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Keel Infrastructure KEEL Energy Service — Cost Of Revenue

Other product segments

Depreciation And Amortization
$27.69M+50.1%
Infrastructure Expenses
$13.94M+223%
Electrical Components And Salaries
$547K-37.6%

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Other financials

Income statement

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Revenue$37.0M-22.4%
Gross profit-$26.3M-9,631%
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

Reported directly by Keel Infrastructure in its filing.

Tagged under the XBRL concept us-gaap:CostOfRevenue.

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
Energy expenses(21,114)(16,000)
Depreciation and amortization(27,694)(18,448)
Hosting expenses(7,735)
Infrastructure expenses(13,942)(4,315)
Electrical components and salaries(547)(877)
(63,297)(47,375)

Item 1. Financial Statements (Unaudited)

FAQ

What is Keel Infrastructure's energy service — cost of revenue?
Keel Infrastructure (KEEL) reported energy service — cost of revenue of $21.11M in Q1 2026.
How has Keel Infrastructure's energy service — cost of revenue changed year-over-year?
Keel Infrastructure's energy service — cost of revenue increased by 32.0% year-over-year, from $16M to $21.11M.
What does energy service — cost of revenue mean?
This metric represents the direct operating expenses incurred to provide energy-related services or infrastructure support within the company's mining operations. It encompasses costs such as electricity procurement, utility grid maintenance, and power management services essential for sustaining computational hashing activities. Monitoring this figure helps investors assess the efficiency of power utilization and the impact of energy price volatility on the segment's profitability.

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