 and 2025 were as follows:

	Three months ended March 31,
	2026						2025
	Quantity			Value ($)			Quantity			Value ($)
Balance of digital assets including restricted digital assets as of January 1,		2,060			180,285			1,285			120,124
Bitcoin earned*		388			29,426			492			45,332
Bitcoin earned from discontinued operations		78			6,082			201			18,743
Hosting revenue received in Bitcoin		7			200			6			343
Change in Bitcoin earned, not received		—			120			(9	)		(812	)
Bitcoin exchanged for cash		(64	)		(4,373	)		(428	)		(37,263	)
Bitcoin exchanged for goods and services		—			—			(55	)		(5,179	)
Realized gain (loss) on disposition of digital		—			(1,810	)		—			4,977
Change in fair value of digital assets		—			(41,449	)		—			(23,033	)
Balance of digital assets excluding restricted digital assets as of March 31,		2,469			168,481			1,492			123,232
Less: Restricted digital assets as of March 31,**		—			—			(353	)		(29,120	)
Balance of digital assets excluding restricted digital assets as of March 31,		2,469			168,481			1,139			94,112

Long-Term Debt - Schedule of Movement in Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule of Movement in Long-Term Debt [Abstract]
Balance as of January 1,	$ 669,469	$ 1,576	$ 1,576
Issuance of long-term debt			689,306
Addition from business combination			880
Repayments	(117,023)		(1,930)
Interest on long-term debt	3,548		7,841
Transaction costs and debt discount			(31,447)
Amortization of transaction costs and debt discount	1,622		3,148
Loss on extinguishment of long-term debt	19,858
Foreign exchange	(29)		95
Balance as of period end	$ 577,445		$ 669,469

Derivative Assets and Liabilities - Schedule of Derivatives and Reconciles the Fair Value Measurement (Details) - Level 2 [Member] - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Capped call transactions [Member] \| Derivative Assets [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Balance as of January 1,	$ 5,200
Initial recognition		69,090
Purchases
Settlement
Remeasurement recognized in statement of operations		(63,890)
Balance as of period end		5,200
Total derivative assets		2,287
Total long-term derivative assets		5,200
Total derivative liabilities		(2,922)
Bitcoin option and selling contracts [Member] \| Derivative Liabilities [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Balance as of January 1,	(2,922)	(128)
Initial recognition
Purchases		64,965
Settlement		(99,256)
Remeasurement recognized in statement of operations		31,497
Balance as of period end		(2,922)
Derivative Assets [Member] \| Capped call transactions [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Balance as of January 1,	5,200
Initial recognition
Purchases
Settlement
Remeasurement recognized in statement of operations	(3,440)
Balance as of period end	1,760	5,200
Total derivative assets
Total long-term derivative assets	1,760
Total derivative liabilities
Derivative Assets [Member] \| Bitcoin option and selling contracts [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Balance as of January 1,	2,287
Initial recognition
Purchases		89,478
Settlement	(5,363)	(73,659)
Remeasurement recognized in statement of operations	3,076	(13,532)
Balance as of period end		2,287
Derivative Assets [Member] \| Bitcoin redemption options [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Balance as of January 1,		3,418
Initial recognition		1,072
Purchases
Settlement
Remeasurement recognized in statement of operations		(4,490)
Balance as of period end
Derivative Liabilities [Member] \| Bitcoin option and selling contracts [Member]
Schedule of Derivatives and Reconciles the Fair Value Measurement [Line Items]
Balance as of January 1,	(2,922)
Initial recognition
Purchases	4,122
Settlement
Remeasurement recognized in statement of operations	(1,200)
Balance as of period end		$ (2,922)

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Accounts Payable and Accrued Expenses [Abstract]
Accounts payable	$ 17,912	$ 16,271
Accrued expenses	27,189	18,703
Government remittances payable	8,808	11,469
Accounts payable and accrued expenses	$ 53,909	$ 46,443

Segment and Geographical Information (Details)	3 Months Ended
Segment and Geographical Information (Details)	Mar. 31, 2026 Segment
Segment and Geographical Information [Abstract]
Number of reportable segment	1
Description of CODM	The CODM uses consolidated net income (loss) to evaluate the overall financial performance of the Company, to compare actual results against internal budgets and forecasts and to inform capital allocation decisions, including the prioritization of investments across the Company’s Bitcoin Mining Operations.

