What is KEEL's operating margin?

KEEL (KEEL) reported operating margin of -37.8% in Q1 2025.

How has KEEL's operating margin changed year-over-year?

KEEL's operating margin decreased by 5.1% year-over-year, from -36% to -37.8%.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

KEEL KEEL Operating margin

Operating margin at other companies

Riot Platforms, Inc.RIOT

-136%-835pp

Cipher Digital, Inc. CIFR

-237.4%—

TeraWulfWULF

-171.8%+398pp

Core Scientific, Inc.CORZ

-144.7%-478pp

Hut 8 Mining Corp.HUT

-191.6%-226pp

Applied DigitalAPLD

-44.2%—

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$3.8B—

Enterprise value$4.03B—

P/S25.1×—

Profitability

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Gross margin-7.9%-2.8pp

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’s reported figures.

operating income/total revenue=-37.8%

Based on trailing twelve months.

The official record: KEEL’s 10-Q, filed May 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is KEEL's operating margin?: KEEL (KEEL) reported operating margin of -37.8% in Q1 2025.
How has KEEL's operating margin changed year-over-year?: KEEL's operating margin decreased by 5.1% year-over-year, from -36% to -37.8%.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.