Filing Flows › Keel Infrastructure (KEEL) › Q3 2026
Keel Infrastructure (KEEL) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Keel Infrastructure (KEEL) reported revenue of $27.6M for the third quarter 2026 (Q3 2026), -59% from a year earlier and -9% from the quarter before. Operating margin was -27.8%, net loss $62.7M (227.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $27.6M | -9% | -59% |
| Operating profit | −$7.7M | — | — |
| Net earnings | −$62.7M | — | — |
| Operating cash flow | −$41.9M | — | — |
What changed
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.
Questions
What was Keel Infrastructure's revenue in the third quarter 2026?
Keel Infrastructure (KEEL) reported revenue of $27.6M for the third quarter 2026 (Q3 2026), -59% from a year earlier and -9% from the quarter before.
Was Keel Infrastructure profitable in the third quarter 2026?
Operating loss was $7.7M (-27.8% of revenue) and net loss $62.7M.