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Keel Infrastructure vs Exodus Movement: KEEL and EXOD compared
Keel Infrastructure is the larger company: $27.6M of revenue in its latest quarter (Q3 2026) against $26.2M for Exodus Movement (Q2 2026). Exodus Movement is growing faster (+2% against -59% a year earlier). Keel Infrastructure is more profitable, with an operating margin of -27.8% against -82.9%.
Where the money goes: KEEL and EXOD
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.
Exodus Movement (EXOD) · Q2 2026
Exodus Movement, Q2 2026: revenue $26.2M (+2% year over year), operating margin -82.9%, net loss $18.6M, operating cash flow −$49.5M. The chart follows the revenue to costs, profit and cash.
| Keel Infrastructure (KEEL) | Exodus Movement (EXOD) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $27.6M | $26.2M |
| Revenue growth, Y/Y | -59% | +2% |
| Operating margin | -27.8% | -82.9% |
| Net earnings | −$62.7M | −$18.6M |
| Net margin | -227.2% | -71.0% |
| Operating cash flow | −$41.9M | −$49.5M |
Where the revenue comes from
Keel Infrastructure
- Bitcoin Mining: $18.9M (69%)
- Energy sales: $7.1M (26%)
- Electrical services: $1.6M (6%)
Exodus Movement
- Web3 services: $21.2M (81%)
- Payment processing services: $5.0M (19%)
Questions
Which is bigger, Keel Infrastructure or Exodus Movement?
Keel Infrastructure is the larger company: $27.6M of revenue in its latest quarter (Q3 2026) against $26.2M for Exodus Movement (Q2 2026).
Is Keel Infrastructure or Exodus Movement growing faster?
Exodus Movement is growing faster (+2% against -59% a year earlier).
Which is more profitable, Keel Infrastructure or Exodus Movement?
Keel Infrastructure is more profitable, with an operating margin of -27.8% against -82.9%.
More: Keel Infrastructure earnings · how Keel Infrastructure makes money · Exodus Movement earnings · how Exodus Movement makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Aug 11, 2026). Fiscal quarters can end on different dates. Not investment advice.