Core Scientific vs Keel Infrastructure
Core Scientific reported revenue of $319 million in fiscal 2025, 1.4 times Keel Infrastructure's $229 million in fiscal 2025. Core Scientific's revenue fell 37.5% in its latest year, and Keel Infrastructure's grew 72.0%. Core Scientific had an operating margin of -77.0%, against -65.2% at Keel Infrastructure. Free cash flow was −$451 million at Core Scientific and −$327 million at Keel Infrastructure.
Side by side
| Core Scientific | Keel Infrastructure | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $319M | $229M |
| Revenue growth | −37.5% | 72.0% |
| Revenue growth a year, last 5 years | 39.5% | 45.9% |
| Gross margin | 11.9% | −8.2% |
| Operating margin | −77.0% | −65.2% |
| Net margin | −90.5% | −124.1% |
| Free cash flow | −$451M | −$327M |
| Free cash flow margin | −141.3% | −142.6% |
| Return on capital | — | −20.5% |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 24.3% | 33.0% |
| Last close | $11.76 | $1.87 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | bought $444,000, sold $5.8 million | bought $525,657, sold $0 |
| Piotroski F-score | — | 2 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Core ScientificKeel Infrastructure
Operating margin
Percent of revenue
Core ScientificKeel Infrastructure
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Core ScientificKeel Infrastructure
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Core Scientific and Keel Infrastructure pages.