Keel Infrastructure (KEEL) Cost of Revenue (2020 - 2026)
Keel Infrastructure's (KEEL) quarterly Cost of Revenue came in at $117.2 million in Q2 2026, up 80.85% year-over-year from $64.8 million in Q2 2025, and up 85.13% quarter-over-quarter from $63.3 million in Q1 2026.
Analysis
Keel Infrastructure (KEEL) Cost of Revenue (2020 - 2026) Analysis & Trends
Keel Infrastructure (KEEL) has reported Cost of Revenue for 7 consecutive years, with $117.2 million the latest figure, recorded in Q2 2026.
- On a quarterly basis, Cost of Revenue rose 80.85% year-over-year to $117.2 million in Q2 2026; TTM through Jun 2026 was $319.1 million, a 59.75% increase from a year earlier, with the FY2025 full-year figure at $248.2 million, up 66.36% from the prior year.
- Cost of Revenue was $117.2 million for Q2 2026 at Keel Infrastructure, up from $63.3 million in the prior quarter.
- Over five years, Cost of Revenue peaked at $117.2 million in Q2 2026 and troughed at $23.3 million in Q1 2022.
- A 5-year average of $51.8 million and a median of $44.5 million in 2023 frame the typical range for Cost of Revenue.
- Across the five-year window, Cost of Revenue jumped 155.39% in 2022 and slumped 33.11% in 2024, its largest moves.
- Over 5 years, Cost of Revenue stood at $39.1 million in 2022, then increased by 13.71% to $44.5 million in 2023, then climbed by 23.14% to $54.8 million in 2024, then climbed by 21.4% to $66.5 million in 2025, then soared by 76.23% to $117.2 million in 2026.
- The last three Cost of Revenue figures came in at $117.2 million (Q2 2026), $63.3 million (Q1 2026), and $66.5 million (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Bitmine Immersion Technologies | 57.18 Bn | 56.84 Bn | 40.81 Mn | 5.73 Mn |
| 2 | Iren | 33.35 Bn | 25.78 Bn | 103.89 Mn | 33.34 Mn |
| 3 | Hut 8 | 12.15 Bn | 5.67 Bn | 48.04 Mn | 26.89 Mn |
| 4 | Riot Platforms | 8.12 Bn | 7.57 Bn | 84.97 Mn | 89.26 Mn |
| 5 | Argo Blockchain | 6.30 Bn | 6.30 Bn | - | - |
| 6 | MARA Holdings | 4.58 Bn | 4.22 Bn | - | - |
| 7 | Cleanspark | 3.51 Bn | 3.30 Bn | - | 85.48 Mn |
| 8 | Bitdeer Technologies | 2.82 Bn | 2.36 Bn | -8.53 Mn | 237.31 Mn |
| 9 | Keel Infrastructure | 2.20 Bn | 2.20 Bn | -86.75 Mn | 117.18 Mn |
| 10 | HIVE Digital Technologies | 831.06 Mn | 592.03 Mn | -29.49 Mn | 108.61 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 117.18 Mn |
| Mar 31, 2026 | 63.30 Mn |
| Dec 31, 2025 | 66.50 Mn |
| Sep 30, 2025 | 72.13 Mn |
| Jun 30, 2025 | 64.79 Mn |
| Dec 31, 2024 | 54.78 Mn |
| Sep 30, 2024 | 29.07 Mn |
| Jun 30, 2024 | 51.11 Mn |
| Mar 31, 2024 | 61.12 Mn |
| Dec 31, 2023 | 44.48 Mn |
| Sep 30, 2023 | 43.46 Mn |
| Jun 30, 2023 | 41.52 Mn |
| Mar 31, 2023 | 38.40 Mn |
| Dec 31, 2022 | 39.12 Mn |
| Sep 30, 2022 | 37.19 Mn |
| Jun 30, 2022 | 32.31 Mn |
| Mar 31, 2022 | 23.29 Mn |
| Dec 31, 2021 | 20.61 Mn |
| Sep 30, 2021 | 15.31 Mn |
| Jun 30, 2021 | 13.33 Mn |