Filing Flows › Comparisons › KEEL vs CIFR
Keel Infrastructure vs Cipher Digital: KEEL and CIFR compared
Keel Infrastructure is the larger company: $27.6M of revenue in its latest quarter (Q3 2026) against $26.7M for Cipher Digital (Q3 2026). Keel Infrastructure is growing faster (-59% against -63% a year earlier). Keel Infrastructure is more profitable, with an operating margin of -27.8% against -269.3%.
Where the money goes: KEEL and CIFR
Keel Infrastructure (KEEL) · Q3 2026
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.
Cipher Digital (CIFR) · Q3 2026
Cipher Digital, Q3 2026: revenue $26.7M (-63% year over year), operating margin -269.3%, net earnings $31.6M, operating cash flow −$131M. The chart follows the revenue to costs, profit and cash.
| Keel Infrastructure (KEEL) | Cipher Digital (CIFR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $27.6M | $26.7M |
| Revenue growth, Y/Y | -59% | -63% |
| Operating margin | -27.8% | -269.3% |
| Net earnings | −$62.7M | $31.6M |
| Net margin | -227.2% | 118.3% |
| Operating cash flow | −$41.9M | −$131M |
Where the revenue comes from
Keel Infrastructure
- Bitcoin Mining: $18.9M (69%)
- Energy sales: $7.1M (26%)
- Electrical services: $1.6M (6%)
Cipher Digital
- Bitcoin Mining: $20.8M (78%)
- HPC Leasing: $5.9M (22%)
Questions
Which is bigger, Keel Infrastructure or Cipher Digital?
Keel Infrastructure is the larger company: $27.6M of revenue in its latest quarter (Q3 2026) against $26.7M for Cipher Digital (Q3 2026).
Is Keel Infrastructure or Cipher Digital growing faster?
Keel Infrastructure is growing faster (-59% against -63% a year earlier).
Which is more profitable, Keel Infrastructure or Cipher Digital?
Keel Infrastructure is more profitable, with an operating margin of -27.8% against -269.3%.
More: Keel Infrastructure earnings · how Keel Infrastructure makes money · Cipher Digital earnings · how Cipher Digital makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 2, 2026). Fiscal quarters can end on different dates. Not investment advice.