In connection with the U.S. Redomiciliation Transaction, each outstanding Bitfarms common share was exchanged for one share of Keel common stock on a one-for-one basis, and no shares were subject to dissent rights, see Note 14 for more details. Because the exchange ratio was one-for-one, the U.S. Redomiciliation Transaction did not change the number of common shares used to compute basic or diluted loss per share. Share and per-share amounts for all periods presented are stated on the basis of Keel common stock.


	Three months ended June 30,		Six months ended June 30,
From continuing operations:	2026	2025	2026	2025
Numerator:
(Loss) gain from continuing operations	(63,951)	13,196	(191,525)	(25,177)
Effect of Convertible Notes	—	—	—	—
Numerator for diluted loss per share	(63,951)	13,196	(191,525)	(25,177)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	605,370,634	555,843,347	603,983,769	528,157,206
Dilutive impact of Options	—	1,392,564	—	—
Dilutive impact of Warrants	—	215,742	—	—
Dilutive impact of RSUs	—	2,693,503	—	—
Dilutive impact of PSUs	—	—	—	—
Dilutive impact of Share awards	—	423,989	—	—
Dilutive impact of Convertible Notes	—	—	—	—
Denominator for diluted loss per share - weighted average shares outstanding	605,370,634	560,569,145	603,983,769	528,157,206

(Loss) earnings from continuing operations per common share attributable to common shareholders:
Basic	(0.11)	0.02	(0.32)	(0.05)
Diluted	(0.11)	0.02	(0.32)	(0.05)


	Three months ended June 30,		Six months ended June 30,
From discontinued operations	2026	2025	2026	2025
Numerator:
Loss from discontinued operations	(1,044)	(18,697)	(18,823)	(35,877)
Effect of Convertible Notes	—	—	—	—
Numerator for diluted loss per share	(1,044)	(18,697)	(18,823)	(35,877)

Denominator:
Denominator for basic loss per share - weighted average shares outstanding	605,370,634	555,843,347	603,983,769	528,157,206
Dilutive impact of Convertible Notes	—	—	—	—
Denominator for diluted loss per share - weighted average shares outstanding	605,370,634	555,843,347	603,983,769	528,157,206

Loss from discontinuing operations per common share attributable to common shareholders:
Basic	—	(0.03)	(0.03)	(0.07)
Diluted	—	(0.03)	(0.03)	(0.07)

For the three and six months ended June 30, 2026 and the six months ended June 30, 2025, potentially dilutive securities were excluded from the calculation of diluted loss per share due to their anti-dilutive effect. The 2026 Capped Calls entered into in connection with the 2026 Convertible Notes were excluded from the computation of diluted loss per share because their effect would be anti-dilutive. In accordance with ASC 260-10-45-37, the common shares that may be received by the Company upon exercise of the 2026 Capped Calls are anti-dilutive and are therefore excluded from the diluted share count. The 2026 Capped Calls are expected to reduce dilution from the 2026 Convertible Notes only upon their actual conversion.


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Options	12,691,228	—	7,655,590	1,487,809
Warrants	6,288,015	—	5,669,755	108,520
RSUs	10,423,066	—	6,956,680	3,163,509
PSUs	8,904,537	—	6,146,634	—
Share awards	—	—	—	666,867
Convertible notes shares	100,601,957	—	93,174,397	—
	138,908,803	—	119,603,056	5,426,705