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Keel Infrastructure (KEEL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Keel Infrastructure (KEEL) Q3 2026 earnings results →
Q3 2026 Revenue down 59% year over year to $27.6M · 227¢ of every $1 of revenue lost · operating margin -27.8%
Keel Infrastructure made $27.6M in Q3 2026 (-59% Y/Y): Bitcoin Mining $18.9M, Energy sales $7.1M, Electrical services $1.6M. Operating margin -27.8%, net loss $62.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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What changed this quarter
Revenue was $27.6M in Q3 2026, down 59% year over year and down 9% from the previous quarter. Bitcoin Mining was the largest line at 69% of revenue. Bitcoin Mining lost $41.5M year over year (down 69%), 103% of the total change.
Operating costs exceeded revenue by $7.7M, an operating margin of -27.8%. Total costs fell 59% while revenue fell 59%. The quarter ended with a net loss of $62.7M, narrower than the previous quarter's $65.0M loss. Net interest and other expense of $53.5M was the main reason.
Operating cash flow was −$41.9M. Non-cash charges added back $12.6M of depreciation and amortization and $8.8M of share-based compensation. Capital expenditures of $14.8M exceeded it, leaving free cash flow of −$56.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $27.6M | -59% | -27.8% | −$62.7M | −$41.9M |
| Q2 2026 | 10-Q | Aug 10, 2026 | $30.4M | -50% | -462.6% | −$65.0M | −$52.9M |
| Q1 2026 | 10-Q | May 11, 2026 | $37.0M | -22% | -266.0% | −$145M | −$64.7M |
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🔄Rotation against the market and its industry (RRG)interactive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Keel Infrastructure
Bitfarms is a North American digital and energy infrastructure company that develops, owns, and plans to operate data centers and energy infrastructure for HPC and AI workloads. We currently maintain our legacy North American Bitcoin Mining operations to help fund our operations and development efforts. Bitfarms was founded in 2017 and is publicly traded on the Nasdaq and TSX under the ticker symbol “BITF”. On or about April 1, 2026, we expect to complete our U.S. Redomiciliation, pursuant to which shareholders of Bitfarms will exchange their shares for shares of common stock of Keel Infrastructure Corp. (“Keel Common Stock”), a newly formed public company incorporated in the State of Delaware. The Keel Common Stock is expected to begin trading on Nasdaq and the TSX under the ticker “KEEL” two business days following completion of the U.S.
In its own words, from its 10-K, filed Mar 31, 2026.
Keel Infrastructure against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -59% against the peers' median +17%. Operating margin: -27.8% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| KEEL Keel Infrastructure | Q3 2026 | $27.6M | -59% | -27.8% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Keel Infrastructure 10-Q on SEC EDGAR · CIK 1812477 · Finance Services
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results