Keel Infrastructure Corp. (KEEL) Income Statement
KEEL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsKEEL revenue and net income
Where KEEL's revenue goes
2025Each bar shows an amount and its share of revenue. KEEL kept −124.1% of revenue as net income.
KEEL profit margins
KEEL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +18.9% | +17.2% | +45.9% | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
KEEL quarterly EPS vs estimates
Keel Infrastructure beat the analyst EPS estimate in 1 of the last 7 quarters. Next report: November 12, 2026 (estimate $-0.08).
KEEL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $229.3M | $192.9M | $146.4M | $142.4M | $169.5M | $34.7M | $32.4M | $33.8M | $9.0M |
| Cost of revenue | $248.2M | $225.2M | $167.9M | $131.9M | $58.4M | $31.8M | $21.0M | $22.9M | $1.4M |
| Gross profit | −$18.9M | −$32.4M | −$21.5M | $10.5M | $111.1M | $2.9M | $11.4M | $10.9M | $7.6M |
| Sales, general & admin | $78.3M | $73.4M | $39.3M | $51.5M | $43.2M | $8.2M | $10.0M | $8.8M | — |
| Total operating expenses | $130.7M | $75.2M | $50.6M | $294.5M | $47.5M | $9.6M | $10.0M | $28.9M | $177,149 |
| Operating income | −$149.6M | −$107.6M | −$72.1M | −$284.0M | $63.6M | −$6.7M | $1.4M | −$18.0M | $7.4M |
| Interest income | $6.3M | $6.0M | $1.4M | $456,000 | — | — | — | — | — |
| Interest expense | $8.6M | $1.7M | $4.1M | $14.2M | $3.4M | $6.1M | $3.3M | $63,000 | — |
| Income before taxes | −$208.4M | −$68.4M | −$109.3M | −$193.1M | $42.6M | −$16.1M | −$484,000 | −$18.2M | $7.1M |
| Income taxes | $101,000 | −$14.3M | −$401,000 | −$17.4M | $20.5M | $172,000 | −$2.6M | $59,000 | $2.1M |
| Net income | −$284.5M | −$54.1M | −$108.9M | −$175.6M | $22.1M | −$16.3M | $2.9M | −$9.4M | $5.1M |
| EBITDA | $25.4M | $74.4M | −$17.4M | −$106.4M | $70.5M | $1.5M | $9.6M | −$5.6M | $8.3M |
| EPS (diluted) | −$0.38 | −$0.16 | −$0.33 | −$0.43 | $0.14 | −$0.19 | $0.06 | −$0.16 | — |
| Gross margin | −8.2% | −16.8% | −14.7% | 7.4% | 65.6% | 8.3% | 35.3% | 32.2% | 84.4% |
| Operating margin | −65.2% | −55.8% | −49.3% | −199.4% | 37.5% | −19.4% | 4.3% | −53.2% | 82.5% |
| Net margin | −124.1% | −28.0% | −74.4% | −123.3% | 13.1% | −46.9% | 8.9% | −27.7% | 56.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.4M | $37.0M | $15.4M | $69.2M | $77.8M | $66.8M | $56.2M | $44.9M | $41.5M | $50.3M | $46.2M | $34.6M |
| Cost of revenue | $117.2M | $63.3M | $25.4M | $72.1M | $83.3M | $67.4M | $54.8M | $56.6M | $52.8M | $61.0M | $44.5M | $43.5M |
| Gross profit | −$86.8M | −$26.3M | −$10.0M | −$2.9M | −$5.5M | −$542,000 | $1.4M | −$11.8M | −$11.3M | −$10.7M | $1.8M | −$8.9M |
| Sales, general & admin | $31.3M | $26.8M | $27.0M | $17.0M | $17.1M | $20.2M | $18.0M | $27.6M | $8.8M | $13.2M | $13.4M | $8.4M |
| Total operating expenses | $54.0M | $26.8M | $38.7M | $26.1M | $34.1M | $31.8M | $72.8M | $32.1M | $12.3M | $13.0M | $14.5M | $9.8M |
| Operating income | −$140.8M | −$53.1M | −$48.7M | −$29.0M | −$39.6M | −$32.4M | −$16.7M | −$43.9M | −$23.6M | −$23.7M | −$12.7M | −$18.6M |
