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Other financials

Income statement

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Revenue$37.0M-22.4%
Operating income-$98.4M-182%
Net income-$145.4M-162%
EPS (diluted)-$0.24-118%

Balance sheet

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Cash & equivalents$357.3M+827%
Total debt$591.0M
Total equity$419.1M-36.6%
Total assets$1.1B

Cash flow

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Operating cash flow-$64.7M-243%
CapEx$10.3M-76.2%
Free cash flow-$75.0M-20.6%

Valuation

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Market cap$2.31B+87.6%
Enterprise value$2.54B
P/S15.3×

Profitability

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Gross margin-7.9%-2.8pp
Operating margin-37.8%+2.0pp
Net margin-52%+24.6pp
FCF margin-259.9%+201pp

Returns & leverage

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Return on equity-6.1%-2.5pp
Debt / equity1.4×
Current ratio9.6×

Where this comes from

Calculated from Keel Infrastructure’s reported figures.

The source filing: Keel Infrastructure’s 10-Q, filed May 11, 2026.

Filed
May 11, 2026, 7:00 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001213900-26-054166
Line itemThree months ended March 31, 2026Three months ended March 31, 2025
Revenues36,99247,651
Cost of revenues(63,297)(47,375)
Gross (loss) profit(26,305)276
Operating expenses
General and administrative expenses(26,837)(17,618)
Change in fair value of digital assets(41,449)(23,033)
Realized (loss) gain on sale of digital assets(1,810)4,977
(Loss) gain on disposition of property, plant and equipment and deposits(1)557

Item 1. Financial Statements (Unaudited)

FAQ

What is Keel Infrastructure's gross profit?
Keel Infrastructure (KEEL) reported gross profit of -$26.31M in Q1 2026.
How has Keel Infrastructure's gross profit changed year-over-year?
Keel Infrastructure's gross profit decreased by 9630.8% year-over-year, from $276K to -$26.31M.
What does gross profit mean?
Revenue minus cost of revenue — the profit available to cover operating expenses, representing the company's pricing power and production efficiency.

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