Commitments and Contingencies - Schedule of Property, Plant and Equipment (Details) - HPC infrastructure projects [Member] $ in Thousands	Mar. 31, 2026 USD ($)
Schedule of Property, Plant and Equipment [Line Items]
Purchase commitment remainder of fiscal year	$ 121,384
Purchase commitment year one	$ 48,864

Financial Instruments

3 Months Ended

Mar. 31, 2026

Financial Instruments [Abstract]

FINANCIAL INSTRUMENTS

NOTE 15: FINANCIAL INSTRUMENTS

a. Measurement categories and fair value

The following table presents the fair values of the Company’s financial instruments and their level within the fair value hierarchy:

		As of March 31,			As of December 31,
Measurement		2026			2025

Financial assets at amortized cost
Cash	Level 1		357,277			573,462
Restricted cash	Level 1		41,075			57,500
Accounts receivable, net	Level 2		5,357			5,471
Other receivables	Level 2		131			1,405
Security deposits for energy	Level 2		5,157			5,157
Other refundable deposits	Level 3		350			350
Financial assets at fair value through profit and loss
Derivative assets	Level 2		1,760			7,487
Total fair value of financial assets			411,107			650,832

Financial liabilities at amortized cost
Accounts payable and accrued expenses	Level 2		45,101			34,974
Long-term debt*	Level 2		594,775			699,657

Financial liabilities at fair value through profit and loss
Derivative liabilities	Level 2		—			2,922
Total fair value of financial liabilities			639,876			737,553

Net fair value			(228,769	)		(86,721	)

There were no transfers between Level 1, 2 or 3 of the fair value hierarchy three months ended March 31, 2026 and 2025.

In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a non-recurring basis. The Company’s long-lived assets, including intangible assets, operating lease right-of-use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are measured at fair value only when an impairment loss is recognized.

The carrying amounts of cash, restricted cash, accounts receivable, net, other receivables, security deposits for energy, other refundable deposits, and accounts payable and accrued expenses presented in the table above are a reasonable approximation of their fair value due to their short-term maturity or they are valued using the income approach valuation technique.

Derivative assets and liabilities

The fair value of derivatives is categorized as Level 2 as applicable, in the fair value hierarchy and is presented under derivative assets and liabilities in the unaudited condensed consolidated balance sheets when there is an outstanding contract at period end. The derivatives are measured at fair values on a recurring basis. Refer to Note 6 for more details.

i. Bitcoin option and selling contracts (derivatives)

Fair value of derivative financial instruments generally reflects the estimated amounts that the Company would receive or pay, taking into consideration the counterparty credit risk or the Company’s credit risk at each reporting date. The Company uses market data such as Bitcoin option futures to estimate the fair value of option contracts at each reporting date. Refer to Note 6 for more details.

Bitcoin Redemption Options (embedded derivatives)

The purchase order agreements explained in Note 6 provide the Company with the option to redeem the Bitcoin Pledged at a market price determined when the Bitcoin was first pledged (“Agreed Bitcoin Price”).

The right to redeem the Bitcoin Pledged meets the definition of an embedded derivative as the derivative that is embedded in the non-financial contract is not closely related to the economic characteristics and risks of the host non-financial contract. The fair value of the embedded derivative is determined using a combination of the Monte Carlo simulation model to simulate future Bitcoin prices based on probability factors and the Black-Scholes Model to estimate the value of each Bitcoin Redemption Option.

At each reporting date, the fair value is determined by multiplying the number of redeemable Bitcoin pledged by the present value of the difference between the Agreed Bitcoin Price and the simulated spot price of Bitcoin while considering the likelihood of exercising the quarterly installments. Change in fair value is recognized in Other expenses.

ii. Capped call transactions (derivatives assets)

In October 2025, the Company entered into capped call transactions in connection with the issuance of Convertible Notes. The fair value of the capped call transactions is determined using an option pricing model that incorporates observable market inputs, including the Company’s share price, expected volatility, risk-free interest rate, expected term and contractual terms of the instruments. As the valuation primarily incorporates observable inputs, the fair value measurement is classified within Level 2 of the fair value hierarchy. The most significant input in the model is the Company’s share price and expected volatility. Due to the decline in the share price, there was a loss of $3,440 during three months ended March 31, 2026 presented within (loss) gain from derivative assets and liabilities in the unaudited condensed consolidated statement of operations.