| Interest income | $2.9M | $3.7M | $4.4M | $585,000 | $460,000 | $876,000 | $863,000 | — | — | — | — | — |
| Interest expense | $2.1M | $5.2M | $3.9M | $1.9M | $2.2M | $643,051 | $573,000 | $441,523 | $349,000 | $378,000 | $8.5M | $815,000 |
| Income before taxes | −$63.9M | −$127.6M | −$92.1M | −$48.6M | −$37.5M | −$30.2M | $5.5M | −$36.7M | −$24.9M | −$12.3M | −$57.8M | −$16.1M |
| Income taxes | $17,000 | −$3,000 | $5.5M | −$2.3M | −$8.6M | $5.6M | — | −$2,000 | $1.7M | −$6.3M | −$378,000 | $401,000 |
| Net income | −$65.0M | −$145.4M | −$139.1M | −$80.8M | −$28.8M | −$35.9M | $15.2M | −$36.6M | −$26.6M | −$6.0M | −$57.4M | −$16.5M |
| EBITDA | $22.3M | −$25.4M | −$15.5M | −$13.2M | $1.7M | $89,000 | — | −$7.4M | $24.0M | $27.1M | −$27.5M | $6.5M |
| EPS (diluted) | −$0.18 | −$0.09 | −$0.11 | −$0.15 | −$0.05 | −$0.07 | $0.03 | −$0.08 | −$0.07 | −$0.04 | −$0.17 | −$0.07 |
| Gross margin | −285.1% | −71.1% | −65.0% | −4.2% | −7.0% | −0.8% | 2.5% | −26.3% | −27.1% | −21.2% | 3.8% | −25.6% |
| Operating margin | −462.6% | −143.7% | −316.3% | −41.8% | −50.9% | −48.4% | −29.7% | −97.9% | −56.7% | −47.1% | −27.5% | −53.9% |
| Net margin | −213.6% | −392.9% | −904.0% | −116.6% | −37.1% | −53.7% | 27.0% | −81.7% | −64.0% | −11.9% | −124.1% | −47.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in KEEL's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
KEEL financial results
In fiscal year 2025 (ended December 31, 2025), Keel Infrastructure reported revenue of $229.3 million, up 18.9% from the year before. It had a net loss of $284.5 million, a net profit margin of −124.1%. Diluted earnings per share came to −$0.38. Over five years revenue grew at an average rate of 45.9% a year.
See the KEEL stock overview for the latest quote and news, or the KEEL chart for price history and technical indicators.
KEEL income statement FAQ
What is Keel Infrastructure's annual revenue?
Keel Infrastructure reported total revenue of $229.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 18.9% from $192.9 million the previous year.
Is Keel Infrastructure profitable?
No. Keel Infrastructure reported a net loss of $284.5 million in fiscal 2025, a net profit margin of −124.1%; its operating margin was −65.2%.
What is Keel Infrastructure's gross margin?
Keel Infrastructure's gross margin was −8.2% in fiscal 2025: for every $100 of revenue, Keel Infrastructure kept $-8 after the direct cost of its products and services.
How fast is Keel Infrastructure growing?
Revenue grew 45.9% a year on average over the last five fiscal years, from $34.7 million to $229.3 million.
What are Keel Infrastructure's earnings per share?
Keel Infrastructure earned $-0.38 per diluted share in fiscal 2025, compared with $-0.16 a year earlier.
When will Keel Infrastructure report its next earnings?
Keel Infrastructure is expected to report results for the quarter ending September 30, 2026 on November 12, 2026.
When does Keel Infrastructure's fiscal year end?
Keel Infrastructure's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.