Keel Infrastructure (KEEL) Operating Expenses (2020 - 2026)
Keel Infrastructure's (KEEL) quarterly Operating Expenses came in at $31.3 million in Q2 2026, up 61.53% year-over-year from $19.4 million in Q2 2025, and up 16.67% quarter-over-quarter from $26.8 million in Q1 2026.
Analysis
Keel Infrastructure (KEEL) Operating Expenses (2020 - 2026) Analysis & Trends
Keel Infrastructure (KEEL) has reported Operating Expenses for 7 consecutive years, with $31.3 million the latest figure, recorded in Q2 2026.
- On a quarterly basis, Operating Expenses rose 61.53% year-over-year to $31.3 million in Q2 2026; TTM through Jun 2026 was $173.7 million, a 583.99% increase from a year earlier, with the FY2025 full-year figure at $78.3 million, up 25.02% from the prior year.
- Operating Expenses was $31.3 million for Q2 2026 at Keel Infrastructure, up from $26.8 million in the prior quarter.
- Over five years, Operating Expenses peaked at $132.5 million in Q4 2025 and troughed at -$25.3 million in Q3 2024.
- A 5-year average of $9.3 million and a median of -$8.4 million in 2023 frame the typical range for Operating Expenses.
- Across the five-year window, Operating Expenses plunged 202.32% in 2024 and soared 834.63% in 2025, its largest moves.
- Over 5 years, Operating Expenses stood at $32.7 million in 2022, then sank by 140.93% to -$13.4 million in 2023, then tumbled by 34.59% to -$18.0 million in 2024, then soared by 834.63% to $132.5 million in 2025, then slumped by 76.38% to $31.3 million in 2026.
- The last three Operating Expenses figures came in at $31.3 million (Q2 2026), $26.8 million (Q1 2026), and $132.5 million (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Bitmine Immersion Technologies | 57.18 Bn | 56.84 Bn | 40.81 Mn | 52.67 Mn |
| 2 | Iren | 33.35 Bn | 25.78 Bn | 103.89 Mn | 128.25 Mn |
| 3 | Hut 8 | 12.15 Bn | 5.67 Bn | 48.04 Mn | 78.04 Mn |
| 4 | Riot Platforms | 8.12 Bn | 7.57 Bn | 84.97 Mn | 413.67 Mn |
| 5 | Argo Blockchain | 6.30 Bn | 6.30 Bn | - | - |
| 6 | MARA Holdings | 4.58 Bn | 4.22 Bn | - | 695.95 Mn |
| 7 | Cleanspark | 3.51 Bn | 3.30 Bn | - | 370.41 Mn |
| 8 | Bitdeer Technologies | 2.82 Bn | 2.36 Bn | -8.53 Mn | -93.21 Mn |
| 9 | Keel Infrastructure | 2.20 Bn | 2.20 Bn | -86.75 Mn | 31.31 Mn |
| 10 | HIVE Digital Technologies | 831.06 Mn | 592.03 Mn | -29.49 Mn | 18.98 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 31.31 Mn |
| Mar 31, 2026 | 26.84 Mn |
| Dec 31, 2025 | 132.54 Mn |
| Sep 30, 2025 | -17.04 Mn |
| Jun 30, 2025 | 19.38 Mn |
| Dec 31, 2024 | -18.04 Mn |
| Sep 30, 2024 | -25.31 Mn |
| Jun 30, 2024 | -11.91 Mn |
| Mar 31, 2024 | -13.17 Mn |
| Dec 31, 2023 | -13.41 Mn |
| Sep 30, 2023 | -8.37 Mn |
| Jun 30, 2023 | -9.16 Mn |
| Mar 31, 2023 | -8.36 Mn |
| Dec 31, 2022 | 32.75 Mn |
| Sep 30, 2022 | 10.30 Mn |
| Jun 30, 2022 | 15.39 Mn |
| Mar 31, 2022 | 13.84 Mn |
| Dec 31, 2021 | 29.22 Mn |
| Sep 30, 2021 | 10.88 Mn |
| Jun 30, 2021 | 15.53 Mn |