Filing Flows › Keel Infrastructure (KEEL) › Q3 2026 › vs Q3 2025
Keel Infrastructure (KEEL) Q3 2026 vs Q3 2025 (year over year)
Keel Infrastructure's revenue fell $40.4M (-59%) from $68.0M in Q3 2025 to $27.6M in Q3 2026. The biggest changes: Bitcoin Mining −$41.5M (-69%); Energy sales +$2.2M (+44%); Electrical services +$430K (+38%).
Keel Infrastructure, Q3 2026: revenue $27.6M (-59% year over year), operating margin -27.8%, net loss $62.7M, operating cash flow −$41.9M. The chart draws each line against Q3 2025, the increases inside each band.
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Bitcoin Mining | $18.9M | $60.4M | −$41.5M | -69% |
| Energy sales | $7.1M | $4.9M | $2.2M | +44% |
| Electrical services | $1.6M | $1.1M | $430K | +38% |
| Revenue | $27.6M | $68.0M | −$40.4M | -59% |
| Net loss | $62.7M | $38.8M | $23.9M | +62% |
| Costs & expenses | $90.3M | $107M | −$16.5M | -15% |
| Operating costs | $35.3M | $86.4M | −$51.2M | -59% |
| Interest & other, net | $53.5M | $20.3M | $33.2M | +163% |
| Income tax | $1.5M | −$40K | $1.6M | — |
| Operating cash sources | $63.3M | $95.0M | −$31.7M | -33% |
| Depreciation & amortization | $12.6M | $32.0M | −$19.3M | -60% |
| Share-based compensation | $8.8M | $2.9M | $6.0M | +209% |
| Cash used in operations | $41.9M | $60.2M | −$18.3M | -30% |
| Net loss absorbed | $62.7M | $38.8M | $23.9M | +62% |
| Working capital & other | $602K | $56.2M | −$55.6M | -99% |
Questions
How much did Keel Infrastructure's revenue grow year over year in Q3 2026?
Keel Infrastructure's revenue fell $40.4M (-59%) from $68.0M in Q3 2025 to $27.6M in Q3 2026.
What drove Keel Infrastructure's revenue change in Q3 2026?
Bitcoin Mining −$41.5M (-69%); Energy sales +$2.2M (+44%); Electrical services +$430K (+38%).