Filing Flows › Keel Infrastructure (KEEL) › Q2 2026
Keel Infrastructure (KEEL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
Keel Infrastructure (KEEL) reported revenue of $30.4M for the second quarter 2026 (Q2 2026), -50% from a year earlier and -18% from the quarter before. Operating margin was -462.6%, net loss $65.0M (213.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.4M | -18% | -50% |
| Operating profit | −$141M | — | — |
| Net earnings | −$65.0M | — | — |
| Operating cash flow | −$52.9M | — | — |
What changed
Revenue was $30.4M in Q2 2026, down 50% year over year and down 18% from the previous quarter. Bitcoin Mining was the largest line at 85% of revenue. Bitcoin Mining lost $29.6M year over year (down 53%), 97% of the total change.
Operating costs exceeded revenue by $140.8M, an operating margin of -462.6%. Total costs grew 242% against a revenue fall of 50%. The fastest-growing cost line was General & admin (+62%). The quarter ended with a net loss of $65.0M, narrower than the previous quarter's $145.4M loss. Non-operating items added $75.8M, -117% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$52.9M. Non-cash charges added back $84.1M of depreciation and amortization and $9.8M of share-based compensation. Working capital and other items used $81.9M. Capital expenditures of $43.1M exceeded it, leaving free cash flow of −$96.0M.
Questions
What was Keel Infrastructure's revenue in the second quarter 2026?
Keel Infrastructure (KEEL) reported revenue of $30.4M for the second quarter 2026 (Q2 2026), -50% from a year earlier and -18% from the quarter before.
Was Keel Infrastructure profitable in the second quarter 2026?
Operating loss was $141M (-462.6% of revenue) and net loss $65.0M.