Keel Infrastructure KEEL
NASDAQ KEEL
$3.57 +0.13 (+3.78%)
At close: Sep 11, 2026 · 4:00 PM EDT

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

Historic Data

Download Data
DateValue
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