Filing Flows › Keel Infrastructure (KEEL) › Q2 2026 › vs Q2 2025
Keel Infrastructure (KEEL) Q2 2026 vs Q2 2025 (year over year)
Keel Infrastructure's revenue fell $30.5M (-50%) from $60.9M in Q2 2025 to $30.4M in Q2 2026. The biggest changes: Bitcoin Mining −$29.6M (-53%); Cryptocurrency Hosting −$1.4M (-88%); Electrical services +$1.0M (+99%).
Keel Infrastructure, Q2 2026: revenue $30.4M (-50% year over year), operating margin -462.6%, net loss $65.0M, operating cash flow −$52.9M. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Bitcoin Mining | $25.9M | $55.4M | −$29.6M | -53% |
| Energy sales | $2.4M | $2.9M | −$563K | -19% |
| Electrical services | $2.0M | $1.0M | $1.0M | +99% |
| Cryptocurrency Hosting | $179K | $1.5M | −$1.4M | -88% |
| Revenue | $30.4M | $60.9M | −$30.5M | -50% |
| Other income, net | $75.8M | −$16.3M | $92.1M | — |
| Net loss | $65.0M | $5.5M | $59.5M | 12× |
| Costs & expenses | $171M | $66.4M | $105M | +158% |
| Operating costs | $171M | $50.1M | $121M | +242% |
| Income tax | $17K | $0 | $17K | — |
| General & admin | $31.3M | $19.4M | $11.9M | +62% |
| Other operating costs | $22.7M | $30.7M | −$8.0M | -26% |
| Operating cash sources | $147M | $114M | $32.9M | +29% |
| Depreciation & amortization | $84.1M | $35.6M | $48.5M | +136% |
| Share-based compensation | $9.8M | $3.5M | $6.3M | +181% |
| Cash used in operations | $52.9M | $74.9M | −$22.0M | -29% |
| Net loss absorbed | $65.0M | $5.5M | $59.5M | 12× |
| Working capital & other | $81.9M | $108M | −$26.6M | -24% |
Questions
How much did Keel Infrastructure's revenue grow year over year in Q2 2026?
Keel Infrastructure's revenue fell $30.5M (-50%) from $60.9M in Q2 2025 to $30.4M in Q2 2026.
What drove Keel Infrastructure's revenue change in Q2 2026?
Bitcoin Mining −$29.6M (-53%); Cryptocurrency Hosting −$1.4M (-88%); Electrical services +$1.0M (+99%).