Filing Flows › Keel Infrastructure (KEEL) › Q1 2026
Keel Infrastructure (KEEL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Keel Infrastructure (KEEL) reported revenue of $37.0M for the first quarter 2026 (Q1 2026), -22% from a year earlier. Operating margin was -266.0%, net loss $145M (392.9% of revenue).
Keel Infrastructure, Q1 2026: revenue $37.0M (-22% year over year), operating margin -266.0%, net loss $145M, operating cash flow −$64.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.0M | — | -22% |
| Operating profit | −$98.4M | — | — |
| Net earnings | −$145M | — | — |
| Operating cash flow | −$64.7M | — | — |
What changed
Revenue was $37.0M in Q1 2026, down 22% year over year. Cryptocurrency Mining was the largest line at 81% of revenue. Cryptocurrency Mining lost $16.0M year over year (down 35%), 150% of the total change.
Operating costs exceeded revenue by $98.4M, an operating margin of -266.0%. The fastest-growing cost line was Other operating costs (+159%). The quarter ended with a net loss of $145.4M.
Operating cash flow was −$64.7M. Non-cash charges added back $27.7M of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items added $49.3M. Capital expenditures of $10.3M exceeded it, leaving free cash flow of −$75.0M.
Questions
What was Keel Infrastructure's revenue in the first quarter 2026?
Keel Infrastructure (KEEL) reported revenue of $37.0M for the first quarter 2026 (Q1 2026), -22% from a year earlier.
Was Keel Infrastructure profitable in the first quarter 2026?
Operating loss was $98.4M (-266.0% of revenue) and net loss $145M.